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MKT 300 Exam 3
| Question | Answer |
|---|---|
| A name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. | Brand |
| are a promise to deliver specific benefits associated with products or services to consumers. | Brands |
| Brand Elements | Slogans, Brand names, Websites, Characters, Color scheme, Logos |
| is the marketing and financial value associated with a brand’s strength. The major components include brand name awareness, brand loyalty, perceived brand quality, and brand associations. | Brand equity |
| A Strong Brand occupies | a distinct position in consumer’s minds based on relevant benefits and creates an emotional connection between businesses and consumers |
| Brand Equity is | Indicative of “strength” of brand and brand “fit” with consumers; Can be so strong that brand name becomes the category name |
| Brand Benefits To Consumers | Search cost reducer Signal of quality Risk reducer Symbolic device |
| Can be so strong that brand name becomes the category name is | Master Brand |
| Brand Benefits To Companies | Source of competitive advantage Predictability and security of demand Barriers to entry Financial returns |
| How can we measure this intangible value? | If Market value /tangible assets>1, then we’ve created intangible value |
| Top of the Aaker’s five levels of customer attitude toward a brand of brand equity | Devoted to Brand |
| Brand Asset Valuator (BAV) | Differentiation Relevance Esteem Knowledge D.R.E.K |
| Interbrand’s Brand Equity Formula | Brand Earnings & Brand Strength (top two strengths are Geographic spread and Leadership) |
| Building Strong Brands start with | positioning |
| Building Strong Brands | Provide Identity Project the Right Message Saves Time |
| Building Strong Brand pyramid | Attributes-Benefits-Values(from low to high) Higher Emotional Connection with Consumers, Increasing Difficult for competitors to copy Positioning |
| salient and feeling-related associations | Brand image |
| traits or characteristics ascribed by consumers to different brands | Brand personality |
| Carl Jung suggested that humans are not a “blank slate” but rather a combination of archetypes; “universal, archaic patterns and images that derive from the collective unconscious and are the psychic counterpart of instinct” | Brand Archetypes |
| Can package size accelerate usage volume? | People pour from 15%-40% from large vs. small containers |
| Package Shape | People perceive tall, slender glasses to hold more than short,wide glasses |
| Functions of Packaging | Contain and Protect Promote Facilitate Storage, Use, and Convenience Facilitate Recycling |
| reason why you buy, This is the need that the product fulfills | core product |
| Bonus, not necessary but makes it nicer, All of the extra features of the product that might not be necessary for the product to work, but that can enhance the experience | augmented product |
| Improvement but still in the same category.ex. new colors. Deeping the line | Line Extension , |
| Current brand to new product class, new category, Widening the Mix | Brand Extensions , |
| Successful new products: | Offer a strong relative advantage; Reflect better understanding of customer needs stronger top management launched with larger budgets higher performance-to-cost ratios and higher contribution margins |
| Importance to long-term success: | Strong correlation between new product success and a company’s profitability and sales growth |
| Industry leaders obtain of ______% revenues from products developed in the last 5 years | 49 % |
| Least successful companies:of _____% revenues from products developed in the last 5 years | 11 % |
| The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation. | Test Marketing |
| New Product Failure is Rampant: | 95% of new U.S. consumer products 90% of new European consumer products |
| Why New Products Fail | No discernible benefits Poor match between features and customer desires Overestimation of market size Incorrect positioning Price too high or too low Inadequate distribution Poor promotion Inferior product |
| The process by which the acceptance of an innovation is spread by communication to members of social system over a period of time. | Diffusion |
| The stages through which an individual consumer passes in arriving at a decision to try (or not to try), to continue using (or discontinue using) a new product. | Adoption |
| The five stages of the traditional adoption process are | awareness, interest, evaluation, trial, and adoption |
| Factors that Influence the Rate of Diffusion | 1. Relative advantage. 2. complexity 3. compatibility 4. trialability. 5. observability |
| Tangible , and must be there for the product | actual product |
| Invention first ever form, new to the world, changes behavior most | Discontinues |
| a new category within something already existed. Like tablet--slightly different from laptop, and online education | Dynamically continues |
| small incremental, change least behavior, very little change | Continues |
| You can buy it everywhere | convenience products |
| you cannot buy it everywhere but multiple locations. Like buy car in Toyota dealership. | shopping products |
| only one option | specialty products |
| Never pick unsought products! | OK |
| new product is perceived as superior to existing substitutes | Relative advantage |
| degree of difficulty to use/understand – the easier to use, the easier to adopt | Complexity |
| matches consumer needs | Compatibility |
| degree to which product is capable of being tried on a limited basis; leads to product loyalty | Trialability |
| product’s benefits, attributes can be seen by others, imagined, or described | Observability |
| D.R.E.K are | Differentiation, Relevance, Esteem, Knowledge |
| Multiplicative is related to | Brand Asset Valuation |
| In BAV, if one of D.R.E.K is zero, then result equals | equals zero |
| start to make money is in | Growth stage |
| Decreasing in increasing rate is in | Decline stage |
| Fad product life cycles means: | be popular for only 10 seconds |
| Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything | Services Marketing |
| In fact. . .all businesses are becoming | service businesses |
