USU MGT 3500 Final – Flashcards
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Do the strategies change or are they consistent?
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Strategies are consistent but tactics constantly change
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What type of research is a focus group
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Qualitative
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Survey study
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Quantitative
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Government report
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Secondary research
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What is an operating charter?
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Sets objects and what are the parts. Limitations. Barriers. Measures of success
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Different types of mission statements?
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Corporate, working, departmental, and personal
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Product superiority or product perception more important
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Product perception
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If a company had five different types of laundry detergent what is the strategic tool they use to brand each one differently
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Segmentation: one size doesn't fit all
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What are the three elements of brand positions
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Target audience, Benefit, The reason why, None of them are more important than another
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Can consumer benefits be functional?
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True
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Can the benefits be psychological
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True
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Can benefit touch an emotion
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True
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What percent of new products fail with first 12 months?
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85%
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What is the law of gravitational marketing
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In order capture significant sells must disrupt marketplace equilibrium and it must be significantly different than already exists
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Soap to shampoo to body wash to deodorant
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Brand extension
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Four steps of new product creation
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Have an idea, Try to write it down and formulate it, Turn it into a concept, Test it on people
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When you're doing a brainstorming session who should be there
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Mixture who are in the business and people who know nothing about it. Do it somewhere away from distractions. Multiple smaller groups are better. Stimulants generate ideas
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What does rapid cycle mean?
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Fail fast fail cheap, Save time, save money, save effort, Short timelines, concept testing,
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How many times should you concept test?
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Four
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What are the measures we choose to use when deciding if a product is good or not?
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Purchase Probability and New and different
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When we do testing what is good response rate
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70% on both measures
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When you tasked with coming up with pricing strategy what are things you look at?
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Competition, Production cost, Distribution, What people are willing to pay, Brand positioning
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What is the pricing strategy airlines use to price their seats?
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Dynamic pricing. What's it called at Christmas time or black friday when there are limited number of a product. Loss leader or limit pricing
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Sensitivity of pricing in marketplace
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Price elasticity
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If you run a huge advertising campaign will you reach everybody
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False
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Why is a package so important and what can it do?
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Function benefit, Scream benefits like carnival sign, Recognizable from 10 feet away, Sport an attitude and personality, Differentiate
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When you're looking at axis on segmentation is there one right way to doing it?
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No
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Is it smarter to have particular benefits or one size fits all benefits
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Usually particular, but one size fits all for toothpaste only
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What is product mix?
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All in the name category but doing different things. Different types of bandaids
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Big head and long tail
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Big head = 85% of sales come from top two products like milk and eggs, 30,000 other items in the store that sales come from
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When doing product mix is it wise to expand with new usage occasions
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True Ex: lunchables
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What's different between print advertising and video advertising?
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Brand positioning has to be spelled out in print and Brand positioning is not in video and more about making the product the hero
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Is it okay for big brands to slap a sign with their name up in an arena
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No, it needs to have some kind of message not just their name
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Which one is not a six deadly sin
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sex/lust
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Takes a visitor how long to form an onion of your website
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Blink of an eye, 1/20th of a second
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Trust indicators
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Articles written about product
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Point of search engine optimization
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More people to see your website before anyone else's and Increase ranking on organic search so you come up on page one
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Is social media an advertising channel
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No
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Can you use social media for advertising
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Yes, but to make it effective it has to be relevant to the person
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What are the best business segments to leverage social media?
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Disappearing inventory, Radio and media attracting eyes and ears, Time sensitive materials
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What are the three measures when considering what to post on social media?
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Timely, Relevant, and Actionable
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Campbell's soup rack is called in marketing terms
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Blocking strategy or Permanent display
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What are some things to sublimate market to consumers
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Displays, Position on the shelf, Lighting, Salespeople, Music
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Concept of marking development funds
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Crude quarterly basis, Funny money, All the money to promote different products, Credit from manufacturer to retailer
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If i'm getting a hot feature and display price display in a store what percentage increase can coke expect to have in everyday sales?
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$13
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When you're doing consumer positions do they need to be tied to brand strategy?
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yes
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Typical of continuity promotion
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Membership and Frequent purchase categories
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Three ingredients of greatness for consumer promotions/giveaways
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Unique thin that only you can offer, Make consumer beliefs they have real opportunity to win, Easy to enter
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What are the different roles of PR?
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Crisis, Marketing, and Corporate
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Cause related marketing is what?
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Working with Special Olympics to raise money, Build it in annually, Pick on charity
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When doing sports marketing what are they keys?
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Pick audience wisely
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How much should you expect to spend over and above on sponsorship
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$8-10
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If you have a manufacturing facility and its operating at 75% capacity should you look for a license to grow business?
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Yes it will help grow overall sales
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If I have a closed ecosystem should i buy my product or make it myself
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Make it myself
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You're the creators of angry birds should you use licensing to get angry birds toys, dolls... or make them yourself
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Licensing
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What are the four micro moments
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Go, do, buy, and now
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Why are TV ratings important to advertising?
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They set the price
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TV ratings point measure turn on during any given moment
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False (turn on makes it false)
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Rating periods in February, may, September, and November called
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Sleeps
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What is the formula for GRP?
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Frequency times reach
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What % of commerce that perform local search visit store in an hour?
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50%
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Millennials search restaurant and go within hour?
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60%
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If I tell you brand develope index is an 82 what does that mean?
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Selling 18% below what we expect in that market
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Thinking styles:
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Personal=red, practical=green, conceptual=yellow, analytical=blue
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People that avoid conflict what thinking style?
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Red
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Term thats use by retailers to put new product in store?
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Slotting fees
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Critiquing ad agencies work who has right to critique creative?
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Only senior person talks creative everyone else talks strategy
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Three elements of world class ad?
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Product is the hero, Touches emotion, and Relevant yet unexpected
