Comm 352 Final

Question 1

Key Concepts: OFIS

Answer 1

Opportunities for improvements

Question 2

Key Concepts: Radio Station

Answer 2

What’s in it for me (WIIFM)

Question 3

Key Concepts: type of people in any auidence

Answer 3

Prisoners, Tourists and Explorers

Question 4

Key Concepts: Top boxes

Answer 4

consider how the top two boxes look using the 5 point scale, understand if consumers will buy or not. Set up smart goals to move the needle up the scale

Question 5

Key Concept: Short Answer Questions

Answer 5

Most important job of a salesperson; to satisfy customer’s profitability (and make money)
Most important job of a sales manager: if you anticipate training and leading people (training and coaching)
* To become the value your meant to be ask your coach for help; strive to be coach that people can turn to when they need help to do their jobs better
* Always know what you are trying to accomplish

Question 6

Key Concepts: Phillip Kotler

Answer 6

is known as the “father of marketing” created the marketing mix and wrote the 10 deadly marketing sins says “a serious problem exists if your target market does not know who you are “marketing tools change in their cost effectiveness over time” know when to use them in the product lifecycle
* Do market research to create an opportunity to make better decisions

Question 7

Key Concepts: The Power of Pricing Mckinsey

Answer 7

Pricing at 3 levels
Industry Price Level: broadest view of pricing; managers must understand how supply, demand, costs, and regulations affect overall prices
Product/market strategy level: The primary issue at this level is related to competition companies must understand how customers perceive all offerings
Transaction Level: to decide the exact price for each transaction; starting with the list price price and determining discounts and other incentives should be applied
(each level is related to one another and any action at one level could affect the other)

Question 8

Key Concepts: FAB

Answer 8

Features, Advantages, Benefits

Question 9

Key Concepts: AIDA

Answer 9

Awareness, interest, desire and action help marketers grasp the sequence of
consumer responses to marketing messages. This understanding allows marketers to align
their communications with the natural progression of consumer decision-making, leading
to better engagement and conversion rates

Question 10

Modifying a product to stay relevant: Kellogs

Answer 10

Product diversification, health and nutrition facts, innovative packaging, catering to dietary restrictions, collaboration and limited edition, expanding global presence, reduced sugar and fortified cereals and embracing organic and natural trends

Question 11

Four Key Strategies to stay competitive, meet customer demands and drive growth

Answer 11

1. Modify Product and/or Reduce Costs to Increase Value: Whether it’s enhancing features, addressing pain points, or optimizing performance, making targeted modifications can breathe new life into a product. Moreover, exploring cost-saving measures can help maintain profitability without compromising on quality.
2. Find New Uses and/or New Users: Diversification is a powerful strategy to expand a product’s reach and appeal to a broader audience. By identifying new use cases or untapped user segments, we can unlock hidden potential.
3. Highlight Gaps in the Product Line: A thorough analysis of our product portfolio can reveal gaps in the offerings. Recognizing these gaps provides an opportunity for innovation and expansion
4. Eliminate Products as Necessary (Pruning): While it’s essential to add new products, sometimes it’s equally important to let go of underperforming ones. Pruning our product portfolio ensures that we allocate resources efficiently and avoid wasting time and money on products that are no longer viable.

Question 12

Pull Planning Concept

Answer 12

one approach to supply chain management; the production and distribution of goods are driven by customer demand. Instead of relying on forecasts and pushing products through the supply chain, a pull system focuses on fulfilling specific customer orders or requests. Pull replenishment is another important concept in supply chain management. It involves replenishing inventory levels based on actual customer demand.

