Final Autumn 2017, questions and answers PDF

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Intro to Marketing Final → Online Review Opens: Thursday, December 14th @ 7 am December 11, 2017 3 hours to take 65 questions Due : Friday, December 15th by 6pm Marketing: Marketing is satisfying customers needs. The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Snapchat Essay Question: 15 pts You will be asked to choose a SnapChat ad that has been served to you and report on the marketing message and why it resonated with you.

Echo has been on snap a lot lately. Showing the controls and all its capabilities. Showing how it can be used in real life situations. The marketing message would be: to buy the amazon echo because it can be so helpful with everyday tasks. The ads market how useful this is. How many ways you can use the echo. And even sometimes comparing it to the google’s version. ________________________________________________________________________ Key Definitions: Mission Statement What a company strives to do. Their goals , their mission. How they plan to go about their mission and what type of message they want to send out to their audience. Family Life Cycle Trademark - usually something a company/product is known by. is a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks. Pareto Principal - 80-20 rule. 80% of output comes from 20% consumers Ephemeral (FOMO) - Fear Of Missing Out Content that is short and simple and straight to the point. Snapchat’s story format, which instragram later adapted. It is easier to digest and appeals to consumers because they know it won’t be around forever. (stories that are only available to view for a day or certain amount of time, so people feel that they have to check it because if not, they may miss out on something.) GSK Bar Codes -

Intro to Marketing Final → Online Opens: Thursday, December 14th @ 7 am 3 hours to take 65 questions Due : Friday, December 15th by 6pm

Station Domination - enables advertisers to display messages on every media space

within a transit station to create a full brand environment. Ethics - Which companies market their goods and services by focusing not only on how their products benefit customers, but also how they benefit socially responsible or environmental causes. - Ethical marketing isn’t a strategy; it’s a philosophy. Includes everything from ensuring advertisements are honest and trustworthy, to build strong relationships with consumers through a set of shared values. Patent - a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention. Copyright - legally owning a phrase, a word, an original image, a brand name, etc. the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same. Needs - Difference between actual and desired state - Can by physiological or psychological Wants - Desire to satisfy a need in a particular way - Influenced by history, past experience, and culture Benefits - Consumer received benefit when need satisfied. Demand - Customers’ desires for products coupled with the resources needed to obtain them.

SEO - Search engine optimization - Search engine optimization is the process of affecting the online visibility of a website or a web page in a web search engine's unpaid results—often referred to as "natural", "organic", or "earned" results. SEM - search engine marketing - Search engine marketing is a form of Internet marketing that involves the promotion of websites by increasing their visibility in search engine results pages primarily through paid advertising. CPC - cost per click Click Bait - Clickbait is a pejorative term for web content whose main goal is to get users to click on a link to go to a certain webpage. Clickbait headlines typically aim to

Intro to Marketing Final → Online Opens: Thursday, December 14th @ 7 am 3 hours to take 65 questions Due : Friday, December 15th by 6pm

exploit the "curiosity gap", providing just enough information to make readers curious, but not enough to satisfy their curiosity without clicking through to the linked Product Review Sites Product/Price/Placement/Promotion ____________________________________________________________________ Examples of Strategic Business Units: Gap, banana republic, baby gap, old navy SWOT Analysis: Strengths. Weaknesses. Opportunities. Threats. Three Layers of a Product: 1. Core - physical good or delivered service that supplies the desired benefits. Thus the core product includes specific features associated with the physical product, its appearance, the brand or its package. 2. Actual - features, package, brand, quality, appearance 3. Augmented - warranty, repair/maintenance, installation, delivery, credit, product use instructions.

Examples of Innovation: Dynamically continuous, continuous, and discontinuous.

Dynamically Continuous Innovation: Pronounced modification to an existing product. Moderate learning or behavior modification needed. Convergence products (when teo technology come together to create more than sum of it's part) ex. Continuous Innovation: is more than just incremental changes. It relates to the ongoing, gradual evolution that occurs in our activities, operations, and creations. Discontinuous Innovation:(also known as "radical", "GameChanger ™", or "disruptive") innovations create such dramatic change that they transform existing industries or create new ones.

Examples of Branding Co Branding - licensing Individual brands vs family brands. Co branding - two brands combine to create a new product. - Provides greater recognition or other strengths than either could have achieved alone. - Ingredient branding is increasing Licensing - one firm sells the right to another to use a legally protected brand name for a specific purpose and for a specific period of time.

