Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Year 1 Semester 2 > Marketing lec 6-10 > Flashcards

Marketing lec 6-10 Flashcards

1
Q

moving from products to brands

A

material utility/functional benefit vs symbol meaning/utility
brands as symbols
meaning from advertising/celebrity culture/popular culture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

marketing

A

adding, maintaining and enhancing symbolic meaning
turning products into brands
source of comp adv

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

brand

A

-set of differentiating promises link product to customer
-sum of experiences created between consumers & company or product
-curious mix of function & emotion
-instant communication of what takes times and effort to explain
face of business strategy

-only exist in minds of consumers
-powerful enough to influence perceptions and transform product usage experience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

importance of brands today

A

-permeates all aspects of all societies
-consumer perceive unique added values for brands to be relevant to lives
-brand signifies relationship
-add value in quality & emotional attachments they provide
-strong enough to influence taste perception (e.g. coke vs Pepsi)
-sufficiently important for backlash

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

9 aspects of a strong brand

A
  1. quality
  2. 1st in market
  3. unique positioning
  4. strong communication programme
  5. respect of/for consumers (other stakeholders)
  6. time and consistency
  7. authenticity
  8. respect env
  9. relationship with consumers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

3 benefits of brands to consumers

A
  1. image
  2. risk reduction
  3. information efficiency
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

image benefit of branding
4 things

A

idea-final value
self realisation
self representation
identification

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

risk reduction benefit of branding
3 elements

A

brand = reduce risk of making wrong decision
-safety
-continuity
-trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

info efficiency benefit of branding

A

facilitate info processing
1. provenance
2. orientation
3. interpretation
4. recognition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

brand equity

A

-aggregation of brand awareness and brand image
-differential effect that the brand name has on customer response to the product or its marketing
-can be positive and negative
e.g. Apple has high brand equity willing to pay more because it is apple
e.g. BP oil leak damage the brand equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

brand stretching

A

add it to your brand as you know your brand is so strong (brand/line extensions)
can create new products under the same brand because people know that brand
transfer the positive associations to the new products as well
e.g. Unilever and ben & Jerrys had to pay more for brand as it is well known

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

8 function of brands within companies

A

1-source of value
2-prefer strong = less risky
3-future profits, LT cash flows
4-differential adv between rivals
5-premium pricing (less price sensitive)
6-secure shelf space
7-source of loyalty, retention cheaper than acquire
8-brand stretching

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

building a brand

A

weak -> strong (trust increases)

risk reduction
differentiation
relevance
esteem
emotional bond

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

4 brand strategy decisions

A
  1. brand positioning (attribute/benefits/belief/value)
  2. brand name selection (protection)
  3. brand sponsorship (manufacturer/private/licensing/co branding)
  4. brand development (line ext/multi brand/new)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

3 positioning in branding

A
  1. brand identity
  2. brand image
  3. brand perceptions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

brand image

A

set of mental representations
cognitive and affective
person/group of persons hold towards brand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

brand image vs brand identity

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

brand identity

A

true self of brand
based on vision aim and nature
included in document - defined what must stay and what is free to change

visual brand identity: name, logo, font type, symbols, colour, shape, product benefit descriptions e.g. coke - always coloured vs L’Oreal = lots of variation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

brand identity prism

A

tool for analysing brand identities
looks at internal and external elements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

functional vs symbolic brands

A

symbolic - focus on quality & reliability, create strong emotional connection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

6 features of brand name

A
  1. easy recall
  2. consistent with positioning
  3. indicates benefits and characteristics
  4. distinctive
  5. meaningful
  6. protectable

-not already taken!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

brand sponsorship
4 things

A
  1. manufacturer brand (make product under own brand name)
  2. private brand (link to retailing
  3. licensing (produce something then buy rights to use someone else’s brand on it)
  4. co-branding (2 brands come together for 1 product)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

brand extensions

A

-use of establish brand names to enter new product categories/classes
-benefits of strong brand

types - vertical & horizontal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

types of brand extensions

A
  1. vertical (same category)
    -different price/quality point
  2. horizontal (different category)
    -existing introduces a new product in similar or completely new category

product category & brand name link
1. line extension
2. brand extension
3. multi brands
4. new brands

