Marketing 3401 Final Exam Notes

1. Market Yourself
2. Sell Yourself
3. Know People (Networking)
4. Maintain Contact
According to John Camp, what are the 4 actions that a person must have in order to be successful?
1. Creative
2. Aggressive
3. Enthusiastic
4. Smart
5. Honest
What are the 5 traits that help a person market themselves? Companies look for these traits
Professional Advancement
What do companies look for?
Honesty
What is the most crippling trait of the 5 traits that help a person market themselves?
1. Interpersonal Communication Skills
2. Teamwork
3. Honesty
4. Core Competency
In the Wall Street Journal, what are the 4 characteristics that Ivy League Colleges look for in potential students?
Interpersonal Communication Skills
What is the most important characteristic that Ivy League Colleges will look for in a potential student?
Personal Brand
A critical element to selling yourself is your __________
Likeability
This is the emotional impact you have on somebody else
38%
__________% of the emotional impact you have on an audience is judged based on your vocal delivery
Tone
What is the most critical element of a person’s vocal delivery?
Core Competency
This is the idea that a person has to be good at something
1. Bitter
2. Boring
3. Arrogant
What are the 3 different types of tones?
55%
__________% of the emotional impact you have on an audience is judged based on your visual delivery
7%
__________% of the emotional impact you have on an audience is judged based on your verbal arrangement
Being a Good Presenter
The heart and soul of business is __________
More
People who speak fast are __________ persuasive than people who speak slow
Facial Expression
What is the number 1 visual element?
Peyton Manning; Drew Brees
Which 2 NFL players have accomplished a good visual delivery?
Persuasion
Likeability leads to…
70%
In 10 seconds, you can predict with __________% accuracy who someone is as though you spent an hour with them
Eye Contact
When is comes to visual delivery, this is overrated
Al Morabian
Who coined the term, “Likeability”?
The Thin Slice
In 10 seconds, you can predict with 70% accuracy who someone is as though you spent an hour with them
1. Show-Runners
2. Neophytes
3. Artists
What are the 3 different types of presenters?
Show-Runners
These types of presenters are considered excellent and there are typically only a few of them in a class. They are poised, wonderful, and collected
Neophytes
These types of presenters are not perfect, but they are typically good, average presenters
Artists
These types of presenters do weird things on purpose; they see past their brand
Personal Branding = Performance + Personality + Visibility + Trust
What is the formula for Personal Branding?
Credibility
This is what makes you believable and trustworthy
Credibility = Knowledge + Confidence + Connection
What is the formula for Credibility?
1. Trust/Honesty
2. Expertise
3. Position/Status
4. Charisma
What are the 4 elements of credibility?
Corporate and Personal
What are the 2 different types of credibility?
1. Customer Value
2. Customer Satisfaction
3 Develop Long-Term Relationships
What are the 3 Marketing Concepts/Objectives?
Customer Value = Benefits – Cost
What is the formula for Customer Value?
1. Service
2. Quality
3. Delivery
What are the 3 components of customer satisfaction?
Customer Service
What is the most critical element of customer satisfaction?
63%
__________% of people will change a purchase decision based upon the indifference of one person
77%
__________% of people who have had a bad experience will tell at least one person and embellish the story to make it more sensational
7%
__________% of people who have had a good experience will tell the service provider
Customer Service
More than anything else, what is the main reason that customers will switch companies or products?
1. Core Service Failure
2. Service Encounter Failure
3. Price
4. Inconvenience (not location)
What are the 4 reasons that a customer will switch to a different company or user?
Angry and Silent
What are the 2 different types of dissatisfied customers?
Silent
Which type of dissatisfied customer should a company fear the most?
Mystery Shoppers
These are people that pose as shoppers and go into stores and evaluate workers and their ability to provide adequate customer service
1. Referrals
2. Reduced Effort to Sell
3. Premium Pricing
What are 3 results of good customer service?
1. Ante
2. Moment of Truth
What are the 2 concepts behind customer service?
