MKT327 part4

evoked set

. An evoked set is the group of products at the front of a customer's mind, and that are considered as alternatives in a particular purchase situation Having a strong brand goes a very long way towards getting a product in a customer's evoked set.

brand management decisions

6 basic areas of responsibility product objectives product design category management branding packaging customer service

product line

A collection of product items

product item

A specific version of a product within a product line.

expanding services

An idea, task, experience, cause, event or activity that can be exchanged for value to satisfy the needs and wants (task or psychological) of consumers and/or businesses.

How does the relationship of the provider to the consumer differ for goods and services?

Goods are generally manufactured at a plant, while services are often created in the presence of the consumer.

Product versus service

Product is the cornerstone of marketing mix

Creating communities of like-minded individuals would be one of the ways to execute which of the following tactics by which marketing managers can shape the consumer- to-consumer conversations?

Provide networking platforms

warranty

Purpose to substantiate quality claims and minimize risks associated with use of product and post purchase dissonance. Impact on Value Creation: Contributes to form utility and indirectly contributes to possession utility by minimizing risks

Product objectives

Specifies the most basic direction or focus for a firm's product or service enabling it to select 'skeleton' or 'starting' marketing mix strategies. Impact on value creation: Specifies the values to be created, delivered or captured. Decision criteria: value creation grid, stage in life cycle, product classification. Introduction: develop new product gain trial gain distribution Growth: expand features/apps --extend life cycle differentiate/persuade expand distribution maturity: reposition existing product, build loyalty/relationships consolidate value chain decline: prune product line simplify buying/communication narrow distribution

Tactical decisions: marketing mix

The execution of product pricing, promotion (communication mix: advertising personal selling etc) and place (distribution channels). purpose of tactical marketing plan: Directly creates the economic and psychological utilities necessary to create the value and image to achieve some position with a target segment.

module 24 Types of sales personnel a.direct sales b. inside sales force c. field d. detail e. missionary sales f. telemarketing g. service h. retail

The purpose of the personal selling activity is to provide an avenue for 2-way communication to identify and solve problems, and build personal relationships that lead to exchange, customer satisfaction & firm profits. value creation-impacts value creation by allowing potential customers to realize or actually experience form, time, and/or place utility by disseminating and acquiring information, persuasion, or negotiation. advantages- 2-way promotion, immediate reaction, ability to build relationship, and effectiveness per contact disadvantages-the cost per contact, and the limited number of people that can be contacted. contributes to possession utility by using negotiation and servicing to help motivate, enable, or support the customer's acquisition and usage of the product. a. obtain sales b. involves one to one contact with a customer via the telephone or internet. c. occurs at a customers place of business. d. e. are made by people who do not take orders but influence purchase by recommending or specifying a product to others. f. uses phone calls to contact lists of leads provided by marketing services and various directories. g.In order to maintain relationships salespersons spend time servicing accounts. They make sure everything operates smoothly and resolves problems. h.

Not correct regarding standardization of global mass communicators

Whatever communication works in the home country tends to work in the host country with little need for specific methods of standardization.

module 21 Brand + Building a strong brand

a distinguishing name or symbol that identifies and differentiates products from those offered by competitors. purpose-to distinguish or identify a product with a name or symbol differentiate product from competitors-provide unique meaning purpose- store product's equity (past goodwill) value creation: contributes to form utility by providing assurance of product quality. It provides a physical manifestation, and continuing habitation of product's current and past relationships with its customers. establishing the proper brand identity and awareness; give customers a strong reason to buy with perceived quality creating the appropriate brand meeting meaning through strong favorable and unique brand associations; eliciting positive accessible brand responses through brand associations; and forging brand relationships with customers that are characterized by intense active loyalty.

community

a group of individuals or organizations with common purpose, linked perspectives or experiences and physical or virtual proximity.

customer service issues

a series of activities performed before, during and/or after a purchased designed to enhance the level of customer satisfaction that is the feeling that a product or service has exceeded the customer's expectation. service mix like products has core branded and augmented impacted by service quality, tangibles warranties liabilities contracts reliability responsive assurance empathy. service encounter-experiences during physical contact SERVICE CANT EXIST WITHOUT AN ENCOUNTER. Goal of customer service is to maximize usage to experience to enhance satisfaction.

what a brand is not

a trade mark a mission statement a logo or a slogan a product or service advertising

distinction from product a. service encounter b. intangible c. service quality control

a. Most important aspect of service marketing, The contact between the consumer and the seller. b.

