sports m unit 3 test Flashcards
- Explain the diff btwn a business and a consumer good.
- Define 𝗽𝗼𝗶𝗻𝘁 𝗼𝗳 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝗰𝗲 and explain why it is so important for sports and entertainment products/services.
Consumer Goods: Goods purchased and used by the consumer for personal use.
Business Goods: Goods purchased by organizations for use in their operations.
🦄 unique product characteristic or benefit that sets it apart from a competitor
⁽ᶠᵒʳᵈ ʰʸᵇʳᶦᵈ, ᶜᵃⁿᵃᵈᵃ ᵍᵒᵒˢᵉ,ᶦᵖᵃᵈ, ᵖᵘʳᵉ ˡᶦᶠᵉ ʷᵃᵗᵉʳ⁾
List and explain the 7 steps in new product development. (DISSBTC)
ᴺᶦᵏᵉ ᶜᵒʳᵖᵒʳᵃᵗᵉ ᵛᶦᵈᵉᵒ:ʰᵗᵗᵖˢ://ᵗʷᶦᵗᵗᵉʳ.ᶜᵒᵐ/ᵈᵃʳʳᵉⁿʳᵒᵛᵉˡˡ/ˢᵗᵃᵗᵘˢ/⁸⁰³⁶⁴⁰⁶⁰⁵²⁸⁹¹⁴⁸⁴¹⁶
𝗦𝗪𝗢𝗧 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀 😎
-(strengths, weaknesses, opportunities, and threats)
𝗜𝗱𝗲𝗮 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻💡
-consumers, employees, r&d departments, competitors
-a “protocol” is written
𝗦𝗰𝗿𝗲𝗲𝗻𝗶𝗻𝗴 𝗮𝗻𝗱 𝗲𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻💻
-does the company have the technology to make the product and does it fit in with company objectives
𝑭𝒐𝒄𝒖𝒔 𝒈𝒓𝒐𝒖𝒑: a panel of six to ten consumers who discuss opinions about a topic under the guidance of a moderator.
𝑷𝒓𝒐𝒕𝒐𝒄𝒐𝒍: a statement that identifies a target market, specific customer’s needs and wants, and explains the product and its point of difference.
𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀 📈
- financial aspects, legal issues (copyrights & patents)
𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁🫖
- a prototype is developed
- quality & safety are addressed
𝗧𝗲𝘀𝘁 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴👯
- the product is offered for sale in a small geographic area
- can help in forecasting sales and market share
𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻🎦
- beginning of a product’s life cycle (born,grow,get old, die…)
-(Process that involves producing and marketing a new product)
Define product placement and give an example of it.
Is the appearance of a product as a prop in a film, music vid, or tv show(media), in exchange for a fee(or other compensation) paid by the product’s advertiser.
ᵉˣ. ᴶᵃᵐᵉˢ ᴮᵒⁿᵈ ᵐᵒᵛᶦᵉ ᶠʳᵃⁿᶜʰᶦˢᵉ→ᴬˢᵗᵒⁿ ᴹᵃʳᵗᶦⁿ. ˢᵗʳᵃⁿᵍᵉʳ ᵀʰᶦⁿᵍˢ→ ᴱᵍᵍᵒ
List and describe the 4 stages in the product life cycle.
Introduction →Growth → Maturity→Decline
ᴺᵒᵗ ᵃˡˡ ᵖʳᵒᵈᵘᶜᵗˢ ᶠᶦᵗ ᵗʰᵉ ˡᶦᶠᵉ⁻ᶜʸᶜˡᵉ ᵖᵃᵗᵗᵉʳⁿᵎᵎ
ᵉ.ᵍ. ᶜᵒᶜᵃ ᶜᵒˡᵃᵎᵎᵎ
INTRODUCTION
*Product is first introduced in the marketplace
*Focus is on promoting consumer awareness and getting consumers to try the product.
*A major task is the distribution of the product; trying to convince retailers to carry your new product.
ᴱ.ᵍ. ᴳᵃᵗᵒʳᵃᵈᵉ – ʰᵃᵈ ᵗᵒ ᵉᵈᵘᶜᵃᵗᵉ ᶜᵒⁿˢᵘᵐᵉʳˢ ᵃᵇ ᶦᵗˢ ᶜᵃᵖᵃᵇᶦˡᶦᵗʸ ᵒᶠ ʳᵉˢᵗᵒʳᶦⁿᵍ ᵃⁿ ᵃᵗʰˡᵉᵗᵉ’ˢ ᵉⁿᵉʳᵍʸ ˡᵒˢᵗ ᵈᵘʳᶦⁿᵍ ᵃᶜᵗᶦᵛᵉ ᵖˡᵃʸ
ᴸᵉᵐᵒⁿ⁻ˡᶦᵐᵉ
GROWTH
*More competitors enter the marketplace.
*To stay competitive the product may be improved by adding new features or new products in that line.
*Important to add 𝗱𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗼𝘂𝘁𝗹𝗲𝘁𝘀.
-ᴳᵃᵗᵒʳᵃᵈᵉ ᵃᵈᵈᵉᵈ ⁿᵉʷ ᶠˡᵃᵛᵒᵘʳˢ ⁽ᵒʳᵃⁿᵍᵉ & ᶠʳᵘᶦᵗ ᵖᵘⁿᶜʰ⁾, ᵖᵃᶜᵏᵃᵍᵉ ˢᶦᶻᵉˢ ᵃⁿᵈ ᵗʸᵖᵉˢ ᵒᶠ ᶜᵒⁿᵗᵃᶦⁿᵉʳˢ.
-ᴳᵃᵗᵒʳᵃᵈᵉ ᶦⁿᶜʳᵉᵃˢᵉᵈ ᶦᵗˢ ᵈᶦˢᵗʳᶦᵇᵘᵗᶦᵒⁿ ᶠʳᵒᵐ ˢᵘᵖᵉʳᵐᵃʳᵏᵉᵗˢ ᵃⁿᵈ ᶜᵒⁿᵛᵉⁿᶦᵉⁿᶜᵉ ˢᵗᵒʳᵉˢ ᵗᵒ ᵛᵉⁿᵈᶦⁿᵍ ᵐᵃᶜʰᶦⁿᵉˢ, ᶠᵒᵘⁿᵗᵃᶦⁿ ˢᵉʳᵛᶦᶜᵉ ᵃⁿᵈ ˢⁿᵃᶜᵏ ᵇᵃʳˢ.
