Exam 1 Flashcards
Why do consumers resist buying green products?
- They are skeptical of green claims or quality
- Consumers don’t believe they can make a difference
- Unwilling to pay more
Describe the 5 principles for turning consumers green.
- Promote the consumer value of green products
- Win hearts, not just minds
- Make green normal
- Leverage mainstream social media influencers
- Dialogue with public policymakers
Why should Businesses take the lead on turning consumers green? (3)
- 70% of greenhouse gas emissions depend on the products that people buy/how they use and dispose of them.
- Money savings (hotels-towels)
- Businesses know their customers and can make green products that satisfy known needs/wants
What is the “Earthlight” and how is it an example of marketing myopia?
They focused on greenness instead of the real benefit for consumers. (product not consumer focus)
How do you frame green around mainstream, consumer-sought value? (6 things)
- Money savings
- Health & Safety
- Performance
- Status
- Convenience
- Bundling
Describe the “Don’t Mess With Texas” case.
Texas had a highway litter problem and needed to fix it. So they targeted young men with this campaign to connect Texas pride (emotions, values, self-perceptions) to not littering. It was successful bc it resonated.
What psychological processes are at work with the way hotels encourage guests to reuse their towels?
Informational/social influence
* People are persuaded by facts obtained about what is normal. “the majority of guests reuse their towels”
What are the 4 signs of marketing myopia?
- Belief that growth for a product is assured.
- Ignorance of competitive substitutes.
- Too much faith in mass production as a means of turning a profit.
- Preoccupation with product instead of customer needs.
What is creative destruction?
Enacting revolutionary changes that simultaneously
destroy the established product market from within and create new
markets, industries, and organizational relationships.
How does creative destruction address the 4 signs of marketing myopia?
- Assumes that the product market won’t last forever.
- Recognizes and anticipates substitutes.
- Externally focused, not on efficient production.
- Obsessive over customer needs, not in love with the product.
What are some examples of marketing myopia?
- Railroads not anticipating planes
- Sony suing Napster instead of trying to adapt
Why do assets eventually become liabilities?
Because they eventually are beaten by substitutes and are dead weight that needs to be cast off.
How does social media marketing differ from traditional marketing?
- Social media marketing is engaging and traditional marketing is disruptive.
- Social media is 2-way communication instead of 1.
- Social is cheaper.
What does “party with a purpose” mean?
- Invitations = promotion
- Food/entertainment = content
- Hosting = ongoing management
Why are influencers important?
- Social media was created for PEOPLE, not businesses
- These people are like influential friends
- WOM is powerful
What types of social media influencers would be appropriate for a business example?
- Not celebrities
- Think the Stanley influencers (moms)
What are the 6 areas of a marketing audit’s macroenvironment?
(INDUSTRY WIDE)
1. Demographic trends
2. Economic trends
3. Environmental issues
4. Science/Tech trends
5. Political/Reg issues
6. Cultural/Social trends
Passive vs Proactive Scanning of External Macro Environment:
- Passive waits for information to reach them (most common)
- Proactive seek out info constantly to better understand their markets
What are weak signals on the periphery?
Early warning signs of threats and opportunities
How can marketers “see sooner”?
Proactive scanning
* tap salespeople
* listen to the market’s voice
* track trends
* Listen to suppliers/distributers
* study all competitors (even little guys)
* stay up to date on tech
* Learn from influencers (Trump, Elon)
What is the proper order of SWOT and why?
TOWS
* Your strengths and weaknesses only matter in the context of external factors (industry/market)
How did Bolthouse Farms use 4 P’s to transform carrots into a desired snack food for kids/teens?
Product
* packaging looked like a bag of chips
Pricing
* lowered it
Placement
* Vending machines and stores
Promotion
* 2 million advertising
* Eat em like junk food
* Used junk food tactics
What is the marketing concept?
The philosophy that firms should analyze customer needs and then strive to satisfy those needs better than the competition.
What is a signature story?
Intriguing, authentic, involving narrative with a strong message that enhances a company’s brand, customer relationships, and/or business strategy
