MKT3401_Notes_Test1

MKT3401_Notes_Test1 - MKT 3401 Test 1 Notes I. Keys to a...

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MKT 3401 Test 1 Notes I. Keys to a Successful Company a. Market yourself – present yourself/idea in the right way, to the right person, at the right time. Persuasion is very important. i. Credibility – How you market yourself. 5 Factors: 1. Trust/Honesty 2. Knowledge/Expertise (resourcefulness) 3. Identification – fit in with the identity of the company 4. Position/Status (Company Brand) 5. Personal brand – attributes that set you apart by giving you an edge that dictates who you are in the opinion of others. b. Sell yourself – speaking of your skill and qualities effectively. i. Likeability – the ability to have someone view you in high regard. 4 Factors: 1. Personal branding (above) 2. Facial expression – dictates how people perceive you 3. Default look – your standard, everyday look 4. Image – your visual representation; created in 1/24 th of a second; can destroy your personal brand if negative. ii. Al Mehrablan’s study on emotional impact - %’s of emotional impact: 1. 55% - visual delivery 2. 38% - vocal delivery 3. 7% - verbal arrangement (well spoken)
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c. Know people – b/c you may have to eventually sell yourself to individuals that have made your acquaintance d. Maintain contact – stay in touch II. Keys to a Successful Team a. 5 traits : 1. Creative – originality 2. Aggressive – determination 3. Enthusiastic – passion/expression 4. Smart – resourcefulness 5. Honest – genuine b. 3 traits of Ivy League “hires” – i. Interpersonal communication skills ii. Team work – making each other and the company look good iii. Honesty III. Three Key Marketing Concepts a. Customer Value – difference between the value/benefit of a product and what the product actually cost. CV = Benefit – Cost b. Customer Satisfaction – when a customer’s expectations are fulfilled. Very important because there is always competition. i. When customers have a negative experience: 1. 77% of customers will tell at least one other person (story-telling chain reaction) 2. 63% then change their purchase decision based on word of mouth 3. 7% will inform the service provider of their bad experience
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c. Developing Long-term Relationships – gives you a competitive advantage over competitors IV. Four Marketing/Management Philosophies a. Product Orientation – a company looks inward to determine its strengths and produces what they produce best. b.
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MKT3401_Notes_Test1 - MKT 3401 Test 1 Notes I. Keys to a...

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