-ᶜᵒᵐᵖᵉᵗᶦᵗᵒʳˢ⁻⁻ᵖᵒʷᵉʳᵃᵈᵉ,ᵐᵒⁿˢᵗᵉʳ,ʳᵉᵈᵇᵘˡˡ, ˢᵒ ᵍᵃᵗᵒʳᵃᵈᵉ ᵗʳᶦᵉˢ ᵗᵒ ᶜʰᵃⁿᵍᵉ ᵖʳᵒᵈᵘᶜᵗ ᵃᵈᵈ ᶠᵉᵃᵗᵘʳᵉˢ/ᵐᵃᵏᵉ ᵈᶦᶠᶠ ᵗᵒ ᶜᵒᵐᵖᵉᵗᵉ
MATURITY
*𝗦𝗮𝗹𝗲𝘀 𝗯𝗲𝗴𝗶𝗻 𝘁𝗼 𝘀𝗹𝗼𝘄 𝗱𝗼𝘄𝗻.—𝒅𝒐𝒆𝒔𝒏’𝒕 𝒎𝒆𝒂𝒏 𝒕𝒉𝒆𝒚 𝒅𝒆𝒄𝒓𝒆𝒂𝒔𝒆(𝒕𝒉𝒂𝒕’𝒔 𝒅𝒆𝒄𝒍𝒊𝒏𝒆) just plateaus flatish!!!
*Repeat customers may stop buying.
*To keep the product alive, changes may be made to the product to distinguish it from the competitors.(mo flavors, diff products, how they make it plastics materials)
*Focus can be on identifying new buyers.
DECLINE
*𝗦𝗮𝗹𝗲𝘀 𝗮𝗻𝗱 𝗽𝗿𝗼𝗳𝗶𝘁 𝗯𝗲𝗴𝗶𝗻 𝘁𝗼 𝗱𝗿𝗼𝗽.
*Technological advances can cause entire product categories to enter the decline stage.
*Product may be dropped from the product line or kept to satisfy requests from loyal customers.
⁽ᶜᵃˢˢᵉᵗᵗᵉˢ ʷᵉʳᵉ ᵈᶦˢᶜᵒⁿᵗᶦⁿᵘᵉᵈ ᶦⁿ ²⁰¹² ᵇʸ ˢᵒⁿʸ ᵇᶜ ᵒˡᵈᵉʳ ᶜˡᶦᵉⁿᵗˢ ˢᵗᶦˡˡ ʷᵃⁿᵗᵉᵈ ᶦᵗ ˢᵒ ᵏᵉᵖᵗ ᶦᶠ ᶠᵒʳ ᵗʰᵉᵐᵐ, ²⁰¹² ᵗʰᵉʸ ˢᵃᶦᵈ ᵗʰᵃᵗ’ˢ ᶦᵗ..ᵘᵖ ᵗᵒ ᶜᵒⁿˢᵘᵐᵉʳˢ ᵃⁿᵈ ᶜᵒᵐᵖᵃⁿʸ⁾
List and explain the 3 methods to manage the product life cycle. (on the test-short answer!!) (MMR)
- Modifying the product
- product features, appearance, design, quality - Marketing the product
- target new markets - Repositioning the product
- change in any one of the 4 Ps
Repositioning: Changing a product’s image in relation to a competitor’s image.
diff btwn gross profit and net profit.
Gross Profit: Revenue minus the cost of goods sold.
Net Profit: Gross profit minus expenses (taxes, advertising, public relations).
List and explain the 5 pricing goals.RRICH🤑
❤🩹💱🥊📈🌐
1)RECOVERING COSTS❤🩹
2) RETURN ON INVESTMENT💱
For every dollar the company puts into a project, the goal is to get the maximum return.
3) COMPETITION PRICING🥊💰
To meet or beat the competitor’s price.
4) HIGHER PROFIT MARGIN📈💸
Profit margin is the difference between the expenses and the retail price, expressed as a percentage or a dollar amount.
5) INCREASE MARKET SHARE🌐
Market share is the percentage of the total sales of all companies that sell the same type of product.
Factors that may influence business and the pricing strategies they use
https://lh3.googleusercontent.com/keep-bbsk/AG3SVnAovNZQ5sq3P-ncFXRZWH2JS_nXIs9DEi6ZcFB0dEUrrSd3ULceu35NCzFcm4GSG71tX2g3rH_l8BtndWzn9Yy1gvPIjWhhrU4mZvVxHcdo83n-=s512
Define consumer perception.
3 types of pricing:
𝗜𝘀 𝘁𝗵𝗲 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽 𝗼𝗳 𝗽𝗿𝗶𝗰𝗲 𝗮𝗻𝗱 𝗾𝘂𝗮𝗹𝗶𝘁𝘆 𝗶𝗻 𝗮 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿’𝘀 𝗺𝗶𝗻𝗱.
𝑷𝑹𝑬𝑺𝑻𝑰𝑮𝑬 𝑷𝑹𝑰𝑪𝑰𝑵𝑮👠
Very expensive sports apparel will be priced well above the average market price to attract consumers who may judge a product’s quality by its price.
𝑶𝑫𝑫-𝑬𝑽𝑬𝑵 𝑷𝑹𝑰𝑪𝑰𝑵𝑮🔢
Pricing goods with either an odd number or an even number to match a product’s image.
Odd priced items ($25.99) suggest a bargain.
Even priced items ($100) may reflect quality and more expensive items.
𝑻𝑨𝑹𝑮𝑬𝑻 𝑷𝑹𝑰𝑪𝑰𝑵𝑮🎯
Pricing goods according to what the customer is willing to pay.
Describe the supply and demand theory.
*If a product is in high demand, and there is a limited supply, its price will be high.E.g. Toronto Maple Leafs tickets
*Companies may even create this situation by producing a limited edition of an item.
*When there is a large supply of an item and demand is not great, dealers may lower prices to increase demand.
*Supply and demand theory is based on elastic demand.
