Exam 1 Flashcards
Its marketing’s job to make sure that consumers have a seamless experience with brands, products and services at all touch points - digital - analog - and personal
(True/False)
True
While the tactics used to execute marketing plans constantly evolve – for example, the emerging opportunities with digital marketing, artificial intelligence, social media, social influencers and mobile smartphone marketing are new tools still evolving – the strategies that lead to successful marketing plans have remained surprisingly consistent over time.
(True/False)
True
Futurists say as a rule of thumb, 65% of the jobs that will be available ten years from now haven’t been invented yet.
(True/False)
True
Great marketers develop and foster interaction with their customers wherever they are.
(True/False)
True
A brand story is a platform from which recognition, loyalty and revenue is driven. What are the core components of a brand?
Brand strategy
Brand positioning
Brand identity
The branding process starts with research among consumers and the marketplace, which leads to identifying the target consumer, then developing a differentiated brand positioning strategy.
(True/False)
True
Marketing is about understanding customers, understanding their lives, and understanding how your product or service can fit into their life to make their life better.
(True/False)
True
Market research tries to be objective to eliminate bias and give you a truthful snapshot of the marketplace and consumers.
(True/False)
True
Market research types
segmentation, concept testing, Qualitative research, online panel, quantitative research, secondary research, focus group, surveys, primary research, test market
segmentation
Determine demographic, psychographic, and behavioral characteristics
Concept testing
To test the acceptance of a new idea by target consumers.
Qualitative research
Research done on a few people
Online panel
Individuals who accepted to respond to market research online
Quantitative research
Research done on a large sample of people
Secondary research
Research someone else has already done
focus group
Gather a group of customers in a room and discuss marketing / marketplace issues
Surveys
Designed to develop quantitative, projectable data
primary research
Research developed and conducted by you
test market
A small-scale product launch
One of the best ways to develop competitive advantage is to cross-pollinate ideas you steal from other companies or categories and twist them into your own idea.
(True/False)
True
operating charter
This document to carefully construct a type of internal business government, complete with checks and balances.
corporate mission statement
Feel-good statements developed for public consumption.
working mission statement
They define “what you do” in a single crisp, clear and memorable sentence
elements of an operating charter
primary and secondary objectives, scope, aspirations, quantifiable measures of success, constraints
Al Ries and Jack Trout, in their Harvard Business Review article: POSITIONING: The battle for your mind, concluded that product superiority is all that that mattered, rather consumers’ perception of a given brand, that paved the road to success.
(True/False)
False
A brand is a customer’s experience living at the intersection of promise and expectation
(True/False)
True
branding
the act of managing consumers’ expectations to condition your target audience to see your offering as the only answer to a specific need.
Brands are built on trust, and trust is rooted in truth.
True/False
True
In a three-circle analysis, what is the name of the area where “What Your Brand Does Well” and “What the Consumer Wants”, called?
Winning Zone
Brand positioning
drives messaging
brand promis
drives actions
brand articulation
drives relevance
core values
drives focus
brand personality
drives relationships
target audience
those you desire to take action
marketing tactics
the actions you take to execute
marketing strategy
has a defined business goal, increased sales
brand strategy
defines the unique benefits your brand offers to the target audience
three parts of brand position statements
target audience
benefit
reason why
two areas that benefits fall into
psychological
functional
responsive choice
reacting to something we’ve heard or seen
reflexive choice
decisions are made without thinking
cognitive choice
we exert significant mental energy
