Marketing Final
1. How does the IBM Sales Model for Business to Business relationship selling work? What are the Pros and cons of this business model? What is "Solutions Selling"?
They solve customer problems and help them to "outthink" their challenges, competitors, and limits in the new cognitive era. They must constantly adapt to a changing field and sell solutions involving a mix of hardware, software services, consulting, and advice across collaborative online, mobile, and social networks.
10. Dole Foods conducts a rigorous Procurement Process and requires their suppliers to perform many tasks to qualify as a source for food. Why is that so important for their business and how do they make sure they keep improving as a company?
They stake the company's reputation on the food quality and constantly reevaluate their standards
7. How does B2B Sales handle segmentation?
They use many of the same variables but also include operating characteristics, purchasing approaches, situational factors, and personal characteristics.
1. Dunkin Donuts refreshed their Brand and Marketing Strategy recently. What does the Brand Essence and slogan "Nothing too fancy - just meeting the everyday, all-day needs of the Dunkin tribe" say about the company.
They want to appeal to everyday life more than just breakfast
6. Understanding Technological changes is vital for Marketers. Why and give an example?
Tracking devices help improve efficiency in production
9. What is an undifferentiated and differentiated marketing strategy?
Undifferentiated strategy is when a firm decides to ignore market segment differences and go after the whole market with one offer. Differentiated strategy targets several market segments and deisgns separate offers for each
6. What is a "Value Delivery Network"?
Value delivery network is a network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value.
16. When might a business desire fewer customers over more customers in developing their marketing plans.
When price increases, so do the product's contribution margins, making each sale more profitable
7. Business to Business Social Media and Buying Process is rapidly changing. How is it being effected by the Internet and the Connected-world?
Wide range of approaches to engage business customers and manage customer relationships anywhere, anytime
5. Describe elements of Buffalo Wild Wings marketing strategy. What is the key to their success?
Wings. Beer. Sports. It's a complete sports fan experience
5. How has WOM influence risen over the past several years? What is an "Opinion Leader"?
Word-of-mouth influence has risen with social media through opinion leaders, or people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others
3. Does it make a difference if there has been a "geographic shift" in the country for marketing brand managers to consider in their marketing planning?
Yes
10. Niche or concentrated marketing has great advantages. What are the good and bad consequences of picking it as your product strategy.
You can achieve a strong market position due to greater knowledge of consumer needs but they can also be risky
4. What is the advantage of a Social Media Center?
a social media center helps analyze the digital environment, analyze brand-related conversations in real time to gain marketing insights and respond quickly
8. The General Electric Model is leading edge in working with their B2B clients. What kind of marketing programs do they have and how is it helping them compete?
very strong digital and social media, B2B blog, digital video content
6. Provide a definition of key terms "a market" and "Marketing Management".
1. A market is set of actual and potential buyers. Consumers market when they: • search for products • interact with companies to obtain information • make purchase 2. Marketing management is the art and science of choosing target markets and building profitable relationships with them. • What customers will we serve (target market)? • How can we best serve these customers (value proposition)?
12. What are the five steps in the Buyer Decision process?
1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Postpurchase behavior
2. The Marketing Process (1.1) has four steps in creating value. What are they?
1. Understand the marketplace and customer needs and wants 2. Design a customer value-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Engage customers, build profitable relationships, and create customer delight
7. How does a "value proposition" help the working relationship in a marketing exchange?
A brand's value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.
14. Why would someone want to "Co-Brand" their product and what are the potential problems?
A co-brand such as Doritos Locos Tacos can have massive succes but also involve complex legal contracts and licenses along with lots of trust.
7. What is a "Focus Group" and why would you use one?
A focus group is a group interaction hoping to bring out deeper feelings and thoughts. It helps gain fresh insights into consumer thoughts and feelings.
9. Proctor and Gamble are Strong Advocates of treating their Customers like Partners. What are they doing to demonstrate that and how do they make sure their Clients are successful?
