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Marketing Strategy > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Why do consumers resist buying green products?

A
  • They are skeptical of green claims or quality
  • Consumers don’t believe they can make a difference
  • Unwilling to pay more
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2
Q

Describe the 5 principles for turning consumers green.

A
  1. Promote the consumer value of green products
  2. Win hearts, not just minds
  3. Make green normal
  4. Leverage mainstream social media influencers
  5. Dialogue with public policymakers
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3
Q

Why should Businesses take the lead on turning consumers green? (3)

A
  1. 70% of greenhouse gas emissions depend on the products that people buy/how they use and dispose of them.
  2. Money savings (hotels-towels)
  3. Businesses know their customers and can make green products that satisfy known needs/wants
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4
Q

What is the “Earthlight” and how is it an example of marketing myopia?

A

They focused on greenness instead of the real benefit for consumers. (product not consumer focus)

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5
Q

How do you frame green around mainstream, consumer-sought value? (6 things)

A
  1. Money savings
  2. Health & Safety
  3. Performance
  4. Status
  5. Convenience
  6. Bundling
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6
Q

Describe the “Don’t Mess With Texas” case.

A

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.

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7
Q

What psychological processes are at work with the way hotels encourage guests to reuse their towels?

A

Informational/social influence
* People are persuaded by facts obtained about what is normal. “the majority of guests reuse their towels”

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8
Q

What are the 4 signs of marketing myopia?

A
  1. Belief that growth for a product is assured.
  2. Ignorance of competitive substitutes.
  3. Too much faith in mass production as a means of turning a profit.
  4. Preoccupation with product instead of customer needs.
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9
Q

What is creative destruction?

A

Enacting revolutionary changes that simultaneously
destroy the established product market from within and create new
markets, industries, and organizational relationships.

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10
Q

How does creative destruction address the 4 signs of marketing myopia?

A
  1. Assumes that the product market won’t last forever.
  2. Recognizes and anticipates substitutes.
  3. Externally focused, not on efficient production.
  4. Obsessive over customer needs, not in love with the product.
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11
Q

What are some examples of marketing myopia?

A
  1. Railroads not anticipating planes
  2. Sony suing Napster instead of trying to adapt
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12
Q

Why do assets eventually become liabilities?

A

Because they eventually are beaten by substitutes and are dead weight that needs to be cast off.

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13
Q

How does social media marketing differ from traditional marketing?

A
  • Social media marketing is engaging and traditional marketing is disruptive.
  • Social media is 2-way communication instead of 1.
  • Social is cheaper.
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14
Q

What does “party with a purpose” mean?

A
  • Invitations = promotion
  • Food/entertainment = content
  • Hosting = ongoing management
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15
Q

Why are influencers important?

A
  • Social media was created for PEOPLE, not businesses
  • These people are like influential friends
  • WOM is powerful
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16
Q

What types of social media influencers would be appropriate for a business example?

A
  • Not celebrities
  • Think the Stanley influencers (moms)
17
Q

What are the 6 areas of a marketing audit’s macroenvironment?

A

(INDUSTRY WIDE)
1. Demographic trends
2. Economic trends
3. Environmental issues
4. Science/Tech trends
5. Political/Reg issues
6. Cultural/Social trends

18
Q

Passive vs Proactive Scanning of External Macro Environment:

A
  • Passive waits for information to reach them (most common)
  • Proactive seek out info constantly to better understand their markets
19
Q

What are weak signals on the periphery?

A

Early warning signs of threats and opportunities

20
Q

How can marketers “see sooner”?

A

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)

21
Q

What is the proper order of SWOT and why?

A

TOWS
* Your strengths and weaknesses only matter in the context of external factors (industry/market)

22
Q

How did Bolthouse Farms use 4 P’s to transform carrots into a desired snack food for kids/teens?

A

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

23
Q

What is the marketing concept?

A

The philosophy that firms should analyze customer needs and then strive to satisfy those needs better than the competition.

24
Q

What is a signature story?

A

Intriguing, authentic, involving narrative with a strong message that enhances a company’s brand, customer relationships, and/or business strategy

25
Q

Why is a signature story more compelling than advertising?

A
  • More memorable/impactful
  • Listeners are more attentive
  • More persuasive
  • Not suspicious
26
Q

What is Nordstrom’s signature story and what’s the moral of the story?

A
  • Customer had two flat tires and demanded a refund at Nordstrom
  • They gave it to him even though they never sold tires
  • Shows their generous return policy and that Nordstrom has our back
27
Q

Explain the role of a hero in a signature story.

A

To inspire employees and customers and advance strategic message

28
Q

How can you use social media to spread awareness of a signature story?

A
  • Generate companion stories (LL Bean)
  • Celebrate related events
  • Create regular viewers (will it blend)
  • Encourage related user-generated content
  • Launch clutter-breaking stories
29
Q

Cross-boundary disruption:

A

It is when a business giant goes into a stagnant market and dominates.

30
Q

How does cross-boundary disruption relate to creative destruction/marketing myopia?

A

It is creative destruction but in another industry. It happens when the disrupting business is not myopic but the industry is.

31
Q

What are 3 case examples of cross-boundary disruption?

A
  1. Apple’s entrance into the music industry
  2. Wal-Mart in-store health clinics
  3. GE getting into electric cars
32
Q

Marketing Mix

A

Product, Promotions, Pricing, & Placement (distribution)

Marketing Strategy (2 decks)

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