Types of advertising a. product b. institutional

a. advertisements that focus on selling a good or service b. any type of advertising intended to promote a company corporation business institution, organization or other similar entity. does not attempt to sell anything directly. Informational competitive reminder

brand decisions a.brand positioning b. brand sponsorship co-branding c. name selection d. brand development multi-branding

a. attributes, benefits beliefs and values. c. selection protection b. manufacturers brand, private brand, licensing,co-branding. d. line extensions, brand extensions, multi brands, new brands.

types of advertising a. informative b. persuasive c. differentiating d. reminder e. reinforcement

a. designed to provide messages that consumers can store for later use. b. designed to change consumers' attitudes and opinions about products as well as create attitudes where none exist. c. includes comparative d. keeps the products at the forefront of the consumer's mind. e. calls attention to specific product characteristics.

types of brand names: a. manufacturer (national) i. family ii.individual b. private (store) i. hybrid ii. generic

a. family, individual level of demand high for a product with selective demand strong consumer franchise (family) differentiated segmentation strategy (individual) moderate to high price/quality relationship b. level of demand regional or product with primary demand channel member has higher consumer franchise (private). Undifferentiated or concentrated segmentation strategy (generic) no or low price/quality relationship (generic).

types of marketing a. person marketing b. event marketing c. political marketing d. internal marketing e. cause marketing f. place marketing g. content marketing

a. involves promoting an individual's character, personality and appeal which in turn may be used to promote a service or product. positioning goal: Attachment of some decision criteria firm values: The power to influence buyer values: their ideals aspirations currency: extent of transferal and behavioral response b. is the promotion of an event in order to generate revenues and enhance the reputation of an organization. ' positioning goal: desirable and pleasurable firm values: proceeds and positive attitudes buyer values: experience currency: money and/or perceptions c. involves the promotion of an individual or idea with the aim of influencing public policy and voters. positioning goal: self interest or societal goals firm values: the office or the passage of law buyer values: their goals and societal well being currency: votes or donations (time or money). d. occurs when one part of an organization markets its capabilities to others within the same firm. positioning goals: key's to success unit values: reputation or commitment buyer values: sense of team - sense of team-success currency: commitment e. involves gaining public support and financing for a cause in order to bring about a change or a remedy. positioning goal: self-actualization/social justice firm values: the change or remedy buyer values: self image/ contentment currency: action or advocacy f.enhances a location in order to appeal businesses investors and tourists. positioning goal: constituent's code firm values: traffic and positive attitudes buyer values: experience and opportunities currency: travel and perceptions. g. marketing some virtual location through the provision of information, entertainment, social interaction, or images (content) for the purpose of building community. positioning goal: constituent's interest areas firm values: traffic and communal relationships buyer values: experiences and feeling of belonging currency: traffic and advocacy.

brand building blocks a. brand resonance or insistence b. brand feelings c. brand judgement d. brand imagery e. brand salience f. brand performance

a. lifetime commitment, brand insistence. loyalty attachment community engagement. b. nurturing a budding relationship, creating brand feelings. c. decision of commitment, best value most trusted performer etc. d. brand is well respected and well-known fun fit friendly accessible in town used when you want to lose that extra fat and put on some muscles long standing being the first. e. high awareness category: -mind and body wellness -physical activities -mega-gym need satisfaction -health and fitness f. the extent to which the brand exceeds expectations and consistently delivers satisfaction.

types of selling approaches a.traditional b. relationship c. consultative d. adaptive

a. perspective, conquer market one customer at a time. Focuses on persuading consumers to buy a company's products thereby raising sales volume. key tasks -know product -prospect -persuade -achieve volume b. attempts to forge bonds between buyers and sellers in an effort to gain lotalty and mutual satisfaction. perspective "total integration of respective operations" key tasks -know market -partnering trade-offs -build bonds -maximize loyalty and customer satisfaction c. means working closely with customers to help solve problems. perspective: understand and solve customer problems key tasks -know business -communicate -solve problems -contribute to profits/competitve advantage d. perspective "be responsive: anticipate needs and service immediately key tasks- incorporate traditional know customer anticipate needs responsiveness achieve satisfaction

types of assessment measures a. aided recall b. unaided recall

a. refers to content that can be remembered without seeing the particular ad. b. asks the viewer to identify and advertisements he or she can recall.

