AZ

Untitled Flashcards Set

  1. Autocratic Leadership

The leader makes decisions alone.


Steve Jobs at Apple: He made key choices independently, shaping product innovation with minimal team input 

  1. Democratic Leadership 

The leader includes the team in decision making. 


Ben & Jerry’s: Involve employees in decisions, such as new flavor ideas and social initiatives

  1. Laissez-Faire 

The leader lets the team work independently.


Richard Branson at Virgin (Laissez-faire): Branson allowed employees considerable freedom to take initiative and be creative 





Lesson 1: The Role & Impact Of Marketing 

  • Two Fundamental Roles:

    • Sell what a business makes

    • Manage a businesses brand or brands 

  • Marketing: activities involved in getting goods and services from the business to the consumers 

  • Marketing Includes

    • Research Development 

    • Sales

    • Distribution 

    • Advertising 

    • Promotion 

  • Without Marketing: Consumers wouldn’t know what goods or services are available or trends 

  • If you have something you want others to buy or believe in you will use marketing 

    • Producers Market To Sell To Stores

    • Stores Sell Products to Consumers 

    • Service Let People Know Where They Are & What They Offer 

    • Politicians Market To Sell Ideas


Branding 

  • Branding = Brand Name + Logo/Trademark + Slogan 

  • Everything associated with a product should carry the same identifications 

    • Slogan, Logo/Trademark, Brand Name

  • All Branding Should Be Cohesive: Colors, Distinctive Packaging

  • Brand Name: a word or group of words that a business uses to be identified 

    • Distinguishes a businesses products from competitors products 

    • Distinctive / Stands out 

    • Easy to Remember 

  • Logo/Trademark: combination of their name with a special symbol associated with product 

    • Helps Product Compete For Consumer Awareness 

      • Monogram: stylized company initials 

        • KFC (Kentucky Fried Chicken) 

      • Visual Symbols: line drawings of people, animals or things

        • Directly associated with the brand 

          • Apple → Apple

          • Frosted Flakes → Tony The Tiger

      • Abstract Symbol: visual message but not a representation of actual things 

        • Obscure Company Initials 

        • Harder to remember 

          • Nike → “Swoosh” 

  • Slogan: short catchy phrase attached to the company’s name & logo 

    • Tagline for both print & broadcast advertisements 

    • A slogan will often remind people of the entire ad

      • Sprite → “Obey Your Thirst” 

      • Canadian Blood Services → “It’s in You to Give” 

      • MasterCard’s → “Priceless” 


The Product Life Cycle 

  • Marketing is measured in two ways 

    • Sales Analysis: 

      • Have sales increased? 

      • Have we sold more than our competitors have sold? 

    • Consumers Reaction To The Brand:

      • What do consumers think and say about the brand? 

  • Brand Equity: the value of the brand in the marketplace

  • Effective Marketing = Higher Brand Equity 

  • Brand Awareness: Consumers can name your brand as part of a specific category 

  • Better Marketing → Develops Brand Loyalty 

  • Best Marketing → develops brand insistence (customer will not accept anything EXCEPT your brand) 

  • Product Life Cycle: Progress of the brand 

    • Part #1: Product Introduction (launch) 

      • Consumers don't know product exists 

      • Early Adopters: first consumers who influence later consumers (trendsetters) 

      • Focus: selling efforts to early adopters

      • Hope: some people will become early adopters 

    • Part #2: Growth 

      • After early adopts use a new products others try it → sales increase 

      • Product Popularity Increases = Competitors Enter Market

      • Competitors: modify original product and lower the price (dilute profitability) 

      • Competition = Fuels Growth 

      • Only few survive after GROWTH 

    • Part #3: Maturity - growth is flat & does not increase or decrease

      • Brand Equity: Highest 

      • Management: Continued advertising (keeps brand in public eye) 

      • Costs: Manufacturer major costs are paid for 

      • Established:

        • Effective Distribution Method

        • Costs Of Sales & Distribution Low 

        • Large Profits 

        • Manufacturer Major Costs Paid For 

      • Cash Cow: income generated by mature products to fund development of new products 

    • Part #4: Decline - sales decrease & fails to attract new customers 

      • Temporary Decline: Seasonal Changes or New Competition 

      • Need To Determine: Are consumers rejecting the brand (market research) 

      • Modifications can reverse temporary declines 

        • Small Change In Price

        • New Advertising Campaign 

      • Brand Equity Drops = Serious Problem 

    • Part #5: Decision Point - important brand management choices to reposition brand equity left 

      • Efforts To Save Brand 

        • Reformulate 

        • Repackage

        • Re-Introduce “New & Improved Product” 

        • New Promotion 

        • Repricing - may be able to boost brands popularity 

      • Example: develop a campaign to target an old product to a new consumer group 

      • All FAils: Decline continues the manufacture discontinues 

      • Obsolete: new technology makes old products obsolete 

  • Style Curve: Graph of product life cycle (product sales overtime) 

  • Purpose Of Product Life Cycle: Determine what types of marketing efforts to implement 



Non-Traditional Product Life Cycles 

  • Non Traditional Product Life Cycles: Exceptions of the product life cycle stages

  • Fads: a product that is extremely popular for a short period of time 

    • Trends last LONGER & Fads last SHORTER

    • Trends influence MORE & Fads influence LESS

    • Items still exist but they are less popular 

    • Profits With Fads: Sell most of stock before Fad ends

    • Knock Off: Cheaper version of the Fad 

    • Problem: When Fads die business get stuck with large inventory (money lost)

    • Examples: Yo-Yo, Hula Hoops, Tamoagotchis