MKT 3401 Exam 1 (LSU-Karam)

John Camp's/Kant 4 "keys to being successful" - Have to be able to:

1. Market yourself

2. Sell yourself

3. Network (K-now ppl)

4. Maintain Contact (sustain long term relationships)

To be successful: you must have these 5 traits:

C.H.A.S.E.

1. Creative

2. Agressive

3. Enthusiastic

4. Smart

5. Honest/Trustworthy

Companies look for ___ and ____ as some of their core values.

Trust and Honesty

What do people think and do when they see or hear your name... How do you develop this? ___ ____ (how you sell yourself)

Personal Branding

What makes you likable?

- your ____ delivery, and

- your ____ delivery.

- Vocal delivery

- Visual delivery

Vocal delivery is ___% of your emotional impact. Tone, sound like you care. Try Pausing.

38%

Visual delivery is ___% of your emotional impact. *Facial Expressions, and your *____ look*

55%, Visual = "Default look"

the emotional impact you have on somebody.

Likability

___ _____ are the #1 most critical part of Visual delivery

FACIAL EXPRESSIONS

Images can be created as quick as ___ of a second. And opinions can be formulated in only ____ seconds.

1/24th of a second.

Opinions in 10 seconds.

In sustaining your default look and dealing with others' facial reactions to you, its important to:

Maintain Poise!

The last 7% of your emotional impact (likability) is your *_____ ____ (or maybe ____ ___).

Verbal Arrangement/Physical Appearance

Kenneth Feinberg (who listened to 2000 ppl's appeal, only 2% appealed to next level) says most important skill in negotiating is ______.

Listening

#1 thing IV leagues look for are ___ and ____ skills

Interpersonal and Communication skills

2nd most critical skill: _____. Interact in a positive way even with differences.

Teamwork

#3 skill of importance

Honesty (ethical)

#4 characteristic:

Smart

3 types of presenters;

- Show runner

- Neophyte

- Artists

Sensational and Exceptional, can sell anything

show runner

nervous presenter, get it done, effective, MAJORITY of presenters.

Neophyte

a little different, extreme dress, diff. lifestyles and looks. This can bring a whole lot of VALUE.

Artist

Personal Brand formula:

___ + ___ + ____ X _____

Performance + Personality + (Visibility X Trust)

Performance =

your success

People have different ideas about what ____ is

credibility

"what makes you BELIEVABLE", What we do to make people pay attention to us and to influence. Critical.

Credibility

What are the 3 elements that can improve your credibility?

1.

2. ___ (show you're skilled/competent)

2. ___ (style/swagger/that makes you look able)

1. Trust/Honesty (T.E.A.)

2. Expertise

3. Attractiveness

The 4 Marketing Management Philosophies (Orientations):

1. Production orientation

2. Sales orientation

3. Marketing orientation

4. Societal orientation.

Biggest flaw of ____ orientation: You can be the best at it but theres just no population or customer base to want it.

Production orientation

*Satisfying* customers needs and wants providing them with product/serv. that they will use.

Marketing orientation

Marketing orientation is driven by ____ ____.

Customer *Satisfaction*

Satisfying the customer's needs and wants providing them with product or service that they will use, *WHILE KEEPING THE ENVIRONMENT GREEN, CLEAN, AND SAFE.* (Marketing orientation + attention to environmental situations/*Sustainability*) ex. Tom's shoes.

Societal orientation

the whole revolution of Water thing, and McD's selling "cage free" eggs pertain to ____ _____.

Societal Orientation

the 3 Marketing Concepts:

1. Customer Value +

2. Customer Satisfaction =>

3. Develop Long Term Relationships

Value =

= Benefits - Cost

Lies at the foot of what marketing is all about.

Customer Satisfaction

Customers switch because of ____ ____ more than anything else. (this goes with C.Satisfaction)

Customer service.

___% of customers who have a bad experience will tell at least ONE person and embellish the story to make it sound more sensational.

77%

___% of people will change a purchase decision/go somewhere else just based on the indifference/ex. rudeness of one person.

63%

Only __% of people who have a bad experience will tell the actual service provider.

