Frameworks
What are the different components of the SWOT Analysis?
Strengths, Weaknesses, Opportunities & Threats
Define WOM Marketing.
When consumers share thoughts or opinions about a certain brand to others, usually organic and unprompted by the actual company.
Identify the elements of the promotional mix. (ALL)
Sales promotion, Advertising, Direct marketing, Personal selling, and Public relations
Which company famously used cost leadership by focusing on reducing prices through efficient supply chain management, allowing it to become the largest retailer in the world?
Walmart
What does Porter's Five Forces help businesses determine?
Allows businesses to assess the overall competitiveness of an industry.
What is a Sales Promotion?
Marketing strategy that causes an increase in sales in the short term (e.g. offering a discount or some sort of incentive for consumers to buy your product)
Identify the company’s brand promise.
What the customer can come to expect of the brand and its products; reflects brand image & company’s mission. Ex. Walmart - “Save money. Live better.”
When Coca-Cola introduced Diet Coke in the early 1980s, it tapped into a rising demand for low-calorie beverages. Which component of the PESTLE analysis would best explain Coca-Cola’s decision to release a diet product?
Social
If a business determines that the demand for inflatable pool toys is at an all-time low, what factor from the PESTLE analysis best exemplifies this scenario?
Social or Environmental Factors.
What is Market Penetration?
The focus of increasing sales of existing products within an existing market.
Explain the concept of market and market identification. (MENTION MINIMUM TWO CONCEPTS)
Satisfy unmet needs, compile customer profiles (demographic + geographic + psychographic), consider size and scalability.
Amazon’s use of automation and robotics in warehouses exemplifies which competitive strategy for operational efficiency?
Cost leadership
What does the Quadrant 4 in the Kano Model represent?
Functionality is met, however, satisfaction is low.
What is Guerilla Marketing?
A type of advertising that employs an unconventional approach and uses surprising tactics to promote a product or a service, with an intent to drive publicity.
Determine factors affecting business risk. (IDENTIFY THREE)
External—changing consumer preferences/lifestyles, economic recession, competition, new regulations, natural disasters; Internal—operational risk, security/fraud, human risk
Netflix’s shift to streaming addressed which of Porter’s Five Forces?
Threat of substitution.
Which product in the BCG Matrix involves the most risk?
Question Mark products (High Growth, Low Market Share)
What is Cost Leadership?
A business strategy of gaining a competitive edge against its competitors by reducing costs throughout the company.
“Sell” ideas to others.
Answers may vary. Point at an object in the room and ask them to pitch it to you. Make sure they touch on how the product meets the customer’s (stakeholder’s) needs. Use logos (concrete benefits), pathos (“sell” it!), and ethos (endorsements).
Nike’s “Just Do It” campaign is an example of what marketing strategy?
Brand positioning.