Analysis 1
The number of steps in a successful marketing strategy according to the lecture.
What is 7?
The steps a consumer makes when deciding on making a purchase
What is the buying process?
A customer’s recognition of, preference for, and insistence on buying a product with a certain brand name.
What is brand loyalty?
This promotion strategy involves naturally or organically attracting customers through content, social media engagement and brand awareness campaigns.
i.e. Apple creating an exciting "buzz" around the release of new products, leading to long lineups outside their stores.
Pull Strategy
To use one thing, to get another. To use something to your maximum advantage.
Leverage.
Age, Gender, and Income are all examples of this.
Information already available to market researchers as a result of previous research by the firm or other agencies.
Secondary data?
The acronym SWOT stands for this.
What is Strengths, Weaknesses, Opportunities, and Threats
This is the price a consumer pays for a product.
What is retail price?
A material used in Stanley Cups that will not rust even when exposed to liquid for a long period of time.
Stainless Steel
This type of product involves a complex process of research before buying and has a high risk of financial consequences if the "wrong" decision is made.
High Involvement product.
The concept that the profit-producing life of any product goes through a cycle of introduction, growth, maturity, and decline
What is the product life cycle?
The methods of getting products and services from their origins to the customer.
What are distribution channels?
In the 4 "Cs" of internet marketing, this "C" refers to giving your product a personality online to better connect with potential customers.
Content
The point at which fixed costs are recovered from the sale of goods/services, but no profit is made.
What is break even?
This type of product has low financial consequences for the "wrong" decision when purchasing. Any similar product will be sufficient.
Low-Involvement Product.
This Market Segmentation strategy attempts to place consumers into groups based on their lifestyle, activities, opinions or interests.
Psychographic.
A graphic representation of how consumers view and think about a company and its competition.
What is Perceptual mapping?
This promotion strategy involves active, direct promotion of a product or service to consumers
i.e. Coca Cola encouraging retailers to stock their products at the checkout.
Push Strategy
In the "Stanley Cup" case study, we talked about the exciting product that was very popular and spreading around to many consumers very quickly. What was the phrase used to describe this concept?
Cultural Contagion
Identifying different individuals and organizing them into groups to target specific markets
What is consumer analysis
This concept is used in legal matters in marketing. It groups all similar products together into legal categories within a geographic environment to prevent one company from creating a monopoly.
"Relevant Market"
The establishment of an easily identifiable image of a product in the minds of consumers, allowing them to feel they 'own' the product.
What is product positioning?
These are the Four P's of a marketing mix.
What are Product, Place, Price, and Promotion?
A material contained in Stanley Cups at safe levels, but is normally toxic to humans.
Lead