…ᵗᶦᵐᵉ ᶜᵒⁿˢᵗʳᵃᶦⁿᵗˢ…ⁿᵒ ʷʰᵉʳᵉ ᵗᵒ ᵍᵒ ᵗᵒ ᵇᵘʸ ˢᵒᵐᵉᵗʰᶦⁿᵍ ˢᵒ ᵘ ᵍᵒ ᵗᵒ ᵃ ᵍᵃˢ ˢᵗᵃᵗᶦᵒⁿ, ᵉᵛᵉʳʸᵗʰᶦⁿᵍ ᵒᵗʰᵉʳ ᵗʰᵃⁿ ˢⁿᵃᶜᵏˢ ʳ ˢᵘᵖᵉʳ ᵉˣᵖᵉⁿˢᶦᵛᵉ ⁽ᵉˣ. ˢᶦᵐᵒⁿᵉᵗᵗᶦ ʰᵃᵈ ᵗᵒ ᵍᵒ ᵗᵒ ᵃ ᵖᵃʳᵗʸ ᵇᵘᵗ ʷᵉⁿᵗ ᵗᵒ ᶜᵒⁿᵛᵉⁿᶦᵉⁿᶜᵉ ᵃⁿᵈ ᵇᵘʸˢ ᴰᵉᵒᵈᵒʳᵃⁿᵗ ⁹.⁹⁹⁾ ᵍᵃˢ ˢᵗᵃᵗᶦᵒⁿ ᵏⁿᵒʷˢ ᵗʰᶦˢ ᵇᶜ ᶜᵃⁿ’ᵗ ᵇᵘʸ ᶦⁿ ᵇᵘˡᵏ ᵃⁿᵈ ᵏⁿᵒʷ ᵘʳ ᵈᵉˢᵖᵉʳᵃᵗᵉ ᵗᵒ ᵍᵒ ᵗᵒ ᵍᵃˢ ˢᵗᵃᵗᶦᵒⁿ ᵗᵒ ᵇᵘʸ ᵈᵉᵒᵈᵒʳᵃⁿᵗ.
4 situations where price will no affect on a consumer’s demand.
𝟭. 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗶𝘀 𝗮 𝗻𝗲𝗰𝗲𝘀𝘀𝗶𝘁𝘆
𝟮. 𝗡𝗼 𝘀𝘂𝗯𝘀𝘁𝗶𝘁𝘂𝘁𝗲𝘀 𝗲𝘅𝗶𝘀𝘁
𝟯. 𝗧𝗵𝗲 𝗽𝗿𝗶𝗰𝗲 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝗶𝘀 𝗻𝗼𝘁 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁𝗹𝘆 𝗿𝗲𝗹𝗮𝘁𝗶𝘃𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿’𝘀 𝗶𝗻𝗰𝗼𝗺𝗲
𝟰. 𝗧𝗶𝗺𝗲 𝗰𝗼𝗻𝘀𝘁𝗿𝗮𝗶𝗻𝘁𝘀
mark up VS cost plus pricing and list which type of business does each one of them.
Markup Pricing:
*Used by 𝘄𝗵𝗼𝗹𝗲𝘀𝗮𝗹𝗲𝗿𝘀 𝗮𝗻𝗱 𝗿𝗲𝘁𝗮𝗶𝗹𝗲𝗿𝘀 who buy goods for resale.
*Markup is the diff between the retail or wholesale price and the cost of an item.
*The markup must be high enough to cover expenses and ensure a profit.
ᵂʰᵒˡᵉˢᵃˡᵉʳ⁻⁻ᶜᵒˢᵗᶜᵒ. ᴹᵃⁿᵘᶠᵃᶜᵗᵘʳᵉʳ ᵐᵃᵏᵉˢ ˢᵒᵐᵉᵗʰᶦⁿᵍ. ˢᵉʳᵛᶦᶜᵉ ᵖʳᵒᵛᶦᵈᵒʳ ᵖʳᵒᵛᶦᵈᵉˢ ᵃ ˢᵉʳᵛᶦᶜᵉ⁽ᵃᶜᶜᵒᵘⁿᵗᵃⁿᵗ⁾
ᴱˣ. ᵈᵒˡˡᵃʳᵃᵐᵃ⁻ᶜʰᵃʳᵍᵉˢ ᵐ&ᵐˢ ⁸⁹ ᶜᵉⁿᵗˢ. ᵀʰᵉʸ ᵖᵃᶦᵈ ᵐ&ᵐ ¹⁰ ᶜᵉⁿᵗˢ ᶠᵒʳ ᶦᵗ. ᴹᵃʳᵏᵘᵖ ᶦˢ ⁷⁹ ᶜᵉⁿᵗˢ ⁽⁸⁹⁻¹⁰⁾
Cost-Plus Pricing
*Used by 𝗺𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗲𝗿𝘀 𝗮𝗻𝗱 𝘀𝗲𝗿𝘃𝗶𝗰𝗲 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝗿𝘀.
*Pricing products by calculating all costs and expenses and adding in desired profit.
ᴵ ʳᵘⁿ ᵀᵉⁿⁿᶦˢ ˡᵉˢˢᵒⁿˢ: ᵇᵃˡˡˢ, ʳᵃᶜᵠᵘᵉᵗˢ, ᵐᵉᵐᵇᵉʳˢʰᶦᵖ, ˢʰᵒᵉˢ⁽ˡᵒᵗᵗᵃ $⁾⁻⁻ˡᵉᵗ’ˢ ˢᵃʸ ᶜᵒˢᵗˢ $⁵⁰⁰..¹⁰ ᶜˡᶦᵉⁿᵗˢ ˢᵒ ᵍᵉᵗ ¹⁰ ᵖᵖˡ ⁵⁰⁰/¹⁰⁼$⁵⁰ ᶠᵒʳ ᵗʰᵉ ˡᵉˢˢᵒⁿ…ᵇᵘᵗ ᶦ ʷᵃⁿⁿᵃ ᵐᵃᵏᵉˢ ᵐᵒⁿᵉʸ ˢᵒ ᴵ ᶜʰᵃʳᵍᵉ $¹⁰⁰, ᵗʰᵉ ᵈᶦᶠᶠ ᵇᵉᵗʷᵉᵉⁿ ᵗʰᵉ ² ᶦˢ ᶜᵒˢᵗ ᵖˡᵘˢ ᵖʳᶦᶜᶦⁿᵍ.
skimming and penetration pricing
Skimming Pricing :
When introducing a new product, marketers will price the item high to recover the costs of development.
ᴺᵉʷ ᵖʳᵒᵈᵘᶜᵗ ᶜᵒᵐᵉˢ ᵒᵘᵗ⁻⁻ˢᵘᵖᵉʳ ᵉˣᵖᵉⁿˢᶦᵛᵉ. ᴬˡˢᵒ ᵈᵒ ᵗʰᶦˢ ᵗᵒ ʳᵉᶜᵒᵛᵉʳ ᵗʰᵉ ᶜᵒˢᵗˢ ᵒᶠ ᵈᵉᵛ
Penetration Pricing :Price the item low to create immediate demand for the product. ᵀʳʸᶦⁿᵍ ᵗᵒ ᵖᵉⁿᵉᵗʳᵃᵗᵉ ᵗʰᵉ ᵐᵃʳᵏᵉᵗ. ᵀʰᵉʸ ʷᵃⁿᵗ ˢᵃˡᵉˢ ˢᵒ ᵗʰᵉʸ ˡᵒʷᵉʳ ᵗʰᵉ ᵖʳᶦᶜᵉ ˢᵒ ᵘ ʳᵘⁿ ᵗᵒ ᵗʰᵉᵐᵎ ⁽ᶜʰᵃʳᵍᵉ ˡᵒʷ ᵖʳᶦᶜᵉ ᵃᵗ ᶠᶦʳˢᵗ..⁾
how companies can price their products/services after analyzing their competition.
