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Marketing 241 > 50 % of Final - Slide Q's > Flashcards

50 % of Final - Slide Q's Flashcards

1
Q

In thinking big and acting big, how do you dominate the market?

A
  1. Focus on a niche
  2. Have enough money to support your effort
  3. Stick to the niche
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2
Q

Refine and Design (Entrepreneurs way of creating new products)

A

“Entrepreneurs seldom invent and market completely unique products; rather, they build their ventures around incremental innovations and modifications.”

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3
Q

Connectors

A

Have an extraordinary ability to make friends across a variety of business, social, and cultural worlds. Rely on them to gain access to worlds of people that you need to be part of.

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4
Q

Narrow and focused in a specific product category or industry

A

Eagle Entrepreneurs

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5
Q

What mindset should entrepreneurs have?
A) Cheetah - Run as fast as your resources allow
B) Puffer Fish - Think big. Act like you belong.
C) Black Bear - Try to intimidate the competition.
D) Snake - Use unethical business methods.

A

B) Puffer Fish - Think big. Act like you belong.

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6
Q

What are the 5 best practices for leveraging the skills and resources of others?

A
  1. Unleash the power of horses - product advocates
  2. Empower early-adopter customers
  3. Land an anchor customer
  4. Work with benefactors
  5. Build an advisory board
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7
Q

What is a bottom-up Mindset?

A

A bottom-up mindset

(1) focuses on making the most of what you have,
(2) goes where the money is and quickly adjusts the competitive angle in a way that makes the competition irrelevant, and
(3) transitions a winning marketing tactic into a long-term successful business strategy.

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8
Q

What’s the second step of the ideation process?

A

Explore the specific problem

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9
Q

A best practice for start-up entrepreneurship is:

A) Bottom-up Mindset
B) Finding Good Ideas
C) Leveraging Leverage
D) Think Big and act Big
E) Launching Tactics
F) All of the Above
A

F) All of the Above

*These are the 5 main ideas from the last segment of the class

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10
Q

What is leveraging leverage?

A

Identifying people and businesses with the ability, willingness, and clout to help promote an idea or product. It is the sina qua non of startup marketing.

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11
Q

Examples of marketing events:

A

Activities, exhibitions, happenings, gatherings, tournaments, competitions, matches, races, games. These remind us that we are selling a consumption experience and not just a product.

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12
Q

What are the five launching techniques?

A
  1. Use marketing events to create buzz
  2. Make the demonstration compelling
  3. Create a catch phrase and/or jingle
  4. Select the channel
  5. Close the deal
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13
Q

Five Best Practices of Startup Marketing

A
  1. Bottom-up mindset
  2. Finding good ideas
  3. Leveraging leverage
  4. Think big and act big
  5. Launching tactics
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14
Q

What is a love fest?

A

No, it’s not that. C’mon. :) -Nate
Let your customers sell for you. Orchestrate a process that gets customers selling to other customers and prospects. The ultimate credibility source is customer to customer.

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15
Q

Identifying a differentiating tactic, and then marshaling all of your resources around it is an example of?

A) Research and Development
B) Bottom-up Marketing
C) Leveraging Leverage
D) Piggybacking

A

B) Bottom-up Marketing

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16
Q

Billy has created a couple of options for a new product he has developed and wants to test which alternatives, if any, pass the WOW factor test. He decides using the white hat will be the most appropriate option for his situation. What method is the white hat based on?

A) Creativity
B) Facts
C) Critical Judgment
D) Positive Judgment
E) Summary
A

B) Facts

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17
Q

The Six Thinking Hats is a questioning approach to get customers to be creative in seeing the total picture when discussing and evaluating new product ideas.

List the six hats / their functions

A
  1. White Hat – Facts
  2. Red Hat – Emotions (1-10 scale)
  3. Yellow Hat – Positive judgment
  4. Black Hat – Critical judgment
  5. Green Hat – Creativity
  6. Blue Hat – Summary
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18
Q

Which of the following is NOT one of the four keys to finding big ideas?

