Shared Flashcard Set

Details

LSU Marketing 3401 Final
Karam fall 2013
31
Marketing
Undergraduate 3
12/02/2013

Additional Marketing Flashcards

 


 

Cards

Term
John Camp's traits to successfully market yourself
Definition
  • Aggressive
  • Enthusiastic
  • Creative
  • Smart
  • All of the above
Term

Marketing strategy framework.

- 4 c's

- strategy development

- marketing mix

- 4 p's

 

Definition

Level 1: Market Analysis (4 c's)

- company

- competition

- customer

- condition

Level 2: Strategy Development (criteria for effective segmentation)

- identifiable

- accessible

- substantial

- responsive

Level 3: Implementation (marketing mix, 4 p's)

- product

- price

- place

- promotion

 

Term

Branding: Personal

 

formula

Definition

Personal Brand= (Personality + Performance) × (Visibility +Trust)

 

 

also John Camp's criteria?

Term

Branding: Personal

 

3 objectives

Definition

- identification

- get repeat sales

- be able to introduce new products

Term

Branding: Personal

 

how to brand yourself

 

(different than objectives)

Definition

- position

- affiliation

- personality

Term

According to Al Merhabian, what percentage of your emotional impact on other people is judged according to vocal delivery?

visual image?

verbal arrangement of message?

Definition

38%

55%

7%

Term
3 goals of marketing (concepts)
Definition

- customer value

- customer satisfaction

- develop and maintain relationships

Term
2 types of dissatisfied customers
Definition

- angry 

- remorseful

Term

Marketing Mix: Product

 

Various categories

Definition

- products of convenience

- shopping 

- specialty

- unsought products

Term

Marketing Mix: Product

 

product life cycle

Definition

- introduction

- growth

- maturity

- decline

- extension

Term
The components of a product
Definition

- packaging

- warrenty

- service after sale

- brand

 

Price is not a component of a product!

Term

The components of a product

 

- packaging

Definition

functions:

- contain/protect product

- prevent theft

- facilitate storage

- promote the product

- color is a source identifier and helps with your selection of product and brain recall

Term

Components of a product

 

Brand

Definition
personal branding card
Term
Price (marketing mix)
Definition

3 price strategies

- price skimming

- penetration pricing

- status quo

Term
Consumer decision-making process
Definition

- need recognition

- informative search

- evaluate alternatives

- purchase

- post purchase behavior

- evoked set is NOT part of the consumer decision making process

Term

Branding

 

objective of branding

Definition
- introduce new products
Term
What role do instructions play in the game of the monopoly?
Definition

- Parker Brothers figured out that people did not like board games because they were confusing

- They developed and packaged simple instructions for the  game of monopoly that made it easy to play and now the most popular board game in history

Term
Kashi vs. Kellogg's
Definition
Kashi is more popular end expensive because promoted as a healthy cereal. But actually still owned by Kellogg's
Term

Promotional Mix 

(4 elements)

Definition
  1. advertising
  2. public relations
  3. sales promotion
  4. personal selling
Term
The purpose of promotion
Definition

- inform

- persuade

- remind the customer of a product

 

(integration marketing communication is combination of all of them)

Term

Advertising

 

(types)

Definition

- TV advertisement

- product placement

- sponsorship

Term

Advertising 

 

TV advertisement types

Definition
  1. Blink- 1 to 4 second commercial to capture attention
  2. Expensive primary spots are not always best
    • ex: gallery furniture
      • owner bought up all the cheap commercial spots from 1am- 4am
Term
Product Placement
Definition

ex: James Bond wearing an Omega watch

 

Test question- you're the brand manager of M&M's; Steven Spielberg wants to put your product in his new movie for a small fee. You decline the offer. Was it a smart decision?

Answer- It depends but Karam says YES because it's too much of a gamble

Term

Advertising

 

Sponsorship

Definition

ex: black eye peas band gets sponsored by multiple brands

exclusivity

- the biggest benefit of a sponsorship is exclusivity

 

 

Term

Advertising

 

Price Tactics

Definition

Used in all elements of advertisements

 

- bundling: most effective if every product can be unbundled and still sold seperately 

- Loss Leader

- Psychological pricing (odd-even pricing)

- Prestige Pricing

- Rebate 

 

Term
Public Relations
Definition

1. Aspects that enhance or control the brand

   - media relations

   - community relations

2. Cause related marketing

   - ex: Yoplait and Susan Koman fundraiser

   - according to the Roper study 76% of consumers are more likely to buy a product from a company that is involved in a worthwhile cause

 


Term
test question: what percent of consumers are more likely to buy a product from a company that is involved in a worthwhile cause
Definition

a) 30%

b) 50%

c) 70%

d) 80%

e) none of the above- correct answer is 76%

Term
Sales Promotions
Definition

1. Sampling

2. Sweepstakes/ contests

3. Point of purchase displays

    - 3 purposes: drive traffic, advertise & promote product, improve impulse buying

Term

Personal Selling

 

3 steps you must understand to complete personal selling

Definition

1. preparation

2. close the sale

3. follow up

Term

According to Thomas Karam, our understanding of marketing will help us...

Definition
It depends
Term
The difference between Wal-Mart and Target’s prices 
Definition
1 to 2%
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