Intro to Marketing Final → Online Opens: Thursday, December 14th @ 7 am 3 hours to take 65 questions Due : Friday, December 15th by 6pm

Healthcare Advertising Services 80% of jobs in country Public Service Announcements - pro bono Usually done when it is an important message. No one is paying for it to go up. However, it is something that they feel should be announced. Consumer behavior decision making process steps The process we use to select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy needs/desires. 1. Problem recognition - occurs when a consumer sees a significant difference between his current state and some desired IDEAL state. 2. Information search - research! Behavior targeting: smartphones, Geo fencing, S.E.O ...Cookies 3. Evaluation of alternatives - every decision is driven by personal choice… price, social ramifications, comfort 4. Product choice - Heuristics: problem solving by Trial and Error Mental rule of thumb that leads to a speedy decision by simplifying the process. Price = Quality, Habitual Decision, Known brand 5. Post Purchase evaluation - customer satisfaction, Did the product meet your expectations. Factors that influence consumer behavior: - Internal - perception, motivation, learning, attitudes, personality, age group, lifestyle - Situational - Physical environment - Social - culture, social class, group memberships, opinion leaders, gender roles New product development steps 1. Idea Generation - find an interactive way to share information with consumers seamlessly in their homes. 2. Product-Concept Development and Screening - product ideas are tested for technical and commercial success. 3. Marketing Strategy Development - developing a strategy to introduce the product to the marketplace. 4. Business Analysis 5. Technical Development 6. Test Marketing 7. Commercialization Marketing Strategy 1. Identify TARGET AUDIENCE

Intro to Marketing Final → Online Opens: Thursday, December 14th @ 7 am 3 hours to take 65 questions Due : Friday, December 15th by 6pm

2. Estimate SIZE of audience and potential sales 3. Determine how to POSITION the product 4. Establish PRICE, DISTRIBUTION, and PROMOTION Marketing elements of Snapchat

Production Adoption Pyramid

Categories of adopters - Innovators - risk takers, young, adventurous - Early Adopters - concerned about peers - Early majority - cautious middle class consumers - Late majority - older consumers, lower level of education and $, risk averse - Laggards - tradition bount - only change if no alternative Intangible services Services are intangible products that we pay for and use but never own.

Intro to Marketing Final → Online Opens: Thursday, December 14th @ 7 am 3 hours to take 65 questions Due : Friday, December 15th by 6pm

AB in Bev

Word of Mouth People hearing about a product or use it and then tell the people they know, sharing their experience along with the product and some information. New York Times - Google Benefit of social media

_ _ _ _ _ _ __ _ _ _ _ _ __ _ _ _ _ _ __ _ _ _ _ _ __ _ _ _ _ _ __ _ _ _ _ _ __ _ _ _ _ _ __ __ _ _ _ _ __ _ _ _ _ __ _ _ _ _ _ _ __ _ _ _ _ _ _ T o p i c st or e v i e w: Br a n d s : Co c aCo l a Mo vi eTa v e r n-d i n ei nt he a t e r Di s ne y Eas t e r nSt a t ePe ni t e nt i a r y -t o u r sa n dt e r r o rb e h i n dt h ewa l l s . Dunki nDo nut T e r mst oUnd e r s t a n d Mi s s i o nSt at e me nt -af o r ma ld o c u me n tt ha td e s c r i b e st hefir m’ so v e r a l lpu r po s ea nd wh a ti th op e st oa c h i e v ei nt e r mso fi t sc u s t o me r s ,pr o du c t s ,a n dr e s o ur c e s . SWOTAna l y s i s-( S) s t r e n gt h( W) we a kn e s s( O) op p o r t u n i t i e s( T) t h r e a t s Pr o duc tCa t e g o r i e s Et hi c a lRul e so fConduc t Wo r l dTr ade-r e f e r st ot h eflo wo fg o o d sa n ds e r v i c e sa mo n gd i ffe r e n tc o u n t r i e s .No ta l l c o u nt r i e sp a r t i c i p a t e ,r e q u i r e sfle xi b i l i t yi no r d e rt os e r v en e e d so fr e mo t ema r k e t s c o u nt e r t r a d e . Fa c t o r si nflu e n c i n g“ Go ”o r“ NoGo ”De c i s i o nt og oGl ob a l : De ma ndCo ndi t i o ns :d o me s t i cd e ma n dd e c l i ni n gwh i l ef o r e i g nd e ma n di si n c r e a s i n g . Co mpe t i t i v eAdv a nt a g e :wi l lwh a tma d et h ec o mp a n ys u c c e s s f u ld o me s t i c a l l yt r a n s l a t ei nt oa n e wf o r e i g nma r k e t ?

Intro to Marketing Final → Online Opens: Thursday, December 14th @ 7 am 3 hours to take 65 questions Due : Friday, December 15th by 6pm

