Marketing Module 3 notes

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Southern New Hampshire University *

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Marketing

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Feb 20, 2024

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Module 3 Notes and Questions 1. Which of the 4 Ps of the marketing mix will you be working on this week? Promotion 2. What do marketing strategists combine to develop a company’s marketing plan? Company mission, corporate strategy, and market understanding - marketing strategists bring their market understanding and combine this with a company’s corporate strategy and mission. This creates a unique marketing plan for the company  Marketing plan – a document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success  Steps in creating a marketing plan o Conduct market research – collect and analyze customer data, sales, and market conditions o Create the right offering – develop and test products in the market to meet customer wants and needs o Plan for delivering value – plan how to create and deliver a product to the market o Communicate value – make customers aware of the value a product has to offer o Monito the exchange – use feedback from the exchange to refine the offering and value propositions  Personal value equation – the perceived benefit a consumer receives from a product minus the price paid for it and the hassle or effort expended to acquire it 3. What is the second step of the marketing plan? Creating the right offering  Big data – the data being gathered by internet and computer systems today  Customer profiles – descriptions of a type of customer based on market segmentation criteria 4. What is the term for the massive amount of digital information left behind by online consumers? Big data  Social responsibility – the idea that companies should manage their businesses not just to earn profits but to advance the well-being of society

5. What does the concept of social responsibility require of businesses? That they not only earn a profit but also advance the well-being of society  Sustainability – engaging in practices to minimize the reduction of the earth’s resources 6. Which of the following is an example of a business being influenced by global issues? A company’s operations become more expensive because of an increase in the price of oil - The price of oil is a significant global concern that affects most businesses in one way or another. This is because the price of oil influences the cost of production for most products and services. 7. Which of the following explains why some companies create marketing plans at the divisional level? Different divisions may offer very different goods or services - Companies that produce a wide variety of goods and services may need different marketing approaches for their different products. This may make it necessary to create marketing plans at the divisional level. 8. Which of the following positions is likely to be a permanent member of the chief marketing officer’s planning team? A marketing analyst - The person in the marketing analyst role usually serves permanently on the CMO’s planning team to provide them with continual information 9. What is one advantage of email marketing over social media marketing? Businesses own their email lists, so they are protected against losing access to their customers. 10. Which of the following statements about ROI is true? ROI is how much revenue you get back for each dollar you spend. - ROI is how much revenue you get back for each $1 you spend - A positive ROI means that you are making more than you spend - A negative ROI means you are losing money on your marketing campaign  Brand – a name, picture, design, or symbol—or a combination of those elements—used by a seller to differentiate its offerings from competitors’ offerings  Branding – a set of activities designed to create a brand and position in the minds of consumers  Brand promise – what the brand stands for; the value the brand pledges its product will deliver

11. Which of the following scenarios is an example of brand promise in action? Buying a brand of laundry detergent because their product always smells good - When a consumer buys a product because they trust the reliability of the brand, it is an example of brand promise  Brand name – the spoken part of an identity used to describe a brand  Brand mark – the symbol or logo used to identify a brand  Brand extension – the process of utilizing an existing brand name or brand mark for a new product category 12. If Black & Decker added new products to its DeWalt line, what would this be called? A brand extension  Cannibalization – when a new product takes sales away from the same company’s existing products 13. Which kind of product is most likely to result in cannibalization? A product that is a line extension  Why great branding matters: o Forms a stronger customer bond o Creates employee advocates supports marketing and advertising efforts o Drives a higher price point o Builds a loyal customer base 14. According to the article, to form a bond with the customer, a brand needs to be which of the following? Transparent and authentic 15. According to the article, what are the most valuable tools for persuading potential new customers to buy from the brand? Customer advocates  Primary packaging – packaging designed to hold a single retail unit of a product  Secondary packaging – packaging designed to hold a single wholesale unit of a product 16. Primary packaging is designed to hold which of the following? A single retail unit of a product 17. Which of the following is an example of a secondary packaging? A case of bagged candy  Tertiary packaging – packaging designed for shipping and efficiently handling large quantities of a product  Active packaging – smart packaging with reactive elements based on chemical or mechanical technology