Question 13

Variability

Answer 13

1. Demand Variability: Fluctuations in customer demand are one of the primary sources of variability. Demand can be affected by various factors such as seasonality, changing customer preferences, economic conditions, or even unexpected events like natural disasters. Managing demand variability is crucial because it directly impacts inventory levels, production schedules, and overall customer satisfaction.
2. Supply Variability: Suppliers may experience variations in their ability to deliver materials or components on time and in the expected quantities. Supplier-related factors such as capacity constraints, quality issues, or transportation delays can introduce supply variability. This uncertainty can disrupt production schedules, lead to stockouts, and affect the overall efficiency of the supply chain.
3. Lead Time Variability: Lead time variability refers to variations in the time it takes for materials or products to move through the supply chain. Delays in transportation, customs clearance, or other unforeseen circumstances can extend lead times. This variability can make it challenging to accurately plan production schedules, inventory levels, and customer deliveries.
4. Production Variability: Variability can also occur within the production processes. Factors like machine breakdowns, labor shortages, quality issues, or changes in product specifications can introduce variability in production output. Unpredictable production interruptions or fluctuations in product quality can impact the ability to meet customer demands efficiently.
5. Bullwhip Effect: The bullwhip effect refers to the amplification of demand variability as it moves up the supply chain. Small fluctuations in customer demand can become magnified as they are communicated upstream, leading to exaggerated inventory swings and inefficiencies. This effect occurs due to delays, information distortion, and misalignment between supply chain partners.

Question 14

The Promise of Supply Chain Management

Answer 14

 To deliver the right product in the right quantity at the right price to the right customer at the right time at the lowest possible supply chain cost.
 The relentless pursuit of the reduction in variability is at the heart of achieving the “promise” of supply chain management.
 Collaboration is the key to achieving the reduction in variability

Question 15

Marketing Strategy can influence operations strategy by:

Answer 15

1. Demand Forecasting: Marketing strategy provides insights into customer demand and preferences, which can help operations teams forecast and plan production, inventory, and capacity requirements. Marketing campaigns, promotions, and market research data can guide operations in aligning their resources to meet anticipated demand.
2. Product Development and Innovation: Marketing strategy often identifies market gaps and customer needs that drive product development and innovation. Operations teams need to align their processes and capabilities to deliver these new products or services effectively and efficiently.
3. Customer Experience and Service Delivery: Marketing strategy focuses on creating a positive customer experience and meeting customer expectations. Operations strategy needs to ensure that the processes, systems, and resources are in place to deliver the desired level of service and meet customer demands.

Question 16

How operations can influence marketing strategy

Answer 16

1. Product Availability: Operations strategy determines production, inventory, and supply chain management, which impacts product availability. Marketing strategy needs to consider these operational constraints and plan promotional activities and product launches accordingly.
2. Pricing and Cost Structure: Operations strategy affects cost structure, including production costs, logistics costs, and overhead expenses. Marketing strategy needs to consider these costs when setting prices and determining pricing strategies.
3. Service Quality and Delivery: Operations strategy plays a crucial role in delivering high-quality products or services consistently. Marketing strategy needs to align messaging and promotions with the operational capabilities to ensure promises made to customers can be fulfilled.

Question 17

Customers

Answer 17

Customers are at the core of any sales activity. Understanding their needs, preferences, and behaviours is essential for successful selling. Sales professionals need to adapt their strategies to cater to different customer segments, develop personalized solutions, and build strong relationships to ensure customer satisfaction and loyalty.

Question 18

Competitors

Answer 18

Competition in the market can significantly impact the sales function. Sales teams must be aware of their competitors’ products, pricing, and marketing strategies. Analyzing competitor strengths and weaknesses can help identify opportunities for differentiation and set competitive pricing and positioning strategies

Question 19

Partnership Selling Tips for effective selling article

Answer 19

At least three important things happen when you listen: (1) The customer better understands his/her own needs and
so do you; (2) Intelligent listening is more persuasive than talking; (3) You are demonstrating (by listening) that you
are genuinely interested in his/her problems
Always remain attentive to customers; if they are new or existing always keep them engaged as other competitors may be keeping them more engaged

Question 20

Multi-Channel World

Answer 20

In today’s multi-channel world, businesses operate in an environment where customers have
numerous options to interact and make purchases through various channels such as physical
stores, e-commerce websites, mobile apps, social media platforms, and more. The multi-channel
approach requires companies to seamlessly integrate these channels, offering customers a
consistent and cohesive experience across all touchpoints. This involves leveraging data and
technology to understand customer preferences, behaviors, and purchase patterns, allowing for
personalized interactions and targeted marketing strategies. Successful adaptation to the multi-
channel world requires businesses to be customer-centric, agile, and technology-driven, ensuring
they can effectively engage with modern consumers and remain competitive in a rapidly
evolving marketplace