dimensions of brand equity a. brand awareness b. brand loyalty c. perceived value d. brand associations e. competitive advantages

a. the extent to which consumers recognize the name and are likely to include it among the set of brands they consider. b. occurs when consumers select a particular brand over others on a regular basis. c.the degree to which brands consistently produce satisfaction by meeting customer expectations. d.evoke positive attitudes and feelings in consumers' minds. e. arises because a company can sell value rather then compete on the basis of price alone.

media measures a. frequency b. pulling power c. frequency d. pulling power e. pass along f. exposure/reach g. stopping power h. GRP i. CPM

a. the number of people who view the medium b. holds the interest of the consumer to the end of the message. c. how often the ad is viewed by the targeted audience. d. the extent to which the ad makes the viewer watch the whole ad. e. The extent the medium and thus the ad is passed from one viewer to the other. g. The extent to which the ad garnishes attention. h.the product of the exposure number times the frequency number, used to compare different media strategies between one another. i. used to evaluate cost per thousands reached, total cost/total reached/1000

type of promotion a. business to business b. business to consumer c. business to trade

a.involve trade shows, conventions, sales incentives and specialty deals, such as volume discounts and price sales. b. manufacturer incentives offered directly to consumers. c. provided by manufacturers to distribution channel members.

service evaluation factors a. complexity b. divergence c. experience qualities d credence qualities

a.the number and intricacy of the steps required to provide the service. b. the extent to which service is tailored or customized to the individual. c. the extent the quality of the service can be determined after being physically encountered by buyer. d. The extent the service engenders the belief or confidence that its intended benefits will be received.

module 22: key terms advertising budget

advertising budget decision is to identify what resources are required to achieve advertising objectives; and what portion of the promotion budget will actually be allocated to the advertising area.

brand extension

an instance of using an established brand name or trademark on new products, so as to increase sales.

Basic product/brand management Brand manager

an organizations brand manager is responsible for developing and institutionalizing brand assets and enforcing established standards. Brands are treated like businesses within a company, and brand managers are like small business owners. they are responsible for keeping brand on code building its equity and evolving its function purpose and meaning.

publicity

an unpaid impersonal form of communication, designed to convey the firm or product in a positive light. recognition regard reputation impact on value: publicity strengthens the impacts on value made by the other elements of the communication and marketing mix elements. advantages- credibility image get/hold attention disadvantage- control cost decisions- objectives develop budget target PR outlets or select event measure results encoding/decoding is important

Equipment base services

automated, operated by unskilled operators, operated by skilled operators Price sensitivity increases as skilled-automated location increases skilled-automated advertising and customer service play less of a role sales promotion plays more of a role- increases skilled-automated.

steps in selling process a. plan b. prospecting c. develop call plan d. approach-secure meeting e. present case-build relationships f. manage objectives and close g. service account

b.is looking for potential customers within the company's target market. d.first formal contact with the potential customer.

purpose driven branding

brand is no longer just a trademark for consumers to use to differentiate competitors. It has become vital deliverer of purpose and meaning. if you can get people to believe in why you do what you do, they will emotionally connect to your brand. brands that form a higher purpose are successful for at least two reasons. First they make employees more in tune; and second they create deep relationships with customers.

demand focus

change what it is and when it is used

marketing's core activities

community physical connections emotional connections discover needs and wants position and target create value communicate value deliver value capture value

brand selection framework

critera- level/nature of demand existence of customer franchise segmentation strategy price/quality relationships

expanded services concept(text def)

defined as factors providing task or psychological utilities or values, and in addition to traditional services include ideas, causes, person, places, events, content, and internal agendas. Each of these factor has a somewhat unique marketing strategy base on the positioning goal and the nature of the exchange.By nature of exchange we mean exactly what is valued by the organization what is valued by the buyer and how are these values captured since in most cases money is not involved in the marketing exchange.

selling task

defines the actions a communication mix element must take, or the specific communication objective it must achieve to help establish the desired product position and create the time, place, form and/or possession utility to create the necessary value for the customer to mover through the 'hierarchy of effects and close the sale.

messages

designed to provide objective information that consumers can store for later use. designed to call attention to or validate specific characteristics of products experienced by the user or connect to an user's emotion.

youtube would generally be considered to be least effective for which of the following objectives

directing traffic to website those without any college experience

performance goal

ends. 1. recall 2. knowledge 3. trial 4. sales 5. profit margin 6. market share 7. lifetime sales.

sponsorship

form of paid impersonal communication where the organization provides payment to have it's name associated with an event. recognition regard reputation Its advantages are credibility, image creation, and getting and holding attention. Its disadvantages are its cost and limited control.

product positioning map

high quality low price-high price low quality

internet decisions

internet advertising- same promotional or performance goals as any advertising, ad is online. social media marketing- generate conversations, used as a platform for some shit.

