MKT 3401 Final

What was an unethical pricing tactic?

Bait and Switch

With BP sponsoring the olympics, this showed what?

Institutional advertising

*Customer value=

benefit - cost

*Status quo

pricing at the market average, priced equal with everyone else

How did golf companies fight back against the 'hat trick'?

Enlarging the letters on their caps or even placing logos on the collar of a players shirt where "it's almost impossible to crop"

*When JcPenney hired a new manager, customers were unhappy because...

There were no more coupons

When you combine all four parts of the promotion mix and try to use them together to sell a product to the consumer you get...

Integrated Marketing Communication

*What are the components of a product?

Packaging, warranty, service after sell, brand/company's image

*What is test driving a car an example of?

Sample

If you receive a Gillette razor in the mail, this is an example of...

Sample

*What is penetration price strategy?

Set the price low to gain more market share

*The 'Got Milk' campaign failed initially because of the?

They were targeting the wrong market

*What is a mystery shopper?

This is a technique used to see how well the business handles customer service. Evaluate business and tell manager what they experienced.

*Product placement is a type of...

advertisement

Sports sponsorship is a form of...

advertisement

*Price skimming:

setting the price of your product as high as the market will allow. Occurs with a new product where much cost was spent on R&D, low competition

*What is not a price tactic?

Sampling

Why are the Black Eyed Peas successful?

Sponsorship

What is the game monopoly at McDonald's an example of?

Sweepstakes (sales promotion)

An adult is show on/in...

a TV

Price tactic?

(ANSWER IS SAMPLING) Single pricing Bundling Loss leader Psychological pricing (odd/even) Prestige Pricing Rebate Precise/round number Dynamic pricing

What play did Guys Pizza sponsor?

Grease

*What is not a component of packaging?

Speedy process

What lead to making the Apple store successful?

Atmosphere and personnel

What shoe was on the show?

Jimmy Choo

John Camp's traits to successfully marketing yourself (4):

1) Aggressive 2) Enthusiastic 3) Creative 4) Smart

*The 3 goals of marketing:

1) Customer Value 2) Customer Satisfaction 3) Develop and maintain relationships

*What are the 5 components of the Consumer Decision Making Process?

1) Need recognition 2) Information search 3) Evaluate Alternatives 4) Purchase 5) Post purchase behavior

*What are the four marketing/management philosophies?

1) Production orientation 2) Sales orientation 3) Marketing orientation 4) Societal orientation

*What are the functions of packaging?

1) Protect product 2) Storage/Theftage 3) Facilitate Recycling 4) Promotion

What are the benefits of sponsorship?

1. Exclusivity 2. on-site promotion 3. Entertainment and hospitality 4. Signage 5. Employee morale

*What are the 3 pricing strategies?

1. Penetration pricing 2. Price skimming 3. Status quo

What are the steps to personal selling?

1. Preparation 2. Great presentation 3. Anticipate and handle objections 4. Close the sale 5. Follow up

What are the 2 ways to reduce cognitive dissonance?

1. Seek approval from peers 2. Find other attributes that make the product good

*Gallery furniture found secret population by airing at...

1am-4am

*How much did Samsung spend on advertising during the Oscars?

20 million

*According to Al Merhabian, what percentage of your emotional impact on other people is judged according to vocal delivery? Visual Image? Verbal Arrangement?

55% visual, 38% vocal, 7% verbal

What percent of customers will change a purchasing decision based on the indifferences of one person?

63%

What percent of customers will be more likely to purchase a cause-related product?

76%

*What are the 4 parts of the promotional mix?

Advertising, Public Relations, Sales Promotions, Personal Selling

*What is integrated marketing communication?

Advertising, public relations, sales promotion, personal selling

*Why do sponsorships fail?

Ambush marketing

Beats headphones worn by a player during an NFL game is an example of...

Ambush marketing

What are the 3 skills necessary for negotiations?

Analytical, communication, and confidence

*What are the 2 types of dissatisfied customers?

Angry and remorseful/silent

*What is a unique selling point?

Believable, desirable proposition that sets your product apart

What makes sheets so expensive?

