Flashcards on Marketing 420
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Individual branding
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every product has a different brand name
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Co Branding
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combining several brands on a product
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Brand Insistence
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refusing alternatives, going out of the way to buy a product
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Brand Preference
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will use substitutes if a certain product isn't available,
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Differentiation
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creating differences among competing products
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Positioning
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creating a mental image in the consumers mind
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Perceptual maps' illustrate 2 things
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products/brand in similar mental positions & voids in the current mindscape of a product category
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Nike swoosh is a
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brand mark
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Social responsibility
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increasing positive impact while minimizing the negative
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cause-related marketing
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ties products and strategy to social causes
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greenwashing
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misleading consumers to think a product is more environmentally friendly than it is
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What did Benji Mellish talk about?
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data mining
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Who uses the Corporate Branding Strategy?
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Ford
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What is Indy car's competitive Advantage (case 3)
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The premier auto race in the world
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Implementation
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how the marketing plan will be put into action
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Intended Mktg Plan
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what the firm wants to happen-planned strategic choices in the actual marketing plan
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Interdependency
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marketing plan affects the implementation and the implementation affects the marketing plan
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Marketing plans are made by ___ and implemented by ___
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top management & frontline employees
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"Glue" of implementation
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shared goals and values
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Implementation by Command
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belief that strategy should be created by top mgmt. and then implemented by the lower level frontline employees
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Informal controls
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unwritten, employee based mechanisms that subtly affect behavior's of employees
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Consumer Relationship Mgmt
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system to define and retain loyal customers
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Relationship Capital
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Most important asset; from value generated by the trust and commitment among relationship partners
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Share of Customer
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offering a wider range of services under one roof (banking, sock trading...)
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Quality
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degree of superiority of a good/service
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Supplemental products
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differentiate the product offerings from competitors
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nonmonetary costs
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product, time, risk, opp costs, effort
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Zone of tolerance
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the degree to which customers recognize and are willing to accept variability in performance
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First step in the consumer buying process
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recognition of unsatisfied needs
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what is a need?
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discrepancies btwn actual and desired satisfaction (ex. transportation)
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what is a want?
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specific products that can satisfy needs (ex. a car for transportation)
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degree of risk
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most important factor that affects time, effort and expense
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cognitive dissonance
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having second thoughts about a purchase
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Behavioral Segmentation
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most powerful; uses actual product usage to make distinctions among segments
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Demographic Segmentation
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age, gender, income, education
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Both a Strength and a Weakness for Mistine (case 7)
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Multiple distribution channels
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core Product
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incapable of differentiation as a commodity
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An offering's real value comes from:
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ability to deliver benefits to solve a customers problem
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The Honda Hybrid is which product development strategy from the Honda Civic?
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product line extension
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Why are firms so obsessed with the pricing element of the marketing mix?
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price directly reflects ability to increase revenue
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penetrations pricing
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to gain widespread market acceptance and capture a large market share quickly with a low price
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pull strategy
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the customers put pressure on the supply chain to carry product
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Sales promotions
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accounts for the bulk of promotional spending, especially when selling in grocery tores and retailers
