Marketing Final
There are three methods of determining advertising budgets (% of sales, competitive-parity and objective/ task method). How do they vary in approach?
(Affordable Method: set promotion budget at the level the company thinks it can afford. NOT ASKED FOR IN THIS STUDY GUIDE BUT MAYBE KNOW IT) Percentage of Sales Method: companies set promotion budget at a certain percentage of current or forecasted sales Competitive-Parity Method: companies set promotion budgets to match competitors' outlays Objective-and-task method: company sets promotion budget based on what it wants to accomplish with promotion
What is a "Socially responsible marketing program" and how does it benefit a company? (p. 417-418)
-A company must be aware of the many legal and ethical issues surrounding marketing communications. Public policy makers have developed a substantial body of laws and regulations to govern advertising, sales promotion, personal selling, and direct marketing. Companies actions are more socially acceptable with this program -Idea that there is a mission beyond earning profit attracts consumers
What is the Alibaba business model and how is it different than Amazon?
-Alibaba connects buyers with sellers; they don't own the items sold on the site, they don't have massive distribution centers, and they only have 36000 employees compared to Amazon's 230,000. -Let market forces work to set price points, collecting some cash off the top. Profit margin has been about 40% -Alibaba has so much cash that they have branched out and invested in companies in almost every industry (Lyft, Pay Pal etc.)
What is the purpose of benchmarking in setting strategy? (p. 522)
-Comparing the company's products and processes to those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance -Benchmarking is a powerful tool for increasing a company's competitiveness because they can learn from their competitor's mistakes and avoid similar ones, as well as learn from the strengths and what it necessary in order to compete with them
Direct-response marketing is still very popular forms of advertising and selling. How is it conducted and why is it effective? (p. 506)
-Direct response marketing is a type of sales technique designed to evoke an on-the-spot response and encourage a prospective customer to take action by opting in advertiser's offer. -Unlike other marketing types, the direct response requires little or no time waiting to see measurable results. -DRTV is direct response television marketing: direct marketers air television spots, often 60 or 120 seconds in length, which persuasively describe a product and give customers a toll-free number or an online site for ordering. It also includes full 30-minute or longer advertising programs, called infomercials, for a single product -interactive TV (iTV), lets viewers interact with television programming and advertising. Thanks to technologies such as interactive cable systems, internet-ready smart TVs, and smartphones and tablets, consumers can now use their TV remotes, phones, or other devices to obtain more information or order directly
How does the Sales team link the company with its Customers?
-First, they represent the company to the customers. They find and develop new customers and communicate information about the company's products and services -They sell products by engaging customers and learning about their needs, presenting solutions, answering objections, negotiating prices and terms, closing sales, servicing accounts, and maintaining account relationships. -At the same time, salespeople represent customers to the company, acting inside the firm as "champions" of customers' interests and managing the buyer-seller relationship -To many customers, the salesperson is the company, the only tangible manifestation of the company that they see.
What is the difference between the different roles of a sales person? (p.457-459)
-For companies selling business products, the firm's salesforce works directly with the customers. The salesforce is often the only direct contact the customer has with the business. -Consumer product companies that sell through intermediaries do not have salespeople meet with consumers, The sales force works behind the scenes, dealing with the wholesalers and retailers to obtain their support and helping them to become more effective in selling the firm's products. -Sales force carries out activities such as prospecting, communicating, selling and servicing, and information gathering.
Global positioning systems are used to conduct geo-fencing. Give an example. (p. 501)
-Mobile marketing is extremely important in the growing age of digital media, where phones are starting to become people's "first screen" -Taco Bell, for example, uses GPS systems to conduct geo-fencing and contact people through the Waze application. They are offered instructions on how to get to the closest Taco Bell, with step by step directions.
Nordstrom's has a unique way of competing. Describe their style. What are the strengths and weaknesses of Nordstrom's strategy?