Task utility

is a value or usefulness whose delivery is not contained in some physical or tangible context.

advertising goal

is paid impersonal communication from an identified sponsor using mass media to persuade or influence an audience. inform remind persuade reinforce differentiate Advertising impacts value creation by creating meaning (experiential or symbolic value) to augment from or task, and possession utilities; It also reinforces time and place utilities through its informational or reminder messaging. advantages- controls builds equity cost/contact low versatile good access availability disadvantage -poor focus -avoidance -one way -high total costs decisions- objectives- setting a budget developing theme and message selecting the media creating the add assessing the results

re marketing

is very popular way of advertising among PPC professionals. It's an online marketing technique that enables advertisers to reach out to visitors who already visited a website.

What it is not

it's an intangible transparent production service encounter simultaneous -consumption/production

theme for section four

like a home the ultimate value of a marketing plan depends on its: forms and features: product location: place its image/look: promotion ability to possess: price

customer evaluation

low credence low complexity low divergence low experience qualities-routinized limited extensive- high credence high complexity high divergence high experience qualities.

community centric branding

marketing pursues the creation of a community of intimate relationships as a platform for sales. branding executes a community-centric marketing strategy through creating the community building components: purpose and meaning.

promotional goal

means a. inform b.create demand c. communicate value d. communicate uniqueness e. close sale f. build loyalty g. build relationship

social media marketing

methods to shape and direct marketplace conversations and amplify word of mouth influences

social media

officially social media is "an umbrella term" that defines the various activities that integrate technology social interaction and the construction of words, pictures, videos and audio.

social capital

online social capital works exactly the same way that social capital works in the physical world. The same social benefits of working cohesively together are present in the digital world and the benefits should be recognized in the same way. The value or benefits or right accrued to an individual or organization by way of the membership and more importantly contribution to some group or network.

A list of different types of marketing strategies

person cause

what a brand is

point of view customer value competitive advantage engineered meaning logic and emotion

service decision process

problem recognition- for services influenced by degree of complexity and divergence. information search- for services relies more on personal sources especially credence and experience are high evaluation of alternatives- for services the evaluation is based more on surrogate cues the higher the credence and experience. purchase decision- for services adoption tends to be slower. post-purchase behavior- for services this plays a more critical role especially the more experience qualities.

personal selling's

provide an avenue for 2-way communications to identify and solve problems and build personal relationships that lead to customer satisfaction and firm profits roles-information acquisition -persuasion -information dissemination -info acquisition -negotiation -servicing Impact on value creation personal selling can impact all the of utilities by creating sources of value: information, interactions and environments. advantages- 2-way communication immediate reaction ability to build relationships effectiveness per contact disadvantage- cost per contact number of contacts

reaching the consumer requires the ad to possess

pulling power and media

advertising theme and message

purpose: the specific wording, sender, format, structure and argument type for the advertisement. theme: how the message is delivered.

measure results

purpose: to determine the extent which the promotional foals and performance goals have been achieved and to assigned responsibility to the various decisions and aspects of creative strategy for this measured result.

category management

purpose: to maximize firm's profits by appropriately: 1. widening or narrowing product mix; adding or dropping from product line 2.lengthening or shortening product line; 3. increasing consistency with positioning 4.extending product life cycle Value creation: Contributes to possession utility by simplifying buying process. Indirectly contributes to possession utility by reducing costs and improving profits for firm.

sales promotion

purpose: to motivate some sort of immediate action or to make some behavior habit so as to solidify a relationship. It impacts value creation indirectly by helping to move potential customers through the decision making process. encourage trial make immediate purchase reward behavior impact on value: impacts the ownership value or cost/sacrifice through cost reductions or premium offers. It also impacts experiential value and as a result brings customer into contact with functional values or rewards for purchase behavior to build loyalty. advantages: immediacy targeted action build relationships/behavioral habits disadvantages: long term effect acclamation basic sales promotion decisions -establish objectives -select targets markets behavior/action -develop budget -select methods and implement -measure results sales promotion objectives- purpose: to determine the behavior or usage experience the given sales promotion program is designed to bring about. selecting target market- purpose: in order for sales promotion to be effective it must focus on a specified desired behavior to be elicited from a specific type of individual. This is established with this decision. buyer categories-all consumers--currently loyal, switchers, price buyers, non-users. When does deception in promotion occur? exposure and stopping power.

