MKT 100 Study Guide - Kraft Dinner, Conspicuous Consumption, Brand Management

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24 Apr 2012
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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
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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.
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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
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