Term
| John Camp's traits to successfully market yourself |
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Definition
- Aggressive
- Enthusiastic
- Creative
- Smart
- All of the above
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Term
Marketing strategy framework.
- 4 c's
- strategy development
- marketing mix
- 4 p's
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Definition
Level 1: Market Analysis (4 c's)
- company
- competition
- customer
- condition
Level 2: Strategy Development (criteria for effective segmentation)
- identifiable
- accessible
- substantial
- responsive
Level 3: Implementation (marketing mix, 4 p's)
- product
- price
- place
- promotion
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Term
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Branding: Personal
formula
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Definition
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Personal Brand= (Personality + Performance) × (Visibility +Trust)
also John Camp's criteria?
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Term
Branding: Personal
3 objectives |
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Definition
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- identification
- get repeat sales
- be able to introduce new products
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Term
Branding: Personal
how to brand yourself
(different than objectives) |
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Definition
- position
- affiliation
- personality |
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Term
According to Al Merhabian, what percentage of your emotional impact on other people is judged according to vocal delivery?
visual image?
verbal arrangement of message? |
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Definition
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Term
| 3 goals of marketing (concepts) |
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Definition
- customer value
- customer satisfaction
- develop and maintain relationships |
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Term
| 2 types of dissatisfied customers |
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Definition
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Term
Marketing Mix: Product
Various categories |
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Definition
- products of convenience
- shopping
- specialty
- unsought products |
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Term
Marketing Mix: Product
product life cycle |
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Definition
- introduction
- growth
- maturity
- decline
- extension |
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Term
| The components of a product |
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Definition
- packaging
- warrenty
- service after sale
- brand
Price is not a component of a product! |
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Term
The components of a product
- packaging |
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Definition
functions:
- contain/protect product
- prevent theft
- facilitate storage
- promote the product
- color is a source identifier and helps with your selection of product and brain recall |
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Term
Components of a product
Brand |
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Definition
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Term
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Definition
3 price strategies
- price skimming
- penetration pricing
- status quo |
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Term
| Consumer decision-making process |
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Definition
- need recognition
- informative search
- evaluate alternatives
- purchase
- post purchase behavior
- evoked set is NOT part of the consumer decision making process |
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Term
Branding
objective of branding |
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Definition
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Term
| What role do instructions play in the game of the monopoly? |
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Definition
- 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 |
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Term
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Definition
| Kashi is more popular end expensive because promoted as a healthy cereal. But actually still owned by Kellogg's |
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Term
Promotional Mix
(4 elements) |
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Definition
- advertising
- public relations
- sales promotion
- personal selling
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Term
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Definition
- inform
- persuade
- remind the customer of a product
(integration marketing communication is combination of all of them) |
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Term
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Definition
- TV advertisement
- product placement
- sponsorship |
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Term
Advertising
TV advertisement types |
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Definition
- Blink- 1 to 4 second commercial to capture attention
- Expensive primary spots are not always best
- ex: gallery furniture
- owner bought up all the cheap commercial spots from 1am- 4am
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Term
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Definition
ex: James Bond wearing an Omega watch
Test question- you're the brand manager of M&M's; Steven Spielberg wants to put your product in his new movie for a small fee. You decline the offer. Was it a smart decision?
Answer- It depends but Karam says YES because it's too much of a gamble |
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Term
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Definition
ex: black eye peas band gets sponsored by multiple brands
exclusivity
- the biggest benefit of a sponsorship is exclusivity
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Term
Advertising
Price Tactics |
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Definition
Used in all elements of advertisements
- bundling: most effective if every product can be unbundled and still sold seperately
- Loss Leader
- Psychological pricing (odd-even pricing)
- Prestige Pricing
- Rebate
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Term
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Definition
1. Aspects that enhance or control the brand
- media relations
- community relations
2. Cause related marketing
- ex: Yoplait and Susan Koman fundraiser
- according to the Roper study 76% of consumers are more likely to buy a product from a company that is involved in a worthwhile cause
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Term
| test question: what percent of consumers are more likely to buy a product from a company that is involved in a worthwhile cause |
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Definition
a) 30%
b) 50%
c) 70%
d) 80%
e) none of the above- correct answer is 76% |
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Term
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Definition
1. Sampling
2. Sweepstakes/ contests
3. Point of purchase displays
- 3 purposes: drive traffic, advertise & promote product, improve impulse buying |
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Term
Personal Selling
3 steps you must understand to complete personal selling |
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Definition
1. preparation
2. close the sale
3. follow up |
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Term
According to Thomas Karam, our understanding of marketing will help us...
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Definition
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Term
| The difference between Wal-Mart and Target’s prices |
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Definition
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