Term
|
Definition
1. market yourself
2. sell yourself
3. know people
4. maintain contact. relationships |
|
|
Term
|
Definition
1. be creative
2. aggressive
3. enthusiastic
4. smart
5. honesty. trust. |
|
|
Term
|
Definition
1. 38% of emotional impact you have on someone is based on your vocal delivery.
- tone of voice (bad: boredom and bitterness)
2. 55% visual delivery.
- facial expression
3. 7% verbal arrangement of the message. Content is more important. |
|
|
Term
|
Definition
1. trust/sincerity
2. knowledge/expertise
3. identification/association (Can you relate?)
4. Charisma (overall mannerisms and personal brand. Delivery) |
|
|
Term
|
Definition
1. production orientation
2. sales orientation
3. marketing orientation
4. societal orientation |
|
|
Term
|
Definition
| company looks inward to see what they do best (like producing a certain product). Create. |
|
|
Term
|
Definition
| skilled and highly trained sales force to sell the product. |
|
|
Term
|
Definition
| understanding (research) and satisfying the customer's needs and wants |
|
|
Term
|
Definition
| marketing orientation while keeping our society and environment safe (ex. Green). |
|
|
Term
|
Definition
1. create customer value
2. Customer Satisfaction
3. Develop and Maintain Relationships |
|
|
Term
|
Definition
One of 3 Marketing Concepts.
Benefit - cost = Customer Value |
|
|
Term
| Types of Dissatisfied Customers (2) |
|
Definition
| angry (outwardly) and Remorseful (reason for surveys and mystery shoppers). |
|
|
Term
|
Definition
| Someone hired by company to pose as a customer and tell company how you performed. |
|
|
Term
|
Definition
| we will remember the one bad thing more than the rest of the good things that happened. 63% of people will change purchase decision based off of one rude person. |
|
|
Term
|
Definition
If we fail, are we going to identify and recognize it, and how are we going to fix it?
Good companies sometimes fail on purpose because recovery is so good and genuine.
The apology- admit you have failed and to have a plan to overcome problem. |
|
|
Term
|
Definition
| Employee Job Satisfaction -> Customer Value -> Customer Satisfaction -> Customer Loyalty -> Profit |
|
|
Term
| What does good customer satisfaction cause? |
|
Definition
1. referrals
2. premium pricing
3. reduce selling effort. Advertising doesn't have to be as complex. |
|
|
Term
| 4 Elements for Service Quality |
|
Definition
1. responsive
2. reliable
3. assurance
4. empathy |
|
|
Term
| Why a customer leaves a business and switches? |
|
Definition
1. core service failure- service you wanted wasn't there.
2. service encounter failure- rude, inattentive, arrogant, sassy, etc.
3. price- ethical and fairness. Don't price gouge. Don't have deceptive pricing like shipping and handling.
4. inconvenience- location, kinda. Could be a good location but is inconvenient for customers.
5. failure to respond to service failure
6. attraction from competition |
|
|
Term
| Marketing Strategy Framework |
|
Definition
I. Market Analysis
II. Strategy Development
III. Implementation |
|
|
Term
| I. Market Analysis of the Marketing Strategy Framework |
|
Definition
a. the company
b. the customer- demographics
c. the competition- who are they and what are they doing?
d. Conditions |
|
|
Term
|
Definition
| age, gender, race, education, income, occupation, religion, geography |
|
|
Term
| Conditions of a Market Analysis |
|
Definition
1. economic change
2. technological change. Not just technology. Ability to make work more efficient.
3. political/legal changes- government says things are going to be different and you have to respond to the things that are different. (Cigarettes)
4. Social factors. Lifestyle. Values of the day. Activities, interests, opinions. |
|
|
Term
| II. Strategy Development of Marketing Strategy Framework |
|
Definition
a. segmentation- how are you going to divide the population and target a product to that population?
b. targeting
c. positioning- how is the public/consumer going to see the product you position? Changes the brand for a certain population. Sometimes, reposition (ex. Mountain Dew). |
|
|
Term
|
Definition
1. identifiable segment of population
2. Responsive to what your appeal is. Do they need it?
3. Reachable? Through distribution and advertisement.
4. Substantial? Is it worth it? |
|
|
Term
|
Definition
1. Undifferentiated- mass marketing. Everybody.
2. Multi-segment- ex. Walmart has 3 segments (lower income individuals, lower-middle income trying to make ends meet but still want a little class, upperish class who need basic household goods.)
3. Niche- specialty. Need to make sure population is big enough to where it matters. |
|
|
Term
|
Definition
1. attributes
2. benefits
3. communication of value |
|
|
Term
| III. Implementation. 4 P's |
|
Definition
1. Product
2. Price
3. Place
4. Promotions |
|
|
Term
|
Definition
1. Convenience- regular products that don't take a lot of thinking.
2. Shopping- pay a little more, more research (ex. stove)
3. Specialty- ex. William Sonoma.
4. Unsought Products- you have to get them (ex. insurance) |
|
|
Term
|
Definition
Packaging
Warranty
Service after the Sale
Brand |
|
|
Term
|
Definition
identification
repeat sales
Introduce new products |
|
|
Term
| 5 Steps of Consumer Decision Making Process |
|
Definition
1. need recognition.
2. information search.
3. Evaluate the alternatives.
4. Purchase.
5. Post-Purchase Behavior. |
|
|
Term
|
Definition
| Sometimes there is clutter. Companies want to differentiate themselves from competition with a unique selling proposition. Evoked set- the final set of considerations you're going to use upon purchasing a product. Companies want to be in the evoked set. |
|
|
Term
| Unique Selling Proposition |
|
Definition
| something that makes your product stand apart from others. |
|
|
Term
| External Factors We Look at When Trying to Gather Information: Personal |
|
Definition
- word of mouth
- buzz marketing
- celebrity endorsement |
|
|
Term
|
Definition
| when a company has a relatively new product, and they want to introduce it. Find the opinion leader in that market to use it, and hope that the opinion leader (not celebrity) will then spread good word of mouth and sell the product. Unsolicited. |
|
|
Term
|
Definition
| NOT BUZZ MARKETING. Paying someone to say/pretend that they like a product. ex. Tom Brady is going to start selling male Ugg's. |
|
|
Term
| External Factors We Look at When Trying to Gather Information: Commercial. |
|
Definition
| completely Biased. TV, radio, newspaper, magazine, the internet, direct mail (junk mail), billboards. |
|
|
Term
| External Factors We Look at When Trying to Gather Information: Public Information |
|
Definition
| unbiased source. Purely objective opinions. Consumer Reports. |
|
|
Term
|
Definition
| self-doubt after a purchase. |
|
|
Term
| 2 Ways to Eliminate Cognitive Dissonance |
|
Definition
1. go back and recall what reason for purchase was.
2. have positive reinforcement from someone you believe has credibility. |
|
|
