Term
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Definition
Feature: something intreging about your product
Benefit: What feature does for Buyer
GPS Ex.
Feature: GPS
Benefit: Help guide you places |
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Term
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Definition
1. Awareness- Are potential customers aware of your product? those of your competitors?
2. Attributes- Why purchase Product? Which Features/Benefits matter? Strength and weakness of product compared to competition |
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Term
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Definition
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Term
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Definition
1. Respect- Technical, desire to be seen as expert, neesds DETEAILED INFO, likes being right
2. Power- Looking for things to increase power, bigger and better things, take to next level
3. Approval- Small desire to please others, doesnt take risks, wants product to have been successful in the past
4. Recognition- Stand out, take risk, trend setter |
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Term
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Definition
| People do no buy products, they buy solutions to problems |
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Term
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Definition
1. Brand Competitors (Coke vs. Pepsi)
2. Product Competitors (Coke vs. Ice Tea)
3. Generic Competitors (Coke vs. Tap Water)
4. Total Budget Competitors (Coke vs Candy) |
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Term
| 3 essential ingredients for Radical Marketers |
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Definition
1. Relate differently to their clients than traditional Marketers
2. In it for the Long Haul
3. Are Resource-Constrained |
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Term
| Its wiser to respond to____ |
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Definition
| customer demand, not lead it |
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Term
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Definition
(Represents Sales person)
Back Tire- Product knowledge
Front Tire- People knowledge |
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Term
| People buy from us NOT because_____, but because _____ |
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Definition
- they understand our product
- we understand them as people |
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Term
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Definition
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Term
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Definition
1. Core Products
-Basic Benefits
2. Actual Products
-Features/Benefits, packaging, brand, quality, appearance
3. Augmented Products
-Warranty, repair, service, instillation, instructionsd |
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Term
The product life cycle
(Definition and Cylce) |
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Definition
You should have products in all stages at all times
1. Research and Development
2. Introduction (little Profit)
3. Growth (Sales take off)
4. Maturity (Sales Level out)
5. Decline (Sales Drop) |
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Term
| Best way to uncover the needs of the prospect is? |
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Definition
| Questioning and Listening |
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Term
| Snap-On tools learned you dont only need high quality products and service, but also |
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Definition
| To make the products accessible to the customer |
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Term
| How did Grateful Dead represent the best of Radical Marketing |
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Definition
| Focused on a consistent value proposition that built loyalty with their customers |
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Term
| Passionate missionary (Deff) |
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Definition
| Customers or employees who really believe in the product and tell others about it |
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Term
| Richard Branson's First rule of marketing |
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Definition
The CEO must own the marketing function
(Virgin Atlantic) |
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Term
| Factors that make Richard Branson's Radical Marketing successful |
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Definition
-Bought companies who targeted under served customers
-Maintained close contact with customers
-Did not choose business based on his previous experience in their type of business
(Virgin Atlantic) |
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Term
| What made Iams a great example of a Radical Marketer? |
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Definition
-The CEO owned the marketing function
-he stayed close to his customers who were the pets and did not invest heavily in advertising.
-Instead, he poured that money into the product and travel to meet face to face with customers. |
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Term
| Sales is part of marketing or Marketing a part of Sales? |
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Definition
| Sales is part of Marketing |
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Term
| 4 categories of rejection a sales person faces |
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Definition
-No Trust
-No Need
-No Help
-No Hurry |
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Term
| Positioning strategies answers what key questions? |
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Definition
| What am I selling and to Whom? |
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Term
| 2 types of problems that a sales person must deal with |
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Definition
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Term
| Sales man relationship chart (Tension vs time) |
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Definition
| No Trust=No action on task |
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Term
| People buy from us not so much because _______ but because ______ |
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Definition
-not so much because they understand our product or service
-but because they feel we understand them as people |
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Term
| 4 ways to establish credibility are: |
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Definition
1. Propriety (Being Proper)
2. Competence (Knowledge of product, "Back Wheel")
3. Commonality (Common interest, "Point out or discover from asking questions")
4. Intent (Intent to help person, "Win/Win") |
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Term
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Definition
1. New positioning (carnival cruise line)
2. New Packaging (Avon)
3. Product Line Extension (Bud)
4. Complementary Products (FedEx)
5. Innovations (cable vs HDTV) |
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Term
| 2 types of questions asked during the discovery phase |
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Definition
1. Fact-Finding
2. Feeling-Finding |
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Term
| After concluding questioning and listening, you do what? |
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Definition
| Summarize with the discovery agreement |
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Term
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Definition
| a name, term, symbol and any other unique element of a product that identifies one firm’s product and sets them apart from those of other producers. |
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Term
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Definition
1. Family Brand- Brand Shared by group of individual products
2. National Brand- Owned by the manufacturer of product
3. Private Label- Manufactured and sold by different companies
4. Store Brand- Owned and sold by retailer or distributor
5. Generic Brand- No Brand at all
6. Trade Name- When product has the name of the manufacturer in it |
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Term
| Being true to your brand means... |
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Definition
| being more concerned about long term value than profiting today |
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Term
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Definition
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Term
| When advocating a solution to the prospects problem you are trying to overcome... |
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Definition
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Term
| What are effective questioning techniques? |
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Definition
Testing the extremes
(What do you like most?)
