MKT 3401 final

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

-Vocal delivery-38% -Visual image-55% -Verbal arrangement of message-7%

2 types of Dissatisfied Customers

-Angry customers -Remorseful customers

4 components of Market Analysis

-Company -Competition -Customer -Condition

3 Goals of Marketing (concepts)

-Customer value -Customer satisfaction -Develop and maintain relationships

3 levels of the Marketing Strategy Framework

-Level 1- Market Analysis -Level 2- Strategy Development -Level 3- Implementation

Components of a product

-Packaging (facilitate storage; color help with selection of product) -Warranty -Service after sale -Brand

You're the brand manager of M&M's; Steven Spielberg wants to put your product in his new alien movie for a small fee. You decline the offer. Was it a smart decision?

It depends but Dr. Karam says YES because it's too much of a gamble

What is the combination of the promotional mix?

Integration marketing communication

Which of these is an objective of branding?

Introduce New Products

Fast food article

30 to 40% of coupons are redeemed for free food 1.5-2% are redeemed for discounts

Circulars are a form of?

Advertisement

John Hancock sponsoring Boston Marathon is?

Community relations

Consumer Decision-Making Process

(A) Need recognition (B) Information search (C) Evaluate alternatives (D) Purchase (E) Post purchase behavior

Public Relations: Aspects that enhance or control the brand (2)

(a) Media Relations (b) Community Relations

Three steps you must understand to complete personal selling

(a) Preparation (b) Close the sale (c) Follow up

3 purposes of Point of Purchase displays:

(01) Drive traffic (02) Advertise & Promote product (03) Improve impulse buying

Marketing Strategy Framework: Level 1- Market Analysis

(1) Company (2) Competition (3) Customer (4) Condition

Branding Gone Wrong: Tiffany's Jewelry

(1) Tiffany's comes out with a line of cheaper bracelets (2) Brand Image becomes Damaged (DILUTED

4 criteria for effective segmentation

-identifiable -accessible -substantial -responsive

4 parts that make up Marketing Mix (sellers perspective)

-product -price -place -promotion

Promotional Mix-4 elements

1) Advertising 2) Public Relations 3) Sales Promotions 4) Personal Selling

The difference between Wal-Mart and Target's prices

1-2%

Thin Slice....

10 seconds

How much did Samsung spend to sponsor Oscars?

20 million

Product placement is a type of?

Advertisement

Sports sponsorships is a form of?

Advertisement

What are John Camp's traits to successfully market yourself?

Aggressive Enthusiastic Creative Smart

A big fear of sports sponsorship?

Ambush Marketing

Marketing Strategy Framework: Level 3- Implementation

Marketing Mix -product -price -place -promotion

Which price tactic is most effective if every product can be unbundled and still sold separately

Bundling

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

Cause-Related Marketing

Purpose of public relations?

Concern with media

What did Tylenol do to improve relations?

Crisis management

Marketing Strategy Framework: Level 2- Strategy Development

Criteria for effective segmentation: -identifiable -accessible -substantial -responsive

What is the equation for customer value?

Customer value = benefit- cost

According to Thomas Karam, our understanding of marketing will help us...? At work In business With friends Depends

Depends

Tiffany's did teenage bracelet and stopped because it _____?

Diluted their brand

What percent of consumers are more likely to buy a product from a company that is involved in a worthwhile cause? A) 30% B) 50% C) 70% D) 80% E) None of the above

E - correct answer is 76%

What is not in the product life cycle?

Evoked set

Who did Starbucks buy?

Evolution Juice

What benefit did Abita springs water get from sponsoring LSU football?

Exclusivity

Most trusted source for info?

Family and friends

Final step in personal selling?

Follow up

WSJ article about music in retail stores?

Hoped to make customers shop longer

Which is not part of product lifestyle?

Identification

Which company was on the show "First Day?"

K-Mart

Branding: Instruction Ex: Kashi vs. Kellogg's cereal

Kashi is more popular and expensive because it's promoted as a healthy cereal but what people don't realize is that it's owned by Kellogg's

When did Gallery Furniture advertise?