🐵Businesses find out what their competition are charging for the same items.
🐵If they want to compete on price they lower their prices to draw customers away from the competition.
🐵They can use non-price competition which focuses on quality.
🐵Wendys mcdonalds and burger king all charge around the same
Explain what price lining, bundle pricing, loss-leader and yield management pricing are and be able to give an example of each type of pricing strategy. (4 types)
𝗣𝗿𝗶𝗰𝗲 𝗟𝗶𝗻𝗶𝗻𝗴:
🏀Selling all goods in a product line at specific 𝗽𝗿𝗶𝗰𝗲 𝗽𝗼𝗶𝗻𝘁𝘀.
🏀E.g. a business may decide to sell its basketballs at three price points(to hit diff target markets what ppl can afford)– $9.99, $19.99, $29.99.
🏀Easier for customers to make purchasing decisions.
𝗕𝘂𝗻𝗱𝗹𝗲 𝗣𝗿𝗶𝗰𝗶𝗻𝗴
👕Selling several items as a package for a set price.
👕Products individually would cost more than the package price.
ᶠᵃᵐᶦˡʸ ˢᶦᶻᵉ⁻ ᶜᵒˢᵗ ˡᵉˢˢ ᵗʰᵉⁿ ᵗʰᵉ ᶦᵗᵉᵐˢ ˢᵒˡᵈ ˢᵉᵖᵃʳᵃᵗᵉˡʸᵎ …ᵐᵃᵏᵉ ᵃ ᶜᵒᵐᵇᵒ ˢᵒ ᶦᵗ ᵉⁿᶜᵒᵘʳᵃᵍᵉˢ ᵘ ᵗᵒ ᵇᵘʸ ᵐᵒʳᵉ…ˡᶦᵏᵉ ᵇᵘʸ ¹ ᵍᵉᵗ ᵒⁿᵉ ⁵⁰% ᵒᶠᶠ…ᵐᵃᵏᵉᵘᵖ ᶜʰʳᶦˢᵗᵐᵃˢ ᵛᵃˡᵘᵉ ˢᵉᵗˢ/ᵇᵘⁿᵈˡᵉˢ…ᵖᵃᶜᵏ ᵒᶠ ᵗ⁻ˢʰᶦʳᵗˢ…ˢᶦᵐᵒⁿᵉᵗᵗᶦ’ˢ ʷᶦᶠᵉ ʲᵘˢᵗ ⁿᵉᵉᵈᵉᵈ ¹ ᵗᵃⁿᵏ ᵗᵒᵖ ⁽ ¹ ᵗᵒᵖ $¹⁰ ᵒʳ ² ᵗᵒᵖˢ ᶠᵒʳ $¹⁵, ˢʰᵉ ᵇᵒᵘᵍʰᵗ ²ᵎ⁾⁻⁻ˢʰᵉ ˢᵃᶦᵈ ˢʰᵉ ˢᵃᵛᵉᵈ ᵐᵒⁿᵉʸ $⁵, ᵇᵘᵗ ⁿᵒ ᵘ ˢᵖᵉⁿᵗ $⁵ ᵐᵒʳᵉ ᵇᵉᶜᵃᵘˢᵉ ˢʰᵉ ⁿᵉᵉᵈᵉᵈ ¹, ᵗʰᶦˢ ᶦˢ ʰᵒʷ ᶜᵒᵐᵖᵃⁿᶦᵉˢ ᵍᵉᵗ ᵘ ᵖˢʸᶜʰᵒˡᵒᵍᶦᶜᵃˡ ᵃˢᵖᵉᶜᵗᵎ. ᴿᵉᵉᵇᵒᵏ ⁿᶦᵏᵉ ʳ ᵍʳᵉᵃᵗ ᵃᵗ ᵗʰᵃᵗ, ¹ ᵖᵃᶦʳ $⁹⁹, ᵒᵗʰᵉʳ ᵒⁿᵉ ʰᵃˡᶠ ᵒᶠᶠ..ᵐᵒˢᵗ ᵖᵖˡ ᵈᵒⁿ’ᵗ…ᶦᵗ ᶜᵒᵘˡᵈ ᵇ ᵃ ᵍᵒᵒᵈ ᵈᵉᵃˡ ᶠᵒʳ ᵘ ᵇᵘᵗ ᵗʰᵃᵗ’ˢ ʰᵒʷ ᵗʰᵉʸ ᵍᵉᵗ ᵘ ᵗᵒ ˢᵖᵉⁿᵈ ᵗʰᵉⁿ ᵃⁿᵈ ᵗʰᵉʳᵉ.
𝗬𝗶𝗲𝗹𝗱-𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗣𝗿𝗶𝗰𝗶𝗻𝗴
🎫𝐩𝐫𝐢𝐜𝐢𝐧𝐠 𝐢𝐭𝐞𝐦𝐬 𝐚𝐭 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐩𝐫𝐢𝐜𝐞𝐬 𝐭𝐨 𝐦𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝐰𝐡𝐞𝐧 𝐥𝐢𝐦𝐢𝐭𝐞𝐝 𝐜𝐚𝐩𝐚𝐜𝐢𝐭𝐲 𝐢𝐬 𝐢𝐧𝐯𝐨𝐥𝐯𝐞𝐝.
🎫E.g. Seating in an arena. Some seats are priced higher than others due to their location or the time they are purchased. Different areas in the stadium/venue hv diff pricing.
🎫E.g.𝑻𝒊𝒆𝒓𝒆𝒅 𝑷𝒓𝒊𝒄𝒊𝒏𝒈– charging more for tickets to home games against more competitive opponents.When so-so teams come to town it would be cheaper, if lakers come the price will go up! Sports just started doing this in the past decade!
Loss leader: A loss leader is a pricing strategy where a product is sold at a price below its market cost to stimulate other sales of more profitable goods or services….. they saved 800 dollars on a tv so they think now I have 800 to spend here !!!
Explain what price fixing and predatory pricing are. (The 𝑪𝒐𝒎𝒑𝒆𝒕𝒊𝒕𝒊𝒐𝒏 𝑨𝒄𝒕 prohibits price fixing and predatory pricing.)
