mktg 129 written

How do services differ from goods?

How do services differ from goods?

involve a deed, a performance, or an effort that cannot be physically possessed

differentiating characteristics: Intangibility

insurance

differentiating characteristics: inseparability

must be present during a haircut

differentiating characteristics: hetereogeneity

ingredient freshness and quality in a restaurant

differentiating characteristics: perishability

A movie theater experiences low levels of business on Tuesdays. To counteract this, they offer tickets for $5 on Tuesdays

What is dynamic pricing? Why is it better than static pricing? Explain with the help of an example.

brings in extra revenue and prevent loss of market shares. 

Imagine an online retailer selling a popular electronic gadget, such as a smartphone. During the initial launch period, demand for the smartphone is high, and the retailer uses dynamic pricing to adjust the price upwards as demand increases. As the initial hype dies down and competitors release similar products, the retailer adjusts the price downwards to remain competitive and attract price-sensitive customers. This dynamic pricing strategy allows the retailer to maximize revenue while also staying competitive in the market.

classify retialers: Type of ownership

- Independent retailer: a retailer owned by a single person or partnership and not operated as part of a larger retail institution

- Chain store: a store that is part of a group of the same stores owned and operated by a single organization

- Franchise: a relationship in which business rights to operate and sell a product are granted by the franchisor to the franchisee

classify retailers: level of service

personal shopping

classify retailers: product assortment

Width is the assortment of products offered (ex: yankee candle)- Depth is the number of different brands offered within each assortment (ex: lids)

classify retailers: price

Mobile shopping has increased pricing complexity through price comparison by consumers and greater impulsiveness on mobiles

retailing mix: product

offer a wide range of products including coffee, teas, pastries, sandwiches, and merchandise

retail mix: promotion

adveristing campaigns on television, social media, rewards programs which offers discounts and freebies

retail mix: place

selective locations to maximize foot traffic, they’re usually in busy urban areas, office buildings, shopping malls. cozy and inviting atmospher

retail mix: price

 its premium coffee brand, products are often more expensive than their competitors but customers are willing to pay a premium for their quality

retail mix: presentation

stores are designed with modern decor, comfortable seating and ambient music. presentation of drinks is important, trained baristas to craft visually appealing beverages

retail mix: personnel

employees under go extensive training to ensure consistency in product quality and customer experience. friendly and knowledgeable.

institutional advertising

 Nike’s “just do it” campaign. focuses on inspiring and empowering individuals to pursue

product advertising

coca-cola’s “share a coke” campaign. personalized coke bottles with popular names and phrases encouraging customers to share a coke with loved ones.

institutional

Nike’s “just do it” campaign. focuses on inspiring and empowering individuals to pursue.

advocacy

Always' "Like a Girl" campaign challenges gender stereotypes and empowers girls to reclaim the phrase "like a girl" as a source of strength and confidence. It aims to inspire girls to pursue their dreams and break free from limiting stereotypes.

types of product advertising: pioneering advertising:

Tesla have invested in advertising campaigns to highlight the benefits of EVs, such as zero emissions, lower operating costs, and advanced technology.

types of product advertising: competitive advantage advertising

Red Bull use competitive advantage advertising to emphasize the unique benefits of their energy drinks, such as increased energy, improved focus, and enhanced performance. Red Bull's advertisements often feature extreme sports athletes and adventurous activities, reinforcing the brand's association with energy and vitality.

types of product advertising: comparative advertising

"Mac vs. PC" advertising campaign by Apple is a famous example of comparative advertising. The campaign featured a series of commercials that humorously compared the Mac computer with PCs running Microsoft Windows. Through witty dialogue and visual demonstrations, Apple highlighted the Mac's advantages in areas such as design, ease of use, and virus protection, positioning it as the superior choice for consumers.

media schedules:Continuous

Coca-Cola often uses a continuous media schedule for its advertising campaigns. Throughout the year, Coca-Cola maintains a steady stream of advertisements across various channels, including television, digital, print, and outdoor.

media schedules:Flighted

A ski resort might use a flighted schedule, heavily advertising in the months leading up to the ski season, then reducing advertising during the off-season.

media schedules:Pulsing

A retailer might employ a pulsing schedule, maintaining a steady level of advertising throughout the year but increasing advertising spending significantly during key shopping periods like Black Friday or Christmas.

media schedules:Seasonal

An ice cream company might opt for a seasonal schedule, focusing their advertising efforts heavily during the summer months when consumers are most likely to crave ice cream.

loyal customers

reinforce behavior, increase consumption, change purchase timing

price buyers

appeal with low prices or supply added value that makes price less important

What are the four Ps of effective social media marketing program focused on brand storytelling?

• persistent

• pervasive

• participatory

• Personalized

lionsgate with second hunger games advertising

• engagement with fans leveraging social media platforms to create a sense of communirt

• interactive content - quizzes, polls, contests, and challenges that allowed fans to test their knowledge, showcase their creativity

• exclusive sneak peeks: released exclusive sneak peeks. trailers, and behind the scenes content from movie providing fans with insider access into the making of the film. rose anticipation and excitement

• timely and relevant content

stakeholder model of sustainable marketing:Management

team taken public stances on environmental issues, advocating of public lands and reducing carbon emmisions

stakeholder model of sustainable marketing:Customers

engages with its customers through social media, email newsletters, and events to share stories, provide product updates, and solicit feedback.

stakeholder model of sustainable marketing:local community:

partners with nonprofit organizations and community groups to organize events, clean-up initiatives, and outdoor education programs.

stakeholder model of sustainable marketing:Suppliers

works closely with its suppliers to ensure ethical sourcing and responsible production practices throughout its supply chain

stakeholder model of sustainable marketing:owners/stockholders

maintained a long-term vision for the company, balancing financial objectives with social and environmental considerations

stakeholder model of sustainable marketing:Employees

offers competitive wages, benefits, and perks to attract and retain top talent who share its values and commitment to sustainability

pyramid of corporate social responsibility:legal

a pharmaceutical company complying with stringent regulations for product safety and marketing practices.

pyramid of corporate social responsibility:economic

involves producing quality products efficiently to ensure profitability and long-term viability.

pyramid of corporate social responsibility:ethical

retail company may implement fair labor practices, such as providing safe working conditions and fair wages for its employees, even in countries where labor laws are less stringent.

pyramid of corporate social responsibility: philanthropic

a technology company donating computers and software to schools in underserved communities to promote digital literacy and education.