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Class Notes 2 Flashcards

(62 cards)

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1
Q

Types of new product

A

Modification
Major innovation
Minor innovation

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2
Q

Modification

A

70%. Ham and cheese pringles

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3
Q

Major innovation

A

10%
Completely new
Primary demand: tell people why they need it

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4
Q

Minor innovation

A

20%
Cheep version of major innovation
Institutional demand : why u should buy their products over the major products

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5
Q

Product refinement

A

Keep tweeting and making one product better

US

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6
Q

Product churning

A

Shot gun product out see what sticks

Japan

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7
Q

Parallel development

A

Make iPhone 1 2 3 4 in advance when competitors try to answer back you drop the next product

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8
Q

Freshening

A

Bringing logo or value prop up to date

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9
Q

Green washing

A

When people think ur environmentally friendly cause u use green In ur design

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10
Q

JND

A

Just noticeably different

When a company changes its logos slowly over time

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11
Q

Trade dress

A

A legal protection where off brand products can steel the design of a big brand to make there product seem trust worthy

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12
Q

Packaging

A

Silent sales man

10-15% of marketing

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13
Q

Shapes

A

Feminine : soft round

Masculine / violators: sharp abrupt star shaped

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14
Q

Price

A

Is a function of value

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15
Q

Value

A

Is a quality as defined by your customer at the right price

1 whoa may customer
2 how do they define quality
3 how much am I able to charge them for what they say they want

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16
Q

Core product

A

What the product actually does

Car drives

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17
Q

Actual product

A

What the product actually is like Mercedes or ford

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18
Q

Augmented product

A

What else comes with the product

Free oil changes

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19
Q

Reference pricing

A

What a customer perceived a price should be for a product

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20
Q

Tiffany Walmart syndrome

A

Death of the middle

Rocketing or trading down

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21
Q

Price positioning

A

A company implanting a idea of what price products should be in there brand

Walmart : save money live better

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22
Q

Skimming

A

A company that starts selling stuff real expensive and might over time lower price

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23
Q

Penetration

A

Company starts selling real cheep eventually increase price

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24
Q

Captive hybrid complimentary

A

They sell one thing cheep and accessories for a lot

Printer and ink

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25
Monopoly
Price does not matter full control
26
Oligopoly
A few big players like the big three generally a leader which directs the markets Path
27
Monopolistic competition
2 or more monopoly’s compete against each other Ex Big Mac vs whopper Or Pepsi vs coke
28
Pure competition
Price is all that matters we don’t distinguish a big difference between the products
29
Promotion
any communication used to inform persuade or remind
30
Communication
``` Delivering a message 1 source 2 message 3 channel 4 receiver ```
31
Noise
Anything that interferes with communication
32
Promotion life cycle curve
Pioneer advertising Competitive comparative advantage Remind advertising
33
AIDA
Attention. Interest. Desire. Action Pull: attention interested. Customer marketing Push: desire action Shopping marketing
34
Selective exposure
Choose one magazine or only certain websites. Finding right media to promote your project
35
Selective attention
Ad must pop our grasp attention have to excite people
36
Selective retention
Relevance repeat it
37
Co marketing
Two companies coming together to sell their products Free sheetz coffee when u buy Wall Street journal 2 separate products
38
Co branding
When two companies make a single product together Doritos Taco One product
39
Co-op
Cooperative advertising Company that makes and sells product share cost of advertising Target chocolate
40
Horizontal
Different sellers combine to sell advertisements
41
O-o-h
Out of home advertising | Billboards
42
A B split
Means testing advertisement to see what ad is most useful
43
Types of PR
``` Word to mouth. Largest Reviews testimony Product placement Opinion leaders Award ceremonies Incidental suggestion Sponsorship: fit visibility over time goals ```
44
Cause marketing
For a good cause toms
45
Phases of PR
New or interesting talk about it ( being first) Victory lap talks about success (Being successful)
46
Sales promotion
``` Samples Pop display Premium Games Trade show Free trials ```
47
Slotting fees
Pay grocery stores for specific pots in store 50 yard line
48
POPAI
``` Specifically planned 30% Generally planned 10% Substitute 3% Impulse 53% 66% happen in the store ```
49
Conversion rate
Initial conversion | Sustained conversion
50
Powell’s rule on selling
Goods marketing and branding makes selling unnecessary
51
Personal selling mix
Skills Information Organization
52
Skills
Persuasive quick | Most imp good listener good at communicating
53
Information
``` Got to know about Product Know about the buyer Know about competitors Market industry and trends Know about policy’s ```
54
Organize
``` Organize by Product Geography Different type of customer Inside sales Outside sales ```
55
Old school Sell sell sell Door in face
New Tell tell tell Foot in door
56
Three types of sales people
Missionary | Order getter order taker
57
Missionary
Spread info ask questions give samples ask for recommendations Ex pharmaceutical rep
58
Order getter
Come to u ask if u need anything
59
Order takers
Passively answer questions and close sales you approach them
60
Selling process
Approach ( prospecting ) Identify Able willing to by Need identification: ask questions figure out what customer wants Presentation Trial close Close Follow up
61
5 reasons people say no
``` Don’t trust u or store No money No perceived need Not now/ not in hurry No desire ```
62
Aperture
The right time and place for a message to be received

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