A full team is assigned to each account and they're highly trained with specialized skillsets. They have four objectives: align strategy, create demand, optimize supply, enable the organization
1. Why is the question, "What is a Product?" not so simple to answer?
A product can by anything offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
16. Define what is the "Product Mix" or sometimes called "Product Portfolio Mix".
A product mix includes all product lines and items offered to customers by a particular seller described by 4 dimensions: width, length, depth, and consistency.
8. How does an advertiser create "Behavioral Targeting"?
An advertiser creates behavioral targeting by using online data to target ads and offers to specific consumers
9. What is a SWOT analysis and what can it reveal?
An overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T).
12. What are some ways that marketing is involved in the creation of a company's Annual Report?
Annual reports are important aspects of public relations on how well the company is doing
1. What is the "Starbucks Experience" and how has it helped their company to grow?
At Starbucks, the smells, the sound of beans grinding, watching baristas blend and brew the brand's specialty coffees—all became as much or more a part of the customer experience as the coffee itself.
6. Explain the five decisions on has to make about individual product marketing - Product Attribute, Branding, Packaging, Labeling/ logos and Product Support services?
Attributes includes quality/features/style, branding differentiates it from competitors, packaging designs the wrapper, Labeling identifies the brand, and support services keep customers happy after buying
3. Big Data often scares many consumers. Why is that? What can go wrong? What are the positives of having Big data systems available to companies?
Big data is the huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies. It contains big opportunities and big challenges
9. When using mechanical instruments for research, what is biometric measuring and neuro-marketing?
Biometric measures such as HR, RR, sweat, eye movements provide insight into customer reactions. Neuromarketing uses EEG and MRI to track brain electrical activity.
13. Companies and Brand Managers look for competitive advantage through a "differentiation" strategy and careful product positioning. Give an example of how they might implement this type of strategy and development of their product's image/ essence.
Bose promises better sound through research
12. How is a brand's value determined and why is it important? What is brand equity?
Brand equity is a measure of the brand's ability to capture consumer preference and loyalty while brand value is the total financial value of the brand
12. The new trend of "customer-generated marketing" has had a big impact on companies marketing plans and messaging. What is it?
Brand exchanges created by consumers themselves. Consumers are playing an increasing role in shaping brand experiences.
18. What is the best practice framework for a brand positioning statement?
Build around strong consumer beliefs. To (target segment and need) our (brand) is (concept) that (point of difference)
11. Why was the ALS Ice bucket challenge so successful?
Celebrity participation, no money spent on promotion
5. What are the changes seen for marketing because of "Environmentalism, sustainability and social responsibility" as reflected in their branding and product development?
Companies are being increasingly more environmentally sustainable and policed much hard
10. In customer-engagement marketing, why is there a shift of "marketing by intrusion" to "marketing by attraction".
Connecting with companies is more effective and improves conversation
4. What is the difference between types of Consumer products - Convenience, Shopping, Specialty or Unsought - and their Pricing and Promotion?
Convenience is bought frequently, immediately, and with minimal effort. Shopping requires some selecting and purchasing. Specialty has unique characteristics or brand identification. Unsought is not known to consumers or normally considered buying.
2. Outline the factors that Influence Consumer Behavior and give examples.
Cultural (culture, subculture, social class), Social (groups, family, status), Personal (lifestage, occupation, personality etc.), Psychological (motivation, perception, beliefs)
5. International Marketing Manners are important to practice and to understand. Why?
Cultures differ greatly so it's important to make certain marketers adapt to these differences.
13. "Customer Lifetime Value" and "Customer Equity" are two vital concepts each company needs to understand. What implications do they have for building marketing plans and strategy?
Customer Lifetime Value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage. Customer equity is the total combined customer lifetime values of all of the company's customers.