-Nordstrom is legendary for outstanding customer service. -The upscale department store chain thrives on stories about its service heroics, such as employees dropping off orders at customers' homes or warming up their cars on a cold day while customers spend a little more time shopping. -A potential weakness to this strategy is that it is hard to excel at both operational efficiency and customer intimacy (Walmart is an example of the operational efficiency)
Name the competitive strategies company often use when entering a new market. (p. 518)
-Target new geographic markets for existing products -Reduce price to penetrate an existing market -Improve a product or service, with focus on a niche market -Develop new channels of distribution to access new markets or better penetrate existing ones
What was the purpose for the Global Rainforest Alliance - Follow the Frog? (p. 419)
-The purpose was to display that it does not take much to help sustain the environment. They wanted to increase the consumer awareness and boost the amount of companies who dealt with the Global Rainforest Alliance. -Companies got to have a Rainforest Alliance Certified logo if they followed sustainable practices
What are the four elements of sales force compensation? (p.463)
1) A Fixed amount- usually a salary, gives the salesperson some stable income 2) A variable amount- commissions or bonuses based on sales performance, reward for greater effort and success expenses 3) Fringe benefits- Benefits that supplement an employee, for example, a company car 4) Expenses
What is the difference between a competitor-centered and customer-centered marketing approach? (p. 537)
1) Competitor-centered company: spends most of its time tracking competitors' moves and market shares and trying to find strategies to counter them. -Positive side: the company develops a fighter orientation, watches for weaknesses in its own position, and searches out competitors' weaknesses. -Negative side: the company becomes too reactive. Rather than carrying out its own customer relationship strategy, it bases its own moves on competitors' moves. 2) Customer-centered company: company that focuses on customer developments in designing its marketing strategies and delivering superior value to its target customers.
What are the seven steps in the Selling Process? (p.469)
1) Prospecting and qualifying - the sales step in which a salesperson or company identifies qualified potential customers 2) Preapproach - the sales step in which a salesperson learns as much as possible about a prospective customer before making a sales call 3) Approach - the sales step in which a salesperson meets the customer for the first time 4) Presentation and demonstration - the sales step in which a salesperson tells the "value story" to the buyer, showing how the company's offer solves the customer's problems 5) Handling objections - the sales step in which a salesperson seeks out, clarifies, and overcomes any customer objections to buying 6) Closing - the sales step in which a salesperson asks the customer for an order 7) Follow-up - the sales step in which a salesperson follows up after the sale to ensure customer satisfaction and repeat business
What are three or four key decision points when developing global Marketing Program? (p.559)
1) Straight product extension?: marketing a product in a foreign market without making significant changes to the product. Management: "Take the product as is and find customers for it." -The first step, however, should be to find out whether foreign consumers use that product and what form they prefer. 2) Promotion- companies can either adopt the same communication strategy they use in the home market or change it for each local market 3) Price- How might Makita price its power tools globally? It could set a uniform price globally, but this amount would be too high of a price in poor countries and not high enough in rich ones 4) Distribution Channels- i) Channels between nations: moves company products from points of production to the borders of countries within which they are sold. ii) Channels within nations: moves products from their market entry points to the final consumers
7-Eleven has successfully adopted a Global Strategy. What have they done that made them successful? (p. 560)
7-Eleven seeks to become a part of the local culture and have established themselves as a "third-place" (away from home and work) all over the world. They know the whats, whens, and wheres. convenient. Very trendy hangouts in other countries
What is the definition of Content Marketing? How is the Tecate Gentleman Campaign an effective use of clear Content Marketing? (p. 404)
A type of marketing that involves the creation and sharing of online material (such as videos, blogs, and social media posts) that does not explicitly promote a brand but is intended to stimulate interest in its products or services. This campaign showed how men could juggle their two loves and showed a love letter being read over 90 minutes. This was great time as it was around the time of the World Cup. The marketing sold the special moments that were shown and it was not cliche.
