Term
1. Market yourself
How do you find the right person to talk to; how do you say the right thing to that person
2. Sell yourself
How people see you
How well you can speak
3. Know people (networking)
You have to go out and find people and get them to use you
4. Maintain contact |
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Definition
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Term
• Creative
• Aggressive
When they tell you NO, you have to be willing to try something else
Persist in finding a solution
• Enthusiasm
Not talking about extremely animated
You cannot be a drain on the organization
• Smart
Not everyone is book smart
Being able to think
• Honesty
They have to trust that you aren’t going to take advantage of the company |
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Definition
| Traits that a company looks for: |
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Term
• Interpersonal Communication Skills
#1 trait they look for when hiring
How you interact with other people
Be able to write and speak well
• Teamwork
Somebody who can work with a team despite any differences between members
Tip:
o In an interview, look at presenters going for the job as well and support them on their presentation
Nod on presentation
Jump in and help if they struggle
• Honesty
Can you be trusted with confidential information?
• Core competency (what are you good at?)
Ability – How good are you?
-likablility
-credibility |
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Definition
| Things companies look for: |
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Term
• Al Merhabian
In order to have an emotional impact on someone
o Ability to look at you and something about you draws them in
• What are those characteristics that make you likeable?
Vocal
o 38% of emotional impact you have is your voice
o Tone (most important focus)
Killer B’s
→ Boredom
Make things sound interesting, even if they are not
→ Bitterness
o Pause
Ability to be able to learn when to stop, be quiet, when to be reflective, etc.
Visual
o 55% of emotional impact
o Facial Expression
Your facial expression says a lot about you and reflects on other’s reactions to you
Default look that makes you appealing
→ It is a person’s first glance on your likeability
Verbal arrangement of the message
o 7% of emotional impact |
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Definition
| Likability (You must be likeable) |
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Term
The believability you have when talking to other people.
• Trust / Honesty / Sincerity
You have to be trustworthy, if you lose it, it’s impossible to regain
If you make a mistake, admit it and show your loyalty
Les Miles
o He did not step up and honestly admitted his mistakes
• Knowledge
Expert
o Your expertise enforces your credibility
Getting information from outside is not taking away from your knowledge, it is enhancing your credibility
• Identification / Association
Are you able to identify with that particular target audience?
o Dress code, vocabulary, etc.
• Position / Status / Success
Internship
o Internships add to your position / status / success
Your credentials add to your credibility
• Charisma (Personal Branding)
Your personal brand
How you’re seen, perceived |
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Definition
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Term
Mayor Giuliani (New York)
o Credibility
Popularity was at all-time low (adultery, etc.)
o Sept. 11th, 2001
Stepped on world stage and completely changed his own personal view
→ By HOW he said what he said, NOT because of WHAT he said
Netflix CEO (Hastings)
o Separate company in two without customers knowing
o Raised prices
o Ended up joining company again
J.C. Penney’s CEO
o New CEO is the man who started the Apple store
o Problem:
Not modern
Everything is discounted
o Review:
Start from scratch
Not discounted
→ Discounts give the idea of “cheaper”
Bring store back to life – renew
o Ron Johnson’s credibility brings attention to consumers
Justin Timberlake
o Damaged his credibility in Super Bowl accident
o Improving credibility
Callaway’s creative director
Callaway looking for a younger market |
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Definition
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Term
• Production Orientation
Produce “stuff”
See what they produce and how well they produce it
Concern – there might not be a market for your product
• Sales Orientation
Whenever a company puts up a skilled sales force to move the products (“sell”)
• Market Orientation *
Satisfying a customer’s needs and wants by giving them a product that they desire
Got to know who the customer is
Understand the customer
• Societal Orientation *
A marketing orientation, while keeping our environment and society safe
Being environmentally friendly (eco)
o Wal-Mart
Wal-Mart changed several guidelines as well as some product lines
o Patagonia
Everything is made out of recyclable materials
o Nike
Got in trouble for sweatshops, so Nike changed guidelines and helped foreign governments improve labor rules
Sustainability
o Making sure that we keep this planet as good and clean and we’re good citizens |
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Definition
| Marketing & Management Philosophies |
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Term
-customer value
-customer satisfaction
-develop and maintain relationships |
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Definition
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Term
Customer value makes customers happy about a brand and continue being customers
CV = Benefits – Costs
o If benefits outweigh the costs, then you have created value |
