MKT 3401 Exam 1 10 21 2014 John Camp came up with 4 ways to be Successful Market Yourself create a brand identify yourself Sell Yourself strategy how will you package yourself Know People networking companies look to hire someone special Maintain Contact relationships with people so they know who you are Enhance the ability to Sell Yourself Creative thinking creative ways to solve problems Aggressive thinking of another way bring creative after being told no Enthusiastic fun Smart thinking constantly Honest integrity o Your resume will indicate to someone if you have are inaccurate dismantles your credibility information must be presented accurately How to Sell Yourself Likability the emotional impact you have on someone be yourself o 38 vocal delivery clean spoken o 55 Visual delivery facial expression o 7 verbal arrangement how you say it Thin Slice Theory in 10 seconds of a 1 hour presentation people s personalities were determined with 70 percent accuracy Personal Branding Performance Presentation Visibility Trust Credibility Credibility knowledge confidence connection minus believability and trust o Curse of Knowledge to much knowledge wasted on a target audience because you cant present it in a clean and clear way Simplicity is complex Knowledge knowledge of material audience Knowledge of material credibility through the appropriate level of knowledge Knowledge of audience who is the target audience trying to influence Connection identify relate connect know your audience o 2 Types of Credibility Resume Credibility put on a resume Authenticity genuine trustworthy sincere a presentation that is not artificial you are not perfect Confidence not arrogant nervous does not exempt from confidence adjust your voice 4 MKT MGT philosophies for Business Strategies Production Orientation making the best product possible regardless of customers INWARD Sales Orientation making use of skilled sales forces to sell a product regardless of what ifs pharmaceutical sales Marketing Orientation satisfying the customers wants and needs by providing a product they can use Societal Orientation marketing orientation that focuses on protecting the environment 3 Marketing Concepts Customer Value benefits the customer o Values Benefits Cost Customer Satisfaction positive responses good customer services o 63 people will change a purchase decision based o indifference of one person o 77 people who bad experiences will tell one other person o 7 people will tell the service provider about a bad experience Results of Good Customer Service Referrals word of mouth Reduced Efforts less advertised Premium Pricing charge more premium price Service Failure redeeming a service after a month of truth failure o The Ante what s expected the everyday behavior for creating a service experience o The Moment of Truth make or break moment when failure occurs Test Question What happened when the guitar man came up with a song about airlines that went viral being uncaring Did not resolve a service failure Marketing Concepts customer value satisfaction long term relationships Switches take business elsewhere o Core Service Failure service offered fails o Service Encounter Failure knowledgeable and polite Test Question According to Kenneth Feinberg what is very important Listening o Price o Inconvenience not just location but ease of access READ ARTICLES 6 35 Marketing Strategy Framework Level 1 o Market Analysis Competition know the competition Customers Know the customers Demographics Age Gender Race Income Education Religion Geography Company Conditions the external environment changing conditions adapting leads to success Social Factors values of the day Technology constantly changing Legal Political lobbying Level 2 o Strategy Development Segmentation dividing the population Identifiable identify the targeting appeal Accessibility know how to reach the target populations promotions Distribution Responsive population likely to respond afford the product Substantial can population drive profits Targeting Mass Marketing undifferentiated marketing Wal Mart approach appealing to BROAD population Multi Segment identify multiple segments in the large population Example o Wal Mart appeals to low income people Niche Marketing sell one type of item Example o William Sonoma expensive kitchen Position Product all about the product materials Attributes physical features Benefits what the product does Communication of Value customers must know the value of the product Focus Group collect a sample group to find out what customers think should be improved changed Affiliation who will not use the product Level 3 o Implementation putting the product in place Product Product Life Cycle product growth maturity decline Marketing Mix is place throughout the product life cycle price promotion change constantly Example o Introduction of the LCD TV high price promotion when first came out Price levels decrease during maturity and advertising begins dropping off declines until product is no longer worth producing Price difficult to price appropriately if price is to low people will wonder why if price is to high people will not pay Penetration Pricing price low to attract attention or break into a market Market Share Name Recognition Price Skimming set price as high as possible for as long as possible Example o New Smartphones Psychological Pricing Odd Even Pricing an odd number seemingly denotes a bargain as an even round number seemingly denotes prestige Test Question o What type of numbers work well in negotiations Precise numbers work better b c they indicate more thoughtfulness What type of numbers do not work well in negotiations Round numbers indicate thoughtfulness carelessness Dynamic Pricing prices changing quickly and frequently Example o Airline Tickets Unethical Pricing Tactics illegally pricing Bait Switch Pricing advertise a product ridiculously low when the product is not available to try and divert customers to a different product Predatory Pricing price a product so low competition can t compete Place Distribution Logistics getting the product to destination Promotion promotional mix Advertising Public Relations Sales Promotions mail coupons benefits Personal Selling o Test Question What is the Marketing Strategy Framework consist of Market Analysis Competition Customers Company Conditions Strategy Development Segmentation Targeting Position Product Focus Group Affiliation Implementation Marketing Mix Consumer Decision