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Steve Jobs was fired b/c he wore out his welcomeHonesty is a big thing- you vote with your walletsWhat did Tiger Woods wrong? He refused to do what you have to do which is be able to say “I was wrong.”7%- Where does the 7% come from?*7% of the emotional impact that you have is your verbal arrangement of the message.Does that mean content? No. You have to have a message that you want to makeSpeak from a well-thought out idea to get the essence of the message. The essence is more important than the verbal arrangementCredibilityEverything has credibility. How do people perceive your credibility?People will pay more attention to you if you are more credible1. Credibility = Trust/honesty. Then how you have to learn how to apologize. It’s a critical skill that you have to learn how to doHow do you apologize correctly?2. Credibility = Knowledgeable/expert3. Credibility = Position/status. You’ll never have a presentation start without an introduction of peopleCiting (sharing your sources with others) is important4. Credibility = Personal brand. It matters because if it isn’t likeable, then you don’t have a whole lot going on.Personal Branding formula1. Performance- are you any good? Are you successful?2. Personality- figure out what your personality is in a presentation, class, etc. Make it be likeable, attractive, engaging3. Visibility- greatest opportunity to be visible. Create it. Present things. Produce work and be seen4. Trust- if you violate this then it’s all overKey Marketing components*63%STUDY GUIDEMARKETING 3401 EXAM 2KARAMPRICING Strategies-Market-Skimming Pricing (Price Skimming): Setting a high price for a new product to skim max-imum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales.  Set the price as high as possible, within fairness, as long as possible until the competition forces an adjustment. Used when firm is first in product market/ R&D costs are large and firm needs to recoup costs. -Penetration pricing: Penetration pricing includes setting the price low with the goals of attractingcustomers and gaining market share. The price will be raised later once this market share is gained.-Status Quo Pricing: Set the price even with the competition-Prestige Pricing: Pricing products/services extremely high to separate from competition. De-notes quality. Tactics-Single Pricing: All prices are the same (Ex. Only a Buck Store)-Loss Leader: product is sold at a price below its market cost to stimulate other sales of more profitable goods or services (Ex: Walmart put 18 cent flip flops by expensive things in store).-Odd pricing: In this type of pricing, the seller tends to fix a price whose last digits are odd num-bers. This is done so as to give the buyers/consumers no gap for bargaining as the prices seemto be less and yet in an actual sense are too high, and takes advantage of human psychology. Also Even pricing. Odd denotes bargain; even quality.-Precise/ Round Number Pricing: Very precise numbers lend credibility.-Bundling: Two or more products together at one price.-Dynamic Pricing: Businesses set highly flexible prices for products or services based on currentmarket demands. Business are able to stay competitive by changing prices based on algorithmsthat take into account competitor pricing, supply and demand, and other external factors. Prices change constantly.-Professional Pricing: How much should you charge for professional services? Charging too lowdenotes poor quality of service.PRODUCT LIFE-CYCLEIntroductionThe introduction stage of the product life cycle is when the marketing team emphasizes promo-tion and the product's initial distribution. Often the product will have little or no competitors at this point. Nonetheless, sales may remain low because it takes time for the market to accept thenew product. At this stage of the life cycle, the company usually loses money on the product.GrowthThe market has accepted the product and sales begin to increase. The company may want to make improvements to the product to stay com-petitive. At this point, there are still relatively few competitors.MaturitySales will reach their peak. Other competitors en-ter the market, making competition in the market fierce. The company that introduced the new product may begin to find it difficult to compete.DeclineSales will begin to decline as the product reaches its saturation point. Most products are phasedout of the market at this point due to the decrease in sales and because of competitive pres-sure. The market will see the product as old and no longer in demand.PACKAGINGCommon uses of packaging include:-Physical protection: The objects enclosed in the package may require protection from, among other things, mechanical shock, vibration, electrostatic discharge, compression, temperature, etc.-Information transmission: Packages and labels communicate how to use, transport, recycle, or dispose of the package or product. With pharmaceuticals, food, medical, and chemical products,some types of information are required by governments. Some packages and labels also are used for track and trace purposes.-Marketing: The packaging and labels can be used by marketers to encourage potential buyers to purchase the product. Package graphic design and physical design have been important and constantly evolving phenomenon for several decades. Marketing communications and graphic design are applied to the surface of the package and (in many cases) the point of sale display.-Convenience: Packages can have features that add convenience in distribution, handling, stacking, display, sale, opening, re-closing, use, dispensing, reuse, recycling, and ease of dis-posal.-Barrier protection: A barrier from oxygen, water vapor, dust, etc., is often required. Permeation is a critical factor in design. Some packages contain desiccants or oxygen absorbency to help extend shelf life. Modified atmospheres or controlled atmospheres are also maintained in some food packages. Keeping the contents clean, fresh, sterile and safe for the intended shelf life is a primary function.-Security: Packaging can play an important role in reducing the security risks of shipment. Pack-ages can be made with improved tamper resistance to deter tampering and also can have tam-per-evident features to help indicate tampering. Packages can be engineered to help reduce therisks of package pilferage.-Facilitate Recycling.CONSUMER DECISION MAKING

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