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Definition
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Term
Keeping the customer happy
You cannot satisfy everyone, but work to satisfy the majority
Benefits:
o Referrals
o Premium Pricing
Charge more because people are willing to pay
o Increase Usage
o Reduce Selling Time
Prospect Theory
o Good things can happen, but if something bad happens, that’s the only thing you’ll remember
o Harvard Review says:
63% of customers are more likely to change a purchase behavior based on the indifference of one person
Mystery Shopper
o Somebody who is chosen to pose as a regular customer and report back to management explaining their experience
o Management does this in order to discover the prospect theory
Employee Satisfaction is good Customer Satisfaction
o Cane’s – employees make customers feel good
Service Profit Chain
o Employee Job Satisfaction
o → Customer Value
o → Customer Satisfaction
o → Customer Loyalty
o Profit |
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Definition
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Term
o Angry
“Good” type of dissatisfied customer
Company knows who is disappointed and are able to improve
o Remorseful
Customer who doesn’t express his/her dissatisfaction
Company will never know about their dissatisfaction so there will be no identification of failure
Failure/Recovery
o As long as you know you have failed, you can do something to recover
Delta Airlines
→ Spent a lot of money to improve customer satisfaction
→ In order to make up for overbooking a flight, they can offer gift cards to compensate
Starbucks
→ Announced they were closing all their shops in order to re-train employees
Walk-Ons
→ Failed in Customer Satisfaction but knew the Failure/Recovery
o Some companies are so good at recovery that they fail on purpose
Show customers how effective they are
Leaves a greater impression on customer
Jet Blue
→ Southwest’s competition, Jet Blue, gets an ice storm and because of a lack of planning, the brand is damaged
o Art of the Apology
United Airlines
→ United broke a passenger’s guitar and did not help the passenger, so he wrote a song “United Breaks Guitar”, which was a hit
→ United did not apply the art of the apology |
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Definition
| Two types of dissatisfied customers: |
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Term
employee job satisfaction
customer value
customer satisfaction
customer loyalty
profit |
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Definition
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Term
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Definition
| Profit and growth are stimulated primarily by customer loyalty. Loyalty is a direct result of customer satisfaction. Satisfaction is largely influenced by the value of services provided to customers. Value is created by satisfied, loyal, and productive employees. Employee satisfaction, in turn, results primarily from high-quality support services and policies that enable employees to deliver results to customers. |
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Term
P1 = personality
P2 = performance
Visibility
• Personality
Appeal to the Audience
Credibility
• Performance
Ranking in the industry in which you work
Example:
o Patriots los the Super Bowl, which is not a good performance, but their record of 3-2 in Super Bowls is still a good performance
• Visibility
How large is your audience?
o How many people saw your commercial?
Example:
o MIA didn’t get such a big visibility because she was just a back-up singer
MIA did get some visibility due to her “finger stunt”
• Company Morale
Century 21 Super Bowl Ad
o Convinced everyone they are the best, even if not true, it impacted the viewer |
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Definition
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Term
• 75% of customers who have a bad experience are going to tell at least one person
Sensationalized – more dramatic than what really happened.
• 7% of customers who receive bad customer service are going to tell the service provider
Bad thing since it doesn’t provide company the information needed to improve (recover)
Remorseful dissatisfied customer
Switching |
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Definition
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Term
• Core Service Failure
When customers don’t receive service they’re paying for
Examples:
o Airline Industry
o Busy nights at restaurants
• Service Encounter Failure
Service customer is getting at particular location is not good
Service customers want is at least satisfactory
Flaws:
o Employee attitude, helpfulness, etc.
To Succeed:
o Knowledgeable
Customers want to be informed
Example:
o Best Buy
Employees are trained to know about products
• Price
Will affect customer’s decision
Pricing is a critical reason why customers switch
o Too expensive
Customers might look for better prices
o Too low
Customers might be skeptical about product sold
“Something has to be wrong with it” mentality
o Deceptive
Price that looks to be a good deal but is actually far from fair
Example:
→ Generators during Katrina sold for $1,000 when they normally sell for $300
o You want to have a price structure that is ethical
• Inconvenience
Convenience
o Location is not all, but part of it
It could be comfortability, etc.
o Customers want maximum possible convenience
Examples:
o Fat Cow
Last 5 stores in same location have gone out of business
Parking is a big part in commercial convenience
• Employee failure to respond to service failure
Did the employees try to fix the problem after it happened?
