MKT Final Exam Review What is the formula for personal branding Personal Branding personality Performance x Visibility Trust What percentage of your emotional impact on other people is judged according to vocal delivery Visual image Verbal arrangement Al Merhabian Vocal delivery 38 Visual image 55 Verbal arrangement 7 3 Goals of Marketing concepts Customer value Customer satisfaction Develop and maintain relationships 2 types of Dissatisfied Customers Angry customers Remorseful customers 3 Levels of the Marketing Strategy Framework Level 1 Marketing Analysis Level 2 Strategy Development Level3 Implementation 4 components of Market Analysis 4 Cs Marketing Strategy Framework 3 levels A Level 1 Market Analysis B Level 2 Strategy Development Segmentation 1 Company 2 Competition 3 Customer 4 Condition Identifiable Accessible Substantial Responsive Product Price Place Promotion 4 criteria for Effective Segmentation C Level 3 Implementation Marketing Mix Marketing Mix consists of 4 Ps sellers perspective Company Competition Customer Condition identifiable accessible substantial responsive Product Price Place Promotion The 4 Ps make up the Marketing Mix which is part of Level 3 Implementation MSF P1 Product Various Categories Buzz Marketing Company puts products into hands of opinion leaders to use the Products of convenience Shopping Specialty Unsought Products Product Life Cycle Introduction Growth Maturity Decline Extension Components of a Product Packaging Functions Contain Protect the product Facilitate Storage Prevent from theft Promote the product Price is not a component of a product P2 Price Price Strategies Price Skimming Penetration Pricing Status Quo P3 Place P4 Promotion Consumer Decision Making Process Need Recognition Information Search Evaluate Alternatives Color source identifier helps with product selection and band recall Persuasive purpose behind a label Warranty Service after sale Brand 3 objectives of branding Identification Get Repeat Sales Be able to introduct new products How to Brand Yourself Position Affiliation Personality Purchase Post Purchase Behavior EVOKED SET is not part of the Consumer Decision Making Process Product Life Cycle 2 of the 4 Ps that are involved in the Product Life Cycle Price and Promotion only 2 that change throughout Branding Objective of Branding Which of this is an objective of branding Introduce New Products Motel 6 Hired researchers to conduct Focus Group Studies 3 Strategies Used Position Affiliation Personality Failed Branding Attempts Tiffany s selling cheaper items that diluted brand image What role did instructions play for the Monopoly board game Gave customers directions for play that made it easy to follow because the most popular selling board game in history Promotional Mix 4Elements Advertising Public Relations Sales Promotions Personal Selling Purpose of promotions is to inform persuade and remind a customer of a product Integration marketing communication is the combination of the promotional mix Promotional Mix 1 Advertising TV Advertisement Blink a 1 4 second commercial used to capture attention Expensive Primetime Spots are not always the best Gallery Furniture airing during late night to appeal to target audience Product Placement Apple products in movies Sponsorship BlackEyed Peas sponsored by multiple companies Benefits Exclusivity Price Tactics Used in all elements of advertisements know which one isn t know the difference between price tactics and price strategy Bundling most effective if every product can be unbundled and still sold separately 2 Public Relations Aspects that enhance or control the brand Loss Leader Psychological Pricing Odd Even Pricing Prestige Pricing Rebate Media Relations Community Relations Cause Related Marketing Yoplait and Susan G Komen Foundation 3 Sales Promotions Sampling Sweepstakes Point of Purchase Displays 4 Personal Selling 3 steps to complete Preperation Close the sale Follow up Integrated Marketing Communication When you combine all 4 parts of the promotional mix and use them together to sell a product to a consumer 2 types of Advertising Product and Institutional When Got Milk advertising campaign failed who did they begin targeting Women Unique Selling Proposition a believable desirable advertising appeal something discovered by the company that they believe will resonate with a consumer segment 3 Levels of Buyers Involvement in Purchase Routine requires little evaluation Moderate limited Extensive requires extensive research to make a difficult decision Brass Button How you answer questions asked of you during an interview presentation the way you handle yourself