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

brand hijacking

A

brands can be hijacked e.g. Burberry being used by football hooligans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

anti brand activists

A

create vocal adversarial brand meaning
activists well organised entities raise consumer consciousness about excess and exploitations of corporate capitalism
creates a brand image that directly compete with corporate brand image

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

culture jamming/anti marketing

A

use advertising tools and techniques subversively to cast a critical light on marketing practices

target successful iconic brands - brands are considered corporate capitalisms most valued & vulnerable symbolic assets

antimarketers use guerrilla tactics to “uncool” iconic brands e.g. Starbucks - big bucks coffee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

unmanageable brands vs personal brands

A

owners vs users
what do consumers do with your brand
whose brand is it
where does the brand exist

personal - each of us is a brand, how are you perceived, employment traps

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

importance of brands

A

companies
-source of equity and value (balance sheet)
-build relationships with customers
-symbolic benefits difficult to copy

consumers
-image
-risk reduction
-info efficiency benefits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

brand strategy

A

involves decisions about positioning, naming, sponsorship, extensions

never full control over perceptions as brands exist in consumers minds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

product

A

quality, design, packaging, materials, features

tangible and intangible attributes related to physical goods and services ideas people places experiences and even a mix

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

3 product levels

A
  1. core
  2. embodied/actual
  3. augmented
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

core product

A

real core benefit/servvice
may be functional benefits(what product will do)
or emotional benefit (how product/service makes people feel)
e.g. kettle crisps
e.g. not actually buying laptop buying benefit that the laptop gives = need access to the internet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

embodied (Actual) product

A

consists of physical good or service that provides expected benefit
consists of many factors
e.g. feature/capabilities, durability, design, packaging, promotion, brand name

e.g. laptop

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

augmented product

A

consists of embodied product plus all other factors necessary to support purchase and any post purchase activities
e.g. credit and finance
training and delivery

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

5 key characteristics of a service

A
  1. intangibility
  2. perishability
  3. variability
  4. inseparability
  5. LACK OF OWNERSHIP
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

service

A

any act or performance offered by one party to another
essentially intangible

consumption of service doesnt result in transfer of ownership even though service process may be attached to physical product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

marketing mix service

A

another 3
people
process
physical evidence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

service innovation development
4 stages

A

stage 1- services used as aftersales product support
stage 2- aftersales services used to complement & upsell core product
stage 3- services & products used together to differentiate an offering & solve clients lifecycle problems
stage 4- services become fully integrated element in overall offering - servitization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

sevitization

A

as a service
refers to industries using their products to sell outcome as a service rather than 1 off sale
e.g. Netflix Spotify

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

why new products fail
12 reasons

A
  1. NPD too expensive
  2. design problems
  3. unexpected delays time to market = too long
  4. good idea but mkt overestimated
  5. insufficient demand
  6. not as well designed as should be - over designed
  7. incorrect positioning
  8. incorrect pricing
  9. comp fight back more aggressively than expected
  10. internal org factors (power/politics)
  11. poor marketing
  12. ignore/misread/poor market research findings
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

new product development funnel

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

technology adoption life cycle

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

improving new product success
4 ways

A
  1. good market understanding (customers/size/comp/distribution)
  2. well defined product concept (TM/product req/benefits)
  3. US promise/proposition (high quality, feature, better value in use, clear focus)
  4. good communication (consumer, sales force, trade)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

value of NPD test marketing

A

yes:
-less failure risk
-refinement of (product mix, promotion, price ,packaging)
-preview performance in mktplace

no:
-too many risk
-expensive
-unneccesary (if PD procedure is followed)
-invalid results
-alert comp (monitor and copy)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

product life cycle

A
47
Q

product life cycle in different field

A

example- polaroid camera

48
Q

customer co-creation

A

letting the customers decides the next flavour
e.g. Lays
lots of good PR and social media
and maarket testing
nothing stopping nonsense customer suggestions