• Attraction from Competition
Sometimes the competition comes up with something so good there is nothing you can do to keep the customer
Could be the look of the building
• Unethical Behavior
Example:
o Shortchanging customers over and over |
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Definition
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Term
• Level I – Market Analysis
• Level II – Strategy Development
• Level III – Implementation |
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Definition
| Marketing Strategy Framework |
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Term
Company
o How do we do good as a company
Customer (Who is the customer?)
o Demographic Profile
o Variations of Age
o Race (and how it’s been missed)
o Income
o Education
o Geographic
o Occupation
White collar, blue collar, unemployed, retired, student, etc.
o Religion
article on personal branding that you will be tested on – involves a religious statement causing the man to be bashed
o Gender
Male/Female
NFL (Male Orientation)
→ Targeted women (attractive) to grow market
→ Done it without alienating men
Competition
o Who is your competition?
Understand them
o LSU
Competition is New Orleans Saints
o USPS
Lost notion of possible competition
FedEx came up with new service, package shipping (jets)
UPS came out with truck delivery
FedEx came back with trucks and UPS, in turn, included jets
Conditions
o External Environment
Conditions that are constantly changing and how you respond to the changes
o Social
Values of the day
→ Respond to changes of the day
→ Manage a crisis when it happens
Lifestyles
→ Adapt to the varying trends in lifestyles/times
→ Components:
Activities
Interests
Opinions
o Technological
How can we use it to make work easier?
→ Social Media
→ Analytics
→ Examples:
Banks
˖ Check clearing (taking picture of check)
Grocery Stores
˖ How do we get you out of here faster?
˖ Check-out lines
o Political/Legal
See the changes coming and adapt
Respond to rule changes
o Economic
How does everything change when the economy changes?
Pricing changes |
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Definition
| • Level I – Market Analysis of marketing stategy framework |
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Term
Criteria for Effective Segmentation
o Understand that there’s a segment of the market that you identify with
Who will you sell to?
Identifiable
→ Identify where customers are
Accessible
→ Are those customers reachable?
Distribution
Promotions
Substantial
→ Is the population big enough?
Responsive
→ Will they be responsive?
o Segmentation
Identify different groups (segments) within your customer base
Targeting
o Mass Marketing
One message appeals to everyone
o Multi-Segmentation
Multiple segments in a population
Wal-Mart (3 segments)
→ Low-income
Buy everything from Wal-Mart, don’t mind if it isn’t brand name
→ Low/Middle Income
Prefer a brand
→ Everyday Shopping
o Niche
Targeting a very specific niche of the population
Positioning
o How are you going to position the product as a company?
o Attributes
o Benefits
o Communication of Value
o Mountain Dew
Positioned their image from a “country” drink to an extreme lifestyle
Changed packaging/campaign
→ No change in ingredients, etc.
o Motel 6
Follows Segmentation, Targeting, Positioning
Value was greatly increased
o Motorola
Phone was old and came out with RAZR
Now they are back with a new “RAZR” idea
→ What are the two major things customers want from a restaurant?
• Customer Service
1 – check to come in a timely fashion
2 – want check to be accurate
→ Yamaha Piano
• Customer Service
Service after the sale
• Promise Lifetime Warranty
How are they going to guarantee a lifetime warranty?
o Crew of 2/3 men from Japan to US to provide services to Yamaha customers
o Tuning, fixing, etc. |
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Definition
| • Level II – Strategy Development of marketing strategy framework |
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Term
Marketing Mix
o When somebody in the business look at 4 factors that make up the marketing mix
o 4 P’s:
Product (service)
Price
→ Low every day, luxurious, etc.
Place (distribution)
→ How do you get it from the manufacturer to the consumer
Promotion
o Be able to manage the 4 P’s
o Some say there should be a fifth P (people)
Marketing 4 P’s
o Products
Categories:
→ Convenience
Very simple, everyday products
Not a big decision when bought
˖ Water bottle, medicine, etc.
→ Shopping
Compare prices to competitors
You need these products
˖ Household Products (microwave, toaster), Laptop, TV, etc.