(What do you like least?) |
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Term
| Some reasons why prospects may feel no help |
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Definition
1. You're proposing the wrong solution
2. Your solution may be good, but the prospect doesnt clearly understand how it will help
3. Buyer has another and supposedly "better" solution in mind
4. Your proposals are not responding to the prospects real buying motive |
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Term
| Many times, all we need to overcome the No Help obstacle is what? |
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Definition
A good, clear statement of how our product:
-works
-solves the problem
-benefits the prospect. |
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Term
| How should you begin your sales presentation? |
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Definition
| Restate Discovery Agreement |
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Term
| What are 3 key ingredients that must be in your sales presentation? |
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Definition
1. Solution
2. Advantages (features)
3. Benefits |
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Term
| Most effective way to present your solution to prospect needs |
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Definition
| Illustrations-third party stories |
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Term
| While presenting, we should constantly be.. |
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Definition
| Checking for buy-in by prospect-questions, body language |
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Term
| If things go well, at the end of the presentation we should |
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Definition
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Term
| Is price always monetary? |
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Definition
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Term
| 2 non-monetary costs that might need to be considered are.. |
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Definition
Opportunity cost- cost that is forseen by purchase of alternate product
Cost-Value Relationship- Specific value of a product to a specific buyer |
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Term
Demand curve
Price goes up
quantity of products sold... |
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Definition
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Term
| Examples of Pricing objectives |
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Definition
Sales or Market share- Maximize sales or grow market share
Profit- Achieve certain profit, margin or growth
Competitive Effect- Reduce the effectiveness of the competitor
Customer Needs- Pricing intended to satisfy the customer
Image Enhancement- Price/Quality Inferences
Flexibility in Price- Regional/Seasonal Demands |
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Term
| 2 types of cost you must consider when establishing a price |
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Definition
Fixed Cost- Cost that do not change with the number of units produced
Variable Cost- Costs based on the number of units produced |
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Term
| Premium Pricing (Skimming) DEFF |
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Definition
| A very high, premium price for a new, highly desirable product |
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Term
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Definition
1. Two Part Pricing- annual fee + usage
2. Ease of collection- Nearest $ (vending)
3. Odd-Even Pricing- $19.99
4. Payments- Monthly lease
5. Bundling- 2 or more products together
6. Captive Product Pricing- one low price item, profit on 2nd item
7. Loss Lender- Selling product at a loss to generate traffic (Black friday)
8. Bait and Switch- Not having product for sale at low price advertised (ILLEGAL)
Product Line- Several Price points in product line |
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Term
| Loss Leader vs. Bait and Switch |
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Definition
Loss Leader- selling product at loss to generate trafic (Black Friday)
Bait and Switch- Not having the product for sale as price advertised |
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Term
| What to take into account when pricing product |
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Definition
-Cover Cost
-Product Quality
-Brand Image
-Product life cycle and competitive enviornment |
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Term
| Last objective you are tying to overcome in Presentation |
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Definition
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Term
| 2 ways prospects can behave defensively to reduce tension |
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Definition
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Term
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Definition
-Loss of profit
-Loss of Power
-Loss of Recognition
-Excessive Cost
-Poor Performance
-Increased effort
-Disapproval and loss of respect |
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Term
| Best technique to address objectives |
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Definition
LSCPA
-Listen
-Share
-Clarify
-Present
-Ask for action |
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Term
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Definition
| Value= (Solution+Advantages+Benefits)/Price |
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Term
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Definition
| Advertising an item and a low price but only have expensive product so Sell (ILLEGAL) |
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Term
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Definition
| The activities used to move finished goods from the producer or seller to the user. |
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Term
| When evaluating distribution alternatives, you should take into account |
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Definition
-The internal and external environments
-The "must be in" channels
-The ignored channels |
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Term
| Final stop of the distribution chain is |
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Definition
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Term
| Push Promotion Strategies |
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Definition
| Push is where the company tires to move its products through the channel by convincing channel members to offer them. |
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Term
| Pull Promotion Strategies |
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Definition
| Pull is where the company tries to move its products through the channel by creating desire on the part of the consumer and then convincing retailers to respond to the demand by stocking the items. |
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Term
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Definition
| When manufacturer uses direct communication with the customer in order to generate a response |
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Term
| Primary purpose of Direct Marketing |
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Definition
Stimulate an immediate response
Secondaroily it can...
-Build awareness
-Help build brand
-Assist customer relationship management |
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Term
| When choosing the media and creative for your integrated marketing communication, it is critical to? |
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Definition
| Be consistent in your positioning and segmentation strategies |
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Term
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Definition
| Tying corporate identity to a good cause |
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Term
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Definition
Cost per thousand
(cost to reach 1000 potential customers)
(Total amount x 1000)/ Total Market |
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Term
| Benefits of Integrated Marketing Communications |
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Definition
| ("Brand" Communication, Present product in same way every time to represnt the product)
-Reduce Cost
-Increase efficiency by reducing redundancy
-Addresses fragmentation |
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Term
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Definition
1. Advertising
2. Public Relations
3. Sales Promotion
4. Selling |
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Term
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Definition
| Non-personal communication paid for by an identified sponsor using mass media to persuade or inform |
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Term
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Definition
-Build good relationship with the public
-Influence how others feel about the organization, product, or service |
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Term
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Definition
-Temporarily increase sales
-Create sense of urgency
-Produce temporary excitment |
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Term
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Definition
| The coordination of a marketer's communications efforts to influence attitudes and behavior |
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Term
| Steps in the Product Adoption Pyramid |
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Definition
1. Awareness
2. Interest
3. Evaluation
4. Trail
5. Adoption and Confirmation |
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Term
| What media has seen decline in advertising spent? |
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Definition
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Term
| When choosing media and copy, It is crucial that.. |
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Definition
| they both be consistent with your positioning and segmentation strategies |
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Term
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Definition
| Push stimulates your supply chain to sell harder to the actual customer |
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Term
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Definition
| Pull stimulates the customer to put pressure on the supply chain to have product available |
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Term
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Definition
-CEO head of marketing
-Face-to-Face Seminars
-Created a new market
-Hired inexperienced but pashionate employees
-Let customers be marketing department
- "IT'S THE PRODUCT, STUPID!" |
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