Marketing Midterm

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Marketing Midterm
2010-10-10 20:53:41
Marketing Midterm Karam

Marketing Midterm
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  1. Definition of marketing
    Understanding, satisfying, and reaching the customer
  2. Four most important things to a CEO hiring MBAs in order
    • 1. Interpersonal skills
    • 2. Teamwork
    • 3. Honesty
    • 4. Core competency
  3. Albert Mehrabian's Likeability Breakdown
    • 55% Visual
    • 38% Vocal
    • 7% Verbal Arrangement
  4. 3 types of presenters and their descriptions
    • Show runner: gifted speaker, ex. obama. administrators must be able to "pierce the corporate veil"
    • Neophyte: everyday person, admin also have to be able to see through bad presentations to good ideas. Ex. shower curtain idea
    • Artist: different look, can create prejudice. Ex. skateboarder
  5. Four components of credibility
    • Trust: 3 levels - Honesty, Empathy for the relationship, Knowledge
    • Identification
    • Status/Success/Position
    • Charisma: Likeability, personal brand
  6. Top four reasons customers switch brands and an explanation of each
    • 1. Core service failure: Ex. McDonald's had bad coffee three years ago and overall breakfast sales suffered because of it
    • 2. Service encounter failure: Directly affected by employee likeability, and employees must be knowledgeable
    • 3. Price: Low, but fair, and not deceptive (buy a rug for 10 dollars but costs 100 after s&h, price gouging during disasters)
    • 4. Inconvenience: Location and travel time. Ex. parking at northgate
    • Others are attraction from competition and failure to respond to service failure
  7. 3 basic concepts of marketing and explanation
    • Create customer value: in luxury and cheaper market
    • Customer satisfaction: not necessarily happy, comes from research. A key component is employee satisfaction - Canes. 77% of people who have a bad experience tell at least 1 person, only 7% tell the service provider
    • Develop long term relationships: client relations
  8. 3 levels of market analysis
    • Company
    • Customer
    • Competition
  9. 6 factors in the external environment that affect the product of a business
    • Social: Lifestyles
    • Economic: If economy goes bad, should you get rid of luxury brands?
    • Political/Legal: Ex. cigarettes are required to have warnings and can't advertise on TV or radio. Ex. Ford required to install seatbelts, good for nylon companies
    • Competitive
    • Technology: Ford put high tech in cheap vehicles, creates differentiation
    • Demographic: Age, gender, race, occupation
  10. Why were rebates created?
    In response to the recession
  11. What is S.T.P.
    • Segmentation
    • Target Market: Mass, multi-segment, niche
    • Positioning
  12. 4-5 P's of implementation - The Marketing Mix
    • Product: Brand and Packaging
    • Price: Easiest to change quickly, can relate to brand
    • Place: Location, distribution
    • Promotion: Advertising, PR, personal selling, sales promotions, sponsorship
    • People: customers and employees
  13. 3 objectives of a brand
    • Identification/Recognition
    • Repeat Sale
    • Successfully introduce new products under brand name
  14. Motel 6 Story
    • Company was going down in 1985
    • Wanted to be the "place to stay for the traveler": Clean and safe
    • Campaign to be the cheapest econolodge in any city
    • Created a personality: "leave the light on for you" guy from Alaska
    • Affiliation: associated themselves with people who were smart and successful, but wanted to spend their money somewhere else
  15. 5 aspects of the service profit chain
    • Employee job satisfaction
    • Customer value
    • Customer satisfaction
    • Customer loyalty
    • Profit
  16. 6 components of employee job satisfaction
    • pay
    • promotions
    • boss
    • coworkers
    • company
    • job itself