MKT 300 Study Guide.docx - MKT 300 Study Guide ° 20 mult...

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MKT 300 Study Guide 09/15/2016 ° 20 mult choice/ some short answer ° Lecture 1 ° What is marketing? ° Art and science of meeting customer needs profitably ° DeBeers “diamond is forever” They found a need to profitably meet consumer needs to signal commitment ° Key is to satisfy a need ° ° Ways to get it wrong: Attending to the wrong type of market research o Ex: coke over reacted to the blind taste test Focusing on internal capabilities, not consumer needs o EX: baby food for adults Overpromising and reducing perceived quality o Ex: dominos Diluting the brand o Ex:Harley perfume ° ° ° ° ° °
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Marketing 300 Study Guide ° ° ° ° ° ° ° ° ° ° ° ° ° Business objective: Goal? Core competence? ( a skill that we uniquely possess) Fundamental entity? ° Marketing Objective: Acquisition Retention ° Source of Volume: Stealing share stimulating demand ° STP Who are we talking to
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Marketing 300 Study Guide What do they believe What do we ant them to believe What do we need to say to shift their beliefs ° Execution How do we implement our strategy articulate our positions o Product, price, place, promotion ° ° Lecture 2: Business objection ° Fundamental entity? From what perspective should the company develop its mark strat ° Core competence: Skill we uniquely posess ° Core business ° Our goals ° ° 1. Fundamental entity: brand level from which we conduct our strategic analysis o shold reflect consumers perception of the brand ° Brand: a name term sign symbol or deign intended to identify the goods or services of one seller and differentiate them from those competitors Brand Strategies: Umbrella Brand : (BRANDED HOUSE) family of products that all deliver the same higher order benefit
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Marketing 300 Study Guide Example: Nike football, tshirt, sneaker o All have logo o A family of products Example: Crest some toothpasts strengthen some whiten o All have higher order to deliver healthy teeth ° Distinct Brand: (HOUSE OF BRANDS) firms offer several products with distinct meaning s, brand names, logos, targeting different audiences Unilever: o have axe and dove  diff view of women in the same company o Brands don’t even have the U on it o Market the distinct brands differently ° Hybrid brand: in the middle: some brands have the lofo and some do not BMW o For the most part they all have BMW logo, but they also own minicooper doesn’t have the logo Why? Minicooper car could have neg impact on the BMW brand so separate ° Advantages of Umbrella: Once consumers trust brand, can extend the brand in various wars to capitalize on positive feeling ° Three ways to extend brand: 1. Product line extensions 2. Category extensions 3. Introducing branded variants ° 1. Product line extensions Ex: Doritos is the parent brand different flavors are sub brands ° Helps acquire new customers BUT more likely that they have a loyal following that seeks variety  they will eat us more often, we will provide the variety they seek
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