Question 21

Buffer Stock or Safety Stock

Answer 21

• Buffer stock or safety stock is inventory that is available prior to a new shipment so the shelves are not empty can carry over to next quarter

Question 22

Touchpoints

Answer 22

Touchpoints are any points of contact between the customer and the brand.
These could include interactions on the company’s website, social media platforms,
physical stores (if applicable), customer service interactions, emails, advertisements, and
any other channels where customers engage with the brand

Question 23

Pricing Strategy

Answer 23

enetration Pricing: Setting a low initial price to gain a large market share quickly. This
strategy aims to attract price-sensitive consumers and establish a foothold in the market.
2. Price Skimming: Setting a high initial price to target early adopters and capitalize on
their willingness to pay more for new products. Over time, the price is gradually lowered
to attract a broader customer base.
3. Premium Pricing: Establishing a higher price compared to competitors to position the
product as offering superior quality or exclusive features.
4. Economy Pricing: Offering products at a low price to appeal to budget-conscious
consumers. This strategy often involves minimizing marketing and operational costs.
5. Going - Rate Pricing: Base price on competitive prices and change price when market
leader changes.
6. Target Return Pricing: Determine price based on Desired Return on Invested Capital
(IC). Price = Unit Cost + Desired Return X IC/Unit Sales
7. Bundle Pricing: Combining multiple products or services into a package at a discounted
price, encouraging customers to purchase more items at once.
8. Dynamic Pricing: Adjusting prices in real-time based on factors such as demand,
seasonality, or customer behavior. Online retailers often use this strategy.
9. Psychological Pricing: Setting prices just below a round number (e.g., $9.99 instead of
$10) to create the perception of a significantly lower price.
10. Promotional Pricing: Temporarily reducing prices for sales events, holidays, or to clear
inventory.
11. Cost-Plus Pricing: Calculating the total cost of production and adding a markup to
determine the selling price. This method ensures the company covers its expenses and
makes a profit.
12. Value-Based Pricing: Setting prices based on the perceived value the product or service
delivers to the B2B customer. This approach takes into account the benefits and cost
savings it provides to the buyer.
Competitive Pricing: Pricing products or services in line with or slightly below competitors’
prices to remain competitive in the market.
14. Captive Product Pricing: Some firms set equipment prices low, anticipating ongoing
revenue streams from supplies.
15. Product Line Pricing: Establishing price points along price/quality continuum.
16. Negotiated Pricing: Allowing sales representatives to negotiate prices directly with B2B
customers, taking into account specific circumstances and volume of purchase.
17. Price Bundling: Offering packages or combinations of products or services at a discounted
price to encourage larger orders.
18. Subscription Pricing: Charging customers a recurring fee for ongoing access to products or
services.
19. Geographic Pricing: Adjusting prices based on regional variations in costs, demand, or
market conditions.
20. Discount and Rebate Pricing: Providing discounts or rebates based on various factors, such
as order quantity, loyalty, or early payment (2/10 net 30).
21. Sealed Bid Pricing: Price based on “expected profit” notion. At each possible bid point,
profit potential ($) X Probability of Winning = Expected Profit
22. Discriminatory Pricing: Modify prices to accommodate difference, such as by customer
segment, location, time.

Question 24

Price Waterfall

Answer 24

to provide a visual representation and analysis tool to break
down and understand the various components that contribute to the final price of a product or
service.
It helps companies gain insight into the factors impacting their pricing decisions and
profitability. The price waterfall provides a clear and detailed view of how changes in pricing
variables affect the overall revenue and profitability of the business

Question 25

Price Sensitivity

Answer 25

Price sensitivity refers to the
degree to which customers’ purchasing behavior is influenced by changes in the price of a
product or service. Understanding price sensitivity is crucial for businesses as it directly impacts
demand, revenue, and profitability as companies make price changes. Can effect the appearance of a canned good

