Exam. Flashcards
Why was Moro Gold successful?
Target correct segment: younger, female market with higher disposable income. Strong brand image Distribution strength: Strong ties Price premium Packaging
Why was Lewis Road Creamery successful?
Partnership with Whittakers Relied on three communication channels: 1. Public Relations 2. Social Media 3. Website Packaging was another key element Honest - credibility
What is the definition of Marketing?
Marketing is the activity, set of institutions, and processes for creating communicating, delivering, and exchanging offerings that have value for customers, clients and partners and society at large.
3 key points of the strategic marketing concept:
- Customers (customer orientation)
- Competitors
- Long-term relationships
The hierarchy of Strategies (Planning)
Corporate level plans
Strategic Business Unit (SBU) Level Plans - Portfolio Analysis
Functional level plans, e.g. marketing plans
Definition of sustainability
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Define Value Proposition
Value proposition is the core of your competitive advantage. It clearly articulates why someone would want to buy from your company instead of a competitor.
Continuous Innovation
Modification of an existing product. Sets one brand apart from the competition
Dynamically Continuous Innovations
A change in the existing product that requires a moderate amount of learning
Discontinuous innovations
A totally new product that creates major changes in the way we live
Brand Extension Advantages
Gives new product instant recognition Better acceptance Established brand values Reduces cost association with introduction Open distributions channels
Brand Extensions Disadvantages
Can confuse brand identity - dilute brand
Might harm core brand
5 Senses
Vision Smell Sound Taste Touch
Marketing Objective
Are expressed in measures that relate to the financial objectives and the organisation’s objectives. Specific Measurable Attainable Relevant Time bound (SMART).
Internet Marketing Benefits
Tangible Benefits
Increased sales from new sales leads giving rise to increased revenue from: New customers - New markets Existing customers (repeat-selling) Existing customers (cross-selling) Cost Reductions from: Customer Service Online Sales
Internet Marketing Benefits
Intangible Benefits
Corporate image communication Enhance brand image Improved customer service Meeting customer expectations Improved feedback
Bricks and Mortar definition
Refers to a retailer who sells goods/services through a physical store
E-tailer (CLICKS) definition
Refers to a retailer who sells goods/services online.
Single-channel retailing definition
Retailers sell to consumers via one touchpoint (one retail format)
Multi-channel retailing definition
Retailer sells to consumers through multiple retail formats (point of contact). Customers use these channels individually and retailers manage earth format separately
Omni-Channel retailing definition
A retailer sells to consumers seamlessly via multiple retail formats. Consumers experience a brand not a channel with a brand.
Intensive Distribution
As large a number of distribution points as possible
Selective distribution
A limited number of distribution points
Exclusive distribution
In a certain region only, or a single distributor
What’s the biggest mistake a retailer can make when it comes to ecommerce?
Too much focus on a shiny website but not enough on the fundamentals
What is Price Indifference Brand?
Setting prices more accurately through testing
What are 2 distribution objectives examples?
1) To have product x sold in x number of supermarkets in (particular city) by (time frame)
2) To deliver product to consumers in x number of days.
Pricing Option examples.
Cost-plus - add profit margin to operational costs
Target profit pricing - based on break even
Competition pricing
Market orientated - premium pricing, penetration pricing
What are the 6 key campaign planning issues?
Goal setting - SMART GOALS
Campaign insight
Segmentation and targeting
Budgeting and selecting the digital media mix
Offer and message development
Integration into overall media schedule or plan
What are the most common budgeting methods?
A percentage of sales method
Affordable method - what the company can afford
Competitive parity method
Objective and task method