Ante
This is everyday, decent service that customers expect; good behavior
Moment of Truth
This is when something terrible happens and it is your chance to make it right
1. Customer
2. Media
3. Community
What are the 3 relationships that public relations should maintain?
1. Company
2. Competition
3. Customer
4. Conditions
What are the 4 elements of the Marketing Analysis?
Demographics
When analyzing your customers, it is important to take note of their __________
1. Age
2. Race
3. Gender
4. Income
5. Education
6. Religion
7. Geographical
What are 7 examples of demographics that can be related to a company’s customers?
External Environment
This is ever-changing
1. Social Factors
2. Technological
3. Legal/Political
4. Economic Factors
What are the 4 factors that are involved in the Conditions of the Marketing Analysis?
1. Activities
2. Interests
3. Opinions
What 3 things help make up your life-style decisions?
1. Segmentation
2. Targeting
3. Positioning
What are the 3 stages of Strategy Development?
Marketing Analysis
This is Level-One
Strategy Development
This is Level-Two
1. Identification
2. Accessible
3. Responsive
4. Substantial
What are the 4 criteria for effective Segmentation within Strategy Development?
1. Mass Marketing
2. Multi-Segmented
3. Niche
What are the 3 strategies of Target Marketing?
Mass Marketing
This is a Target Marketing strategy that appeals to a large population
Multi-Segmented
This is a Target Marketing strategy that finds multiple segments in a large population
1. Low-Income Customers
2. Mid-Class want Decent Name Brand for Little Money
3. People who Need Household Goods (Everyone)
What are 3 examples of components that would be part of the multi-segmented Target Marketing strategy?
Niche
This is a Target Marketing strategy that refers to an elite, specific market
1. Attributes
2. Benefits
3. Communication of Value
What are the 3 components of Positioning in Strategy Development?
1. Product
2. Price
3. Place
4. Promotion
What are the 4 components of the Marketing Mix
Marketing Mix
This is Level-Three
1. Convenience
2. Shopping
3. Specialty
4. Unsought
What are the 4 Product categories in the Marketing Mix?
1. Warranty
2. Service After Sale
3. Brand
What are the 3 Product components in the Marketing Mix?
1. Identification
2. Repeat Sales
3. Introduction of New Products
4. Packaging
What are the 4 objectives of branding?
1. Contain/Protect the Product
2. Protect Against Theft
3. Labeling
4. Color
What are the 4 functions of Packaging in the Marketing Mix?
Color
This serves as a source identifier
1. Introduction
2. Growth
3. Maturity
4. Decline
5. Extension
What are the 5 stages of the Product Life Cycle?
1. Penetration Pricing
2. Price Skimming
3. Status Quo
What are the 3 Pricing strategies in the Marketing Mix?
Penetration Pricing
When a company sets its price as low as it can to get market share, name recognition, and to get people to try the product
Price Skimming
When a company sets its price as high as it can for as long as possible until the competition catches up
Status Quo
Price match competition; Price matching
1. Rebates
2. Single Pricing
3. Odd/Even (Psychological Pricing)
4. Dynamic Pricing
5. Professional Pricing
6. Loss Leader
What are 6 examples of Pricing Tactics used in the Marketing Mix?
1. Bait and Switch
2. Predatory Pricing
3. Dynamic Pricing
What are 3 examples of unethical Pricing Tactics that can be used in the Marketing Mix?
1. Advertising
2. Public Relations
3. Sales Promotions
4. Personal Selling
What are the 4 parts of the Promotional Mix?
Sales Promotions
This is the part of the Promotional Mix that actually gets customers into the store
1. Need Recognition
2. Information Search
3. Evaluate Alternatives
4. Purchase
5. Post-Purchase Behavior
What are the 5 steps of the Consumer Decision-Making Process?
Persuasion
This is a conscience attempt to modify the thoughts and behavior of you, the consumer, and move you toward a pre-determined goal (action)
Internal and External
What are the 2 types of information that can searched in the consumer decision-making process?