Question 26

Pocket Pricing

Answer 26

refers to if you are making money out of your pocket or not

Question 27

Packaging

Answer 27

Packaging is important for a handful of reasons such as first impressions, brand identity, differentiation, information and communication, protection and preservation and emotional appeal are some examples

Question 28

Communication Effectiveness through knowledge of hierarchy of effects

Answer 28

• Have a consistent presence in branding, tone, customer service team have everyone on the same team (touch points)
  
  • Smart goals- ROI what value are you anticipating, or increase target awareness and specific measurable goals

Question 29

Developing a Strong Brand

Answer 29

• Payoff for creating a strong brand once target markets are aware of you have an anchor
  
  • If you differentiative in ways that matter to customers you have decreased price sensitivity
  • Your business should be about helping customers and the benefits that matter to them

Question 30

Understanding Marketing Communication

Answer 30

all about helping customers and satisfying customers better to keep the customers in the bucket loyal customers are your most profitable customers

Question 31

Knowing your target and positioning Strategy

Answer 31

• Plan accordingly based upon the value that is the target market, understanding them and how to reach them

Question 32

Stickiness Factor

Answer 32

• Your brand is trying to create stickiness provide value and then communicate the value based upon what sets you apart from others and how you are unique helping yourself identify it is very important
  
  • Overhauling and starting something new; what could have we done differently to be more successful
  • Changing variables can have a large impact on your campaign such as the Yale case and students being vaccinated when adding a map of the centers went from a 3% rate to 28% can be important to adjust them to be as effective as possible

Question 33

Attribute Data

Answer 33

is what marketers use to develop what customers would value

Question 34

Pantry Loading

Answer 34

buying extra due to a discount

Question 35

Good Promotion Startegy Win/win scenerio

Answer 35

you win if your partners win and if you win and they loose bad scar tissue is created

Question 36

Greenwashing

Answer 36

Adds a price premium, if you are saying your green prove it do not just say it to attract customers and make yourself look environmentally conscious

Question 37

Importance of Touchpoints

Answer 37

To provide excellent customer service, it’s essential to connect all these
touchpoints seamlessly. This means ensuring that the customer’s experience is
consistent and cohesive across all channels.
b) When touchpoints are connected, it creates a unified brand experience. A
customer who receives consistent and positive interactions at every touchpoint is
more likely to feel valued and understood.

Question 38

thinking like a customer

Answer 38

How it Helps: By putting ourselves in the shoes of our customers, we can anticipate their
needs, preferences, and pain points, enabling us to proactively address potential issues
and enhance the overall experience.
 Example: Imagine you’re a customer visiting our website to purchase a product. As you
navigate the site, you notice that the checkout process is overly complicated, with
multiple steps and confusing options. Thinking like a customer in this scenario, we can
identify the frustration that this process may cause and work to streamline the checkout
process, making it more intuitive and efficient

Question 39

Strategic Framework for AI in Marketing Article

Answer 39

The authors develop a three-stage framework for strategic marketing planning, incorporating multiple artificial intelligence (AI)
benefits: mechanical AI for automating repetitive marketing functions and activities, thinking AI for processing data to arrive at
decisions, and feeling AI for analyzing interactions and human emotions. This framework lays out the ways that AI can be used
for marketing research, strategy (segmentation, targeting, and positioning, STP), and actions. At the marketing research stage,
mechanical AI can be used for data collection, thinking AI for market analysis, and feeling AI for customer understanding. At the
marketing strategy (STP) stage, mechanical AI can be used for segmentation (segment recognition), thinking AI for targeting
(segment recommendation), and feeling AI for positioning (segment resonance). At the marketing action stage, mechanical AI
can be used for standardization, thinking AI for personalization, and feeling AI for relationalization. We apply this framework to
various areas of marketing, organized by marketing 4Ps/4C

Question 40

Generative AI: Transforming the Future of
Marketing Article

Answer 40

Generative AI has
already reshaped the marketing industry in various ways, revolutionizing content creation,
personalization, customer engagement, and more
Personalized Marketing: has become a crucial strategy for engaging consumers effectively.
Generative AI plays a vital role in delivering personalized experiences by analyzing large
volumes of data and generating insights that drive targeted marketing campaigns. By leveraging
generative AI, marketers can create directly personalized content, product recommendations, and
advertisements that cater to individual preferences and behaviors.