International Advertising can be very tricky in its' implementation. What problems can happen and how could they be avoided? (p. 445)
Advertisements can move from country to country so fast, so advertisers do not have the opportunity to adapt these campaigns for different countries. In result, most global consumer brands coordinate their digital sites internationally. Country markets differ greatly in their cultures, demographics, and economic conditions. Advertisers develop global advertising strategies, but adapt their programs locally. Advertising media costs and availability differ from country to country. There are also regulation differences. Specific campaigns must be adapted for different countries. Some companies develop global advertising strategies that make their worldwide efforts more efficient and consistent.
GEICO pounds away with one, simple message. Why was this effective and how did they move up to second place with double-digit revenue growth?
Although GEICO has a wide array of advertising campaigns, they all harken back to the same message, and use humor in this message. Saving money on car insurance. This ad strategy has been very effective because it presents a clear, compelling message, which resonates with consumers, and it has been presented uniformly across the company's marketing channels.
Why is a "comparative" advertising tactic effective and what problems can it cause? How did Microsoft use it against Apple?
Attack advertising; company directly compares its brand with one or more other brands Can have negative impact of causing prolonged war between brands; can harm brand image Portrayed Apple as too expensive, too cool and out of touch with mainstream consumers Microsoft Example: i) Surface is "the tablet that can replace your laptop." A Surface Pro print ad proclaimed, "Powerful as a laptop, lighter than Air. ii) "I'm a PC" (said by environmentalists, political bloggers, mixed martial arts fighters, and mash-up DJs to budget-conscious laptop shoppers)
What are the six stages of Buyer - Readiness"?
Awareness Knowledge Liking Preference Conviction Purchase
Guerilla Marketing and Buzz Marketing Campaigns have a unique but effective design. How do they work?
Buzz marketing involves cultivating opinion leaders and getting them to spread information about a product or service to others in their communities. EX: Walmart moms, disney moms, etc. Guerrilla marketing- a creative content marketing strategy that prides itself on being unconventional. In your daily life, you may encounter examples of other business' guerilla marketing tactics, without even realizing it. Examples: of publicity stunts, viral videos, stencil graffiti
What are the elements of a good advertising strategy?
Clear; Compelling; Well Executed; mostly common sense here, creating advertising messages and selecting advertising media
What has changed and is new in today's "Marketing Communication Mix" that requires companies to adopt new tactics and strategies?
Consumers are better informed because of digital media, can search out independent information. Marketing strategies are changing; as mass markets have fragmented, marketers are shifting away from mass marketing in favor of more focused, directly engaging programs Digital technology has caused massive changes in the ways companies and customers communicate with each other
The discipline of "Content Marketing" requires many creative people to build the new messaging communication method. They must succeed over "paid, owned, earned and shared" communication channels. How do they do this?
Content Marketing: creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned and shared channels. paid- advertising, owned- website and content, shared- social media and word of mouth, earned- media relations Strategists, creators, connectors, and catalysts manage brand conversations with and among customers and help those conversations catch fire across a fluid mix of channels. If it touches all paid, owned, earned and shared channels then it is effective and is a comprehensive strategy.
What is the good and bad news of the many rapid changes brought by Digital Marketing revolution? Give some examples.
Convenient, easy and private. Give buyers anywhere anytime access to an almost unlimited assortment of goods and wealth of product and buying information. More interaction between buyers and sellers. Low cost, efficient, speedy alternative for seller research; flexibility Real-time marketing that links brands to important moments and trending events in customers' lives Can be bad because of increased visibility and accountability for sellers. Additionally, buyers lose a lot of privacy to sellers.
Converse lets the customer be involved in creating the ad campaign. What do they do?
Converse let customers in on the product design process and let them share their designs with fellow Converse fanatics, voting on the design that the most people wanted. Also they let everyone customize their own shoe if they so desired
KIND Bars marketing Strategy has a very sincere message about CSR. What is it and how is it used in their marketing campaigns.