𝗣𝗿𝗶𝗰𝗲 𝗙𝗶𝘅𝗶𝗻𝗴: 𝗔𝗻 𝗶𝗹𝗹𝗲𝗴𝗮𝗹 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗲 𝘄𝗵𝗲𝗿𝗲𝗯𝘆 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀 𝗰𝗼𝗻𝘀𝗽𝗶𝗿𝗲 𝘁𝗼 𝘀𝗲𝘁 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗽𝗿𝗶𝗰𝗲.
ᶜᵒᵐᵖᵃⁿᶦᵉˢ ᶜᵃⁿ’ᵗ ᶜᵒᵐᵉ ᵗᵒᵍᵉᵗʰᵉʳ ᵗᵒ ᶜᵒⁿˢᵖᶦʳᵉ ᵒⁿ ᵗʰᵉ ˢᵃᵐᵉ ᵖʳᶦᶜᵉ. ᴬᵖᵖˡᵉ ˢᵃᵐˢᵘⁿᵍ ᴳᵒᵒᵍˡᵉ ᶜᵃⁿ’ᵗ ᶜᵒᵐᵉ ᵃⁿᵈ ᵃᵍʳᵉᵉ ᵒⁿ ¹ ᵖʳᶦᶜᵉ ⁽ˡᵉᵗ’ˢ ᵃˡˡ ᶜʰᵃʳᵍᵉ $⁵⁰⁰⁰ ᶠᵒʳ ᵃ ᵖʰᵒⁿᵉ, ᵃˢ ᵃ ᶜᵒⁿˢᵘᵐᵉʳ ᵘʳ ˢᶜʳᵉʷᵉᵈ ʰᵃᵛᶦⁿᵍ ᵗᵒ ᵖᵃʸ ᵗʰᵃᵗ ᵎᵎ ⁿᵉᵉᵈ ᶜᵒᵐᵖᵉᵗᶦᵗᶦᵒⁿ⁾ ᴬˡˢᵒ ʷ ᵍᵃˢ…
𝗣𝗿𝗲𝗱𝗮𝘁𝗼𝗿𝘆 𝗣𝗿𝗶𝗰𝗶𝗻𝗴: 𝗜𝘀 𝘀𝗲𝘁𝘁𝗶𝗻𝗴 𝗮 𝘃𝗲𝗿𝘆 𝗹𝗼𝘄 𝗽𝗿𝗶𝗰𝗲 𝗶𝗻 𝗼𝗿𝗱𝗲𝗿 𝘁𝗼 𝗱𝗿𝗶𝘃𝗲 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀 𝗼𝘂𝘁 𝗼𝗳 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀.
ᴮᶦᵍ ᶜᵒᵐᵖᵃⁿᶦᵉˢ ᶜᵃⁿ’ᵗ ʲᵘˢᵗ ᶜʰᵃʳᵍᵉ ˢᵘᵖᵉʳ ᶜʰᵉᵃᵖ ᵖʳᶦᶜᵉˢ ᵗᵒ ᵈʳᶦᵛᵉ ᵒᵘᵗ ᶜᵒᵐᵖᵉᵗᶦᵗᶦᵒⁿ. ᴾʳᵒᵗᵉᶜᵗˢ ˢᵐᵃˡˡᵉʳ ᶜᵒᵐᵖᵃⁿᶦᵉˢ
channel of distribution
The path a product takes from the producer or manufacturer to the consumer.
Define 𝗱𝗶𝗿𝗲𝗰𝘁 𝗰𝗵𝗮𝗻𝗻𝗲𝗹 and direct marketing
𝗗𝗶𝗿𝗲𝗰𝘁 𝗖𝗵𝗮𝗻𝗻𝗲𝗹:
The path a product takes without the help of any 𝗶𝗻𝘁𝗲𝗿𝗺𝗲𝗱𝗶𝗮𝗿𝗶𝗲𝘀 between the producer and consumer.
𝗗𝗶𝗿𝗲𝗰𝘁 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴
Marketing activities to sell products 𝗱𝗶𝗿𝗲𝗰𝘁𝗹𝘆 to customers through the use of a 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗱𝗮𝘁𝗮𝗯𝗮𝘀𝗲
ex.
Telephone sales
Print
Television
Online
video:
https://www.youtubeeducation.com/watch?v=NrmMk1Myrxc
https://www.youtubeeducation.com/watch?v=CNoa-9TBH30
https://www.youtubeeducation.com/watch?v=Uutal2M4VXQ
Define Indirect channel. Explain the 3 types of channels.
Indirect Channel:
The 𝗽𝗮𝘁𝗵 a product takes using 𝗶𝗻𝘁𝗲𝗿𝗺𝗲𝗱𝗶𝗮𝗿𝗶𝗲𝘀 between the producer and the consumer.
- AGENTS🕵
*Do not take ownership of the goods they sell.
*Bring buyers and sellers together for a fee.
*E.g. Ticketmaster, Amazon, Stubhub - WHOLESALERS💱
*Are resellers who buy goods from manufacturers, store them and sell them in smaller quantities to retailers or sports organizations.
*E.g. Costco - RETAILER 🏪
Sells directly to the consumer.
MULTIPLE CHANNELS of distribution
Involves more than one type of distribution channel to reach customers.
Increases product and service exposure and provides an opportunity to reach different parts of the consumer market.
- Website (direct)
- Retail Stores (direct)
- Sells to retailers such as Foot Locker (indirect)
outlet vs venue
Outlet:
A place where a marketed product is released and made available or where it is placed.
Venue:
Is an outlet but is a place where live events are presented.
Define Capacity
The maximum number of people that a venue or outlet can accommodate.
ᴹᵃʳᵏᵉᵗᵉʳˢ ᵗʳʸ ᵗᵒ ᵐᵃᵗᶜʰ ᵗʰᵉ ᵉⁿᵗᵉʳᵗᵃᶦⁿᵐᵉⁿᵗ ᵉᵛᵉⁿᵗ ʷᶦᵗʰ ᵗʰᵉ ᵃᵖᵖʳᵒᵖʳᶦᵃᵗᵉ ᵛᵉⁿᵘᵉ.ˢᶦᶻᵉ, ˡᵒᶜᵃᵗᶦᵒⁿ, ᵖᵒᵖᵘˡᵃᵗᶦᵒⁿ
Define brand, brand name and trademark and provide examples of each.
𝗕𝗿𝗮𝗻𝗱:
A name, word or words, symbol, or design that identifies an organization and its products.
𝗕𝗿𝗮𝗻𝗱 𝗡𝗮𝗺𝗲:
A word or words, letters, or numbers representing a brand.