Question 41

In Class Activities Personas

Answer 41

They provide a clear picture of the user’s
expectations, needs, behaviors, and pain points, enabling businesses to design products, services,
and marketing strategies that are more aligned with their target audience’s demands. By
humanizing abstract data, personas make it easier for teams across a company, from design to
marketing, to empathize with users and make informed decisions that improve user satisfaction
and business outcomes

Question 42

In-class activity customer value activity and ideal client avatar and before and after exercise

Answer 42

-The Customer Value Journey is a framework that outlines the stages a customer goes through when interacting with a brand, from awareness to advocacy. It helps marketers map out and understand the customer’s experience, allowing them to create targeted and personalized campaigns at each stage to move customers through the journey.
-An Ideal Client Avatar is a detailed profile of the ideal customer, encompassing demographics, behaviors, interests, and pain points. Creating an ICA helps marketers tailor their messaging and strategies to resonate with the specific needs and preferences of their target audience.
-The Before & After exercise involves visualizing the transformation or improvement that a customer experiences before and after using a product or service. This exercise helps marketers articulate the value proposition and communicate the positive impact their offering can have on the customer’s life or business.

Question 43

In Class Activity: Perceptual Mapping

Answer 43

Perceptual mapping is a powerful tool because it enables businesses to visually represent and analyze the competitive landscape of products or brands in the minds of consumers. By plotting key attributes or dimensions on a two-dimensional map, businesses can gain valuable insights into how their offerings are perceived relative to those of competitors.

Question 44

In-Class Activity: Hierarchy of effects model and customer value journey

Answer 44

The hierarchy of effects models and the customer value journey are conceptual frameworks used
by marketers to understand the stages a consumer goes through from the initial exposure to a
brand or product to the final action (often making a purchase)

Question 45

In Class Activity Product Life cycle and adoption curve

Answer 45

Reflecting on the product life cycle and understanding where consumers are on the adoption curve is crucial for businesses to make informed decisions about marketing, product development, and overall strategy. By reflecting on these aspects, businesses can adapt their strategies to meet the evolving needs of both the product life cycle and the consumer adoption curve. It’s essential to stay agile, continuously innovate, and be responsive to changing market dynamics.

Question 46

In class activity: why collaboration is needed

Answer 46

the benefits of collaboration generally outweigh the costs when it comes to marketing planning. However, it’s important for organizations to manage collaboration effectively, address communication challenges, and implement strategies to streamline decision-making processes. The key is finding the right balance between involving relevant departments and maintaining agility in the planning process.

Question 47

In class activity: build better value with partners

Answer 47

Successful companies understand the importance of building strong partnerships. In the B2B landscape, key success factors (KSFs), customer activity cycles (CAC), customer interaction cycles (CIC), and customer fulfillment cycles (CFC) play crucial roles in creating value.

Question 48

In Class Activity: Why should firms have (1) Internal Policy Statement for AI Use by Marketing Strategists
(Marketing Department); and (2) Public-facing policy statement informing consumers of
our use of AI and our assurances to consumers/customers.

Answer 48

Internally, the policy provides clear guidance to marketing strategists, aligning AI usage with the company’s values and objectives. It mitigates risks by ensuring legal compliance and addressing ethical considerations, promoting accountability, and maintaining transparency.

Externally, the public-facing policy builds trust with consumers by demonstrating transparency about AI use. It assures customers of ethical AI practices, data protection, and privacy measures. The statement educates consumers about the benefits of AI in marketing, managing expectations and reducing the risk of misunderstandings. Compliance with laws and regulations is emphasized, contributing to the company’s competitive advantage as an ethical and trustworthy entity in the market.

Question 49

Why is it important for marketing strategists to have processes? What is the payoff

Answer 49

having processes in marketing strategy is essential for creating a structured and efficient approach to achieving business goals. The payoffs include improved consistency, efficiency, scalability, measurable results, adaptability, risk management, collaboration, and enhanced customer satisfaction. These benefits collectively contribute to the overall success of marketing efforts and the growth of the business.