| Why do firms focus on Services? | Customer satisfaction and loyalty are driven by service excellence Services provide higher profit margins than products Services can be used as a differentiation strategy in competitive markets |
| Adding service aspects to a product often transforms the product from a commodity into a | compelling experience |
| You can't evaluate services, you can't sense it | Intangibility |
| It makes it impossible for a service operation to achieve 100 percent perfect quality on an ongoing basis | Variability |
| you must be there to have the service, simultaneous | Inseparability |
| capacity restraint, and capacity cannot be stored for the future | Perishability |
| perform promised service dependably and accurately, he can fix the problem | Reliability |
| willingness to help customers and provide prompt, timely service, say two days, do two days | Responsiveness |
| employees must be knowledgeable, courteous, convey trust and confidence, you can believe this person | Assurance |
| caring, individualized attention, treat customer like a person | Empathy |
| appearance of physical facilities, equipment, personnel, communication material, like decoration in the five star hotel room | Tangibles |
| If expectations do not equal experience, | a gap exists, can be positive or negative |
| Only select Gap 1 or Gap 5 in exam! | OK |
| The gap between Expected Service and Perceived Service, after the service taking place, I as a customer expect this, I get this | Gap 5: service gap |
| The gap between Management Perception and Expected Service. Before the service taking place, I as a customer don't know what the service will be | Gap 1: Knowledge gap |
| 4 P’s | product, price, place, promotion |
| 7 P's | 4 P’s + people, process+physical evidence |
| refers to the use of physical evidence to design service environments | servicescape |
| The actual or “tangible” product is missing as services are intangible. what two aspects remain | core and augmented |
| Physical changes down to you, like transportation services, health clubs | People processing |
| performances services to the thing I own, like lawn or car repairs | Possession processing |
| seat inside the door to see people perform, you are just experiencing it, like watching movie | Metal stimulus processing |
| paying for knowledge, like accounting, training, financial services | Information processing |
| Promotion Strategy | Stressing tangible clues (make service more tangible) Using personal information sources (celebrity endorsements) Create a strong organizational image Engage in post purchase communication (call to make sure your service was satisfactory) |
| the encapsulation of these benefits in the consumer’s mind | The benefit concept |
| Creating Compelling Experiences is | Economic value progresses from commodities to goods to services to experience |
| Internal Marketing (employees as customers) | Facilitating Promises |
| External Marketing (company to customers) | Making Promises |
| Interactive Marketing (employees to customers) | Keeping Promises |
| A group of individuals and organizations directing the flow of products from producers to customers | Marketing Channel |
| Activities involved in making products available to customers when and where they want to purchase them. | Distribution |
| The element that you cannot control in the market, like size of market, Geographic location | Market Factors |
| All elements of the products, like product life cycle, price | product factors |
| Number of product lines, Producer resources | producer factors |
| Factors Affecting Channel Choice | market factors, product factors, producer factors |
| Your products can buy everywhere | intensive distribution |
| Your products can buy multiple options, not everywhere, for shopping products | selective distribution |
| only one option, for expensive, high-quality products purchased infrequently | exclusive distribution |
| Advertising and promotional strategies geared toward your distribution partners to encourage them to promote your product | Push Strategy |
| Levels of Distribution Intensity | intensive distribution, selective distribution, exclusive distribution |
| Advertising and promotional strategies geared toward consumer to increase desire for the product | Pull Strategy |
| Push Strategy is for | B2B |
| Pull Strategy is for | B2C |
| All the activities involved in selling goods directly to the final consumer for their use | Retailing |
| Connected customers can shop for/purchase the same items across different channels | Omni-channel retailing |
| Direct Retailers sell products: | Door-to-Door, Office-to-Office, Home Sales Parties |
| Types of Direct Marketing: | Direct Mail, Catalogs & Mail Order, Telemarketing |
| Retailing Strategy | Customer service, Atmosphere |
| the Factors of Physical Surroundings | Crowding (+/-), temperature, safety, spacing, image, parking |
| How music affect the customers | Music liked by consumers increases perceived waiting duration |
| How color affect the customers | Cool color (blue/green) store décor generally seen as more pleasant, Warm color décor (red/yellow) is rushed/hurried/busy |
| How sense affect the customers | When scents are congruent with product class, consumers spend more time on processing product information |
| layout, design, textures, senses | Atmosphere |
| pleasure/displeasure/heightened senses | Emotional Response |
| Time spent in store, affiliation with people, buying actions | Behavior |
| Attributes of Strong Brands | Consistent brand message; meaningful, memorable, likable; focus on long-term growth; manage customer experience |
| The roles of brands | brand extensions, price premium |
| How do marketers strategically attempt to create a stronger brand in the marketplace? Concepts such as brand image, brand personality, and co-branding will be investigated to illustrate this process. | Building Brands |
| In building strong brands, value has | highest emotional connection, and increases the most difficult to copy |
| In building strong brands, attribute has | lowest emotional connection, and increases theelast difficult to copy |
Created by:
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