Mkt 3401 final

What does the brass button philosophy show us throughout the presentation?
How to answer a difficult question
What are 2 types of advertising?
1. Promote the product
2. Institutional Advertising
Blink/adlet is what type of ad?
TV
What did the gallery furniture company find was the best time of the day to advertise?
Between 1-4 am
Yoplait used breast cancer awareness, what type of strategy is this?
Cause related marketing
What percent of customers will be more likely to purchase a cause-related product?
76%
If you receive a Gillette razor in the mail, this is an example of what?
Sampling
What is test driving a car an example of?
Sampling
What is a benefit of a POP display?
Drives traffic
Which of the following is the Trojan Fish strategy?
When a product you buy has a low price but the accessories are more expensive
What is the final step in personal selling?
Follow up
What is the game monopoly at McDonalds an example of?
Contests/sweepstakes (sales promotions)
55% of emotional impact you have is ____?
Visual
What are the two types of dissatisfied customers?
Angry and Remorseful
Customer Value=
Benefit-Cost
What are the 4 components of marketing analysis?
1. Customer
2. Company
3. Competition
4. Conditions
What are the components of the marketing mix?
1. Product
2. Price
3. Place
4. Promotion
What is the criteria for effective segmentation?
1. Identifiable
2. Accesible
3. Responsive
4. Substantial ability
What is a believable, desirable, position that sets your product apart?
Unique selling position
What technique is used to see how well the business handles customer service?
Mystery shopper
What are the components of branding?
1. Identifiable
2. Repeat Sales
3. Introduce new products
What is not a component of packaging?
Speedy process
What does color on a label do for a company?
Brand recognition (identifier)
What is the guilt a buyer feels after the purchase?
Cognitive dissonance
What is the product life cycle?
1. Introduction
2. Growth
3. Maturity
4. Decline
5. Extension
What is juggled throughout the product life cycle?
Price and Promotion
What is penetration price strategy?
Set the price low to gain more market share
Tiffany’s started making a teenage bracelet but stopped because…
It diluted their brand
Charging $299.99 for a piece of jewelry is an example of?
Psychological pricing (odd/even pricing)
What are the four parts of the promotional mix?
1. Advertising
2. Sales Promotions
3. Public Relations
4. Personal selling
When ellen used Samsung phone at oscars what was this an example of?
Product placement
What can sponsorship be a form of?
Product placement
What’s an aspect of keeping good public relations?
Dealing with integrity with the media
What 3 purposes does the POP serve?
Drive traffic, advertise the product, impulse buys
A successful technique is to introduce a product at a significantly low price. The consumer loves the product so much that they will spend equal of more on accessories
Trojan fish theory
What are the 3 steps of personal selling?
Preparation, close the sale, follow up
According to the brass button philosophy you must know how to handle a _____ question
Difficult
What percent of emotional impact in vocal delivery?
38%
What percent of emotional impact is visual image?
55%
What percent of emotional impact is verbal arrangement?
7%
4 P’s are part of the marketing mix and the marketing mix is part of _____
Implementation
Price is not a component of a _____
Product
What is not part of the customer decision making process?
Evoked set
What are the objectives of branding?
Introduce new product, identification, repeat sells
4 elements of the promotional mix
Advertising, sales promotions, public relations, personal selling
Types of price tactics
Single priciing, bundling, loss leader, psychological (odd/even), prestige, rebate, precise/round number, dynamic pricing
When you combine all four parts of the promotional mix and try to use them together to sell a product to a consumer this is?
Integrated marketing communication
With BP sponsoring the olympics this showed what type of advertising?
Institutional advertising
What is it called when people evaluate you in 10 seconds accurately?
the Thin Slice
What is an unethical pricing tactic?
Bait and Switch
The got milk campaign failed initially because of what?
They were targeting the wrong market
What’s the curse of knowledge?
Having trouble presenting information effectively
What led to making the apple store successful?
Atmosphere and personnel
What are the criteria for effecting segmentation in strategy development?
Identifiable, accessible, substantial, responsive
What is the formula for personal branding?
Personal brand= (personality + performance) X (visibility + trust)
What are the 3 goals of marketing?
Customer value, customer satisfaction, develop and maintain relationships
3 levels of the marketing strategy framework
Market analysis, Strategy development, Implementation
KNOW THIS CHART**

