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MKT 400 Final Exam Review.docx

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MKT 400
Marla Spergel

MKT 400 Final Exam Review Normal Fashion Cycle • Introduction • Rise • Acceleration • GeneralAcceptance • Decline • Obsolescence Comparison of theAcceptance of Cycles, Fads, Fashions, and Classics • Fashion acceptance cycle • o Stages: introduction, acceptance, and regression o Classics and Fads o Fads are: o  Non-utilitarian  Adopted on impulse  Diffuse rapidly, quickly accepted, and short lived Fad or Trend? • Starbucks: fad or trend? • Guidelines for long term trends: • o Fits with basic lifestyle changes o Areal benefit should be evident o Can be personalized o Not a side effect or carryover effect o Important market segments adopt change MKT - Week 10 Culture Production Systems (CPS) • Set of individuals responsible for creating and marketing a cultural trend • Components • o Creative subsystem - ex., Michael Buble o Managerial subsystem - ex., warner brothers o Communications subsystem High Culture and Popular Culture • CPS: create many kinds of products • o distinction between art and craft products • High Art vs Low Art • o High and low culture blend together today in interesting ways o  costco now stocks fine art Cultural Formulae • Mass culture churns out products for a mass market • o aiming to please average taste of undifferentiated audiences o certain roles/props often occur consistently • Recycling of images • o creative subsystem members reach back through time for inspiration (“remix” the past) Reality Engineering • Cultivation hypothesis: media’s ability to distort consumers perceptions of reality • o Heavy tv viewers overestimate how wealthy people are and likelihood that they will be victims in a violent crime o Media also exaggerates frequency of behaviours such as drinking or smoking Product Placement • Insertion of specific products and use of brand names in movie/tv scripts • o Coca-Cola cups prominently on american idol • Many consumers believe the line between advertising and programming is becoming too fuzzy • Directors like to incorporate branded props for films realism • Branded entertainment • Branding in educational materials Advergaming • Gamers are more sophisticated and represent the general population • Online games are merging with interactive ads that let companies selectively target consumers • Advertisers can get viewers’attention for a much longer time in video games • Can tailer games and products to user profiles • Format gives advertisers great flexibility • Can track usage and conduct market research Types of Innovations • 3 major types of innovations (amount of disruption/change they bring to our lives) • o Continuous innovation o  evolutionary rather than revolutionary o Dynamically continuous innovation o  more pronounced change to existing product o Discontinuous innovation o  Creates major changes in the way we live Cultural Categories • How we characterize the world reflects the meaning we impart to products • Culture makes distinctions between different times, leisure and work, and gender • Dominant aspects/themes of culture are reflected in design/marketing of items • Creative subsystems attempt to anticipate the tastes of the buying public • o collective selection: New Wave, Danish Modern, The Western Look, Nouvelle Cuisine Behavioural Science Perspectives on Fashion • Psychological models of fashion • o Conformity, variety seeking, attraction, need for uniqueness etc. o Shifting erogenous zones o  historically fat was in, now fitness if a premium o Economics models of fashion o  supply and demand  parody display • Sociological cultures of fashion • o collective selection model o trickle-down theory modified for contemporary western society o mass fashion has replaced elite fashion o trickle-accross effect o current fashions trickle up from lower classes Questions The model of the culture production process includes all of the following - Communication subsystem, culture production subsystem, creative subsystem All of the following are examples of cultural gatekeepers - Casting directors, radio programmers, textbook authors What aspect of cultural production system that should not be overlooked is that: - The nature of these systems helps to determine the types of products that eventually emerge from them Individuals and organizations responsible for creating and marketing a cultural product are: - Aculture production system Some artists have had an influence not only on music but on the fashion that accompanies the subculture that listens to their form of music. Which of the following cultural production system subsystems would these attics belong to? - Acreative subsystem The three major subsystems of the CPS are: - Creative, Managerial, Communications Tilden, a movie critic, recently reviewed the James Bond movie Sky Fall. Tilden in a: - Cultural Gatekeeper Social networking changes have prompted a movement away from: - Marketspace Xerox’s engineers are part of a program to “dream with the consumer”. This is an example of: - Customer-led innovation Amajor distinction between an art product and a craft product