9. How does Chick-Fil-A distinguish themselves from other quick service restaurants?
Customer-centric culture, nationally recognized cow symbol
5. Name the four steps of Market research. Why is Step One most critical?
Defining the problem and research objectives, developing the research plan, implementing the research plan, and interpreting and reporting the findings. Defining the problem is most critical because it guides the entire research process
4. How do Business Buyer Behaviors vary in their decision process and decision criteria?
Environmental, organizational, interpersonal, individual differences
15. The term "Value" is relevant to different people but it makes for a challenge for a marketing team. Why is it key to understand the many different types of value in product selection?
Everyone has different values, and it's the job of the marketing team to target the common values and include the majority of the audience
10. What are the 8 elements in a Marketing plan?
Executive summary, current marketing situation, threats & opportunities analysis, objectives and issues, marketing strategy, action programs, budgets, controls
15. What is a "Positioning Statement" and why is it important?
It summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference)
12. Customer Relationship Management relies on good measurement of "Touchpoints". What is a Touchpoint Analysis and what does one discover from a TPA?
It's any point in which the company interacts with the consumer and an analysis (TPA) is useful to discover when/where/who is involved in the interactions.
2. What is "Market Segmentation" and why is it an important first step?
It's the act of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies
16. A companies' "Value proposition" is written to communicate Brand image to the "intended" target market. What are the key elements of a value prop?
It's the full mix of benefits on which it's positioned (price vs. benefits)
7. Define "Marketing Mix" and why is it important to a strategist to understand?
It's the set of tactical marketing tools— product, price, place, and promotion— that the firm blends to produce the response it wants in the target market (the 4 P's).
5. Organizational marketing programs are conducted by many companies to enhance their corporate image and their brand. What is "Social Marketing" and how does it help a company?
It's the use of traditional business marketing concepts and tools to encourage behaviors that will create individual and societal well-being
8. Lifestyle might be the most accurate way to study and identify groups. Why is it becoming so very important when you study a consumer behavior market?
Lifestyle can help marketers understand changing consumer values and how they affect buyer behavior
15. Describe the four Brand Development Strategies - Line extensions, Brand extensions, multi-brand and new branding - and when you would use each?
Line extensions extend a brand to new forms, colors, sizes, ingredients, or flavors of an existing product category and might be used as a low-cost, low-risk way to introduce new products. Brand extensions extend an existing brand to new product categories such as Nest expanding into a smart carbon monoxide alarm. Multibrands offers a way to establish different features that appeal to different customer segments and capture a larger market share such as Pepsico having so many different brand names. New branding might happen when an existing brand name is waning or is not appropriate such as how Toyota created the Lexus brand.
11. Because of change in technology and access, how has "micromarketing" and "local marketing" become possible and more common? Is "Individual" or "hypertargeting" possible and good.
Location-based marketing allows for localized deals though it can drive up maufacturing and marketing costs by reducing the economics of scale. Individual marketing is very possible and allows for extreme precision
7. What is the purpose and use of a Brand Logo and why are some companies doing "makeovers"?
Logos get redesigned to be more contemporary and meets the needs of new digital devices
11. How has the "Great Recession" affected marketing and what changes have come about?
Pressure is put on to cut costs and moved towards digital trends from fixed forms of advertising (more variable cost spend structure to manage cash flow)
6. Describe the steps in the typical B2B Buying Process. What is an RFP, QA process and VPA (Performance Review).
Problem recognition -> general need description -> Product specification -> supplier search -> proposal solicitation -> supplier selection -> order-routine specification -> performance review.
2. What is the difference between a Product-Oriented and a Marketing-Oriented description of a company?
Product-oriented descriptions are plain and straightforward (We sell burritos), while marketing-oriented descriptions are much more expressive (We give customers "Food With Integrity," served with a commitment toward the long-term welfare of customers and the environment)
18. What are the different brand positioning elements of Guitar Center, Musician's Friend, Music123, Woodwind & Brasswind and Music & Arts? Company and Marketing Strategy: Partnering to Build Customer Engagement, Value and Relationships
They all target a different aspect of the same company: rentals, students, woodwinds, music etc.