Corporate Social Responsibility is an ethical management concept where companies aim to integrate social, economic and environmental concerns along with the consideration of human rights into their business operations. They pledge that all of their ingredients were not obtained by the expense of others and it is the highest quality, looking out for the health of their consumers.
How did McDonald's develop successful stores in China and what challenges did they face?
Created successful integrated marketing campaigns that blended different marketing channels to adapt their brand image to cater to the needs of consumers in China. McDonald's made a departure from the hierarchical set up of the dining experience in traditional Chinese restaurants, based on considerations of age. In McDonald's the seating arrangements were open, and everyone having equal access as to where to sit and what to order. In this case McDonald's encouraged the Chinese to make a departure from tradition
Why has Direct Marketing grown so fast over the past 7 years? Describe the new DM environment?
Direct and Digital Marketing: involves engaging directly with carefully target individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships. Surge in internet usage and rapid advances in digital technology, direct marketing has become easier→ more technology use = more touchpoints with consumers and greater customization allowed in the direct marketing strategy. Has become more than just a supplementary channel for many companies, a whole way of doing business More internet-based
What three systems does a company decide on how to enter a Global Marketing? (p. 556)
Exporting - entering foreign markets by selling goods produced in the company's home country, often with little modification joint venturing - entering foreign markets by joining with foreign companies to produce or market a product or service direct investment - entering a foreign market by developing foreign-based assembly or manufacturing facilities
Of the ten different "execution styles" of advertising, what do you think are the three best?
I think that the best execution style depends on the type of product or service that is being advertised. That said, if I had to pick three I would pick personality symbol, mood or image, and lifestyle SLFMMPTST Slice of life: shows typical people in normal setting Lifestyle: shows how a product fits in with a particular lifestyle Fantasy: creates a fantasy around the product or its use Mood or image: builds a mood or image around the product or service, such as beauty, love, intrigue, serenity, or pride Musical: shows people or cartoon characters singing about the product Personality symbol: creates a character that represents the product Technical expertise: shows the company's expertise in making the product Scientific evidence: presents survey or scientific evidence that the brand is better or better liked than one or more other brands. Testimonial evidence or endorsement: features highly believable or likable source endorsing the product
What is Informative, Persuasive and Reminder advertising methods?
Informative: used heavily when introducing a new product category; build primary demand communicates customer value, suggest new product uses, build brand image, inform of price changes, telling about a new product, describing available services and support, explaining how a product works, correcting false impressions Persuasive: becomes more important as competition increases; build selective demand building brand preference, persuading purchase decision, encourage switching brands, create customer engagement, change customer perceptions of product value, building brand community Reminder: important for mature products; helps maintain customer relationships and keep consumers thinking about the product maintaining customer relationships, reminding consumers where to buy the product, reminding consumers that the product may be needed soon, keeping the brand in a customer's mind during off-seasons
How did Snicker's bars use Digital Media to enhance their IMC campaign of "You're not you when you're Hungry"
Integrated Marketing Communications (IMC)-carefully integrating and coordinating the company's many communications channels to deliver a clear, consistent and compelling message about the organization and its products Snickers used a coordinated approach across multiple digital platforms to develop promotional content supporting their tagline in a way that was humorous and appealing to a ton of people. Super Bowl advertisements, and online promotion of the tagline has proved highly successful
How does a Sales quota motivate sales people? What is the role of Sales Contests?(p.465)
It is a standard that states the amount a salesperson should sell and how sells should be divided among the company's products. Compensation is offered and the companies use various positive incentives. Sales contests are meant to spur the sales force to make a selling effort above and beyond what is normally expected. Other incentives include honors, merchandise and cash awards, trips, and profit-sharing plans.
