MAR 3407 EXAM 1 LATEST VERSION GRADED A+

MAR 3407 EXAM 1 LATEST VERSION GRADED A+ Branded house: part of creating a brand architecture. The company is the brand. All products and services within that company are associated with that single company brand but they themselves don't exist as a brand. Most cost effective because you are spending money to build one single brand. Marketing: the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Definition from the American marketing association). Marketing is getting customers to believe that your products and services are important and that they deliver a better value than the competitions. Marketing strategy: defines customers you're going after and how you'll influence them. Marketing plan: outlines the specific steps to implement your strategy. Captures things you've learned about the market, competition, and customers. Helps align the organization as well. Also lays out programs, schedules, and budgets. Marketing planning process: start around middle of the fiscal year, each team develops revenue forecasts, each team develops a budget to spend on marketing programs needed to achieve the revenue forecasts, reports are combined into company level reports. Benefits type: - Functional benefits refer to a products physical appearance. - Economic benefits are related to saving money or time. - Emotional benefits are psychological feelings you get when using a product. - B2C emotional benefits are most important. - B2B economic benefits are most important. Brand: the promises you are making to the customer to deliver a set of benefits Type of competitors: 3 types: direct, indirect, and substitutes - Direct competitor is anyone selling the same thing you are, delivering the same benefit. - Indirect competitors sell similar products with different benefits - Substitute competitors are unrelated products or services that a consumer can use in place of your products or services. Competitive matrix: a good tool to analyze the competition. Customer analysis: starts with deciding what is a customer, then understand what's important to customers, and finally measure your product against others. Customer Buying Process need recognition, information search, evaluate alternatives, purchasing, post purchase behavior. - Need Recognition customers realize they want something - information search customers gather information about solutions - Evaluate Alternatives customers make choices based on what's most important, and which brand does the best job. - Purchasing customers buy the product. - Post purchase behavior customers compare the results to expectations. Targeting: where you decide which segments to go after. Looking for the largest group of customers who are most willing to consider buying your product or service based on your marketing appeal. Start with benefit selected during segmentation, then test against demographic and geographic data, then consider behavioral data. Value proposition: a single-minded claim made by a company in order to change the customers mind and cause them to do something