Marketing Final
What are the branding strategies?
Branded house, house of brands, private label and mixed
Glossier, Smartwool
Branding examples
Why is there a chasm?
Consumer segments have different needs
Bakery Cupcake Shop
Licensing
What is the perspective of the manufacture?
Want to dominate shelf, so they want many products
Why do marketers care about the product life cycle?
We need to adjust to the marketing mix (4 Ps)
What factors must be taken into consideration to determine the "right" price for a product?
What are customers willing to pay for the product? Will it generate enough sales dollars to pay for the marketing of the product? Will the product provide a profit for the company? Will enough money be made to pay for the development and production of the product?
Differentiation and relevance
brand strength
esteem and knowledge
brand structure
Using the brand Honda across multiple product categories is called:
branded house
Brand is a customer experience represented by a collection of images and ideas; often, it refers to a symbol such as a name,logo, slogan and design scheme
branding
Derek Jeter ad was to...
build emotion/empathy
If a brand was very relevant but undifferentiated, what type of brand is it?
commodity brand
price or convenience of brand is the dominant reason to buy
commodity brand
What is a line extension
create same product, different flavors
brands ability to capture attention
differentiation
how highly do you regard brand
esteem
Price is the one element in the marketing mix that ______.
has a direct effect on profits
Which three of the following must be done before an approximate price level can be selected?
identify pricing objectives and constraints determine cost, volume, and profit relationships estimate demand and revenue
Why does paradox of choice decrease sales?
increase risk and work on consumer; consumer does not want to make wrong choice
how much do you know about brand
knowledge
As a brand you seek brand ___________
loyalty
Total cost is equal to fixed cost ______.
plus the variable cost
What element of the marketing mix has a unique role in that it is the place where all other business decisions come together?
price
Pricing decisions are difficult because ______.
price simultaneously affects total revenue and total cost
Stages of the product life cycle are influenced by market and determine marketing objectives and therefore the marketing mix
product lifestyle
how meaningful a brand is to a consumer
relevance
What is the correct sequence?
segment, target, position
What is a brand extension?
takes brand and do a different product category ex: starbucks- icecream
What is the risk of line extension?
too many choices may increase consumer dissatisfaction, paradox of choice
According to the profit equation, profit is ______.
total revenue minus total cost
Profit = (____ x quantity sold) - (fixed cost + variable cost)
unit price
Total revenue equals the product quantity sold times ______.
units price