MKT 320 Exam 1
Objective Criteria
price, warrantee, etc.
Public Relations
"goodwill"
Corporate Image
1. Accurate reflection of firm 2. Reinforcing 3. Rejuvenating an image 4. Changing an image 5. Negative or bad press
Promotion
1. Advertising 2. Sales Promotions 3. Database Marketing 4. Direct Marketing 5. Sponsorship Marketing 6. Internet Marketing 7. Public Relations 8. Personal Selling
Trends in the Consumer Buying Environment
1. Age Complexity 2. Gender Complexity 3. Individualism 4. Active, busy lifestyles 5. Time pressures 6. Cocooning 7. Pleasure binges 8. Emphasis on health
Benefits of Logo Recognizability
1. Aids in recall of specific brands 2. Aids in recall of advertisements 3. Reduces shopping effort 4. Reduces search time and evaluation of alternatives
Principles Concerning Processing of information and Cognitive Mapping
1. Cognitive mapping enhances movement of messages from short-term memory to long-term memory 2. Most persuasive messages reinforce current linkages 3. Repetition is necessary to establish new linkages 4. Difficult to modify or create new linkages
Creating the right image
1. Conveys a clear message about the organization 2. Should portray the nature of the firm 3. Fit with products being sold
Intangible Elements of Corporate Image
1. Corporate, personnel, and environmental policies 2. Ideals and beliefs of corporate personnel 3. Culture of country and location of the company 4. Media reports
Rejuvenating an image
1. Easier than changing a well-established image 2. Add new elements but continue current image
Role of Corporate Image-Company Perspective
1. Extension of feelings to new products 2. Ability to charge more 3. Consumer loyalty -More frequent purchases by customers 4. Positive word-of-mouth 5. Attracts higher quality employees 6. More favorable ratings
Changing an image
1. Extremely difficult 2. Necessary when: -Target market has shrunk or disappeared -Current image not consistent with industry trends
Types of Brands
1. Family brands 2. Brand extension 3. Flanker brand 4. Co-branding 5. Ingredient branding 6. Cooperative branding 7. Complementary branding 8. Private brands
Reasons for IMC Growth
1. Fragmentation of Media 2. Database Technology 3. Consumer Empowerment 4. Advertising Clutter
Tangible Elements of Corporate Image
1. Goods and Services sold 2. Retail outlets where product is sold 3. Factories where product is produced 4. Advertising, promotions, and other forms of communications 5. Corporate name and logo 6. Packages and labels 7. Employees
Benefits of Brand Equity
1. Higher prices 2. Higher gross margins 3. Channel power 4. Additional retail shelf space 5.Reduces customer switching behavior 6. Prevents erosion of market share
Positioning Approaches
1. Is relative to competition 2. Exists in the mind of the consumer
New trends in Packaging
1. Meet consumer needs for speed, convenience, and portability 2. Must be contemporary and striking 3. Must be designed for ease of use
Labels
1. Must meet legal requirements 2. Provide another marketing opportunity
Role of Corporate Image-Consumer Perspective
1. Positive assurance -Unfamiliar settings -Little or no previous experience 2. Reduces search time 3. Provides psychological reinforcement 4. Social acceptance
Traditional Elements of Packaging
1. Protect the product inside 2. Provide for ease of shipping, moving, and handling 3. Provide for easy placement on store shelves 4. Prevent or educe the possibility of theft 5. Prevent tampering
Branding
1. Provides quality assurance 2. Reduces search time 3. Allows a company to charge more 4. Reduces brand parity 5. Consumers choose a brand because it is: Salient, memorable, noteworthy
Changes in Private Brands
1. Quality improvement 2. Lower prices 3.Higher store loyalty 4. Lower loyalty for manufacturer brands 5. Increase in advertising of private brands 6. Increase in quality of private brand in-store displays
Processing of New Information
1. Reinforce a current linkage 2. Modify a current linkage 3. Create a new linkage
Building Brand Equity
1. Research and analyze what it would take to make the brand distinctive 2. Engage in continuous innovation 3. Move fast 4. Minimize reliance on any one customer 5. Integrate old and new media 6. Focus on domination
Test for Effective Logos
1. Should be easily recognizable 2. Should be familiar 3. Should elicit a consensual meaning among firm's target market (Stimulus code ability) 4. Should evoke positive feelings
The Marketing Plan
1. Situation Analysis 2. Marketing Objectives 3. Marketing Budget 4. Marketing Strategy 5. Marketing Tactics 6. Evaluation of Performance
Consumer Attitude
Affective (Emotions) Cognitive (Thoughts/knowledge) Behavior (Reactions)
Low Involvement Attitude Sequence
Affective=>Behavior=>Cognitive
Multiattribute Approach
Analyze important attributes and give categories a weight
Developing a Strong Brand Name
Begins with understanding why consumers buy a brand
Impulse purchases Attitude Sequence
Behavior=>Cognitive=>Affective
Inept Set
Brands you won't consider
Domain or Cyber Squatting
Buying domain names that are valuable to specific people or businesses in the hopes of making a profit by reselling the name
Conceptual Names
Capture the essence of what a company offers (Google)
High Involvement Attitude Sequence
Cognitive=>Affective=>Behavior
Implied Names
Contain recognizable words or word parts that convey what a company does (Flovent, Mr. Clean)
Iconoclastic Names
Do not reflect the company's goods or services but are iconic. (Mcdonalds, Coke)
Inert Set
Don't have strong feelings one way or another
External Search
Don't know enough about a brand so you do outside research
Personal Selling
High Involvement products
Cooperative Branding
Joint venture between two brands to create a NEW product (Southwest and VISA making a credit card)
Affect Referral
Just pick what you like, brand doesn't matter
Database Marketing
Knowing your trends and preferences
Internet Marketing
Marketing over the internet
Complementary Branding
One product that fits with your product to increase both products. (Oreo's and Milk)
Consumer Decision-Making Process
Problem Recognition=> Information Search=> Evaluation of Alternatives=> Purchase Decision=> Postpurchase Evaluation
Sponsorship Marketing
Putting a brand name on a stadium
Ingredient Branding
Putting one brand within another brand (Nike+ with apple)
Overt Names
Reveal what a company does (United Postal Service)
Internal Search
Scanning your own brain for what you already know
Direct Marketing
Sending you a coupon based on your database marketing trends
Cognitive Map
Simulations of the knowledge structure embedded in your brain
Communication Process
Source=> Encoding=> Transmission Device=> Decoding=> Receiver
Personal Values
Strongly held beliefs that guide your personal behaviors
Subjective Criteria
Style, appearance, image, etc.
Product
The bundle of benefits
Integrated Marketing Communications
The coordination and integration of all marketing communication tools, avenues, and sources within a company into a seamless program which maximizes the impact on consumers and other end-users at a minimal cost
Price
What you charge for the bundle of benefits
Evoked Set
a group of brands, resulting from an information search, from which a buyer can choose
Brand Infringement
occurs when a company creates a brand name that closely resembles a popular or successful brand