A) Cool Hunting
B) Ride wave of interest
C) Appeal to unique consumer preferences
D) Stretch or entertain to the extreme
E) All of the above are one of the four keys to finding big ideas
A

C) Appeal to unique consumer preferences

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19
Q

Kitchenaid has developed a new product that mixes 10 quarts of food, employs 40 interchangeable attachments, and can heat or cool the ingredients being mixed. The product is slated to launch in Spring 2015, which means this mixer should be the hottest item on upcoming wedding gift registries. To get the word out on this new product, Kitchenaid has partnered with Emeril Lagasse who will be featuring the benefits of this new mixer on the Ellen Show. Which of the Five Best Practices for Leveraging is Kitchenaid using in this example?

A) Unleash the power of horses
B) Empower early-adopter customers
C) Launch to your love group
D) Work with benefactors
E) Build an advisory board
A

A) Unleash the power of horses

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20
Q

What are the 5 best practices for Leveraging?

A
  1. Unleash the power of horses
  2. Empower early-adopter customers
  3. Work with benefactors
  4. Build an advisory board
  5. Land an anchor customer
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21
Q

Describe each of the following:

Horses
Benefactors
Early Adopters
Anchor customers
Advisory Board
A

Horses:
People that have influence over your market. They have the credibility and ability to introduce, highlight, and promote new opportunities.

Benefactors:
Who benefits when I succeed? Focus on Value-chain benefactors

Early Adopters:
Discover the reasons these customers love the company’s products. Then leverage this information.

Anchor customers:
Provide instant credibility for the startup, attract potential customers, accelerate the startup’s product development, and provide a platform for growth

Advisory Board:
Leverage experience and connections to create your network, attract investors, and chart a successful direction for your company.

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22
Q

Which group has the biggest opportunity?

A) Love
B) Undecided
C) Hate
D) Swing
E) Money
A

D) Swing

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23
Q

A useful approach for planning and measuring potential customer touch points is:

A) Price right and customers will come
B) Talk to your love group and promote your product more
C) Understand steps in the customer experience
D) Talk with your channel of distribution
E) Talk to customers at the end and get their feedback

A

C) Understand steps in the customer experience

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24
Q

What is the golden rule of market domination?

A) All you need is a specialist
B) Generalist always beats a specialist
C) Generalist is usually enough
D) Specialist always beats a generalist

A

D) Specialist always beats a generalist

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25
Q

T/F

A generalist always beats a specialist.

A

False:

A specialist always beats a generalist.

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26
Q

What is the third step of the ideation process?

A

Propose and test alternative ideas

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27
Q

What are the six thinking hats?

A

1) White hats (facts)
2) Red hat (emotions)
3) Yellow hat (positive judgement)
4) Black hat (critical judgement)
5) Green hat (creativity)
6) Blue hat (summary)

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28
Q

What are touch points?

A

Every interaction, transaction, and engagement between a customer and provider.

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29
Q 
What channels can be used to think big and act big?
A) Technology
B) People
C) The Press
D) Trade Shows
E) All of the above
A

E) All of the above

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30
Q

What’s the fourth step of the ideation process?

A

Perfect the top idea

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31
Q

How can you sharpen your product angle?

A

1) unique product claim
2) need to believe
3) dominate situations
4) reason to believe
5) quantifiable support

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32
Q

What is the four step ideation process?

A

1) select a problem area
2) explore a specific problem
3) propose and test alternative product ideas
4) perfect the top idea

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33
Q

What are the four keys to finding big ideas?

A
  1. Solve everyday pain
  2. Ride wave of interest
  3. Stretch or entertain to an extreme
  4. Cool hunting
34
Q

Laddering research method includes

A
  1. What outcomes (functional and emotional) are customers seeking?
  2. What barriers stop those outcomes?
  3. What attributes lead to those outcomes?
35
Q

What does it mean to unleash the power of horses?

A

Be smart. Identify and partner with people who have influence over your target market. They have the credibility and ability to introduce, highlight, and promote the new business and products.

36
Q

What does it mean to empower early-adopter customers?

A

Tap into the knowledge and emotion of early-adopter customers. Discover the reasons these customers love the company’s products. Then leverage this information.

