PRIN OF MARKETING
PRIN OF MARKETING MKT 3401
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This 8 page Class Notes was uploaded by Ms. Beulah Walter on Tuesday October 13, 2015. The Class Notes belongs to MKT 3401 at Louisiana State University taught by T. Karam in Fall. Since its upload, it has received 20 views. For similar materials see /class/222523/mkt-3401-louisiana-state-university in Marketing at Louisiana State University.
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Date Created: 10/13/15
Marketing Midterm Study Guide 0 1 Keys to being successful 0 1 Market yourself I Show yourself to others 0 2 Sell yourself I People want to believeembrace what you have to say and want to be part ofit I Interpersonal skills how you carry yourself talking to others 0 3 Know people network I Access people have contacts network exposed o 4 Maintain contact I Must be able to develop and maintain long term relationshipscontacts I Easiest and hardest to do 0 2 Traits to make you marketable and sell yourself 0 The most important trait is the one you decide 0 Creative I Take an idea and changefix it to make youthe product more marketable Change product market yourself I Finding ways around the law I EX mister fans yers Dasani bottled water 0 Aggressive I Be persistent I Be able to work past minor problemshiccups try something else when plan A doesn t work be resilient I Don t be a bully though 0 Enthusiastic I Your personal brand cannot wear down the reputation of the organization I Be exciting and energetic I Good employees yield great customer satisfaction 0 Smart I Companies will always hire 40 these people are in a way the most marketable I Great to be smart but need other skills I EX modifying a product 0 Honesty I Most people aren t honest I Admit mistakes 0 3How do you sell yourselfconvince someone that you39re better Al Mehrabian39s likability 0 Market communications guy 0 His emotional impact study and concept of quotlikabilityquot and personal brand 0 Need to get people to like you such as Michael Jordan and Martha Stewart 0 1 Vocal delivery 38 of the impact ofwhat you say is tied to your vocal delivery TONE your tone can t be boring or bitter notepausesthey can help in every presentation I Tone the key to vocal delivery have enthusiasm excitement o Bitterness kills 0 Boredom kills I Rate in ection volume I Articulate deliver memorable information o 2 Visual delivery 55 is tied to this facial expression is the most important concept ofvisual delivery be aware ofyour default face Can t move forward with your personal brand without knowingfixing your default look I Facial expression you define who you are in great part by facial expression Default look look you have before and after you present everyday look this is how people define you Eye engagement be able to use your eyeshead to engage people and make them feel special when you present DO NOT be distracted by how people in the audience lookdon t react to their facial expressions Dress dress one notch above audience Hands make sure your hands aren t rigid and still avoid hands in pockets find something comfortable either in front of or behind the body 0 3 Verbal arrangement 7 o 4 Credibility the believability that people have in you 0 You need to know who you are and convey this to audience 0 Four elements to maintaining credibility I 1 Trusthonestysincerity convey empathy and a relationship to the audience I 2 Knowledge expertise I 3 Identification being able to relate to the publicindividuals I 4 Charisma Personal branding overall delivery presence style delivery poise 0 Another element he listed Positionstatus o 5Marketing Management Philosophies 0 Production orientation one problem could be that you produce highest quality but there is no demand for it need to look inward to see what you do best 0 Sales orientation training employees to sell the product put product in hands of skilled sales force who will sell product only concerned with selling 0 Marketing orientation satisfying the customers needs and wants by giving them a product they desire customer customer customer 0 Societal orientation satisfy a customer without having a quotcarbon footprint behind damaging environment sustainability satisfying the customers needs and wants by giving them the product they desire while keeping society and environment safe by being a good neighbor and citizen ie GREEN Ex Nike left 750 million of materialswasted scraps on oor 0 Reconfigured factory to waste less 0 Changed sweat shopshow they work and their rules Ex top 15 billionaires made a pact to give away most of their fortunes o 6 3 concepts of marketing 0 1 Be able to create customer value customers want value in what they are doing ex Harvardfirst class coachRolex 10 watch each gets value if benefitsgtcost Customer value benefits costs Ex Taco Bell good customer value for Karam o 2 Customer satisfaction quotCustomer satisfaction not just service goodbetter customer service is part of customer satisfaction 0 Ex Karam s family going to Commander s palace 63 of people are willing to change purchasing decision based on one person 77 of customers who have a bad experience will tell at least one person only 7 of dissatisfied customers will tell the service provider Customer satisfaction starts with employee satisfaction because it leads to better service ex satisfied Raising Canes employees measure employeejob satisfaction by 0 A Paycheck benefits are a big part 0 B Promotions can the employees see themselves advancing in the company 0 C Coworkers D Bosssupervisorm anager effectiveness lasting feeling on employees 0 E Customerbaseclientele are you interested in being around them 0 F job itself 0 Good employee satisfactioncustomer satisfaction Prospect theory we remember the bad experiences more than the good ones the negative things have a lasting impact word of mouth can accentuate this Companies pay a lot ofmoney to get customer info surveys etc Mystery shoppers form of research where people are paid to be customers who give feedback this helps employees to be on their toes McDonald s does it mostindustries do it ex