Late at night 1-4 AM

Why did public buildings change doorknobs?

Legal conditions

What is implementation?

Level 3 on strategy—4 Ps again

What did Levi's not understand?

Life-style trends

What is penetrating price strategy?

Lower prices to gain market share usually for a new company

Frequent flyer miles example of?

Loyalty program

2 functions of public relations?

Media and community

Someone who poses as everyday shopper?

Mystery shopper

A technique used to see how well the business handles customer service.

Mystery shoppers

Motel 6-Did they use surveys, questionnaires, mystery shoppers? What 3 strategies did they use?

NO, they used focal groups (1) They hired researchers to figure out focal groups. Three strategies used: (a) Position (b) Affiliation (c) Personality

Which is not a reason for sponsoring event?

On-site promotion

In WSJ article, the original definition of ambush marketing is?

Originally it described a brand's attempt to associate itself with a team or event without buying the rights to do so, in order to detract from a rival that paid to be an official sponsor

What is the formula for personal branding?

Personal Brand= (Personality + Performance) × (Visibility + Trust)

What is a form of direct ambush marketing?

Predatory

What is unique about the retail mix?

Presentation

Which is not a pricing strategy?

Prestige pricing

3 price strategies

Price Skimming Penetration pricing Status-quo

Which 2 of the 4 P's are the only 2 that change throughout the product life cycle

Price and Promotion

What is not a component of product?

Pricing

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

Product Placement

What are the 2 types of advertising?

Product and institutional

2 types of advertising?

Promotional product/name recognition

$299.99 is an example of?

Psychological Pricing

Which Marketing Management Philosophy relates to personal selling?

Sales Orientation

Trader Joe's uses what form of promotions?

Sampling

What would test-driving a car be considered?

Sampling

What is penetration price strategy?

Set the price low to gain more market share

Ethical concern is buzz marketing?

Share the truthfulness can't force opinion leaders to speak highly of product of they don't like it

What are the price tactics?

Single pricing (Dollar Tree) Flexible pricing ( car dealer) Bundling Loss leader Psychological Prestige Rebate/discount

Color is a ? (Packaging)

Source identifier

Which is not a component of packaging?

Speedy Process

Black Eyed Peas used?

Sponsorship

Blink/adlet advertisement is used in?

TV

Why was Got Milk campaign not successful?

Targeted wrong market

What pricing strategy failed for Netflix?

They unbundled their 9.99 plan

Believable, desirable proposition that sets your product apart is a ________________

Unique Selling Proposition

What is Integrated Marketing Communication?

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

After Got Milks advertising campaign failed, who did they target?

Women

2 types of warranties?

Written and Implied

What is the customer's perspective of the Marketing Mix?

a. Communication of value b. Cost c. Convenience d. Communication

Functions of packaging

a. Contain/ protect b. Recycle c. Promote

Unique selling proposition consists of?

a. Desirable advertising appeal b. Believable

What do stores try to do with scent marketing (smells)?

a. Options create ambiance b. Increase sales c. Be different d. Increase sampling

3 ways to gather external info?

a. Personal b. Commercial c. Public

What are the functions of a package?

a. Prevent theft b. Contain/protect the product c. Facilitate storage/ Recycle d. Promote the product

What are the Marketing Management Philosophies?

a. Sales Orientation b. Marketing Orientation c. Production Orientation d. Societal Orientation

What did the new CEO of JC Penney re-establish?

coupons

The 3 purposes of promotion are to:

inform persuade remind a customer of a product

3 objectives of branding:

o Identification (with your brand) o Get repeat sales o Be able to introduce new products

How to brand yourself

o Position o Affiliation o Personality

Product Life Cycle

• Introduction • Growth • Maturity • Decline • Extension

What role do instructions play in the game of monopoly?

• Parker Brothers figured out that people did not like board games because they were confusing • They developed and packaged simple instructions for the game of Monopoly that made it easy to play and now the most popular board game in history

Product Categories

• Products of convenience • Shopping • Specialty • Unsought Products