Branding
A brand that is immediately associated with a product category demonstrates what?
Top-of-mind awareness/unaided brand awareness
What is the main purpose of positioning?
To own a distinct place in the consumer's mind
List common segmentation variables.
Demographic
Geographic
Behavioral
Market Size
Growth Rate
Value/Benefit
Psychographics
A company redesigns its supply chain to improve environmental outcomes while maintaining profitability. What part of corporate social responsibility does this demonstrate?
triple bottom line approach
Which of the 22 Immutable Laws of Marketing focus on market entry & leadership?
Laws 1-4
1: Law of Leadership - It is better to be first than better.
2: Law of Category - If you can't be first in a category, create a new category to be first in.
3. Law of the Mind - It is better to be first in the mind than first in the marketplace.
4. Law of Perception - Marketing is not a battle of products; it is a battle of perceptions (think irrelevant differentiator)
What should effective marketing begin with?
Empathy & in-depth knowledge about the customers
Which stage of the product life cycle focuses on discovering new uses for the product?
Maturity
What are factors in determining which segment to target?
The segment:
- is not well served by existing competitors
- has an addressable need gap
- likes what is good about you
- does not mind what others find bad about you
Something is ethical if it is legal.
False - ethics begins where the law ends
Which of the 22 Immutable Laws of Marketing focus on positioning & perception?
Laws 5-9
5: Law of Focus - the most powerful concept in marketing is owning a word in the prospect's mind (Google, BandAid)
6: Law of Exclusivity - 2 companies can't own the same word in the consumer's mind
7: Law of the Ladder - the strategy to use depends on which rung you occupy in the category
8: Law of Duality - In the long run, every market becomes a two-horse race
9: Law of the Opposite - if you are #2, define yourself against the leader (Pepsi vs. Coke)
What is the term that describes the following behavior:
Customers will actively seek out a brand and refuse substitutes.
Brand insistence
What are growth stage goals in the PLC?
Build a defensible position through competitive advantage, find a good balance of price/demand, establish a clear brand identity, monitor the competition, maximize supply chain logistics
What is customer lifetime value (CLV) most useful for?
Determining which customers are most valuable over time
What are the 4 dimensions of social responsibility?
Economic - responsible to stakeholders for financial succes
Legal - obeying laws & regulations
Ethical - acceptable conduct as defined by all stakeholders
Philanthropic - promote human welfare & goodwill beyond ethical & legal terms
Which of the 22 Immutable Laws of Marketing focus on focus & differentiation?
Laws 10-14
10: Law of Division - Over time, a category divides into multiple categories
11: Law of Perspective - marketing effects occur over an extended period of time
12: Law of Line Extension - There is an irresistible pressure to extend the equity of a brand
13: Law of Sacrifice - You must give up something to get something
14: Law of Attributes - for every attribute, there is an opposite, effective attribute
Explain the difference between brand recognition and brand recall, and describe why this distinction matters for marketing strategy.
Recognition is identification when prompted (aided). Recall is the consumer remembering without prompting (unaided).
Recall drives purchase decisions, market leadership, competitive advantage.
Why is the growth stage of the PLC so critical in branding and positioning?
That is where sales & profits are growing the fastest.
What is the hyper-competition trap?
Hyper-competition creates many alternatives, making customer satisfaction alone insufficient.
What are some ethical concerns relative to promotion?
- false or misleading communication (VW)
- purposefully ambiguous statements
- direct marketing & influencer scams
Which of the 22 Immutable Laws of Marketing focus on strategy & growth?
Laws 15-19
15: Law of Candor - when you admit negative, customers give you a positive
16: Law of Singularity - in each situation, only one move produces substantial results.
17: Law of Unpredictability - unless you write your competitors' plans, you can't predict the future (think BSG in 490)
18: Law of Success - success often leads to arrogance
19: Law of Failure - failure is to be expected & accepted
What are the 3 components of brand loyalty?
recognition - customer knows about and is considering the brand
preference - customer prefers one brand to its competitors and usually purchases that brand if it available
insistence - customers go out of their way to find the brand and accept no subsitute
Which phase of PLC includes engaging customers and creating awareness?
Introduction
Why are customer personas valuable in marketing planning?
They create empathy for the consumer by "humanizing" data to help improve decision making.
Explain why social responsibility can be both a moral decision and a competitive advantage.
Which of the 22 Immutable Laws of Marketing focus on brand management & realism?
Laws 20-22
20: Law of Hype - the situation is often the opposite of what appears online
21: Law of Acceleration - successful programs build on trends, not fads
22: Law of Resources - without adequate funding, an idea won't get off the ground