Karam and his wife going to the Sheraton Failure and Recovery when failure takes place what is done as a form of recovery 0 Failure company fails and causes indifference 0 Recovery company asking customer to come back after indifference 0 As hard as we try to make the service good we always fail but we want to recover and avoid the customer switching to a different company 0 Great companies recognize their areas of failure and ensure good recovery leading you to talk highly of them thereafter 0 3 Develop and maintain longterm relationships client development Secure a customer and know why they don t switch see the 7 tested reasons Longterm relationship creates brand loyalty Companies that have shortterm involvement with their customers such as restaurants must create a good relationship quickly This also deals with failure and recovery 0 7 What happens when good customer satisfaction occurs 1 Referrals 0 O o 8 Wh O O 0 Business comes your way 2 Premium prices People will pay more for the best 3 Reduced selling time Customers don t need to search 4 Increased usage Creates loyal customers y do customers switch 75 of customers who switch tell at least one person but only 7 tell service provider they are switching slightly different than above statistics idk ifit matters these numbers are from Sam s notes 1 Core service failure the service you have paid for has been botched ex dropped calls from ATampT 2 Service encounter failure service to you was not to your liking you want someone with knowledge and a sort ofbedside manner make you feel that they care encounter with individual giving service is not good ie rudeness lack ofpoliteness no knowledge 3 Price unreasonable or deceptive price 4 Inconvenience waiting too longexcessive waste of time o 5 Employee failure to respond to service failure 0 6 Attraction from the competition another similar company is more appealing o 7 Unethical behavior 9 6 factors that in uence EXTERNAL environmentsituational analysis 0 1 Social factors values ofthe day and component lifestyles activities interests opinions o 2 Technological factors I USPS vs UPS vs FedEx one difference is online TRACKING o 3 Economic factors current state of the economy 0 4 Competitive factors I Google is probably the closest thing we have to a monopoly today I EX LSU vs Saints I USPS vs UPS vs FedEx jets Prospect theory ex the one letter out ofbillions that got lost in the mail is remembered UPS pay workers well so they deliver good work average pay for driver is 70000 paypromote them well dominate UPS competition FedEx Fred Smith boughtjets founded in Memphis a somewhat central location simply load plane y deliver mail USPS branches off to competitors ofUPS and FedEx and leads to a cycle of competition also pay attention to the use of color as a source identifier Fed ex dominated the air so they bought trucks to increase ground dominance while UPS dominated ground so they bought jets too 0 The competition between UPS and FedEx combined with new marketing strategy for USPS led USPS to get back in the game DHL also came into US but got crushed probably because ofpoor customer service The tracking system came to be one of the ways to differentiate between the 3 systems 0 5 Legal and political factors I Have to be able to respond as changes happenrecognize opportunities 0 6 Demographic factors I Descriptors that help us identify who these people are I A Age Companies find a target population EX baby boomers senior citizens gen X gen Y We are Gen Y not as selfcentered as Gen X 0 Retirement centers are so good because nursing homes quotblew it now they get senior citizens business it s the new elite way to grow old B Gender 0 EX NFL markets toward women with apparel growing percentage of malefemale audience and kids ages 10 14 it keeps them fit and appeals to NFL at Christmas NFL garb will be popular C RaceEthnicity 0 Ex Pepsi focused on the quotnegroquot population to rival Coca Cola o In the 90s companies started to recognize the Hispanic population through translated labels and ads now the Chinese are being targeted because there are 3 billion of them 0 EX Republican candidates trying to get Hispanic vote 0 EX Lowes having Spanish signs for Mexican customers D Income 0 High low medium etc 0 Ex Wall Street Journal ads for Tiffany s E Education 0 High school undergrad postgrad 0 Ex Amazon s kindle being marketed to higher education people 0 EX pictures on products or signs for those who can t readlower education F Occupation 0 White collar blue collar teachers administrators medicine lawyers retirees unemployed and now students 0 EX Kaplan marketing to college students interested in grad schools and the subsequent formation of Princeton Review to rival Kaplan s test prep courses G Religion 0 This is important because you need to know how to appealattract but more importantly how not to offend 0 Ex Edwin Edwards was able to trick the Catholics and Baptists in different regions of Louisiana in order to market to both of them H Geographic 0 Ex different marketing strategies used for North vs SouthEast Coast vs West Coast 0 EX during Lent in southern Louisiana many businesses serve seafood specials on Fridays I EX wouldn39t market air conditioning products in California because they don39t need it I 10 Marketing Strategy Framework 0 Level 1 Market Analysis 39 Firstpart studyexamine company Coiisburmon Competition I EX FoXCam9 750day 9China9 assemble electronics I EX Ford teamed up with Microsoft made sync collaborated 39 3 C39s of market analysis I 1 Company how much you know as the company I 2 Customer who is the customerhow to build a customer relationship I 3 Competition who they are now and in the future 0 Level 2 39 Phase 1 Segmentation I 4 criteria for effective segmentation o 1 Identi able o 2 Accessible can you reach them branches off into criteria ofpopulation and promotionto that population 0 3 Responsive o 4 SubstantialSustainability s populationbig enough 39 Phase 2 TargetingZSelectpropertarget market I Mass marken ng undi39 erentiated strategy 0 EX Timex watches
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