What is the Advantages of Direct Marketing methods? Name a few types of Direct Campaigns. (p.416)
It is immediate and personalized. It is interactive, dialogue can occur between the marketing team and consumer. Some types are: physical mail, e-mail, telemarketing, short message service, direct response TV, insert media...Snuggie, show an infomercial about their product and then give the phone number to call and order at a perceived discount or bargain. Heineken inviting the consumer to create their own bottle, through an advertisement
What is made easier with using Digital Marketing?
It makes it easier to build direct customer engagement and community. There is more flexibility and much more interaction.
How does the IMC of Lowe's solidify around the slogan, "Never Stop Improving" for their employees and customers and business?
Lowe's runs big budget televisions spots and other traditional media but then complements this with a rich flow of engaging, carefully integrated real time social media content that personalizes and enrichens the Lowe's customer experience.
How does the product line under the brand Method benefit from the new media mix?
Method uses social media (YouTube, Facebook, Twitter and blogs) to communicate with consumers. Grassroots, word of mouth marketing. Uses social media to get people talking and thereby get free publicity
What is your assessment of Mobile Marketing? When is it best and what fears does it create?
Mobile Marketing: marketing messages, promotions, and other content delivered to on-the-go consumers through their mobile devices. Used to stimulate immediate buying, make shopping easier, enrich brand experience. Can provide consumers with on the go information, price comparisons, advice and reviews, and access to instant deals and coupons Best done in moderation, and in a way that proves useful to consumers Run the risk of angering ad-weary consumers; people don't want to be interrupted regularly by advertising, so marketers must be careful about how they engage with consumers' mobile devices
Volvo Trucks IMC required great synergy in working with the many different ways to advertise. What did they do? How did they use "Live Tests"?
Needed to impress the owners of the trucks as well as the general public so they introduced Volvo trucks introduced a series of YouTube videos that showcased amazing things being done with Volvo Trucks. This was successful because it demonstrated the characteristics of the trucks that would be most appealing to the target market, such as steadiness when driving, consistency, etc. Integrated Marketing Communication- Application of consistent brand messaging across traditional and non-traditional channels
Give some examples of "Non-personal" communications and what is their role in the Mix?
Nonpersonal communication channels: media that carry messages without personal contact or feedback. Include: i) Major media (print, broadcast media, display media, online media) ii) Atmospheres--designed environments that create or reinforce the buyer's leanings toward buying a product Events--staged occurrences that communicate messages to target audiences
What is the difference between Inside and Outside sales persons roles? (p. 460)
Outside sales force- salespeople who travel to call on customers in the field. inside sales force- salespeople who conduct business from their offices via telephone, online and social media interactions, or visits from prospective buyers.
What is "personal selling"? What is the difference between relationship Sales and Transactional sales? (p. 471)
Personal selling- also known as face-to-face selling in which one person who is the salesman tries to convince the customer in buying a product. It is a promotional method by which the salesperson uses his or her skills and abilities in an attempt to make a sale. Transaction-oriented sales - their aim is just to help salespeople close a specific sale with a customer. Relationship sales - there is a focus on relationship building and maintaining profitable customer relationships so there are many transactions
What are three or four key decision points that must be decided on in developing Global Marketing Program? (p.559-564)
Product (straight product extension, product adaption, product invention - marketing a product in a foreign market without making any changes to the product) promotion- keep same strategy or change it to cater to local markets Price- How is the price going to be sensitive in different markets Distribution Channels (whole-channel view - designing international channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery network)
Name the five types of activities in the "Promotion Mix" and what roles do they play as they execute a Marketing program? (p.401)
Promotion Mix: the specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships Advertising: any paid form of nonpersonal presentation and promotion of ideas, goods or services by an identified sponsor Sales Promotion: short-term incentives to encourage the purchase or sale of a product or service Personal Selling: Personal customer interactions by the firm's sales force for the purpose of engaging customers, making sales, and building customer relationships Public Relations: building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories and events Direct and Digital Marketing: engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships
What new role has Public Relations Departments had to take with the development of Social Media? What is a Social Media Command Center?