49
Q

BCG matrix

A

cash cow - take money and invest in others
question mark - turn into star but high risk

50
Q

promotion

A

how will people discover our product

social media -> brand positioning
personal selling
public relations

51
Q

brand positioning with promotion

A

-where sending message
-what is the message (emotional/rational) (product level)
-how does it look/sound/feel like
-who is meant to see it
-when

52
Q

integrated marketing communication

A

consistent, clear, compelling company and brand messages
careful blend mix of promotion tools
1. advertising
2. sales promotion
3. direct marketing
4. public relations
5. personal selling

53
Q

linear model of communication

A

link between brand image and identity
communication process
sender -> message -> receiver

54
Q

AIDA model of communication

A

largely discredited, still most widely used advertising model
impact of promotional tools on consumer response

  1. attention (grasp)
  2. interest (from customer)
  3. desire (for product)
  4. action
55
Q

DRIP tasks of marketing communications

A

Differentiate - position, different to comp

Reinforce - remind/reassure of brand

Inform - aware of brand existence/relevance/attributes

Persuade - encourage customers to behave in particular way

56
Q

push marketing

A

promote product down marketing channel
e.g. focus on ensuring many retailers carry out products

often focused on B2B tactics e.g. personal selling and trade shows

e.g. Jon Deere

57
Q

pull marketing

A

promoting the product to end customers
idea is to have end customers demand retailers to carry your products

often focused on B2C tactics: advertising, digital mkting, retail promotions

e.g. Vanish

58
Q

when & how to communicate

A

message purpose -> message content

awareness -> info e.g. adv
familiarity -> more detail e.g. web
likability -> emotion e.g. social media
purchase -> specifics e.g. instore
aftersales -> reassurance e.g. direct

59
Q

cutting through the clutter

A

marketers = key task = get consumers attention

DRIP & AIDA all other models highlight importance of standing out and gaining attention
not only goal (attention needs to translate to other things - liking/purchase)
without attention = impossible to persuade consumers (research = strongly influenced by things not consciously aware of)

60
Q

personal selling

A

most interpersonal part of marketing mix

61
Q

sales management

A

war between sales and marketing
goal = build skilled & motivated sales team = help create customer value, engage customers and build strong customer relationships

62
Q

personal selling process

A

steps are transaction oriented aimed at closing specific sale with customer
in long run - single sale is only 1 element of long term customer relationship, selling steps must be understood in broader context of maintaining profitable customer relationships

63
Q

changing sales

A

buyers (even B2B) start their buying process online
-only contact sales person after already having done extensive research

Digital env allow for finding more qualified leads and focusing on selling solutions (SAVE)

64
Q

5 major advertising decisions

A
  1. obj setting
  2. budget decisions
  3. message decisions
  4. media decisions
  5. advertising evaluation
65
Q

advertising

A

job to help communicate brands value proposition to target customers
must blend well with other promotion and marketing mix decisions

66
Q

2 advertising appeals

A

depending on goal

  1. rational appeals (info, facts, functional benefits)
  2. emotional appeals (feelings based imagery, emotions, symbolic benefits)

e.g. ted baker jeans vs mcdonals ad

67
Q

3 controls of the media

A
  1. paid (print tv radio etc) strangers
  2. owned (brochure, retail stores, company websites) customers
  3. earned (word of mouth, Facebook) fans
68
Q

media types

A
69
Q

evaluating suitable media
4 ways

A

reach - % of people in TM exposed to campaign in time period

frequency - how many times exposed to message

impact - strong is message in this platform/believable/reliable

engagement - people actually paying attention to ad

70
Q

digital marketing & social media

A

search engine optimisation and search engine marketing - online qualification e.g. google

growth in influencer marketing - why influencer work with you, authenticity increasingly important, disclosure mandates more and more common (AI?)