7%

the 2 types of disgruntled customers:

1. ____ one (yells)

2. ____ ___ customer (leave & blog)

1. Openly Angry

2. Remorseful/Silent Angry

When you don't get good service: __. Have to have a recovery system in place (failure and recovery).

Service Failure

good *Employee* satisfaction leads to good ____ ____

customer satisfaction

The first part of the Profit Chain is service, starting with good ____ satisfaction.

EMPLOYEE

Profit Chain: Employee ___ leads to good Customer Service, creates customer ___, then if you can create customer ___ then you are able to create customer ___. its a cycle.

Employee Satisfaction -->Service --> Value --> Customer Satisfaction --> Loyalty = Profits

Delta Airlines spent $1 billion to train their employees in better ___ ____.

customer Service

What did you learn from "United breaks guitars"?

- Customer service is important

- Social Media has huge impacts

Who monitored social media to find out what customers See, Hear, and Say? ex. looked at tweets and posts for complaints and then addressed customers immediately to recover greatly. Some fail on purpose to make a mark from their correction procedures.

Citi Bank

one way of researching. these people pose as a customer, use their services and evaluate everything you do in order to see what the competition does to spark new, innovative ideas. Point is to try to find a source of __ __.

Mystery Shoppers.

- Prospect Theory

Learning to develop and maintain long term relationships leads to __ __. Ex. giving christmas presents.

brand loyalty

Good customer Satisfaction yields the following:

1. ability to _________________.

2. ____

3. ____

4. You sell more!

1. Charge Premium prices

2. Less selling effort

3. Referrals

What you do to make sure you can keep things moving in a nice direction, recycling, and being good to environment. ex. Patagonia -tires

Sustainability

Primary reasons customers switch:

1.

2. _____ ___ ___ (lack of knowledge;people dealt w/no good,links *2nd primary concern of marketing)

3.

4. ___ (*NOT* 'location')

5.

6. Failure to respond to failure

7. ______ behavior

1. Core service failure

2. Service Encounter* Failure

3. Price

4. Inconvenience (not rly "location")

5. Attraction from competition

6. Failure to respond to failure

7. Unethical behavior

A huge part of 3rd Marketing concept (Developing long term relationships) = _______

Appreciation!

Stronger relations when you keep overcoming failure.

3 parts of developing long term relationships:

1. Customer Relations

2. Media Relationships

3. Community Relations

Tyrann Mathieu: "What questions are they going to ask me?" in NYC photo shoot:

The worst ones. Media will trick you. Want them to write good stories about our brand, thats why we give free seats in stadium.

2 most important Types of relationships to develop:

1. Media

2. Community

An example of Community Relationships: Yoplait breast cancer awareness lids. This represents a ____ ___ ___.

Cause Related Market.

What role did John Hancock Insurance co. play in giving back to the COMMUNITY by saving the Boston Marathon?

Gave their money, resources, etc. and said they would put little tags on shoes or shirts and take pictures at the finish line.

The 3 Levels of the Marketing Strategy Framework:

1. Market Analysis

2. Strategy Development

3. Implementation

4 Components of Market Analysis (The 4 C's):

Company

Competition

Customer

Conditions

Pertaining to "Competition" of the Market Analysis: Who is Nike's biggest competitor today? What is the new population they are targeting?

Sketcher's.

"Athleizure"

Customer analysis focuses on _____.

Demographics

Demographics (customer) include:

1. __ (Nurse homes vs. "asst. living")

2. __ *Uggs for men

3. ___ Bilingual products @ H Depot

4. __ can tell by dress/WSJ ads.

5. ___ 6. ___ identify, do not offend!*most dangerous!

7. __NSWE,Politics&MachineofMktg

1. Age

2. Gender

3. Race

4. Income

5. Education

6. Religion

7. Geographical

looking at the Conditions in a market analysis includes 3 factors and means analyzing the "_____ _____" and everything that changes in it.

External Environment

3 factors of Conditions analysis:

Social Factors,

Technology Factors,

Legal & Political factors

Social factors value ____

Lifestyles

*** (Social): 3 factors that affect Lifestyles

1. Activities

2. Interests

3. Opinions

* key Technology in transportation: ____. This is __ to customers. People willing to pay extra to know.

Tracking. VALUABLE

Examples are UPS-stamps idea, FedEx Air, SPEED SPEED SPEED, ability to create machines and be more productive and efficient.