Public Relations has taken the lead in managing firm social media outlets and pushing out the brand message; they do content to ensure brand development and customer engagement Social Media Command Center: something set up by companies to monitor and address social media, addressing issues as the arise, taking advantage of opportunities in real-time
What is the role and purpose of a public relations department in the company?
Public Relations: activities designed to engage and build good relations with the company's various publics: press relations or press agency product and brand publicity public affairs lobbying investor relations development
What is the difference between "push' and "pull" strategies for advertising campaigns?
Push strategy: involves pushing the product through marketing channels to final customers. Works with retailers to capture sales Pull strategy: producer directs its marketing activities toward final consumers to induce them to buy the product. Appeals directly to consumer
Trade barriers are very common implementation in the International Trade System. How are "quotas" used, Tariffs set and non-tariff trade barriers implemented that would serve as barriers to open trade? (p.546)
Quotas- limits on the amount of foreign imports that they will accept in certain product categories. The purpose is to conserve on foreign exchange and protect local industry and employment. Nontarrif trade barriers - biases against its bids, restrictive product standards, or excessive host-country regulations or enforcement Tariffs- governments may charge these, which are taxes on certain imported products designed to raise revenue or protect domestic firms
How does Red Bull use Sales Promotions and Events in their Marketing program? (p. 477)
Red Bull are the sponsors of big extreme sports events and athletes. They want to be the events and give off an energetic vibe. They promote themselves by being all over TV and social media when these events are going on. The athletes promote them as well. There are also videos that reveal the energy of Red Bull EXAMPLE: Red Bull Stratos project where extreme skydiver Felix Baumgartner jumped out of helium balloon 24 miles above the earth. It fit perfectly with the "Gives You Wings" brand message
Marketers are often asked about the "return on advertising investment". What is the problem and why is this important to track?
Return on advertising investment: the net return on advertising investment divided by the costs of the advertising investment Measure communication effects (whether the ads and media are communicating the ad message well) and sales and profit. Sales and profit are difficult to measure because you don't know what the actual return on investment is; there are many factors that influence sales and profit. It is important to track because many companies have huge ad expenditures and it if they aren't effective, what's the point?
Holiday Inn Express used Fallon Agency to help them develop the "I stayed at a Holiday Inn Last Night" campaign. What was their target marketing and approach that made it so effective?
Road Warriors were the target market. These people wanted a consistent room that would be the same at every hotel they went to. This way they could not have to worry about little things and could focus on taking care of business.
What is the definition of a "Sales Promotion"? Give three to four examples. (p. 472- p. 475)
Sales promotion - the short term incentives to encourage the purchases or sale of a product or a service. "Buy one cup of yogurt, get one free" - orange leaf "20% off next purchase" - orange leaf REI membership for $20 Free cone day from Ben & Jerry's
What is a "trade promotion" and what is it meant to accomplish? (p. 476)
Sales promotion tools used to persuade resellers to carry a brand, give it shelf space, and promote it in advertising. Contests, premiums, displays, discounts, allowances, free goods, and push money may all be offered
What are the major advertising decisions a firm has to make?
Setting advertising objectives: specific communication task to be accomplished with a specific target audience during a specific period of time Setting the advertising budget: see chapter 14 (affordable, % of sales, etc.) Developing advertising strategy: creating advertising messages and selecting advertising media Evaluating advertising effectiveness: measuring how well the advertising strategy appeals to consumers and return on advertising investment
Why would a copy advertise with "Doing Good" or being a Responsible Steward of the environment? What do they hope to gain? Examples are AT&T's "It Can Wait" or Dove's "For Real Beauty" or P&G's "Like a Girl" campaigns?
Societal Marketing--makes the company look better in the eyes of consumers which benefits brand image and sales in the long run. Also, they support a good cause
How does "Team Selling" work? What is the advantage and disadvantage of the model? (p. 461).