71
Q

word of mouth

A

consumers telling each other about products & brands they use
highly influenced by recommendations (trustworthy)
branding focus a lot on increasing WOM
-influencer marketing
-hastags
-user generated content
-reviews
-referral programmes

positive or negative
e.g. guitar on the plane example

72
Q

future of promotion

A

change in platforms - global

73
Q

trends in promotion

A

not about who yells louder but finding Target customer when facing dilemma or need

-more date = more specific targeting
(crucial as clutter continues to increase, algorithms and AI can make managing budgets of social media campaigns more efficient

empowered consumers (demands for responsible practices, building trust, engagement and participation is crucial)

74
Q

promotion summary

A

includes - key to be consistent and clear
(advertising, personal selling, public relations, social media channels)

goals - differentiation, reinforcement, informing, persuading

decisions - objectives and budget content and media

different approaches and tactics for different situations e.g purchase funnel

75
Q

place

A

how/where do people purchase product
website, marketplace, retail, wholesale, resellers

where and how customers get access to your product
significant impact on ease of access, brand experience & perceptions and choice of product

76
Q

brand positioning place

A

sell direct or part of marketing channel
sell through retailers (what is perception of their brand)
website work and looks
who delivers products how is delivery company seen matching your values

e.g. selling in an open car space or in a indoor “luxury” car hall (Tesla)

77
Q

marketing channel

A

or distribution channel
set of independent orgs that help make product or service available for use/consumption by consumer/business user
chain before reach customer

78
Q

2 types of marketing channels

A

Direct = producer -> end user

indirect = uses wholesaler and retailer

different kinds of distribution strategies
have an impact on cost control and adaptability

79
Q

4 steps to developing a channel strategy

A
  1. customer wants and needs
  2. set channel obj
  3. identify major channel alternatives
  4. evaluate alternatives
80
Q

3 pros and cons of channel strategies

A
  1. control (highest control with direct distribution, lowest with inclusive strategy)
  2. economic issues (direct = very expensive, indirect move cost and risk towards reseller)
  3. adaptability (channel partnership may be LT. channel structure less flexible)
81
Q

retailer & types

A

firm primarily focused on selling to end users (consumers)

82
Q

wholesaler

A

firm primarily focused on selling to re-sellers or business users

83
Q

omnichannel retailing

A

view experience through eyes of customer
orchestrating customer experience across all channels
seamless integrated and consistent

anticipates customers may start in 1 channel and move to another as progress to a resolution

complex “hand offs” = must be fluid for customer

multi channel done right !!!

e.g. Disney land (website =digital kind of system that support online experience check map with rides and pre order foods etc)

84
Q

multichannel

A

operational view
how you allow customer to complete transactions in each channel

85
Q

web rooming and showrooming

A

web - do online research first e.g. buying a car

show - going into store and buying online cheaper somewhere else e.g amazon

86
Q

why omni channel

A

consumers use multiple channels during shopping journey
more channels customers use, more valuable they are (increased spending & higher loyalty)
people dont tend to buy in 1 channel - need to make sure getting same info throughout
more touchpoint = easer to create connection with brand = spending and loyalty

87
Q

shopper marketing - retailer marketing decisions

A

similar 4Ps - somewhat different perspectives

retail strategy -> retail marketing mix

88
Q

shopper marketing examples

A

all about the experience? offline stores offer some experiences difficult to replicate online e.g. Lush - activate all senses (sensory marketing) or relaxing atmosphere

e.g. IKEA - promotes impulse buying (layout), touching & testing products = increase feelings of ownership
Ikea effect - building items ourselves makes us like them more

89
Q

price

A

value and price of product
strategy, list price, determinants etc

amount of money req/given in exchange
unwelcome experience/action/penalty
action of deciding amount required in payment
action of establishing amount required to purchase

not same as cost of value

look into costs, comp prices , customer value

90
Q

brand positioning for price

A

high or low
price - quality associations
luxury branding
price relative to competitors
frequent or infrequent discounting