37
Q

How do you sharpen the angle of any new or old product?

A
  1. Change product features
  2. Change packaging
  3. Build the messaging around a compelling demonstration
38
Q

Mavens

A

Connect new businesses to new worlds of ideas and technologies. “mavens have the knowledge and the social skills to start word-of-mouth epidemics.”

39
Q

What’s the importance of anchor customers?

A

They:
1. Provide instant credibility for the startup
2. Attract potential customers
3. Accelerate the startup’s product development
4. Provide a platform for growth
(they are prestigious companies, not people. Not Oprah, she’s a horse ;)

40
Q

Why work with benefactors?

A

Ask yourself, “Who benefits most if I succeed?” The answer will help identify investors and key partners.

41
Q

Why build an advisory board?

A

You can leverage experience and connections to create your network, attract investors, and chart a successful direction for your company.

42
Q

What are the five launching techniques?

A
  1. Use marketing events to create buzz
  2. Make the demonstration compelling
  3. Create a catch phrase and/or jingle
  4. Select the channel
  5. Close the deal
43
Q

What is a bottom-up Mindset?

A

A bottom-up mindset

(1) focuses on making the most of what you have,
(2) goes where the money is and quickly adjusts the competitive angle in a way that makes the competition irrelevant, and
(3) transitions a winning marketing tactic into a long-term successful business strategy.

44
Q

“Business has two basic functions, _________, and __________. All else is detail.”

A

marketing and innovation

innovation is the lifeblood of the business

45
Q

Ideation. (Definition). and (Two Ways of finding)

A

“The creative process of generating, developing, and communicating new ideas.”

(1) Engaged observation
(2) Asking the right questions

46
Q

Four-Step Ideation Process

A

1) Select a problem area
2) Explore a specific problem
3) Propose and test alternative product ideas
4) Perfect the top product idea

47
Q

1) Select a Problem Area

A

Consider customer pain-points with no particular product category in mind

Look for big market opportunities, then uncover associated pain-points

Use engaged observation with potential customers to identify problem areas by encouraging discussion

“Name some great products that have some annoying little problems.”

“Describe some bad or annoying service experience you’ve had recently.”

“Over the past year, which product purchases have you regretted the most?”

48
Q

Big problems =

A

big opportunities for entrepreneurs

49
Q

Find the pain by…

A

Observing customer frustration first-hand

50
Q

Oyster Entrepreneurs

A

Broad and opportunistic

51
Q

Eagle Entrepreneurs

A

Narrow and focused

52
Q

Blanche and Dorothy want to open a new gym. Blanche knows a lot of people and keeps in contact with them. Dorothy likes to research and collect information. It would be helpful if they knew someone who was a ________.

A) Maven
B) Salesperson
C) Connector
D) They don’t need anyone else

A

B) Salesperson

53
Q

Define the following:

Connectors

Mavens

Salespeople

A

Connector – people specialists: make friends and have a lot of acquaintances (Blanche)

Mavens – information specialists: collect data, ideas, and information (Dorothy)

Salespeople – natural persuaders: some are pushy and some are charming

54
Q

Why should you use marketing events in launch tactics?

A) They bring the love group, make money, and generate awareness.
B) They grab attention, bring the love group, and generate awareness
C) They grab attention, generate buzz, and are low cost
D) They generate buzz, are low cost, and are easy to put together
E) They bring the love group, are low cost, and only happen once a year.

A

C) They grab attention, generate buzz, and are low cost

55
Q

All of the following are one of the five launching tactics except:

A) Create a catch phrase		
B) Use discounts to gain attention
C) Close the deal
D) Use marketing events
E) Select the Channel
A

B) Use discounts to gain attention

56
Q

What are the 5 launching tactics?

A
  1. Create a catch phrase
  2. Make the demonstration compelling
  3. Close the deal
  4. Use marketing events
  5. Select the Channel
57
Q

What are the 2 biggest drivers for new product adoption?