17. Harley Davidson has a very specific target market and segment that they have worked with for the past 60 years. What challenges are they having as their demographic and customers change and age?
They are struggling more to increase market share in younger generations
18. Campbell soup uses Big Data and analytics insights to do a "Deeper Dive" and read the consumer minds. What did they learn and how did it help their business?
They found six different types of kitchens and were able to target each different type uniquely to enhance the customer's food experience
6. Mountain Dew has chosen to focus on a specific segment of the market with their ads and promotions. What segment have they chosen and how have they implemented it.
They have cult-like loyalty and have chosen to focus on this 20% of people who make up 70% of their sales.
14. Aldi's has a very precise Brand Differentiation for their stores as they try to reach their target market. What is it and how have they implemented it.
They have super low prices but also fewer services
2. How was GoPro successful when they redefined their products with experiences?
They help people capture and share the most meaningful experiences in their lives.
17. Airbnb has a successful business model that use all four characteristics of service. What do they do to make sure they are in tune with their target market?
They list rooms that are priced lower than the comparable hotel room, but also ones that include unique experiences that connect with people and the local culture.
11. Why is "internal marketing" so important in the "services" business?
They must motivate employees to provide great customer service and satisfaction
10. Zappos successfully re-thought the "Telesales" model and adopted the "Deliver Happiness" theme to their clients. What was their secret of success in this new model?
They provide incredible customer service in all facets of their business
11. Ordering and wording can skew a questionnaire. How does it do that?
They should use simple, direct, and unbiased wording so they don't bore the person or make them defensive
17. Many things affect a "Buying Decision". "Attitude of Others" and "Unexpected Situational factors" occur that might alter your choices. What are they and how can they have you change?
It shows that preferences and even purchase intentions do not always result in an actual purchase choice
19. Explain the difference between Exploratory, Descriptive and Casual Research.
Exploratory research is Marketing research to gather preliminary information that will help define problems and suggest hypotheses. Descriptive research is Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers. Casual research is Marketing research to test hypotheses about cause-and-effect relationships.
7. Why is it important to recognize the "Family" and current changes if you are in marketing?
Family members strongly influence buying behavior
19. "Emotional Branding" to Moms had several key attributes identified to make an advertisement successful. What were some examples?
General Mills uses it very successfully
2. What is "generational marketing" and what are the good points and bad points of this approach?
Generational marketing appeals to separate generations with separate products, however this many be difficult to define generations along with socioeconomics, etc.
4. Four examples of Segmentation are Geographic, Demographic, Psychographic and Behavioral. Describe the different types and give examples of each.
Geographic includes states or nations etc., demographic includes age, income, occupation etc., psychographic includes lifestyle, and behavioral includes consumer knowledge, attitudes, etc.
14. Many products are considered "Habitual- Buys". Compare that to a "Variety-seeking buying behavior" environment. What are the characteristics of each?
Habitual buying involves low consumer involvement and few significant perceived brand differences while variety-seeking buying involves low consumer involvement but significant perceived brand differences
7. In what ways has the Sharing Economy disrupted traditional industries?
In the sharing economy, companies are not regulated the same and their "employees" don't really receive employee benefits
18. The "Rate of Product Adoption" varies from person to person. Why is that and where do you usually profile? Name the five stages or types of adopters.
Innovators (2.5%), Early adopters (13.5%), Early mainstream (34%), late mainstream (34%), Lagging adopters (16%)
9. What are the four service characteristics that a company needs to know when designing a Marketing campaign?
Intangibility, inseparability, variability, perishability
18. McDonald's does Segment and Target Marketing by dividing their customers into what kind of groupings and segments. Would you do it their way?
It adjusts the menu, restaurant design, and operations based on geographic location. I would do it the same way.