91
Q

how to price a product

A

min - price of product should cover its costs

max - consumers willing to pay the price

92
Q

price demand curves

A
93
Q

4 functions of price

A
  1. bring in revenue - capture value in return
  2. competitive tool - general pricing strategies
  3. strategic planning tool - new product pricing
  4. signal e.g. towards consumers - psychological pricing
94
Q

2 factors affecting price

A

both internal and external factors affect pricing decisions

95
Q

9 issues affecting pricing

A
  1. org & mkting obj
  2. pricing obj
  3. costs
  4. marketing mix variables
  5. customer value
  6. legal/regulatory issues
  7. competition
  8. buyers perceptions
  9. channel member expectations
96
Q

generic pricing approaches

A
  1. cost based (production/selling approach)
  2. value based (marketing approach)
  3. competitor based (market approach)
97
Q

pricing trade offs

A

low price:
-happy customers = sales
-no promotion money
-no profit
-cheap product perception

high price:
-no customers
-retailer give shelf space
-better perception
-high price than comp
-money for R&D

98
Q

new proposition pricing strategy

A
99
Q

new product pricing methods

A

price skimming
penetration pricing

100
Q

price skimming adv & dis

A

adv:
-recover R&D costs quickly
-quick cf
-high price may signify high quality

dis:
-MS growth is slow
-profits may attract comp

101
Q

penetration pricing

A

adv:
build MS (mkt penetration)
EOS
discourage comp
stimulate brand loyalty

dis:
longer time to recover costs
possible cf problem

102
Q

psychological pricing

A

influences consumers
price = assume certain level of quality

healthy = expensive

99p pricing

compromise effect = offer 3 options increase choice of middle option

103
Q

pricing strategies/approaches

A

premium
freemium (use for free with limitations e.g. Spotify premium)
penetration
skimming
competition
product line
bundle (sell 2 products but total is cheaper that buying separate)
psychological
captive product pricing -gillette handle = low price but razors are expensive

choosing the right one depends on 3Cs
choice influences revenue but also customer perceptions (positioning)

104
Q

sustainable marketing

A

extending the marketing concept
meeting current needs in a way that preserves the rights and options of future generations of consumers and businesses

105
Q

marketing concept

A

meeting current needs of both customers and company
sometimes mean compromising the future of both

106
Q

10 criticisms of marketing

A
  1. higher prices
  2. deceptive practices
  3. high pressure selling
  4. low quality/function
  5. planned obsolescence
  6. poor service to disadvantaged customers
  7. false wants and materialism (actual self vs ideal self)
  8. related social costs
  9. cultual pollution
  10. unfair competition
107
Q

examples of marketing

A

e.g. alcohol free beer

e.g. deceptive marketing - e.g vitamin waters

e.g. planned obsolescence - H&M bring your clothes for them to recycle

e.g. vulnerable consumers - food desserts

108
Q

responding to marketing criticisms

A
  • important to acknowledge the criticism (caused nay marketing or marketing reacting to consumer wants)
  • cause and effect might not matter (marketing might offer solutions too)
109
Q

cause marketing

A

linking your brand to a social cause of some kind, often through partnership with non profit organisation

110
Q

social marketing

A

use commercial marketing principles and techniques to advance a social cause and influence target audience behaviours to improve lives or society

111
Q

nudging

A

not pricing
but help people make better decisions/choices
e.g. healthier foods/exercise more or file taxes on time
driving positive behaviour change
change something in choice env so more likely people chose something helpful

111
Q

sustainable product development

A

goal = make desirable products = create both immediate customer satisfaction and long run benefits

salutary products = dont like now but good in long run

112
Q

why should a marketer care about societal impact

A
  1. right thing to do
  2. increasing trends and consumer attention towards sustainability & responsible business (branding question)
  3. many societal actions shwon to have positive effect on profits
  4. help build a strong brand and connection with customers e.g. Dove/Patagonia

Year 1 Semester 2 (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions