Marketing Test 1 John Camp 10 03 2013 What is required to be successful in business You must have something someone wants Create a personal brand that draws attention o 1 Market yourself o 2 Sell yourself o 3 Know people o 4 Maintain connections Traits to be successful o 1 Creative o 2 Aggressive o 3 Enthusiastic o 4 Smart o 5 Honesty Judged on o 1 Resume o 2 Behavior 2003 2004 WSJ interviewed Fortune 500 companies on the top 4 qualities they looked for in graduating IV league schools o 1 Interpersonal communication skills o 2 Teamwork o 3 Honesty o 4 Competence expertise likeability the emotional impact you have on somebody draws people to you and makes them interested in your proposal Vocal Delivery 38 of your impact o a personal selling o b customer satisfaction TONE most critical aspect of vocal delivery Visual Delivery 55 of your impact facial expression images are created in 1 24th of a second default look everyday look you have most critical aspect of visual delivery Thin slice shows that in 10 seconds we can evaluate who you are 3 types of presenters show runners neophyte artist okay solid not flawless eccentric bizarre look can do everything and do it well Verbal Arrangement of the Message 7 of likeability essence of the message that matters Vocal delivery visual delivery and verbal arrangement total up to an emotional impact enables you to be more effective Credibility More credible you are the more people pay attention Trust honesty o Apology critical skill Knowledgeable expert o Share your sources cite Position status o Personal brand Personal Branding Formula 1 Performance 2 Personality 3 Visibility 4 Trust 63 will change a purchase decision based upon the indifference of one person 3 Key Marketing Concepts 1 Customer value o benefits costs customer value 2 Customer satisfaction o employee satisfaction customer satisfaction o Wharton Business School says 77 of people who have a bad customer experience will tell atleast 1 person o Word of mouth is enormous o Places give surveys so they can fix the problem o Only 7 of people who have a bad experience are going to tell the service provider 1 Angry customer 2 Remorseful angry customer o Delta Airlines customer service became horrible ratings low Put together a 1 2 billion customer service training program o United Airlines broke a customer s guitar and denied it United Breaks Guitar song about this story which damages United s brand affects corporate brand o Service failure something bad happened and you must o Good organizations have recovery plans in place o Some are so good at service recovery that they fail on resolve it purpose 3 Develop and Maintain Relationships o Goldman Sachs and McKenzie and Company 1 Productivity 2 Relationships 3 Personal Brand o Reasons for switching companies 1 Core Service Failure rude distant noncaring lack of knowledge 2 Service Encounter Failure stated by Wharton Business School 3 Price price gouging price ethics price switch 4 Inconvenience o moment of truth things are bad what are you going to do 4 Marketing Management Philosophies 1 Product orientation o What is your company about o Flaw What if we produce a spectacular product but there is no market for the product 2 Sales Orientation products 3 Marketing Orientation o A skilled sales force is doing nothing more than selling o Understanding and satisfying a customer s needs and wants The service we give if done right is o Service Profit Chain going to generate profit for the company Employee job satisfaction Customer value Customer satisfaction Customer loyalty Profit 4 Social Orientation o exactly what a marketing orientation is while keeping our society and environment stable 4 things happen with good customer satisfaction 1 Referrals 2 Increased wage 3 Reduced selling effort 4 Premium pricing Lifestyles If you don t understand them then trends pass you by and you miss them Example Levi s missed the trend of low rise jeans therefore Wrangler surpassed them Marketing Strategy Framework Level I Market Analysis o Customer Demographics Age Gender Race Income Occupation Education Religion Want to appeal but do not want to offend Edwin Edwards spoke to his audience in respect to their religion Catholic Geographical People live differently in different areas o Company o Competition o Conditions External factors Social Economic Legal political Technological BONUS Average cost between Walmart and Target only a 1 2 BONUS What did the organization that purchased the Hard Rock Caf realize was a problem with the brand and how did they remedy difference it o When Hard Rock Caf was purchased by an organization in Florida they realized there was a fraction in the brand different logos and messages decided to unify the brand image and come up with one single one Level II Strategy Development o Segmentation Criteria 1 Identify your populations 2 Accessibility Are they accessible distribution network promotions 3 Responsive Are they capable of doing what you re asking them to do 4 Substantial Is the population big enough o Target 1 Mass marketing strategy undifferentiated appeals to everybody in the market shotgun approach 2 Multi segmentation Walmart s 3 distinctive population segments 1 Low income 2 Middle lower class 3 Middle upper class 3 Niche special market smaller segment but a rich segment Read article on Niche Marketing o Position Attributes of the product Benefits of the product Communicate the value of the product to the consumer Mountain Dew was repositioned by adding caffeine to appeal to the extreme segment Focus Group recommendations for the rebranding of Motel 6 1 Reposition as a safe inexpensive place to stay 2 Affiliation who are you going to be around 3 Personality once you accept your personality you will excel Level III Implementation o How do we execute everything o Marketing Mix consists of the 4 P s 1 Product or service a products of convenience simple products cheap products caffeine Example Wrigley Spearmint Gum added b shopping c specialty d unsought you never thought you would need it If you are a company in these categories you need to know how to maintain a relationship with these consumer Components of a Product 1 Packaging o functions 1 Protect the product 2 Theft 3 Facilitate recycling 4 Promote the product labeling construction instruction nutrition color size smell sound color serves as a source identifier Abita Springs was able to become a sponsor of Tiger Stadium because Coca Cola took too long to come up with