MKT3401_Exam2_Notes_Jsolite

MKT3401_Exam2_Notes_Jsolite - MKT 3401 Test 2 Notes...

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MKT 3401 Test 2 Notes **Reminders: Final Exam is May 3 rd (cumulative: little bit of old material, lot of new) 42 Multiple Choice Lecture Material: o Credibility o Likeability o 3 types of Presenters/Presentation o Branding o Promotional Mix - Venues of Advertising - Sales Promotion - Personal Selling - Public Relations Wall Street Chapters: o Corporate Branding (p. 17) o Target Marketing (p. 39) o Place (p. 90) o Promotion (p. 100) I. 3 Types of Presenters (terms used by the Harvard Business School) Showrunner – very good presentation skills, they have it all. A. 3.2% of people B. What they sometimes lack: Substance . We have to look beyond their “greatness” for some substance. Neophyte – average presenters; may have voice quivers but overall, good presentation skills. A. 80% of people 1
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Artists – artistic, eccentric, different styles of presenting. Quick Tip #1: When applying for a job and doing an interview, make sure you do your RESEARCH ! “It’s not good to go for a job and not even know the name of the company’s CEO/President!” Quick Tip #2: When/if you make a mistake, for example, not remembering the CEO’s name (above), CORRECT IT ! Word travels fast! II. Presentations Consist of: AGM – Attention Grabbing Mechanism Body Conclusion III. Crisis Management – What is a crisis? Crisis – when a company or person experiences an event that negatively impacts their brand or goal. A. Fiesta Bowl – one example of a crisis B. FYI – Warren Buffett is the richest man in the world. But, who will be his successor? What to do when a crisis happens? 3 THINGS A. Be Sincere and Show It (or it doesn’t count) B. Apologize C. Set a Price 1. 3 Price Strategies a. Price Skimming – setting the price as high as you can for as long as you can. (Ex – Starbucks) i. Works best when you’re the first in a new market & don’t have any competition. b. Penetration Pricing – set prices lower than ever to saturate the market, and then go up on price. i. 2
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c. Status Quo – follow what everyone else does. (Ex – Econolodge) 2. Pricing Tactics a. Rebate & Discounts – sending customers money after they make a purchase b. Single-Pricing – charging one price for same product, no exceptions c. Flexible Pricing – charging different prices for different customers (Ex – charging a loyal customer less than a new customer) d. Professional Pricing – fees charged by professionals, for example, doctors, lawyers (Ex – $50 per hour) e. Psychological Pricing (aka “Odd-Even” pricing) – Even prices reflect quality, Odd pricing reflect a bargain. (Ex – Gas stores, $3.99 vs. Tiffany’s Jewelers, $2,500.00) f. Bundling – grouping products together for a price, indicating a “deal.” (Ex – Cox Communications) g. Loss Leader – also known as a “trick.” “When a company takes a name brand product and lowers its price, AND places it near other reduced priced products, so that the customer buys more products
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MKT3401_Exam2_Notes_Jsolite - MKT 3401 Test 2 Notes...

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