To be successful, you need to be able to:

1.

2.

3.

4.

1) MARKET yourself

2) SELL yourself

3) KNOW PEOPLE (networking)

4) Maintain Contact

1) Creative

2) Aggressive

3) Smart

4) Honesty

5) Enthusiastic (can't weigh down a company)

Al Mehrabian said the emotional impact that you have is

__% ___

__% ___

__% ___

55% Visual delivery

38% Vocal Delivery (tone)

7% Verbal Arrangement

1. Trust/Honesty/Sincerity
2. Knowledge: How do you become the expert
3. Identification (association) - Can you relate to other people and talk their language, dress like them, etc.
4. Position/Status/Success
5. Charisma (Personal Brand)

1. Core service failure
2. Service encounter failure
3. Price
4. Inconvenient Location
5. Unethical Behavior
6. Attraction from competition
7. Employee failure to respond to a problem

1. Market Analysis (What do they want?)

2. Strategy Development (How can we give it to them)

3. Implementation (Let's Do It)

1. Social Factors
2. Economic Factors
3. Competition Factors
4. Technological
5. Legal/Political

____ include these types of characteristics:

Age

Gender

Race

Education

Occupation

Income

Geographics

Religion

1. Identification - What segment of the market will you target? (i.e. who will buy it?)
2. Accessible - Can I get to them? Can I get the product to them?
3. Substantial Population - Are there enough people to sustain the market and make money?
4. Responsive - Are they going to be able to do what I want them to do?

1. Mass Marketing - Undifferentiated marketing, everyone gets the message
2. Multi-Segmentation targeting - Appeal to various segments of the market
3. Niche Market - Small population that will be enough to run a profitable business

1. Attributes - what makes it better than other products
2. Benefits - What do we have that your product doesn't have
3. Communication of Value - Can you show value in this product that separates it from anything else

In the 3rd level (Implementation), there are the "4 P's".

List the 4 P's

1. Product (or service) - What it is we're selling
2. Pricing Strategy
3. Placement/Distribution
4. Promotion

1. Price Skimming - Charge a high price as long as you can until competitors catch up (i.e. pharmeseuticals)
2. Penetration Pricing - Setting a relatively low entry price to attract new customers.
3. Status Quo - Set the price at the same level as your competitors

1. Introduction - Initial entry of the product into the marketplace.
2. Growth - Formed a loyal customer base and word begins to spread
3. Maturity - The peak of popularity and the beginning of decline
4. Decline - Product has become outdated or unnecessary. Some still buy it because it's cheap.
5. Extention - (sometimes) the company does something to rebound the decline and extend the product lifecycle.

There are four categories of products based on time/effort spent searching and evaluating purchase decision.

List and describe them.

1. Products of Convenience
• Low level of involvement. Small purchases.
2. Shopping
• Larger purchases (i.e. laptop, new bed, etc.)
3. Specialty Products
• Luxury types of items. Higher level of involvement than shopping. (i.e. William Sonoma pots and pans)
4. Unsought Products
• Highest level of involvement. (i.e. Life insurance policy)

1. The Product Itself
2. The Packaging
3. The Warranty
4. Service After the Sale
5. Brand/Company Images

The Consumer Decision Making Process has 5 steps.

What are they?

1. Information Search
2. Evoked Set
3. Evaluation of the Alternatives
4. The Purchase
5. Post-Purchase behavior

Personal Experience

Family and Friends

Public Information

Buzz Marketing (when a company strategically puts their product in an opinion leader's hands)

Public Commercials

1. Instructional

2. Construction (ex. 100% cotton on t-shirt label)

3. Nutritional

4. Reduce Cognitive Dissonance