Team selling- using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts. Advantage- sales teams can unearth problems, solutions, and sales opportunities that no individual sales-person could. Disadvantage- salespeople are by nature competitive and have been trained and rewarded for outstanding performance. This can make it difficult to work in teams. Also, the teams can confuse customers who are used to working with one salesperson. There may be compensation issues because of determining who contributes what.
AT&T conducted the "It Can Wait" campaign. What was its' purpose? (p. 419)
The purpose of this was to urge people to put away their phones while driving and to focus on driving.
Consumer privacy, Spam, pop-ups, junk mail, pop-unders, and big data issues have all created concerns and perhaps a need for great public policy? Why?
These things have been used by unsavory companies and individuals to commit fraud. Additionally, there is the concern of consumer privacy--are you entitled to your right of privacy, which is becoming more and more difficult as these practices increase
IKEA has been very successful with implementing their Global Strategy. They have created a nice balancing act. What have they done well that could be copied? ( p. 542)
They engage customers of all nationalities and cultures. They offer a wide-range of home furnishing products at low prices. One thing they do well is changing the products they sell in different countries. A destination, not a normal trip. 3 times the size of walmart. an experience with the layout.
What decisions do companies have to make in Global Product Development? Think of the strategy of the OREO cookie Brand Manager in China.
They must think about if the product will be successful in different areas. In China, they liked the wafers better than the normal cookies because of the food they usually eat. Oreo tried different type of Oreo products to see which provided profit
Blogs have enabled WOM, MOM and many other ways to communicate? What role do they play in the Marketing Mix?
This WOM is incredibly important because people tend to trust opinions about brands from people they know more than they do advertisements. You can either just trust in your product and hope that the reviews are mostly positive, or you can partner with bloggers and help incentivize positive reviews. Walmart/Disney/McDonald's Moms
Why was the ad campaign, "CVS quits" launched in a very high profile manner?
This was a very major change in the company that could have easily gone wrong had it not been introduced in a coordinated manner Additionally, this was great for brand image, something that CVS PR surely knew beforehand, so the more press they got about this, the better.
L'Oreal uses the concept of "Universalisation" as the cornerstone for their Global Strategy. What is it and how have they have been successful? (p. 569-571).
Universalisation - it sells its brands globally by understanding how they appeal to varied cultural nuances of beauty in specific local markets. then it finds the best balance between standardizing its brands for global impact and adapting them to meet local needs and desires. they have offices spread across 130 nations and they adapt by differentiating brands for local markets. Products customized for different areas
What is a "viral marketing" campaign and how do you set one up?
Viral Marketing: digital version of word-of-mouth marketing, involves creating videos, ads, and other marketing content that are so infectious that customers seek them out or pass them along to friends. Setting one up is easier said than done; must develop content that is highly captivating and that prompts sharing; must get lucky
Define WOM marketing and when is it most effective?
Word-of-Mouth Marketing: the impact of personal words and recommendations of trusted friends, family, associates and other consumers on buying behaviors People tend to trust the opinions of people that they know more than they do company advertisements, personal influence carries great weight, -->especially important for products that are expensive, risky, or highly visible
Both Kiosk Marketing and Direct response Television marketing require buyer involvement in the process and selection. Is this good or bad?
direct-response television- Direct response television is any television advertising that asks consumers to respond directly to the company — usually either by calling a toll-free telephone number, sending an SMS message, or by visiting a web site. kiosk- A kiosk is a small, temporary, stand-alone booth used in high-traffic areas for marketing purposes. A kiosk is usually manned by one or two individuals, who help attract attention to the booth to get new customers Yes, it allows consumers to adjust what they want and make the best purchase order. If this works out well, they will be satisfied and may revisit the company
How does the "Gray" market and "Black" market activities hurt the Global Brand managers international product rollout? (p. 546)
gray market- right product ---> sold to unauthorized dealers...sold for more. black market- makes a copy of a product then sells it. same design sold for substantially less. "copycat knockoff"
