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MGT 4590 > Test One > Flashcards

Test One Flashcards

1
Q

Define Green Marketing

A

Marketing that strives to protect or enhance the natural environment by energy conservation, resource reduction, and pollution prevention.

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2
Q

What are green product characteristics?

A

Energy efficient

Mimic biological processes

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3
Q

Define biomimicry

A

study nature’s best ideas and then imitates those designs and processes to solve human problems
encourage dematerialization ex. e-books
contribute to natural capital resource base

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4
Q

How many consumers care whether or not a business is green?

A

58%

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5
Q

How many consumers are green?

A

5%

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6
Q

Why is their a green ghetto?

A

because green products are perceived
inconvenient
too expensive
inferior

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7
Q

define framing

A

use of words, symbols and phrases to encourage a particular interpretation

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8
Q

What is the best way of promoting green products?

A

framing them so that it appeals to consumers value’s and beliefs

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9
Q

what is an example from the powerpoint of bad framing?

A

Earth light

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10
Q

Why was earthlight framed poorly?

A

the name over emphasized the greeness of it over consumer value

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11
Q

How did phillips re-frame their light bulb?

A

they called it the marathon bulb and converted it back to normal size

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12
Q

based on the research, what are the characteristics needed to promote green to the average consumer?

A 
energy or cost savings
health and safety
high performance
symbolism and status
convenience - ipod
bundling
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13
Q

what is an example of green as a status symbol?

A

hollywood stars driving prius

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14
Q

what is one of the most famous examples of framing?

A

don’t mess with texas littering campaign

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15
Q

what is the google generation?

A

people under 30 who are accustomed to free things online - music, news, porn, stock quotes, email

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16
Q

How has “free” become proliferated?

A

Increase web access
value of bits over atoms
Pressures to “match” competitors/industry norms (Googlesearches are free, so YouTube and Facebook follow suit)
Belief in “nonmonetary assets” – after you build an audience,content, and data, you can then try to figure out how to makemoney later

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17
Q

what is the price of “free”

A

Lack of profits

destruction of industries and loss of value

18
Q

define freemium

A

Some content/service is free, but full/premium

access is paid (Wall Street Journal Web site)

19
Q

define 1% rule

A

The 1 percent who pay for premium access covers the cost for the other 99 percent who opt for free access; only works if the cost of serving the 99 percent is close to zero.

20
Q

how does advertising work in a “free” business model

A

Content is free and advertisers pay to cover
costs (Google’s pay-per-click text ads) – based on assumption that free content will build audiences with distinct interests/needs appealing to advertisers

21
Q

define cross-subsidies

A

Offer something for free that will entice
consumers to buy something else (give away online games to
sell “virtual” products later to enhance games)

22
Q

zero-marginal cost model

A

Offer things for free that have
virtually no cost to distribute in hopes that people may pay for parallel products/service (e.g., free music for bands to promote concerts, merchandise, licensing or other paid fare; many authors and public speakers blog to build their reputations and encourage readers to buy books or book speaking gigs)

23
Q

labor exchange model

A

Offer access to Web sites or services to
collect data on users that can be used to create value (e.g.,
sell consumer data to others; improve Web site)

24
Q

define marketing myopia

A

A short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customers’ needs and wants. It results in the failure to see and adjust to the rapid changes in their markets.

25
Q

what are the four signs of markting myopia?

A
  • Belief that growth for a product is assured via growing and more affluent population
  • ignorance of competitive subs
  • Too much faith with mass production as a means of turning a profit (reduced costs via economies of scale)
  • Preoccupation with product/production processes at the expense of monitoring changing market and customer needs
26
Q

what are some competitive subs discussed in class?

A

ipods replaced other media players

trucks, planes, etc. were replacing railroads

27
Q

how can we avoid marketing myopia?

A

creative destruction

28
Q

define creative destruction

A

Revolutionary changes that simultaneously destroy the established product-market from within and create new markets, industries, and organizational relationships
firms should diversify into promising/likely new, replacement technologies before competitors put them out of business – incumbent firms

29
Q

define cross-boundary disruption

A

Some sectors are hobbled with “intractable, industry-wide problems” that
only a large company can solve

30
Q

how did apple take advantage of cross-boundary disruption?

A

the iPod is the defining example. It
took advantage of the music industry’s unwillingness to accept that downloaded music was
replacing CD sales. Unlike start-ups such as Napster Inc., Apple’s wealth and well-known brand
allowed it to overcome record companies’ objections, build a digital distribution system, and thus
reap the rewards of its disruption.

31
Q

how is wal-mart taking advantage of cross-boundary disruption

A

in-store health clinics

32
Q

define passive scanning

A

when managers wait for information to reach them about the external market

33
Q

what is the result of passive scanning

A

miss weak signals on the periphery

34
Q

What are the three important capabilities to expand social media advantage?

A

community management
content development
real-time analytics

35
Q

How did Burberry embrace social media>

A

stream fashion shows on facebook and youtube
Tweettalk new designs
direct relationships with customers

36
Q

what is necessary to have good community management?

A

listen to consumers and reward “good behavior”

superfan brand manager who is chief listener and social media monitor

37
Q

What are some aspects of good content development?

A

attention-grabbing
sharable
participation-focused
storytelling

38
Q

what are good metrics used in real-time analytics?

A

Reach
Engagement
Advocacy
ROI

39
Q

what are the benefits of social media?

A

engage with customers

more information on what customers want

40
Q

What is the downside to social media?

A

hard to control - “24/7”

Consumers can hold the company hostage

MGT 4590 (2 decks)

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