A
  1. Relative Advantage

2. Fit with the day-to-day

58
Q

When selecting the channel, it’s important to put the product where people are:

A

Ready to buy, able to buy, & know that good alternatives are out of reach.

59
Q

How to close the deal:

A

Use summary-of-benefits

60
Q

What are the top 3 challenges to selling?

A) The brand is unrecognizable, power is with the buyer, entrepreneurs lack credibility
B) Ego, entrepreneurs lack credibility, product has not reached maturity in the adoption life-cycle
C) Ego, brand is unrecognizable, product has not reached maturity in the adoption life-cycle
D) Product has not reached maturity in the adoption life-cycle, ego, power is with buyer
E) Entrepreneurs lack credibility, power is with the buyer, ego

A

E) Entrepreneurs lack credibility, power is with the buyer, ego

61
Q

What are the solutions to the top 3 challenges to selling?

A

Entrepreneurs lack credibility:
-Gain credibility; establish trust (dress the part, speak the language, seek to understand, listen, set correct expectations, be responsive, deliver results)

Power is with the buyers:
-Distinctive benefits / Reason to believe

Ego:
-Check your ego at the door

62
Q

What does creativity love?

A

Constraint

63
Q

What should a catch phrase encompass?

A

(1) authentic hopes/needs (2) unique features/benefits

64
Q

What is the golden rule of market domination?

A

A specialist always beats a generalist

65
Q

What is the, “get your swagger” on attitude?

A

brash, in your face mojo

66
Q

How do you pick the right distribution tool?

A

Put the product where people are (1)ready to buy (2) able to pay (3) know that good alternative are out of reach

67
Q

Examples of marketing events:

A

Activities, exhibitions, happenings, gatherings, tournaments, competitions, matches, races, games. These remind us that we are selling a consumption experience and not just a product.

68
Q

Salespeople

A

They have the power to persuade people to take action.

69
Q

Think Big Act Big with Ideas

A

“Everyone who’s ever taken a shower has an idea. It’s the person who gets out of the shower, dries off, and does something about it who makes a difference.”

70
Q

What is the problem with the “build a better mousetrap model”?

A

People focus too much on the product and not enough on selling it–people have to know what you’re selling

71
Q

Why is it inadequate to be solely focused on “building the better mousetrap”?

A

You do not spend enough effort on selling the product

72
Q

What is the “Big Secret”

A

SELL, SELL, SELL

73
Q

Who do people buy from?

A

People they TRUST

74
Q

When talking about features of your product make sure you…

A

Speak in terms customers will understand

75
Q

What is the best closing technique?

A

Summary of benefits close

76
Q

Why marketing events?

A

Grab attention and generate online sharing and conversation. Generate buzz, energy, and interest. Low cost.

77
Q

What are the 5 rules of marketing events?

A
  1. Product takes center stage
  2. Quality and personality of the event mirrors that of the product
  3. Connect the event with a local cause, when possible
  4. Target a specific audience and marketing objective
  5. Send home a personalized souvenir to drive home a brand experience
78
Q

What is a love fest?

A

No, it’s not that. C’mon. :)
Let your customers sell for you. Orchestrate a process that gets customers selling to other customers and prospects. The ultimate credibility source is customer to customer.

79
Q

Which of the following is a reason that successful entrepreneurs us the R&D approach?
A) Startups must obtain funding from investors to launch their new business
B) Startups don’t have the financial resources to create a new product category on their own.
C) Startups don’t have the financial resources to do traditional research and development.
D) All of the above

A

D) All of the above

80
Q

What are the 2 biggest drivers of new product adoption?

A
  1. Relative advantage
  2. Fit with the day-to-day
    Highlight these with a compelling demonstration
81
Q

How to create a catch phrase:

A

Go out on a limb, take a risk, capture imagination. Grab attention by creating a “ha ha” that leads to an “ah ha”. Mix a compelling benefit with an authentic need and/or brash attack.

82
Q

What are the 3 Big Challenges Entrepreneurs face?

A

1) They Lack Credibility, and need to build trust
2) The Power is with the Buyers (We can’t convince them to buy our product
3) Ego

Marketing 241 (4 decks)

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