8. What is the value of the "Lexus Covenant" for communicating with their customers?
It communicates the high level of care and quality that goes into a Lexus vehicle reflected in their core values
1. Harley Davidson Motorcycles are an "Iconic" Brand. What are the characteristics of their consumer, their behavior and the marketplace? How does Harley "communicate" to target audience?
It has intense customer loyalty and has dominated the market for a long time. It's all about the experience and the self-expression that encaptures the right emotions.
20. How does "Behavioral segmentation" help improve customer loyalty or "occasion" shopping on holiday's or "Benefits" segment?
It helps give customers the idea to buy when they might not normally buy
3. "Targeting" your audience helps a company in many ways. How is it necessary for a Marketing Strategy to have a statement and focus on a target?
It helps the marketer adapt to the specific customer's wants and needs and focus on the most important goal
9. Marketing teams often add someone with Psychology Expertise in order to understand the consumer. Why is that role important and what do they study?
It helps the marketers understand personalities of a person or group as well as psychological factors such as motivation, perception, and beliefs
12. What is a "Product Positioning" map and what does it tell you about how a company wants to work with their target market?
It shows consumer perceptions of their brands vs those of competing products on important buying dimensions
2. "Customer Insights" are achieved through market research, touchpoint analysis, primary and secondary collection and competitive intelligence? Define how each are conducted and the value of each method.
Market research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Touchpoint analysis... Primary data is collected for a specific purpose at hand while secondary analysis is information that already exists somewhere, having been collected for another purpose. Competitive intelligence analyzes and purchases competing products to compare their strengths and weaknesses.
17. Big data is used effectively by Target to analyze their customers' needs and preferences. What mistake did they make in divulging their findings to a young shopper's family? What does this say about research?
Marketers knew about a daughter's pregnancy before her father did and it made everyone suspicious of exactly how much Target knows about people
13. What is "Marketing Analytics" and why is it so important in developing a marketing strategy?
Marketing analytics are the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.
1. Provide a definition for "What is Marketing?"
Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
4. How does "marketing myopia" effect a sellers' ability to deliver value to their customers?
Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs.
10. Briefly describe Maslow's Hierarchy of Needs in relation to Consumer Marketing Insight.
Maslow's Hierarchy of Needs ranks human needs from lowest (physiological) to highest (self-actualization). When a lower need is satisfied, they can move onto higher needs
8. Measurable, Accessible, Substantial, Differentiable and Actionable are the five requirements for a segmentation exercise to be successful. Describe each characteristic features.
Measureable is the size, purchasing power, and profiles of the segments to be measured / accessible is that the market segments can be effectively reached and served / Substantial is that the market segments are large or profitable enough to serve / differentiable is that the segments are distinguishable / actionable is that effective programs can be designed for attracting and serving the segments
6. "Mom" Brand Ambassador programs have been very successful. What is the good news and bad news for a company to use this approach in their marketing?
Moms on social media can have lots of influence and generally don't need to get paid for many companies.
4. What are the different parts of the Disney Company Portfolio. How do the different parts affect their business and their portfolio?
Movies, parks, streaming etc.
3. Why is it important to understand whether a customer's state of desire for an offering is either in "needs, wants or demands" state?
Needs are states of felt deprivation. Wants are the form human needs take as they are shaped by culture and individual personality. Demands are human wants that are backed by buying power.
14. Netflix uses analytics to help improve customer satisfaction. What do they do?
Netflix cross-references what people like with other similar titles, studies viewing behavior, and maximizes subscriber "happiness-per-dollar-spent" on new titles
6. What are Observational research, ethnographic research and experimental type research?
Observation research is gathering primary data by observing relevant people, actions, and situations. Ethnographic research is a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments". Experimental research is gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
1. What is Marketing Information Systems?
People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
11. Is perception more important than reality in marketing? What makes a "Complex buying" process different?
Perception may be more important than reality because it influence behavior based on how we individually take in the world. Complex buying behavior is characterized by high consumer involvement in a purchase and significant perceived differences among brands
3. BCG Consulting uses a "Portfolio Analysis" Methodology for their customers showing "Growth-Share Matrix? How does it work and what can you communicate with it?
