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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