I. Marketing strategy framework (3 levels)
A. Level 1- Market Analysis
1. Company
2. Competition
3. Customer
4. Condition
B. Level 2- Strategy development
*Criteria for effective segmentation*
1. Identifiable
2. Accessible
3. Substantial
4. Responsive
C. Level 3- Implementation
*Marketing mix*
1. Product
2. Price
3. Place
4. Promotion

Know that the 4 P’s are part of the marketing mix and the marketing mix is part of implementation
What are the 4 types of products?
Products of convenience, shopping, speciality, unsought products
What are the functions of packaging?
Contain/protect the product, facilitate storage, prevent theft, promote the product, source identifier (color)
How do you brand yourself?
Position, affiliation, personality
Price strategies NOT TACTICS
price skimming, penetration pricing, status quo **prestige pricing is not one*
What is the consumer decision making process?
Recognize a product, information search, evaluate alternatives, purchase, post purchase behavior (evoked set is not a part of this)
What did Motel 6 use to rebrand themselves?
Focus groups
What role do instructions play in the game of monopoly?
Figured out people did not like board games bc they are confusing so they developed and packaged simple instructions for the game of monopoly that made it easy to play and now it is the most popular board game
You’re the brand manager of M&Ms; Spielberg wants to put your product in his new alien movie for a small fee. You decline the offer. Was it a smart decision?
Yes, bc it was too much of a risk for the company to pay to put an already well known product in a movie that may not be successful
What is the biggest benefit of sponsorship?
Exclusivity
Know the difference between price tactics and price strategy
When is bundling most effective?
When each product can be unbundled and still sold separately
What two aspects enhance or control a brand? (pr)
Media relations and community relations
What is the goal of point of purchase displays (POP)?
Drive traffic, advertise and promote the product, improve impulse buying
Three steps you must understand to complete personal selling?
Preparation, close the sale, follow up
Why are Cuties becoming so well known?
The master brand
Part of the promotional mix that McDonalds and Southwest use?
Sales Promotions
What is integrated market communication?
Promotional mix
The color of packaging is a ____
Source identifier
Last step in the consumer decision making process?
Post purchase behavior
Most trusted source of information?
Friends and family
Buzz marketing is ___
Unique
Main key in effective public relations?
Dealing with integrity
2 types of PR
Media and community
What is an unethical pricing strategy?
Bait and Switch
What are three types of targeting?
Mass marketing, multiple segmentation, niche
What is not a component of product?
Price
What is the most important part of the promotional mix?
They are all equally important
You can be evaluated in 10 seconds and it is relatively accurate
Thin Slice concept
Product placement is under which part of the promotional mix? (as well as sponsorship)
Advertising
When getting information what are the external factors?
Social, Economic, Political/legal, Technological
John Hancock used what marketing strategy?
Cause related marketing
What did JCPenny do wrong?
Got rid of coupons
What are the three types of presenters?
Show runner, neophyte, artist
What are the 4 marketing management philosophies?
Production, sales, marketing, societal
Which of the following is a level in the marketing strategy framework?
Implementation
What are the 4 components of market analysis?
Customer, company, competition, conditions (competence is not one)
What is juggled throughout product life cycle?
Price and promotion
What is an ethical concern about buzz marketing?
Intent is to share truthfulness. Do not force the opinion leaders to speak highly of the product if they do not like it
When you combine all four parts of the promotional mix and try to use them together to sell a product to a consumer
Integrated marketing communication