MKTG Management Exam 1 Flashcards
Understand how to make a concise request:
We both agree that parking on campus is a nightmare.
This is important because both students and teachers need to have a space for their car when on campus.
Therefore, we should build another parking garage.
Understand company phases and focus because they still exist:
(3P S/M)
Pre-industrial: Comes by hand.
Production: Focusing on the production itself, “Low-cost for quality.”
Product: “Focus on the product. Creating a better mousetrap.”
Selling: “Focus on the selling. Just need to sell harder.”
Marketing: “Focus on what the consumer wants, marketing itself.”
Understand how Customer Insight turns into communication.
- Assume the ad has been professionally produced to capture the consumer insight
- Assume the ad has been professionally produced with knowledge of ad effectiveness measures
- Attention, Persuasion, Brand Recall are not the only measures - but they are a reasonable way to start the conversation
- If you see other tactics that could drive effectiveness, note them and bring them up using professional marketing language
Understand Communication Effectiveness, the 3 measurements. (PBR)
Attention, Persuasion, Brand Recall.
1: What are they trying to convince us to do?
2: Why should we do that?
3: How do we know this is what they want us to do?
Understand the unforgiving nature of retail.
Shoppers have 3 budgets. Money, time, and frustration.
Most shoppers are primarily orientated towards de-selection. They want a specific item, and often get rid of other selections immediately open entering a store.
Therefore: The unforgiving nature of retail is that capturing shopper engagement can be challenging, because you must cater towards their need, while effectively providing value based on their classification.
Understand competitive product fights. If I show you a product and ask you the 3 replacement questions, be able to explain it.
1: What are you replacing?
2: Why are you better?
3: Why is that your price?
Understand how a product turns into a brand. Know what the brand is between a person who knows what they want, and “it”
A product turns into a brand when consumers begin to have conditioned trust.
- Consumers know what they want.
- Consumer Insights figures it what “it” is
- Product R&D makes “it”
- Sales figures out how to sell “it” within the existing market
- Marketing prepares immediate communications for “it”
- Marketers use scientific techniques to bring the “joy of ownership” forward. As long as the the product experience matches the expectations set by the brand, the consumer is satisfied, learns of a dependable solution, develops habits, stops worrying about this purchase…. learns to trust.
I may ask you the order or what value is created from each of the 5 company phases.
Pre-Industrial: By hand
Production: Value from Mechanization.
Product: Value from product quality.
Selling: Value from distribution.
Marketing: Value from emotions
Know the 4 steps of classical conditioning / Pavlov’s dog.
1: Before conditioning, you take a unconditioned stimulus and response.
2: Before conditioning, You take something that has a neutral stimulus, or no connection to a response.
3: During Conditioning, you associate those two items together to mean the same thing.
4: After conditioning, the two items or products now generate the same reaction, causing a conditioned response.
Understand how low cost of goods needs to be. What is cogs? Cogs is usually 20% of retail price.
Cost of goods is about 20% of your retail price.
Cogs is any finished goods on a pallet at the back of the factory.
The other 80% is mostly shipping, handling, Marketing, advertising, sales, etc.
Understand the 5c’s
Company, Customers, Collaboraters, Competitors, Context.
Understand the 3 C’s (OVP)
1: Company Value,
2: Customer Value
3: Collaborator Value.
(OVP is about what you and your team will do.)
Understand the 2Q’s
1: What market?
A: Defines geography,
retail format, and
competition.
B: Allows research and a testable hypothesis.
2: What supplier?
A: Make vs Buy
B: MOATS. What’s the true financial value of patents, trademarks, brands, exclusitivity, etc.
Understand the 7t’s
(PSBPI)
(CD)
Designing Value:
1: Product
7: Service
3: Brand
2: Price
6: Incentives
4: Communication
5: Distribution
Know the 5 parts that make up context.
(STREP)
1: Sociocultural - Emotional demographics, values, lifestyle.
2: Technological - New technology, skills, delivering and communicating.
3: Regulatory: - Laws, Taxes, tariffs, etc.
4: Economic - Interest, inflation, etc.
5: Physical - Natural resources, geography, weather, etc.