𝗧𝗿𝗮𝗱𝗲𝗺𝗮𝗿𝗸: (to protect a brand!)
A device that legally identifies ownership of a registered brand or trade name.
ˢᵖᵒʳᵗˢ ᵃⁿᵈ ᵉⁿᵗᵉʳᵗᵃᶦⁿᵐᵉⁿᵗ ᵒʳᵍᵃⁿᶦᶻᵃᵗᶦᵒⁿˢ ᵃⁿᵈ ᶜᵒᵐᵖᵃⁿᶦᵉˢ ˢᵗʳᶦᵛᵉ ᵗᵒ ᵈᵉᵛᵉˡᵒᵖ ˢᵗʳᵒⁿᵍ ᵇʳᵃⁿᵈˢ ᵗᵒ ᵈᶦᶠᶠᵉʳᵉⁿᵗᶦᵃᵗᵉ ᵗʰᵉᵐˢᵉˡᵛᵉˢ ᶠʳᵒᵐ ᵒⁿᵉ ᵃⁿᵒᵗʰᵉʳ. ᵂʰᵉⁿ ᵃ ᵇʳᵃⁿᵈ ⁿᵃᵐᵉ ᵒʳ ᵗʳᵃᵈᵉ ⁿᵃᵐᵉ ᶦˢ ʳᵉᵍᶦˢᵗᵉʳᵉᵈ, ᶦᵗ ᵃˡˢᵒ ᵇᵉᶜᵒᵐᵉˢ ᵃ ᵗʳᵃᵈᵉᵐᵃʳᵏ. ᴺᶦᵏᵉ⁻ᵇʳᵃⁿᵈ ⁿᵃᵐᵉ. ˢʷᵒᵒˢʰ⁻ ᵃ ˢʸᵐᵇᵒˡ/ˡᵒᵍᵒ ⁽ᵖᵃʳᵗ ᵒᶠ ᵃ ᵇʳᵃⁿᵈ⁾..ᵇʳᵃⁿᵈ ᶦˢ ᵗʰᵉ ˡᵒᵍᵒ ᵃⁿᵈ ⁿᵃᵐᵉ
Define 𝗯𝗿𝗮𝗻𝗱 𝗲𝗾𝘂𝗶𝘁𝘆 and why it is important.
𝗧𝗵𝗲 𝘃𝗮𝗹𝘂𝗲 𝗮 𝗯𝗿𝗮𝗻𝗱 𝗵𝗮𝘀 𝗯𝗲𝘆𝗼𝗻𝗱 𝗶𝘁𝘀 𝗮𝗰𝘁𝘂𝗮𝗹 𝗳𝘂𝗻𝗰𝘁𝗶𝗼𝗻𝗮𝗹 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀.
𝑩𝒓𝒂𝒏𝒅 𝒆𝒒𝒖𝒊𝒕𝒚 𝒉𝒂𝒔 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒗𝒂𝒍𝒖𝒆 𝒕𝒉𝒓𝒐𝒖𝒈𝒉 𝒍𝒊𝒄𝒆𝒏𝒔𝒊𝒏𝒈
⁽ˡᶦᶜᵉⁿˢᶦⁿᵍ ᶦˢ ʷʰᵉⁿ ˢᵒᵐᵉᵒⁿᵉ ʷᵃⁿᵗˢ ᵗᵒ ᵖᵃʸ ᵃ ᶠᵉᵉ ᵗᵒ ᵘˢᵉ ᵗʰᵉ ˡᵒᵍᵒ ᵃⁿᵈ ⁿᵃᵐᵉ ᵗᵒ ᵐᵃᵏᵉ ˢᵗᵘᶠᶠ ⁽ʷᶦⁿᶜʳᵃᶠᵗ ᵖᵒˢᵗᵉʳ ᵐᵃᵏᵉʳˢ ᵖᵃᶦᵈ ʳᵃᵖᵗᵒʳˢ/ % ᵃᵐᵒᵘⁿᵗ ᵒᶠ ˢᵃˡᵉˢ $ ᵗᵒ ᵖᵘᵗ ᵗʰᵉ ᵇʳᵃⁿᵈ ᵒⁿ ᵗʰᵉᶦʳ ᵖᵒˢᵗᵉʳˢ⁾..ᶜᵒᶜᵃ ᶜᵒˡᵃ ᵉˣᵗᵉⁿᵈᵉᵈ ᵖʳᵒᵈᵘᶜᵗˢ..⁽ᵘʳ ᶜᵒᶜᵃ ᶜᵒˡᵃ ʷᵃˡˡᵉᵗᵎ⁾
Customers are generally willing to pay a higher price for products with brand equity.
Explain the 3 steps in developing brand equity.
1.𝗗𝗲𝘃𝗲𝗹𝗼𝗽 the brand in the customer’s mind as part of a class of products.
𝗘.𝗴. 𝗚𝗮𝘁𝗼𝗿𝗮𝗱𝗲 𝗶𝘀 𝗮 𝘀𝗽𝗼𝗿𝘁𝘀 𝗱𝗿𝗶𝗻𝗸
⁽ᵉᵈᵘᶜᵃᵗᵉ ᶜᵒⁿˢᵘᵐᵉʳˢ ᵐᶦⁿᵈ ᵃᵇ ʷʰᵃᵗ ᶦᵗ ᶦˢ..ᵇʳᵃⁿᵈˢ⁽ᵐᶜᵈᵒⁿᵃˡᵈˢ⁾ ˢᵖᵉⁿᵗ ᵈᵉᶜᵃᵈᵉˢ ᵗᵒ ᵈᵉᵛᵉˡᵒᵖ ʷʰᵃᵗ ᵗʰᵉ ᵇʳᵃⁿᵈ ᶦˢ ᶦⁿ ᵘʳ ᵐᶦⁿᵈ⁾
- 𝗟𝗶𝗻𝗸 the product’s brand 𝗻𝗮𝗺𝗲 𝘁𝗼 𝗶𝘁𝘀 𝗳𝘂𝗻𝗰𝘁𝗶𝗼𝗻 and make some type of 𝗲𝗺𝗼𝘁𝗶𝗼𝗻𝗮𝗹 connection with the product.
