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Marketing all in 1.docx

17 Pages
891 Views

Department
Marketing
Course Code
MKT 100
Professor
Caitlin Mc Laughlin

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Description
What are the 4 marketing mix? Product Price Place Promotion How do you create value to your product? brand quality features What are the 6 different ways to price? skimming penetration product line competition bundle psychological What are the 6 different distribution Theory? Distribution channel Distribution activities distribution logistics Global trading theory future consequences creating value What is the goal of logistics? Customer service transportation process inventory holding ordering, taking packaging process 2 different types of promotion communicating value persuasion What are the class communication mode? Source -> Encoding -> Message->Medium->Transmission->Receiver->Decoding->Feedback What is the hook click theory of persuasion? Marketing promotion The sender (marketer) The Job of the marketer ( break through hook) ---- 11 What are the 7 things affecting price? product life cycle competition distribution internet and extranets promotion strategy demand of large customers price and quality relationships What does price need to do? Profitability, acceptance, positioning, fits in with marketing mix What are the Sensitive Price Points? Substitute Price Points -six pack of Coke costs $2.99, six pack of Pepsi costs $2.89 shoppers who are indifferent switch big time. Perceptual Price Points - e.g. 99 cents, $19,995. Sometimes effective Price Skimming is the strategy of establishing a high initial price for a product with a view to skimming the cream off the market at the upper end of the demand curve. Prestige Pricing Prestige products are used in social settings and are conspicuously consumed. Penetration Pricing Enter low to establish economies of scale and awareness. --Brand management 10 What are the 12 laws to brand management? The Law of Expansion The power of the brand is inversely proportional to its scope In the long run expanding a brand may diminish its power and weaken its image The Law of Contraction A brand becomes stronger when you narrow its focus Narrow focus Stock in depth Buy cheap Sell cheap Dominate the category The Law of Publicity The birth of a brand is achieved with publicity, not advertising. What others say is more powerful than what you say. It is better to be first than to be better, because being first generates publicity. The Law of Advertising Once born, a brand needs advertising to stay healthy. Advertising dollars keep you from losing share to competitors, because it makes it difficult for them to pay the price of competing with you. Advertise brand leadership not quality For consumers, leadership = quality For example, Coca-Cola The Law of the Word A brand should strive to own a word in the mind of the consumer. e.g., Kraft Dinner, Q-tips The Law of Credentials The crucial ingredient in the success of any brand is in its claim to authenticity Coke the real thing If not the leading brand in a category, then create a category: eg. Polaroid The Law of Quality Quality is important, but brands are not built by quality alone. Almost no correlation between success in the marketplace and comparative testing of products Quality resides in the mind of the buyer Follow the laws of branding to build that perception: contraction = specialist = quality The Law of Extensions The easiest way to destroy a brand is to put its name on everything. Line extensions can erode core brands Building brands versus milking brands The Law of Fellowship In order to build the category, a brand should welcome other brands. Two major brands is ideal makes consumers more conscious of the category Similar Businesses Locate Together The Law of Siblings There is a time and a place to launch a second brand.
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