Technology factors (Conditional analysis)

Who tried manipulating people saying they were making green cars when really weren't?

(hence Honesty and Trust issues)

Volkswagon CEO

2nd Level of Marketing Strategy Framework

Strategy Development

3 Components of Strategy Development:

1. Segmentation

2. Targeting

3. Positioning

4 Criteria of Segmentation:

- know characteristics of pop.

- Can you Communicate and Distribute to them?

- can they respond to their need or want to purchase it?

- is the population big enough? (LSU to target hispanics too small, but Houston would do)

- Identification

- Accessibility

- Responsive

- Substantial

(IARS)

3 Strategies in Targeting the market:

1. __ (Undifferentiated, Water, BC)

2. __ (various targets, Walmart)

3. __ (one specialty, and do it well)

1. Mass marketing

2. Multi-Segmented

3. Niche

3 unique populations at Wal-Mart:

(a Multi-Segmented targeter)

- Low incomes living day to day

- People who like name brands

- Rich people wanting household goods

3rd component of Strategy Development:

(1. Segmenting 2. Targeting 3. ____)

Positioning your product

Tom Baudette was a carpenter, and almost richest man, Introduced new Econolodge cheap stays segment of Motel 6 and sold a bunch to rebrand so didn't seem so cheap. Put together ____ ___.

Focus groups

Terms to know about Motel 6 on Test: (3)

Rebranded, Affiliation, Personality

(Motel 6)

____: positioned where travelers making a living could stay, appealed to the frugal travelers (wanted to spend their $ on something else).

Rebranded

(Motel 6)

____: wanted customers to see that nice people also stay there.

Affiliation

(Motel 6)

_____: like insurance co.'s (Flo, Aflac)

- Went and found Tom Baudette for this in Alaska, all they used was his voice but successful.

Personality

(Tom B was their personality)

IF ANY ANSWER ON THE TEST IS "IT DEPENDS" the answer will be:

IT DEPENDS!

3rd level of Marketing Strategy Framework: (deals with the Marketing Mix - 4 P's)

Implementation

4 P's of Implementation's Marketing Mix:

Product

Price

Placement

Promotions

______ of the 4 P's looks at the categories of the product because there is a different strategy for each category

Product

Categories of Product:

1. Convenience*

2. Shopping

3. Specialty

4. Unsought

Products of ________:

- Inexpensive

- Minimal risk

- Basic needs

Convenience

Shopping products that are a bit more expensive than convenient require more time and _____*

Involvement

____ products have both a Higher price, and Higher Risk and lots of time and involvement. Ex. Jewelry store. should be easy to find.

Specialty products

____ products like health and life insurance that you didn't know you had to have until you had to get it. should also be easy to find.

Unsought

4 components of Product:

1. Packaging

2. Warranty

3. Service after sale

4. Brand

Purposes of Product PACKAGING

1. _ (against theft) 2. Facilitate ____. 3. __ tells ingredients/info/persuad

4. ____ powerade blue vs. gator orange 5. ____ red bull 6. ___ selling mints altoids can 7. ___ relate 82% to partic. time 8. _ (clicks lipstick)

1. Pertain/Protect

2. Recycling 3. Labeling

4. Color

5. Shape(RedBull/coke)

6. Size

7. Smell

8. Sound

2 Labeling Purposes:

Informational and Persuasive

______ Labeling components:

- Instructions

- Construction

- Communicate to consumer

- Nutrition*

- *Reduce Cognitive Dissonance

Informational

*Nutrition - Campbells is losing to Progresso soups bc they took out sodium and labeled it with emphasis

self doubt you have following a purchase

Cognitive dissonance

(Persuasive type Labeling technique) What magic word do we love when we buy something?

MADE IN USA

serves as a source identifier

Color

Article about _____ talks about segmentation, target market, demographics, lifestyles, etc. READ

Cigarettes

____ warranties. can help you differentiate yourself from competition. auto, laptops

written

How do you take the K-car (cheap, will get you to work and back reliable everyday for the blue - collar worker)? (a SEGMENT of ppl who just need that simple a-b car)

a Warranty!!

ex. 100k miles or 10 yrs all while offering bumper to bumper protection.