→ Specialty
You choose that one distinctive category (niche)
Specialty Stores
Price is going to be a little bit higher
Luxurious products
Name brand matters
˖ William Sonoma
˖ Pandora
→ Unsought
You thought you would never need it
Company that makes it easier to purchase will win the client
Marketers need to make the search for that as easy as possible
˖ Insurance, ear-correcting products
o Price
Strategy
→ Price Skimming
When you set the price as high as you can (in fairness), as long as you can, until the competition catches up with you
→ Penetration Pricing
Whenever you lower the price to a substantial amount to be able to get product out there, grab a little market share, get customers to try the product
˖ Too cheap will possibly decrease value (quality perception)
˖ Once they secure enough market share they can increase prices
→ Status Quo
Find out what competitors’ prices are and adjust your prices to that
o Place
Where are you going to locate your business?
How are you going to get that product to the hands of the consumers?
Customers decide on a product based on convenience
→ China
Gets all products distributed quickly, efficiently and effortless
o Promotion
How are you going to communicate with the consumer?
Advertising
→ TV
TV Spots/Time (2pm-4pm)
When is the audience tuning in?
→ Radio
Pronounced dead but revived
→ Newspaper
Sports Illustrated – big subscriber bas
→ Circulars, Direct Mail, Billboards
Most money is spent on direct mail
Small businesses use direct mail
Billboards
˖ If it’s in right location, with right traffic count and if traffic compromises of your targeted consumers |
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Definition
| • Level III – Implementation of marketing stategy framework |
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Term
• 4 Phases
Introduction
o Introducing product to the consumer
o New, unseen by consumer
Growth
o Capture Market share
Maturity
o Product becomes well known commodity
Decline
Extension*
o Not always occurs
o When a product is renewed, innovated, or changed to revive its image
• Both price and promotion are constantly at work during the product life cycle
• Price
Is the price going to be high, low, or status quo
o Introduction price
• Promotion
What type of advertising will you use?
o TV, buzz marketing, billboards, etc. |
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Definition
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Term
-packaging
- warranty
-service after sale
-Brand |
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Definition
| What are the components of a product? |
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Term
Important for the consumer’s perception of product
Functions:
o Contain/Protect
Make sure product will be protected from factory to consumer
o Theft
Customers steal products
o Recyclable
o Promotion |
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Definition
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Term
→ Two Purposes:
˖ Informative
• Instruction
How to use the product
Clean/clear
Bilingual
Can generate enormous revenue depending on product
Monopoly
→ During Depression, it was a hit due to easy instructions
• Construction
Quality is seen in construction
• Nutrition
Nutritional value
FDA required
Campbell’s Soup
→ Progresso has gained competitive advantage over Campbell’s because they lowered sodium
• Reduce Cognitive Dissonance
Self-doubt on purchase
Some shoppers feel regret after buying a product
To alleviate cognitive dissonance, label provides comfort
˖ Persuasive
• Persuade customer to purchase good or service you have |
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Definition
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Term
Size
→ Red Bull can size was the first of its kind
→ Monster came out with bigger than big size
Color
→ Color serves as a source identifier
→ Red shoe with red sole became a huge hit
→ Coca Cola – red / Pepsi – blue
→ UPS – brown / FedEx – orange
Smell
→ Car industry – ‘New car smell’
Sound
→ Harley
˖ Targeting a new segment of the market
˖ New bikes will not have the “roar”
→ Sun Chips
˖ Package was so loud that the bag was too noisy for the customers
→ Audio-Logos
˖ Whenever you can think of those notes that define a product
˖ Monday Night Football, McDonalds
Taste
Coca-Cola – Dasani
o Coca-Cola took too long coming up with the Dasani packaging and los market advantage
o Label – tried to make bottle look like its own thing separate from the Coke bottle and shade it with blue
Marlboro Light
o People choose Marlboro Light over other cigarettes because they like the packaging
Mints
o Mints were always packaged into a roll until Altoids came up with the tin can packaging, making it look “better” |
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Definition
| packaging size, color, smell, sound etc examples |
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Term
Significant part of a product
Adds value to the product
Types
o Implied
When you buy a product, the product is supposed to be good
o Written
If anything breaks within time limit, you get product fixed or get a new one
Chrysler
o Customers hate Chrysler because it is unreliable
K-Car – sold the car with a 10-year/10,000 mile warranty |
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Definition
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Term
| Customers want their products to be repaired if something happens to them |
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Definition
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Term
• 3 Objectives:
Identification
o A way to be able to be identified by brand characteristics
o McDonald’s golden arches
o Nike’s swoosh
Repeat Sales
o Consumers like a product and become loyal to a brand because they are comfortable with it
o Try to get customers to buy again
o Toms Shoes
o Nike
Introduce New Products
o Reaching a point where consumers get so comfortable with brand that they are willing to try brand’s new products
o Nike
After creating their brand with tennis shoes, Nike is doing golf clubs
o Toms Shoes
After making a great impact in shoes, Toms introduced sunglasses
→ Focus groups – research method companies use this to learn about their products from outside perspective |
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Definition
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Term
• Position
Communicate to customers the message that they really want to convey
• Affiliation
Critical part of branding
Who uses the same product you use?