Portfolio analysis is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company. The growth-share matrix is a portfolio-planning method that evaluates a company's SBUs in terms of market growth rate and relative market share. (Stars, question marks, cash cows, and dogs)
13. There are many challenging decisions involving brands - positioning, name selection, sponsorship and development. Give examples of each these decisions.
Positioning can take place on the org's attributes, benefits, or beliefs. Name selection should suggest something about the product and be protected. Sponsorship can be a national brnad, store brand, licensed brand, or co-brand.
13. Why does "post-purchase dissonance" and "cognitive" dissonance occur to many buyers?
Postpurchase dissonance occurs when consumers notice certain disadvantages of the purchase and cognitive dissonance causes comfort due to postpurchase conflict
8. What is the difference between the five concepts of "Production, Product, Selling, Marketing and Societal Marketing" concept?
Production concept - idea that consumers will favor products that are available and highly affordable. Product concept - idea that consumers will favor products that offer the most quality, performance, and features. Selling concept - idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort. Marketing concept - a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Societal marketing concept - idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
14. What is "real-time" marketing and give an example of how advertisers are practicing it.
Real-time marketing is a shift for traditional marketers who can now digitally link brands to important moments in customers' lives.
19. Describe the different segmentation strategies in either the beverage market (Coke v Pepsi) or retail store business (WalMart, Target, Sears, JCPenney), or Autos (figure 7.3) and how they chose to compete? Why does segmenting establish a brand and image with consumers and customers, and what is the advantage or disadvantage?
Segmenting allows brands to cater to different tastes and perspectives
3. What is the difference of the three levels of Products - Core, Actual or Augmented? Give an example by using Apple iPad.
Self-expression is the core value, the iPad is an actual product, and its connectivity solutions are the augmented product
5. What is a "Value-Chain" Analysis? Why is it important to always perform one for a company?
Since everyone contributes to the company, understanding its weakest links is important
4. How is "Social Class" measured in the United States? Is it an important distinction?
Social class in the US is identified by occupation, income, education, wealth, and other variables. It shows brand preferences for certain ranges of people
3. The three types of buying situations are straight rebuy, modified rebuy and new task buy. What difference in approach, costs and structure does each have?
Straight rebuy is routine (low risk), a modified rebuy has changed specifications, prices, terms, or suppliers (moderate risk), and new task buys are bought for the first time (high risk).
16. "Alternative Buying Evaluation" is an important process brand marketing teams must study. Why and what would one learn?
Studying buyers helps marketers find out how they actually evaluate brand alternatives so they can influence the buyer's decision
3. How does "subculture" play a role in understanding the Consumer? What is a Total Marketing Strategy?
Subcultures make up groups of people with shared values based on common life experiences and situations. A Total Marketing Strategy appeals to consumer similarities across subcultural segments rather than differences
17. What are some examples of Notre Dame's "sub-brands" that use both their own branding elements as well as Notre Dame's?
The Idea Center, Morris Inn, SUB, Grotto Network
11. The chapter talks about "Brand Essence". What is it and why is it vital for a company to understand it?
The brand essence conveys the brand's benefits in meaningful symbolic terms
2. How does the corporate B2B buying process differ from the B2C process? What steps are different in each. What is a Buying Center? How do business use them and why is it important for marketing to understand the dynamics of the Process? Who are the participants?
The business market is massive and the main differences are in market structure & demand, the nature of the buying unit, and the types of decisions and the decision process involved. They involve more decision participants and a more professional purchasing effort. The Buying Center includes all the individuals and units that play a role in the purchase decision-making -process The 5 roles are: users, influencers, buyers, deciders, and gatekeepers
4. As the economy shift, why is income distribution important to understand as income levels?
rich become richer and poor become poorer, so there is a tiered market targeting different cohorts