TheFo ur“ Ps ”o fMa r ke t i ng-Pr i c e , Pr o du c t , Pl a c e( d i s t r i b u t i o n ) ,a n dPr o mo t i o n . Pr o d uc ts t r a t e gye l e me n t si n c l u d ed e s i g na n dp a c k a gi n g ;t h ep h y s i c a lf e a t ur e s . Pr i c ei st h e c a l c u l a t e da s s i g nme n tv a l u e . Pl a c ei st h es u p pl yc h a i n . Pr o mo t i o ni sa l la c t i v i t i e si tt a k e st o i n f o r mt h ec o ns u me r( a d v e r t i s i n g ) . Bea b l et oDe fi ne : De fini t i ono fMa r ke t i ng-ma r k e t i n gi st a r g e t i n g&r e s e a r c h( i t ' sa l la b o u tt h eb r a nd ) . s a t i s fie sc us t o me r sn e e d s . Thepr oc e s sbywhi c hc o mpa ni e sc r e a t ev a l uef o rc us t o me r sa nd a pt ur eva l uef r o mc us t o me r si nr e t ur n. bui l ds t r o ngc us t o me rr e l a t i o ns hi psi no r de rt oc Ne e ds -d i ffe r e n c ebe t we e na c t u a la n dde s i r e ds t a t e( c a nb yp h y s i o l og i c a lo r p s y c h o l o gi c a l )( p h y s i c a la n ds o c i a l )* wh e nag a pe xi s t s-t h e r ei saNEED* Wa nt s -wh a to n ede s i r e s , b u tn o tan e c e s s i t y .§De s i r et os a t i s f yane e di nap a r t i c u l a rwa y §I nflu e n c e db yh i s t o r y ,p a s te x p e r i e nc e ,a n dc u l t u r e( c u l t u r e , i n d i v i d u a l , c a nb ema ni p u l a t e d ) Be ne fit s-§ Val ue !Co ns u me rr e c e i v e db e n e fitwh e nn e e ds a t i s fie d De ma nds-c u s t o me r s ’d e s i r e sf o rp r o d u c t sc o u p l e dwi t hr e s o u r c e sn e e d e dt oo b t a i n t h e m. ( wa n t sb a c ke db yBu y i n gPo we r ) BRI CCo unt r i e s -f a s t e s tg r o wi n gc o u n t r i e s( i e :b r a z i l , r us s i a )4 0% o ft h ewo r l d p o p u l a t i o n .

Ex t r a : Co ns ume rgo o dsa nds e r vi c e s :s e r v i c e sa r ei n t a n g i b l ep r o d u c t st h a twep a yf o ra n du s eb u t n e v e ro wn.Go o d sa r ei t e mst h a ta r ep u r c h a s e df o rp e r s on a la n d / o rf a mi l yu s e . No t f o r pr o fitma r ke t i ng :mus e u ms ,z o o s , c h u r c h e sa n do r g a n i z a t i o nss u c ha st heYMCA. Th e f e e sc h a r g e da r eus e dt oo ffs e tc o s t sr a t h e rt h a nap r ofit . TheEc o no mi cEnvi r o nme nt :Le v e l so fDe v e l o pme nt : Le a s tDe v e l o p e dCo u n t r y( LDC) -e c o n o mi cb a s ei so f t e na g r i c u l t ur e . De v e l o p i n gCou n t r i e s -e c o n o mys h i f t se mp h a s i sf r o ma gr i c u l t ur et oi n d u s t r y . De v e l o p e dCo u n t r i e s -o ffe rwi der a n g eo fo p p or t u n i t i e sf o ri nt e r n a t i o na lma r k e t e r s . Bus i ne s sPl a nni ng :o n g o i n gpr o c e s so fma ki n gd e c i s i o n st h a tg u i d e st h efir m bo t hi nt h es h o r t t e r ma n df o rt h el o n gt e r m.( i d e n t i fie s / b u i l d so nfir m' ss t r e n g t h s , h e l p sma n a g e r sma k ei n f o r me d d e c i s i on s ,a n dd e v e l o p so b j e c t i v e sb e f o r ea c t i oni st a k e n . )

Intro to Marketing Final → Online Opens: Thursday, December 14th @ 7 am 3 hours to take 65 questions Due : Friday, December 15th by 6pm

Func t i o na lPl anni ng :a c c o mp l i s h e db yv a r i o u sf u n c t i o n a la r e a soffir m, s u c ha sma r k e t i n g . ( t y pi c a l l yi nc l ud e s :ab r oa dt hr e et ofiv ey e a rp l a nt os u p p o r tt hes t r a t e g i cp l a na n dad e t a i l e d a n n ua lp l a n . ) S t r a t e gi c , f u n c t i on a la n do p e r a t i o n alp l a n smus two r kt o g e t he rt obe n e fi tt h ewh o l efi r m. ( k e e p t h ebi gp i c t u r ei nmi ndwh e np l a nn i n g . ) Si t ua t i o na lAna l ys i s :Ex a mi n et h eI n t e r n a lEn v i r o n me n t( c o n t r o l l a b l ee l e me n t s ) :s a l a r yo fs t a ff, u n i q u ep r o d u c t , p a t e n t sh e l d ,r e l a t i o n s hi p swi t hs upp l i e r s . Ex p l or eExt e r na lEn v i r o n me n t( e l e me n t sOUTSI DEt h efir m):e c o no my , c o mp e t i t i o n , t e c h n ol o g y ,l a w,e t h i c s , we a t he r . Or g a ni z at i o na lo rSBUObj e c t i v e s :SBU=St r a t e g i cBu s i n e s sUn i t s-c o mp a n i e swi t h i n c o mp a n i e s …. e x :Ga p-o l dn a v y , b a n a nar e p u b l i c , a n dg a p....