1. Personal
2. Commercial
3. Public
What are the 3 types of external information?
1. Family/Friends
2. Opinion Leaders
3. Word-of-Mouth
4. Celebrity Endorsement
5. Buzz Marketing
What are 5 examples of Personal External information that can be searched in the consumer decision-making process?
92%; 7%
__________% of consumers get their information from family/friends (__________% from online reviews)
Buzz Marketing
This is when a company chooses to put a product in the hands of an opinion leader for the purposes of them using the product for free and hoping they spread good word-of-mouth
1. Commercials
2. Radio
3. Newspaper
4. Magazine
5. Internet
6. Direct Mail
7. Billboards
What are 7 examples of Personal Commercial information that can be searched and studied in the consumer decision-making process?
Purchase
This is the actual action step of the Consumer Decision-Making Process
1. Clutter
2. Unique Selling Proposition
3. Involvement
4. Evoked Set
What are 4 examples of Personal Public information that can be searched and studied in the consumer decision making process?
Unique Selling Proposition
This is when a company separates itself from the clutter; there is believable advertising appeal. They pull their product out amongst the population
1. Routine
2. Moderate
3. Extensive
What are the 3 types of Involvement Decisions?
Evoked Set
This is the final group of choices; Your odds are better if you make it down this group of choices
Post-Purchase Behavior
Cognitive Dissonance is associated with which step of the Consumer Decision-Making Process?
Cognitive Dissonance
When a customer becomes unhappy with their purchase after they spend the money
1. Consumer
2. Corporate
What are the 2 different types of advertising?
Sponsorship
This is when a company enters into a contractual agreement with a sports entity, offering them money in exchange for certain benefits
Advertising
Sponsorship is a form of __________
1. Visibility
2. Name Recognition
3. Reach a Target Market
4. Drive Sales
5. Image Enhancement
What are 5 reasons to get involved in sponsorship?
1. Exclusivity
2. Signage
What are the 2 benefits you can get from sponsorship?
Exclusivity
What is the greatest benefit you can get from sponsorship?
Ambush Marketing
What is a reason why sponsorships sometimes fail?
1. Sponsorship
2. TV
3. Radio
4. Internet
5. Billboards
6. Newspaper
What are 6 examples of the various forms of advertising?
Adlet
This is a commercial or on-air time for a company that lasts about 1-2 seconds
Cause-Related Marketing
This is when a company identifies a worth-while cause an lends support to the cause, so that they can be seen as a helpful company to consumers
78%
__________% of consumers are more likely to consider using a company that participates in cause-related marketing than a reliable company that does not
The Roper Study
78% of consumers are more likely to consider using a company that participates in cause-related marketing than a reliable company that does not
Cause-Related Marketing
This type of marketing makes customers more forgiving when the company makes a mistake
Cause-Related Marketing
This increases name recognition
1. Sampling
2. Contests
3. Giveaways
4. Loyalty Program
5. Point of Purchase Displays
6. Coupons
What are the 6 different types of Sales Promotions in the Promotional Mix?
Loyalty Program
This is a type of sales promotion that rewards customers for coming back to their store
1. Advertise the Product
2. Drive Traffic
3. Impulse Buying
What are the 3 purposes of point of purchase displays?
Brand
Coupons can affect a company’s __________
7
Altogether, there are __________ steps of personal selling
Personal Brand
A person cannot be good at personal selling if they do not have a __________ worth selling
Trustworthy
When it comes to personal selling, you must be __________
The Close
When it comes to personal selling, the person must ask for __________
The Follow-Up
What is the last step of Personal Selling?
The Follow-Up
In personal selling, you need this to ensure a customer’s actions; or that they will keep their word
No
It is important to practice The Follow-Up in personal selling, even when the person you were talking to tells you __________
The Follow-Up After No
In personal selling, it is extremely important to learn how to commence…
Ambush Marketing
Gaining unauthorized entry into a venue
Knowledge
Which part of credibility leads to expertise?