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  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 

The flashcards covered many key concepts in the provided notes, including various leadership styles, marketing definitions, branding elements, the product life cycle, and concepts related to brand equity and fads. However, the notes contain additional details and context around these concepts, such as specific examples, characteristics, and the purpose of marketing. If you're looking for a comprehensive study, consider reviewing the full notes for deeper insights.






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