centres on: - The Question of Function Eleanor worries about the rising levels of violence and drinking on society that she gauges by watching TV. In reality, this rise appears to be a distortion according to which theory? - The Cultivation Hypothesis The Macah, a NativeAmerican tribe from the Northwest, built functional seagoing canoes that are considered works of art by modern shipbuilders. Bu definition, these boats would be considered: - Art Products On the set of the Oprah Winfrey show, we may see brands displayed prominently, this action is called: - Product placement When BMW made a series of narrative films in ways that showcased their own products, this was an example of: - Brand entertainment New products entering the marketplace are called: - Innovation MKT - Week 9 Age Subcultures and Consumer Identity • the era in which you grow up bonds you with millions of others who came of age at a certain period e.g. the many mature consumers who flocked to the Paul McCartney show. Multi Generational Marketing Strategy • Using imagery that appeals to more than one generation • Baby boomers, for example, embrace technology as do the teens and twenties • Youthnography points out that the ages of 18-34 are in different cohorts but value personal relationships, media, and technology. Generation Y (1986-2002): • 26.5% of Canadian population • Feel they belong to the global community first • Digital natives • Multi-taskers with 500 channels, cell phones, music downloads and laptops • Consumer generated content Targeting the University Market • Advertisers spend millions to influence purchases of college and university students • Prefer socially responsible brands • Amajor target to attain early brand loyalty • Hard to reach via conventional media Teenagers - The Youth Market • Youth is massive - $100 billion globally • Focused on “feel good” products • Avidly courted • Use word of mouth (WOM) extensively • Advertising towards them is huge • Uncertainty and identity rule • Friends, activities and clothing are vital Teen Conflicts • Autonomy vs belonging • Rebellions vs conformity • Idealism vs pragmatism • Narcsissism vs intimacy Tweens • Between childhood and adolescence • They have discretionary income from various sources • Aspire to being teens Ethics, Advertising and Children • Should there be more education for children to understand how advertising works? • Guidelines Canadian Advertising Foundation in place already • Other countries also have concerns • o Netherlands - TV watersheds and tough codes for sweets o Spain and Germany - certain toys banned from advertising o France - tight controls on TV for children How Do We Research the Youth Market? • Research firms specialize in you marlets • Pizza Hut invites students to lunch with executives • Companies provide video cameras of a day at school • Frito-Lay experiened a 22% increase in sales after a social media component tied to the Super Bowl • Teens are consumers in training: can be loyal to products for many years Generation X • 1960 - 1966 • Often overlooked as a small age cohort. However, Gen X members have changed the world creating companies such as google, youtube, and amazon. The Mature Market • Redefining age and what growing old means • Terms for this group and segmentations within the group are changing all the time: • o Elderly o Boomers o Zoomers (boomers with zip) o Grey Market o Seniors Baby boomers • Purchase • o 80% of all healthcare products o 58% of all cars o 55% of all vacations • Getting older and wealthier • Ready to retire, or already retired The Grey Market • This market remains healthy and active, their role has changed rapidly Perceived Age • Chronological age: actual number of years lived • Perceived age: how old a person feels is a better yardstick to use • Marketers are responding to how the seniors feel, not how old they are Marketing to a Mature Market • Consumer identity renaissance: redefinition process people undergo when they retire - how do they respond - revived or emergent? • Engage strategies such as affiliation and self-expression for the next chapter of their lives • The Mature Market like: • o information rich positive advertising o well designed user friendly pro cuts and packaging acknowledges physical limitations Ethnicity and Marketing Strategies • Marketers cannot ignore the diversity of cultures in society today, these subcultures shape consumption • Marketing must address cultural differences • o high context culture vs low context cultures • Ethnic media as a bridge • o research indicates that minorities prefer an advertising spokesperson from their own group • De-ethnicitzation of products • o product formerly associated with a specific ethnic group is detached from its roots and marketed to other subcultures Ethnic Groups in Canada • Potential for more than 200 ethnic niche markets in Canada • Currently British and French are largest two ethnic markets • Ethnic groups are concentrated geographically The Effect of Immigration on Canadian Diversity • Stats CAN estimates the population of Canada in 2011 was just over 3.5M and is expected to grow around 42M by 2031
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