Brand licensing fees, distributor, and retail store markups

*What does color on the label do for the company?

Brand recognition/identifier

Yoplait used breast cancer awareness, what type of strategy is this?

Cause related marketing

What is institutional advertising?

Changing a bad image to good

*John Hancock sponsoring the Boston Marathon is an example of...

Community relations

*Level 1- Market Analysis

Company Competition Customer Condition

Which does not belong?

Confidence

*What are the types/categories of products?

Convenience, shopping, specialty, unsought

What are some examples of sales promotion?

Coupons Sampling · Loyalty programs · Sweepstakes/ contest · Point of purchase displays · Rebates

*What is the biggest ethical concern for buzz marketing?

Creating false reviews?

*Level 2- Strategy Development

Criteria for effective segmentation: Identifiable, accessible, substantial, responsive (SAIR)

*What are the basic objectives for marketing orientation?

Customer value, customer service, and maintaining relationships (NOT customer experience)

*What's an aspect of keeping good public relations?

Dealing with integrity from the media

What is an example of a purpose of point of purchase (POP) display?

Driving in traffic/drive in traffic here

Master brand is when a product serves to identify a category, what is an example of this?

EX. Cuties instead of oranges. EX. Kleenex instead of tissue. EX. Coke

Bundling is most effective if...

Every product can be unbundled and sold separately

*What is not a part of the consumer decision making process (CDMP)?

Evoked set

What is it called when it is the only product allowed in that venue (one of the luxury benefits)?

Exclusivity

Why was the Olympic skating team worried under armor would pull its sponsorship?

Flaws in suit

*What is the final step in personal selling?

Follow up

What's the curse of knowledge?

Having trouble presenting information effectively

What did Motel 6 do to rebrand?

Hired focal groups

*What is the concept of the thin slice?

How people evaluate you within 10 seconds of meeting you

What does the Brass Button philosophy show us throughout the presentation?

How to answer a difficult question

*What are the components of branding?

Identifiable, repeat sales, introduce new PRODUCTS

*4 P's are part of the marketing mix and the marketing mix is part of?

Implementation

*What is the product life cycle?

Introduction, Growth, Maturity, Decline, Extension

Tiffany & Co. stopped selling their $50 bracelet for teen girls because...

It diminished their brand

What new chain of stores is Starbucks introducing?

Juice bars

Who was the player who bit their opponent in the 2014 World Cup?

Luis Suarez

What was the debate about under armor suits?

Mach 39 had design flaws that were increasing drag and slowing them down

*What does the retail mix consist of?

Marketing mix (4 Ps) + personal selling + presentation

*Level 3-Implementation

Marketing mix and promotional mix

What are the types of targeting?

Mass market, multi-segment, and niche marketing

Make sure you do not ______ in your attempt to persuade.

Offend

*What are the external sources for information source?

Personal, commercial, public

What 3 things make up how to brand yourself?

Position, affiliation, and personality

What are the elements of negotiation?

Preparation, interests, options, alternatives

*Implementation

Price Product Place Promotion

*What are the components of marketing mix?

Price Product Place Promotion

*What is juggled throughout the product life cycle?

Price & Promotion

*Price is not a component of a?

Product

*What can sponsorship be a form of?

Product placement

When Ellen Degenerous used Samsung phone at the Oscars, what is this an example of?

Product placement

*What are 2 types of advertising?

Promote the product Institutional advertising

*Charging $299.99 for a piece of jewelry is an example of...

Psychological pricing

Who was the only company to keep sponsoring the L.A. Clippers?

State Farm

Who was suspended from FIFA World Cup?

Suarez

*Blink/adlet is what type of ad?

TV ad less than 5 seconds long

*What is cognitive dissonance?

The guilt a buyer feels after the purchase

*What is the purpose of loss leader pricing?

To lure customers in with cheap prices to get them to buy more expensive products; attracts customers to buy more

*Which is not a reason why you would sponsor sports?

Visibility?

What is the Trojan fish strategy?

When a product you buy has a low price but the accessories are more expensive

*In WSJ's Ambush article, the original definition of ambush marketing is...

a brand's attempt to associate itself with a team/event without buying the rights to do so