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 Intelligent packaging – smart packaging with sensors and other computational elements embedded  Connected packaging – smart packaging with intelligent technology that connects to the internet to provide information, either to the consumer or to a producer or distributor 18. Which kind of smart packaging might use color-changing ink to give information to consumers? Active packaging 19. What is promotion? Promotion is how companies communicate their offerings to the consumer 20. What is a marketing communication channel? A vehicle for delivering a message to customers - A marketing message must be communicated through something, like television, billboards, or social media. The marketing communication channel is the vehicle through which the marketing message is delivered. 21. Which of the following is an example of a traditional communication channel? Billboards 22. According to the article, which of the following is usually not effective today? Telemarketing 23. According to the video, which marketing channels should a company use to reach its customers? The channels that their customers already use 24. Which statement accurately describes email marketing? It is a marketing channel that has remained effective over time 25. What is multichannel marketing? Reaching customers through more than one channel 26. According to the video, how do companies fall short on multichannel marketing? By sending irrelevant messaging - Companies must carefully target their message to their message to their customer base. Messages that are irrelevant will not be effective, no matter what channel they go through  Unique selling proposition (USP) – a specific product benefit consumers will remember 27. What is a product’s unique selling proposition? The specific benefit the consumer will receive

28. In the commercial above, how does Progressive make sure their message is received in the same way by multiple target markets? By using a message that appeals to everyone  Objectives – What organizations want to accomplish (the end results) in a given time frame  Primary demand – demand for a product category (e.g., orange juice)  Selective demand – demand for a specific brand (e.g., Tropicana orange juice)  Buzz – word of mouth that includes blogs, articles, and other forms of promotion  AIDA model – a model designed to get the attention interest, desire, and action of consumers o Attention o Interest o Desire o Action 29. What is the final aspect of the AIDA model? Action 30. In addition to appealing to humor, what is one thing all three commercials have in common? They feature professional athletes  Open-ended message – a promotional message that allows the consumer to draw their own conclusions  Closed-ended message – a promotional message that draws a logical conclusion 31. Which of the following is an example of a two-sided advertisement? A television ad for a diabetes medication that describes its possible side effects - Two-sided messages, which explain the pros and cons of a product, are often used when it is required by law to disclose certain information, cush as the possible side effects of pharmaceutical products 32. What is the main purpose of this commercial? to make viewers remember a brand name 33. Who is the target audience for the Campbell’s “Real Real Life” ad? Nontraditional families  Projected sales for the next year – a budgeting technique based on a set percentage of past sales  Affordable method – a budgeting technique whereby companies spend what they think they can afford promoting a product

 Competitive parity – a budgeting method whereby companies make sure their promotion budgets are comparable to their competitors’ spending level 34. The managers of Seaside Anchor Company budget for as much promotion as they are able to pay for after meeting other expenses. What type of promotion budgeting called? the affordable method  Objective and task method – a budgeting method based on a company’s promotion objectives and the costs of the activities and tasks necessary to accomplish those objectives 35. In 2021, which type of media was allocated the largest percentage of the global promotional budget? Internet  Cost per contact – the cost to reach one receiver of a marketing message 36. Which is true of Dollar Shave Club’s first video? It had a low cost per contact 37. Why do some people argue that it is unethical to market to children? Children may be incapable of viewing marketing messages critically 38. Which of these is most likely to be perceived as unethical targeting? Marketing junk food and soda to children - There are many ethical concerns about marketing to children because they are vulnerable and susceptible to influence 39. Why do some marketers oppose the regulation of Big Data? They think it will limit the potential uses of Big Data - Data is the most valuable thing that marketers can have because it allows them to better target their customers and beat out competitors. Because of this, some marketers are wary of regulation that could limit their access to Big Data 40. According to the article, what can a company experience by marketing ethically? Increased brand affinity - Consumers have very little tolerance for unethical practices and are drawn to brands that act ethically and benefit the greater good rather than solely benefiting themselves. 41. According to the video, what is the catalyst for the new influences on millennial consumer purchasing behavior? Technology - Millennials are early adopters and avid users of technology, which acts as a catalyst for new influences on their purchasing behavior.

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 Individualism – personal freedom and individual achievement  Collectivism – emphasizes group goals and the importance of the community 42. Which type of culture prioritizes spending on products associated with success and independence? Individualist culture 43. What two new behavioral archetypes will probably be produced by the pandemic? People whose behaviors are changed by the pandemic and people whose behaviors are changed

Marketing Module 3 notes

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