𝗘.𝗴. 𝗚𝗮𝘁𝗼𝗿𝗮𝗱𝗲 𝗵𝗲𝗹𝗽𝘀 𝗮𝘁𝗵𝗹𝗲𝘁𝗲𝘀 𝘁𝗼 𝗽𝗲𝗿𝗳𝗼𝗿𝗺 𝗯𝗲𝘁𝘁𝗲𝗿 𝗶𝗻 𝗮𝘁𝗵𝗹𝗲𝘁𝗶𝗰 𝗲𝘃𝗲𝗻𝘁𝘀
ᵈᵉᵛᵉˡᵖ ᶦⁿ ᵗʰᵉᶦʳ ᵐᶦⁿᵈ ᵗʰᵃᵗ ᶦᶠ ᵘ ᵈʳᶦⁿᵏ ᵃ ᵍʳᵃᵗᵒʳᵃᵈᵉ ʷᶦˡˡ ʰᵉˡᵖ ᵘ ᵖᵉʳᶠᵒʳᵐ ᵇᵉᵗᵗᵉʳ…ᶦⁿ ᵘʳ ᵐᶦⁿᵈ ᵗʰᵉʸᵛᵉ ˡᶦⁿᵏᵉᵈ ᵗʰᵃᵗ ᵗʰᶦˢ ᶦˢ ᵗʰᵉ ᵇᵉˢᵗ ᵖʳᵒᵈᵘᶜᵗ⁾
3.𝗛𝗲𝗹𝗽 consumers think and feel the way you want them to regarding your product.
𝗘.𝗴. 𝗚𝗮𝘁𝗼𝗿𝗮𝗱𝗲 𝗶𝘀 𝘁𝗵𝗲 𝗯𝗲𝘀𝘁 𝗽𝗿𝗼𝗱𝘂𝗰𝘁 𝗼𝗳 𝗰𝗵𝗼𝗶𝗰𝗲 𝗳𝗼𝗿 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 𝗮𝘁𝗵𝗹𝗲𝘁𝗲𝘀.
⁽ʷʰᵉⁿ ᵘ ˢᵉᵉ ˡᵉᵇʳᵒⁿ ʲᵃᵐᵉˢ ᵈʳᶦⁿᵏ ᵍᵗᵒʳᵃᵈᵉ ᵘ ʷᶦˡˡ ʷᵃⁿᵗ ᵗᵒ ᵇᵉ ˡᶦᵏᵉ ʰᶦᵐ⁾..ᵗʰᵉʳᵉˢ ˢᵖᵒⁿˢᵒʳˢʰᶦᵖˢ ᵗʰᵗᵃ ᵒⁿˡʸ ᵒⁿ ᵗʰᵉ ˢᶦᵈᵉˡᶦⁿᵉˢ ᵍᵃᵗᵒʳᵃᵈᵉˢ ᵃʳᵉ ᵃˡˡᵒʷᵉᵈ ˢᵒ ʷᵃᵗᶜʰᵉʳˢ ᵗʰᶦⁿᵏ ᵉᵛᵉʳʸᵒⁿᵉ ᵈʳᶦⁿᵏˢ ᶦᵗ⁾
List, explain and provide examples of the 𝟯 𝘁𝘆𝗽𝗲𝘀 𝗼𝗳 branding for 𝗺𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗲𝗱 𝗯𝗿𝗮𝗻𝗱𝘀. 👟 🍼🧴🧻💳✈
𝗠𝗔𝗡𝗨𝗙𝗔𝗖𝗧𝗨𝗥𝗘𝗥 𝗕𝗥𝗔𝗡𝗗𝗦: 𝗔 𝗯𝗿𝗮𝗻𝗱 𝗼𝘄𝗻𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲 𝗽𝗿𝗼𝗱𝘂𝗰𝗲𝗿 𝗼𝗳 𝘁𝗵𝗲 𝗽𝗿𝗼𝗱𝘂𝗰𝘁.
𝗔. 𝗠𝘂𝗹𝘁𝗶-𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗕𝗿𝗮𝗻𝗱𝗶𝗻𝗴👟
Used when the manufacturer uses one name for all its products.
⁽ᵉˣ. ᴺᶦᵏᵉᵎᵎᴱᵛᵉʳʸᵗʰᶦⁿᵍ ᶦˢ ᴺᶦᵏᵉ, ᵒⁿᵉ ᶦᵐᵃᵍᵉ ᶠᵒʳ ᵉᵛᵉʳʸᵗʰᶦⁿᵍᵎᵎ⁾
𝗕. 𝗠𝘂𝗹𝘁𝗶-𝗕𝗿𝗮𝗻𝗱𝗶𝗻𝗴🍼🧴🧻
Each product in a product line has a distinctive name.
An advantage is that each product has its own distinct image.
One disadvantage is the cost.
⁽ᵉᵃᶜʰ ᵖʳᵒᵈᵘᶜᵗ ˡᶦⁿᵉ ʰᵃˢ ᵒʷⁿ ᵐᵃʳᵏᵉᵗᶦⁿᵍ ᵒʷⁿ ᵉᵐᵖˡᵒʸᵉᵉˢ⁾
⁽ᵉˣ. ᴾ&ᴳ ..ⁿᵉᵛᵉʳ ᵃᶜᵗᵘᵃˡˡʸ ˢᵃʷ ᵗʰᵉ ⁿᵃᵐᵉ ᵖʳᵒᶜᵗᵉʳ ᵃⁿᵈ ᵍᵃᵐᵇˡᵉ⁻⁻⁻> ᵗᶦᵈᵉ, ᵖᵃᵐᵖᵉʳˢ, ᵍᶦˡˡᵉᵗᵗᵉ ⁽ᵃˡˡ ᵖʳᵒᵈᵘᶜᵗ ˡᶦⁿᵉˢ ᵘⁿᶦᵠᵘᵉ ⁿᵃᵐᵉ⁾⁾
ᴬᵈᵛᵃⁿᵗᵃᵍᵉ ᶦˢ ᶦᶠ ᵒⁿᵉ ᵍᵉᵗˢ ʰᵘʳᵗ…ᵉˣ. ᴳᶦˡˡᵉᵗᵗᵉ ᵗᵒˣᶦᶜ…ᵐᵒˢᵗ ᵖᵖˡ ᵈᵒⁿᵗ ᵏⁿᵒʷ ᵖ&ᴳ ᵐᵃᵈᵉ ᶦᵗ ⁽ᶦᵗˢ ˢᵉᵖᵃʳᵃᵗᵉ ᵇʳᵃⁿᵈ⁾ ˢᵒ ᵗʰᵉʸ’ˡˡ ˢᵗᶦˡˡ ᵇᵘʸ ᵗʰᵉ ᵒᵗʰᵉʳ ᵖʳᵒᵈᵘᶜᵗˢ…ʳᵉᵖᵘᵗᵃᵗᶦᵒⁿ ᵒᶠ ᵒᵗʰᵉʳ ᵖʳᵒᵈᵘᶜᵗ ᵏᵉᵖᵗ.