Use a product you wouldn’t mind being seen using
Affiliations you have matter in your brand
• Personality
An icon that represents the values that the company portrays
Tom Bodett and Motel 6
o A faceless voive that you trust just by listening to it
• Motel 6 & Econo Lodge
Motel 6 was a leader in the business, but didn’t enforce strategy
Econo Lodge was a simple, economical place for business people to stay during business trips
Focus Group
o A group of people (6-8) to get a feel of what people are thinking
o Motel 6 was becoming unsafe and used for “short” periods
o Found out that many wealthy people also stayed in motel
o Customers were careful with their money |
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Definition
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Term
• How you as a consumer go about making a purchase
• Persuasion
The conscious attempt to modify or influence the decision of a consumer and move them to a predetermined goal
“If you don’t want to be converted, don’t go to the revival”
o If you don’t want a new car, don’t go to the dealership
o Think about how other companies want you to “go to the revival”
Scale
o Lost (-4) ------ Loyal (+4)
o Try to figure out using experience or research to find out where they fall in the continuum
Time – How much time do you have available (is it a quick sell?)
Appeals:
→ Logical (numbers, statistics, proof, information)
→ Emotions
→ Credibility (are you believable?)
In your attempt to persuade, as hard as you push, you’ve got to make sure that you don’t ever offend the person
o Harley Davidson
Offended |
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Definition
| Consumer Decision Making Process |
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Term
-Need Recognition
- Information search
-Evaluate alternatives
-Purchase
-Post Purchase Behavior |
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Definition
| 5 steps of consumer decision making processes |
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Term
o Marketer’s job is to make a consumer aware there’s a need that is unmet
o Consumers recognize that there’s something missing and want to fill that need
o Maslow*** |
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Definition
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Term
o Consumers want information on the products they’re going to buy
o Level of involvement changes on the level of risk
o Types:
Internal
→ Consumer has experience on products
External
→ Consumer has no experience with that product
o 3 ways to gather external information:
Personal
→ A decision needs to be made, level of involvement is moderate to extensive
→ Family/Friends
˖ Reviews from people close to you
→ Opinion Leaders
˖ Person who shares your taste and you admire their living
→ Celebrity Endorsers
˖ Boost sales
˖ Change perception of product
˖ Uggs – Tom Brady
Uggs for men
˖ Ray Ban – Tom Cruise in Top Gun
→ Word of Mouth
˖ Sneezing (Hollywood Term)
Idea of sneezing that when you sneeze, everybody around catches it
→ Buzz Marketing
˖ Concept some companies use when launching a new product
˖ Companies give new products to a predetermined group of opinion leaders for the purpose of the opinion leaders using the product and hopefully spreading good word of mouth
˖ Ethical Concern
Share “true” feelings about product
˖ Vespa
Converted mopeds into a popular product
Commercial
→ The biased source
→ Internet, TV, Radio, Magazines, Newspapers
Public
→ The unbiased source
→ Consumer Reports (reviews)
How do you separate from the Clutter? (“Junk”)
→ Unique Selling Proposition
˖ Believable, desirable, advertising appeal that is going to separate you from competition
˖ Volvo – Safety
Sell the idea that they are the safest car on the road
˖ Toothpaste – Rembrandt
Whitening toothpaste
Evoked Set
→ The final set of considerations before making a decision |
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Definition
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Term
| o Making a decision means nothing if you don’t act on it |
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Definition
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Term
o What happens after the sale
o If you are unhappy after the sale
You tell everyone not to use it
You never buy it again
o You never use it
You bought it on impulse
You won’t buy it again
Won’t become a repeat customer
o Cognitive Dissonance
You return the product
Ways to reduce cognitive dissonance:
→ Seek approval from someone else
→ Think about the attributes that make the product good |
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Definition
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