CLEP Principles of Marketing Study Notes

Unique selling proposition when a company chooses one

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Unique Selling Proposition – when a company chooses one attribute to excel at and promotes it to create a competitive advantage. Current Profit Maximization – setting prices as low as possible Straight Extension – only strategy for marketing a product in a foreign market without any product changes. Selective Processes when one is exposed to stimuli: Selective Exposure – minds/eyes seek out and notice info that interests us (products begin to interest you, example) Selective Retention – remember only what we want to remember Selective Perception – screen out or modify ideas, messages & information that conflict w/ previously learned attitudes/beliefs. Preemptive Differeentiation – choosing a product attribute or difference that competitors would not be able to duplicate (i.e, firm is taking preemptive action against its competitors). Pioneer Advertising – done early in the product’s life cycle and informs potential customers of the product and its benefits. Institutional Advertising – promotes a specific organization, not a product. Competitive Advertising – aims to develop customers’ preference for a specific brand. Product Advertising – aims to sell a product. Reminder Advertising – aims to keep the product name before the public later in the product’s life cycle. Vendor Analysis – process used to evaluate suppliers and how they are working out for the company. Evaluation – less formal and not as detailed as vendor analysis. Checklist – may be part of a vendor analysis but more information is needed to make an assessment of the vendor than is provided ina checklist. Subjective interpretation – may be used in analyzing the vendor, but objective measurement is also needed. Market Research Process Problem definition - takes most time Situational Analysis Data Collection Problem Solving Alternative Development Marketing Research – needed to keep isolated marketing managers in touch with their markets.
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