Brand Basics
Jeff Bezos said, “A brand for a company is like a reputation for a person.” What did he mean?
A company earns its reputation by doing hard things well.
What do all good businesses start with?
Solving a problem or improving an existing solution.
What does the marketing concept begin with?
Analyzing and identifying customer needs and wants.
Name 3 of the 8 marketing functions.
(Any 3: Market Planning, Marketing-Information Management, Selling, Customer Service, Product/Service Management, Pricing, Channel Management, Promotion.)
What did Yogi Berra mean when he said, “If you don’t know where you’re going, you’ll end up someplace else”?
Businesses need clear goals and planning.
Bezos also said, “Your brand is what other people say about you when you’re not in the room.” What does that mean?
A brand is defined by customer perception, not by the company itself.
Give one example of a product that improves on an existing product.
better blender, less expensive socks, etc.
What are the 4 Ps of marketing?
Product, Price, Place, Promotion.
What is Marketing-Information Management?
Researching target market, competition, trends, and collecting data.
What did Peter Drucker mean by, “The aim of marketing is to make selling superfluous”?
Customers should have enough information to decide without being persuaded.
Who is in charge of a brand’s social media reputation?
The customers.
Give one example of a completely new product.
Smartphone (or similar)
Marketing is about connecting ______ to ______.
Brands to fans (businesses to customers).
What is Selling?
Communicating with customers, providing info, and persuading them.
What is Promotion?
Informing customers about a product and its benefits.
True or False: Gossip about people and brands is usually exaggerated.
IF false what is correct answer...
False. With brands, customer opinions usually reflect their true feelings.
What is necessary to sustain operations and grow a company?
Making a profit.
True or False: Great brands are built overnight.
False – they are built slowly over years or decades.
What is Customer Service?
Individualized attention to ensure satisfaction and loyalty.
Without promotion, what did P.T. Barnum say happens?
“Something terrible happens… nothing.”
What group gets to decide if a company is solving their problems or not?
The customers.
Are profits the main goal of business? Explain.
No, profits are a by-product of solving customer problems.
What does market planning include?
Creating strategies, goals, processes, budgets, and forecasts.
What is Channel Management?
Getting products to the right place, at the right time, through the right channels.
How are the marketing functions interrelated?
They work together (e.g., product management shapes promotion, sales connects with channel management).