MKT 3401 : REVISED Notes Exam1and2 MKT 3401
MARKETING 3401 Notes Exam 1 and 2
Notes for Exam 1
• What is required to be successful? *(John Camp)
o Market yourself – create a brand, identify target market
o Sell yourself – strategy; how will you package yourself
o Know people – networking; companies look to hire someone special
o Maintain contact – maintain relationships with people so they know who you are
• Enhance the ability to sell yourself *
o Be creative – think of creative ways to solve problems
o Be aggressive – thinking of another way, being creative after being told no, moving to a
new target market
o Be enthusiastic
o Be smart – think things through; overcome a miserable task; see importance
o Be honest – be an honest person with integrity
Your Resume will indicate to someone – if you have an inaccuracy, it dismantles
your credibility; information must be supremely accurate and presented perfectly
• How do you sell yourself? *
o Likeability – the emotional impact you have on someone; be yourself
▪ 38% vocal delivery – be articulate, clean, and clear; speaking too fast is more
persuasive than speaking too slowly
▪ 55% Visual delivery – facial expression
▪ 7%Verbal Arrangement - content is king, but how you say it matters
“Thin Slice” theory – In 10 sec of a 1 hour presentation, people’s personalities were
determined with 70% accuracy
• Personal Branding ➔ Performance + Presentation + Visibility + Trust + Credibility
o Credibility – knowledge, confidence, connection – believability and trust
▪ “Curse of knowledge” – too much knowledge, wasted on a target audience
because you can’t present it in a clean and clear way; “Simplicity is complex”
▪ Be confident but avoid arrogance
▪ Connection – identify, relate to, connect with audience
▪ Two types of credibility
• Resume credibility – credentials that you would announce or put on a
resume
• Authenticity – genuine, trustworthy, sincere; a presentation that is not
artificial: you are not perfect and that is okay
o Knowledge
▪ Knowledge of material – credibility through appropriate level of knowledge (but
avoid the curse of knowledge)
▪ Knowledge of audience – who is target audience? Who are you trying to
influence?
o Confidence
▪ Be confident but not arrogant
▪ Being nervous does not exempt you from being confident
▪ Maintain a comfortable default look and adjust your voice
o Connection
▪ Know your audience – who they are, interests, etc. to relate to them with
stories to add credibility
• 4 Marketing/Management philosophies for business strategies
o Production Orientation – making the best product possible regardless of customers,
etc.; looking inward
o Sales Orientation – making use of skilled sales forces to sell a product, regardless of
what it is (e.g., pharmaceutical sales)
o Marketing Orientation – satisfying customer wants and needs by providing a product
they can use
o Societal Orientation – marketing orientation that focuses on protecting the
environment (sustainability)
• 3 Marketing Concepts
o Create customer value
▪ Value = benefits – cost
o Create customer satisfaction
▪ Want customer to come back and talk positively about you
▪ Customer service
▪ 63% of people will change a purchase decision based on indifference of one
person*
▪ 77% of people who have a bad experience will tell at least one other person*
▪ Only 7% of people will tell the service provider about a bad experience
o Service failure
▪ Redeeming a service after a moment of truth failure
▪ The Ante – what’s expected; the everyday behavior for creating a service
experience
▪ The Moment of Truth – the make-or-break moment when failure occurs*
▪ When service failure occurs, how much indemnity is required for recovery?
• What is the recovery plan? E.g., airplane over-booked: offers vouchers,
etc. for volunteers, and ante is upped until someone volunteers
o Results of good customer service
▪ Referrals – word-of-mouth recommendations
▪ Reduced-effort selling – less advertising required, etc.
▪ Premium pricing – charge more for premium service
• Marketing Concepts
o Customer value
o Customer satisfaction
o Developing long-term relationships
• Switches – Leaving to take business elsewhere
o Core service failure – the service offered fails
o Service encounter failure * - must be knowledgeable and polite
o Price
o Inconvenience – not just location, but ease of access and use
• Marketing Strategy Framework*
o Level 1-Market Analysis
▪ Competition – know the competition
▪ Customers – know the customers: DEMOGRAPHICS-age, gender, race, income,
education, religion, geography
▪ Company
▪ Conditions – the external environment; changing conditions – adaptation leads
to success
• Social factors – values of the day, lifestyles
• Technology – technology is everywhere and changing
• Legal/political
o Level 2-Strategy Development
▪ Segmentation – dividing the population (4 criteria)
• Identifiable -Identify the population for targeting and appeal
• Accessibility - Know how to reach the target population: promotions
and distribution
• Responsive - Research whether the population is likely to respond (e.g.,
can they afford or access the product)
• Substantial - Determine whether the population is substantial enough
to drive profits (is it big enough that you’ll have a chance to profit on
what you’re selling)
▪ Targeting
• Mass-Marketing – “undifferentiated marketing”, the Walmart
approach: appealing to a broad population
• Multi-Segment – identify multiple segments in the large population
o E.g., Walmart appeals to low-income people who look for
essentials but also
• Niche-Marketing – sell one type of item (e.g., Williams-Sonoma does
expensive kitchen stuff)
▪ Position Product
• Attributes – attractive features
• Benefits
• Communication of value – customers must know the value of the
product
▪ Focus Group
• Collect a sample group to find out what customers think should be
changed and improved
▪ Affiliation
Document Summary
Legal/political: level 2-strategy development, segmentation dividing the population (4 criteria) Exam prep articles, john camp lecture, personal branding, making yourself marketable, 3 concepts of marketing, customer service, marketing strategies framework. Loyalty programs-point system: airlines, hotels: personal selling , preparation, presentation, anticipate audience reaction, close the deal-ask if they want your product, follow-up-most important step. Last step in consumer decision making process and negotiation: what happens after the sale, follow up when they tell you no. *example: albert elias- sports agent who picked up a niche of 3rd and 4th year contract athletes because of his follow up even after they said no. Extra: trojan fish strategy-sell a product at a cheap price that requires additional purchases that are more expensive. Doesn"t appear to be advertising but it is. (example: featured in movies, shows, sporting events, etc. ) Exclusivity is when the product is the only one of its kind that can be onsite/involved.