𝗖. 𝗖𝗼-𝗕𝗿𝗮𝗻𝗱𝗶𝗻𝗴💳✈
Combines one or more brands to increase customer loyalty and sales for each product.
https://www.youtube.com/watch?v=nuvisHAlJzo
ᵀʷᵒ ᵇʳᵃⁿᵈˢ ᶜᵒᵐᶦⁿᵍ ᵗᵒᵍᵉᵗʰᵉʳᵎ ᴬᵐᵉʳᶦᶜᵃⁿ ᵉˣᵖʳᵉˢˢ ᶜᵒᵐᵇᶦⁿᵉᵈ ʷ ᵃᶦʳᵐᶦˡᵉˢ …ᶜᵒ ᵇʳᵃⁿᵈᶦⁿᵍ ⁽ᵗᶦᵐ ʰᵒʳᵗᵒⁿˢ ᵛᶦˢᵃ..ᵃᵐᵃᶻᵒⁿ ᵛᶦˢᵃ..ᵖᶦᶻᶻᵃ ᵖᶦᶻᶻᵃ ᶜᵒᵇʳᵃⁿᵈˢ ʷ ˢᶦˡᵛᵉʳ ᶜᶦᵗʸ ᶠʳᵉᵉ ᵗᶦᶜᵏᵉᵗˢ⁾..ᵐᶜᵈᵒⁿᵃˡᵈˢ ʷ ʳᵃᵖᵗᵒʳˢ
intermediary brands vs Generic brands
. INTERMEDIARY BRANDS (E.g. Costco - Kirkland products)
Carries a name developed by the wholesalers. Intermediaries contract with manufacturers to make products that are sold under their own private labels.
. GENERIC BRANDS
Represents a general product category and does not carry a company or brand name.
⁽ⁿᵒⁿᵃᵐᵉ ᵇʳᵃⁿᵈ⁻⁻⁻ᵍᵉⁿᵉʳᶦᶜ ᵇᶜ ᵇᵉˡᵒⁿᵍˢ ᵗᵒ ᴺᵒᶠʳᶦˡˢˢ
“ˡᶦᶠᵉ” ᶦˢ ˢʰᵒᵖᵖᵉʳˢ’ ᵍᵉⁿᵉʳᶦᶜ ᵇʳᵃⁿᵈ
ᶜʰᵉᵃᵖᵉʳ ᵇᶜ ˢʰᵒᵖᵖᵉʳˢ ᵒʷⁿ ᶦᵗ ˢᵒ ᶦᵗ’ˢ ᶜʰᵉᵃᵖᵉʳ, ᴶᵘˢᵗ ᵇᶜ ᶦᵗ’ˢ ᶜʰᵉᵃᵖᵉʳ ⁿᵒᵗ ˡᵉˢˢ ᵉᶠᶠᵉᶜᵗᶦᵛᵉ ᵇᵘᵗ ᵗʰᵃᵗ’ˢ ᵗʰᵉ ᵖᵒʷᵉʳ ᵒᶠ ᵇʳᵃⁿᵈᶦⁿᵍ..ʸᵒᵘ’ᵈ ʳᵃᵗʰᵉʳ ᵍᵉᵗ ᵗʸˡᵉⁿᵒˡ/ᵇᵉⁿᵃᵈʳʸˡ, ᵗʰᵃⁿ “ˡᶦᶠᵉ” ᶜᵒᵘᵍʰ ˢʸʳᵘᵖ….ᶜʰᵉᶜᵏ ᵗʰᵉ ᵇᵃᶜᵏ ᵗʰᵉ ᶦⁿᵍʳᵉᵈᶦᵉⁿᵗˢ
ᵂᵃˡᵐᵃʳᵗ ᵇʳᵃⁿᵈ⁻⁻”ᵍʳᵉᵃᵗ ᵛᵃˡᵘᵉ”..”ᵍᵉᵒʳᵍᵉ”
ᶜᵃⁿᵃᵈᶦᵃⁿ ᵗᶦʳᵉ ᵇʳᵃⁿᵈ “ᶠʳᵃⁿᵏˢ”⁻⁻ᵖᵒᵗᵃᵗᵒ ᶜʰᶦᵖˢ.ᵐᵒᵗᵒʳ ᵒᶦˡ.
List the 6 things a brand can do to be successful (BILDS)✔
Offer a benefit
✔E.g. Gatorade
Be simple
✔Nike, Adidas
Be different and positive
✔Puma – positive association with a fast animal
Reflect an image
✔Wheaties (michael phelps)
Be previously unregistered (make sure noone has ur trademark)
Make it last(nike logo costed 35 dollars originally)
✔Nike was created in 1971 for $35
Define market research
The process of systematically collecting, recording, analyzing, and presenting (crap) data related to marketing goods and services.
a way for companies to get to know their customers.
Video: https://www.youtubeeducation.com/watch?v=H4WdD1hYBVI
demographics vs psychographics
Demographic characteristics :
Age
Income
Occupation
Gender
Ethnicity
Education
Marital status
Geographic location
Lifestyle choices
Psychographics: Studies of consumers based on their attitudes, interests, and opinions.
How consumers think
List the 5 steps in the Research Process. PSPDR/A
1.IDENTIFY THE PROBLEM/ISSUE☝
E.g. What can we do to improve the image of our hockey stick or cellular phone to stand out from all the rest on the market? How can we increase sales of our product?
2.CONDUCT SECONDARY RESEARCH🥈
🐹Is published data that has been collected for some other purpose (secondary data).
🐹Internal data from a company like sales reports, returns, complaints.
🐹External sources like the Internet, books,
magazines or companies who specialize in
market research.
Secondary research is 𝗮𝗹𝘄𝗮𝘆𝘀 done before primary research.
- SELECT AND DESIGN PRIMARY RESEARCH⚖
Primary research:
🐻Original research conducted for a specific marketing situation
🐻The information collected from primary research is called primary data.
𝑷𝒓𝒊𝒎𝒂𝒓𝒚 𝑫𝒂𝒕𝒂:(give examples) Information collected from primary or original research used specifically for an issue under study. - collect DATA (3 𝒘𝒂𝒚𝒔!!)
𝗮)𝗖𝗲𝗻𝘀𝘂𝘀 (A study that counts everyone in the research population.)
𝗯) 𝗦𝗮𝗺𝗽𝗹𝗲: When a census is not possible. (A number of people who are representative of a study’s population)
𝗰)𝗗𝗮𝘁𝗮 𝗺𝗶𝗻𝗶𝗻𝗴: data from existing databases and looking for relationships
5) REPORT AND ANALYZE
