Exam (elaborations)
Study Guide for Exam 1 - Principle of Marketing MKT 3401 LSU WITH Karam
- Course
- MKT 3401
- Institution
- Louisiana State University
Study Guide for Exam 1 - Principle of Marketing MKT 3401 LSU WITH Karam
[Show more]
Content preview
Study Guide for Exam 1 - Principle of Marketing |MKT 3401 LSU WITH Karam
1. What does it take to be successful in business?
• Have to be able to market yourself
• What makes you different
• Have to be able to sell yourself
• Have to know people
• Have to maintain contacts
2. Traits to be successful (maintaining job) CHASE
• Creative
• Aggressive – resilient
• Enthusiastic – presence that won’t kill corporate America
• Smart
• Honesty – resume
3. 2004: WSJ held a survey interviewing fortune 500 companies on what traits
they are looking for in students from ivy league colleges:
• Interpersonal communication skills
• Teamwork – have to work in a group with different
skills/personalities
• Honesty
• Core competency
4. Al Maradian’s concept of “likeability”
• The emotional impact you have on somebody and have them want to
listen to you
• 38% of the emotional impact you have is according to your vocal
ability/delivery
• Customer satisfaction
• TONE
• 55% visual delivery
• Facial expression
• “Default look”
▪ Look in mirror
• Thin slice: 1/24th of a second an image is created
• Eye contact not the most important
• 7% verbal arrangement of the message
• Does not mean content
Harvard Business review did a study of 3 types of presenters
• Show Runner
o Look the part
o Suspicious of them
• Neophyte
o Everyday person; good not great
o Not flawless, get nervous
• Artist
o Eccentric, extreme, bizarre, nontraditional
Credibility
, • Trust/honesty must learn how to apologize
• Knowledgeable/expert
• Position/status
• Personal brand
Personal branding formula
• PB = Performance + Personality + Visibility x Trust
63% of customers will change a purchase decision based upon the indifference of
one person
3 Key Marketing Concepts
1. Customer Value
• CV = benefits – costs
• Taco Bell – cheaper than Chick-fil-A
2. Customer Satisfaction
• Employee satisfaction = customer satisfaction
• Raising Cane’s: service is impeccable
• Customer service – critical
• Wal-Mart is so busy that a bad experience can make customers switch to
Target
• Target is more expensive, but better service, cleaner, hipper
• Wharton says 77% of people who have a bad customer experience will
tell at least one person: word of mouth
• Only 7% of people who have a bad customer experience will tell the
service provider
• Delta Airlines
• Customer service went down
• Bought a $1.2 billion customer service training program
• Libraries spend lots of money on customer service because they are
threatened
• Hospitals
• In the land of the blind, the one-eyed man is king
• United Grace Guitar Study
• United Airlines – broke a guitar
• They claimed it was broken before it was on the plane
• Customer wrote a letter and it was never answered
• Customer wrote song “United Breaks Guitar”; becomes a
sensation
• Does not destroy United, but damages corporate brand
• 1. No service failure plan in place
• 2. Internet was lethal
• Service Failure = “Failure in recovery” in service industry
• Acknowledge mistake was made and make a recovery plan
• Airlines have service failure plan for overbooking and
synchronized multiple levels of recovery
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller smartzone. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