Brand equity

refers to the assets linked with the brand name and symbol that add value to the product or service.

breath

refers to the number of different product lines a company markets.

depth

refers to the number of items in product line.

Mass communication

roles (promotion tasks) in marketing mix three elements advertising sales promotion sponsorship

Services a.functional element b. interactive element

services usually involve suppliers connecting directly with consumers for performance of the service. a. about accomplishing what is intended. b. involves the personal behaviors and physical atmosphere of the services environment.

Service sector 77% of the U.S GDP

seven major forces, specialization: as firms specialize on their core businesses they outsource their support activities. privatization: as government units downsize their traditional public service activities are performed by businesses.

Growing importance

specialization privatization deregulation competition quality of life franchising technology

creative strategy

that will govern and coordinate the development of individual ads and assure that their visual images and words convey precisely and consistently what the advertiser wishes to communicate. criteria -ad message

market creation

the co-production of shared consciousness, meaning and rituals and shared moral responsibilities in order to create a market by way of creating or identifying a community and the development of networks of channels and relationships to connect with that community.

meaning and purpose

the context or cultural framework that enables the purchase action or expression to communicate a message to others. purpose: The cause or human condition the product addresses, the impact it makes on customer's life.

service complexity

the number and intricacy of the steps required to provide the service.

social media marketing

the use of online media that are built on user generated content to create a market though the establishment of a community of networked relationships. used with IMC and promotional mix use communication to build conversations and traffic build relationships leads to formation of a community. This is a new dimension of marketing and it cannot be ignored. It is not a channel or a tactic. Raising online social capital its about being human advantages- flexible audience reach targeted access inexpensive minimum skill time to execute credibility-authenticity disadvantages- control # of channels channels trendy time to impact constant monitoring directly impacts symbolic utility indirectly impacts all other utilities six steps to implement 1. set goals-persona philosophy and passions. 2. choose platforms-integrate channels-> maximize impact/reach 3. choose audience- based on cause and commerce 4. create content-translate passions and brand meaning 5. support and engage-budget staff and execute 6. measure results-review and revise 7 deadly sins 1.greed 2.gluttony: quility of relationships not number ....

service mix

those actions and resource allocations that are controllable by a marketing manager that constitutes the tactical marketing plan to create a customer service is composed in terms of its core, branded and augmented dimensions. 7 ps product-Design technology perceived usefulness convenience of use, quality packaging brand utility accessories warranties. price-skimming, penetration, value based, cost plus, cost leadership. place promotion process physical evidence people

create ads

to blend the science and art of communication to produce the actual tangible advertisement.

media selection

to build a combination of channels or vehicles to store and deliver the advertising message in a way that maximizing their effectiveness and efficiency. criteria: exposure pass along frequency stopping power

advertising objectives

to ensure that the specific performance goals and promotional tasks assigned are at the foundation and integrated through all aspect of the advertising program. identify and select the specific 'sales goal' & 'selling task' the advertisement needs to accomplish. 5 options: inform, persuade, differentiate, remind, and reinforce These options are selected based on the criteria of sales goals, product classification, and stage in life cycle

packaging

to provide: -promotion to consumer -protection for product, and -promotion to dealer purpose: for firm it maximizes competitive advantage and value (profits) in supply chain; and for consumer contributes to form utility by maximizing quantity of product and ease of use at point of use. goal: to reinforce brand story.

product design

to select and develop the specific collection of core, branded and augmented product or service dimensions that maximize target customers' satisfaction and achieve selected product positioning, Value creation: Directly impacts form utility by providing those physical product attributes and features that deliver benefits to customers.

product mix

total number of product lines that a company offers to its customers.

people

unskilled skilled pro price sensitivity increases location has minimum importance personal selling service plays less of a role advertising and sales promotion increases. module 20 lesson 3