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Marketing > Class Notes 2 > Flashcards

Class Notes 2 Flashcards

1
Q

Types of new product

A

Modification
Major innovation
Minor innovation

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2
Q

Modification

A

70%. Ham and cheese pringles

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3
Q

Major innovation

A

10%
Completely new
Primary demand: tell people why they need it

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4
Q

Minor innovation

A

20%
Cheep version of major innovation
Institutional demand : why u should buy their products over the major products

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5
Q

Product refinement

A

Keep tweeting and making one product better

US

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6
Q

Product churning

A

Shot gun product out see what sticks

Japan

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7
Q

Parallel development

A

Make iPhone 1 2 3 4 in advance when competitors try to answer back you drop the next product

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8
Q

Freshening

A

Bringing logo or value prop up to date

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9
Q

Green washing

A

When people think ur environmentally friendly cause u use green In ur design

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10
Q

JND

A

Just noticeably different

When a company changes its logos slowly over time

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11
Q

Trade dress

A

A legal protection where off brand products can steel the design of a big brand to make there product seem trust worthy

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12
Q

Packaging

A

Silent sales man

10-15% of marketing

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13
Q

Shapes

A

Feminine : soft round

Masculine / violators: sharp abrupt star shaped

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14
Q

Price

A

Is a function of value

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15
Q

Value

A

Is a quality as defined by your customer at the right price

1 whoa may customer
2 how do they define quality
3 how much am I able to charge them for what they say they want

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16
Q

Core product

A

What the product actually does

Car drives

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17
Q

Actual product

A

What the product actually is like Mercedes or ford

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18
Q

Augmented product

A

What else comes with the product

Free oil changes

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19
Q

Reference pricing

A

What a customer perceived a price should be for a product

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20
Q

Tiffany Walmart syndrome

A

Death of the middle

Rocketing or trading down

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21
Q

Price positioning

A

A company implanting a idea of what price products should be in there brand

Walmart : save money live better

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22
Q

Skimming

A

A company that starts selling stuff real expensive and might over time lower price

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23
Q

Penetration

A

Company starts selling real cheep eventually increase price

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24
Q

Captive hybrid complimentary

A

They sell one thing cheep and accessories for a lot

Printer and ink

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25
Q

Monopoly

A

Price does not matter full control

26
Q

Oligopoly

A

A few big players like the big three generally a leader which directs the markets Path

27
Q

Monopolistic competition

A

2 or more monopoly’s compete against each other
Ex Big Mac vs whopper
Or Pepsi vs coke

28
Q

Pure competition

A

Price is all that matters we don’t distinguish a big difference between the products

29
Q

Promotion

A

any communication used to inform persuade or remind

30
Q

Communication

A 
Delivering a message 
1 source 
2 message 
3 channel 
4 receiver
31
Q

Noise

A

Anything that interferes with communication

32
Q

Promotion life cycle curve

A

Pioneer advertising
Competitive comparative advantage
Remind advertising

33
Q

AIDA

A

Attention. Interest. Desire. Action
Pull: attention interested. Customer marketing
Push: desire action
Shopping marketing

34
Q

Selective exposure

A

Choose one magazine or only certain websites. Finding right media to promote your project

35
Q

Selective attention

A

Ad must pop our grasp attention have to excite people

36
Q

Selective retention

A

Relevance repeat it

37
Q

Co marketing

A

Two companies coming together to sell their products
Free sheetz coffee when u buy Wall Street journal
2 separate products

38
Q

Co branding

A

When two companies make a single product together
Doritos Taco
One product

39
Q

Co-op

A

Cooperative advertising
Company that makes and sells product share cost of advertising
Target chocolate

40
Q

Horizontal

A

Different sellers combine to sell advertisements

41
Q

O-o-h

A

Out of home advertising

Billboards

42
Q

A B split

A

Means testing advertisement to see what ad is most useful

43
Q

Types of PR

A 
Word to mouth. Largest 
Reviews testimony 
Product placement 
Opinion leaders 
Award ceremonies 
Incidental suggestion
Sponsorship: fit visibility over time goals
44
Q

Cause marketing

A

For a good cause toms

45
Q

Phases of PR

A

New or interesting talk about it ( being first)
Victory lap talks about success
(Being successful)

46
Q

Sales promotion

A 
Samples 
Pop display 
Premium 
Games 
Trade show 
Free trials
47
Q

Slotting fees

A

Pay grocery stores for specific pots in store 50 yard line

48
Q

POPAI

A 
Specifically planned 30% 
Generally planned 10%
Substitute 3%
Impulse 53%
66% happen in the store
49
Q

Conversion rate

A

Initial conversion

Sustained conversion

50
Q

Powell’s rule on selling

A

Goods marketing and branding makes selling unnecessary

51
Q

Personal selling mix

A

Skills
Information
Organization

52
Q

Skills

A

Persuasive quick

Most imp good listener good at communicating

53
Q

Information

A 
Got to know about 
Product 
Know about the buyer 
Know about competitors 
Market industry and trends 
Know about policy’s
54
Q

Organize

A 
Organize by 
Product 
Geography 
Different type of customer 
Inside sales 
Outside sales
55
Q

Old school
Sell sell sell
Door in face

A

New
Tell tell tell
Foot in door

56
Q

Three types of sales people

A

Missionary

Order getter order taker

57
Q

Missionary

A

Spread info ask questions give samples ask for recommendations
Ex pharmaceutical rep

58
Q

Order getter

A

Come to u ask if u need anything

59
Q

Order takers

A

Passively answer questions and close sales you approach them

60
Q

Selling process

A

Approach ( prospecting )
Identify Able willing to by

Need identification: ask questions figure out what customer wants

Presentation
Trial close
Close
Follow up

61
Q

5 reasons people say no

A 
Don’t trust u or store 
No money 
No perceived need 
Not now/ not in hurry 
No desire
62
Q

Aperture

A

The right time and place for a message to be received

Marketing (20 decks)

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