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Definition of marketing
Understanding, satisfying, and reaching the customer
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Four most important things to a CEO hiring MBAs in order
- 1. Interpersonal skills
- 2. Teamwork
- 3. Honesty
- 4. Core competency
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Albert Mehrabian's Likeability Breakdown
- 55% Visual
- 38% Vocal
- 7% Verbal Arrangement
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3 types of presenters and their descriptions
- Show runner: gifted speaker, ex. obama. administrators must be able to "pierce the corporate veil"
- Neophyte: everyday person, admin also have to be able to see through bad presentations to good ideas. Ex. shower curtain idea
- Artist: different look, can create prejudice. Ex. skateboarder
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Four components of credibility
- Trust: 3 levels - Honesty, Empathy for the relationship, Knowledge
- Identification
- Status/Success/Position
- Charisma: Likeability, personal brand
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Top four reasons customers switch brands and an explanation of each
- 1. Core service failure: Ex. McDonald's had bad coffee three years ago and overall breakfast sales suffered because of it
- 2. Service encounter failure: Directly affected by employee likeability, and employees must be knowledgeable
- 3. Price: Low, but fair, and not deceptive (buy a rug for 10 dollars but costs 100 after s&h, price gouging during disasters)
- 4. Inconvenience: Location and travel time. Ex. parking at northgate
- Others are attraction from competition and failure to respond to service failure
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3 basic concepts of marketing and explanation
- Create customer value: in luxury and cheaper market
- Customer satisfaction: not necessarily happy, comes from research. A key component is employee satisfaction - Canes. 77% of people who have a bad experience tell at least 1 person, only 7% tell the service provider
- Develop long term relationships: client relations
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3 levels of market analysis
- Company
- Customer
- Competition
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6 factors in the external environment that affect the product of a business
- Social: Lifestyles
- Economic: If economy goes bad, should you get rid of luxury brands?
- Political/Legal: Ex. cigarettes are required to have warnings and can't advertise on TV or radio. Ex. Ford required to install seatbelts, good for nylon companies
- Competitive
- Technology: Ford put high tech in cheap vehicles, creates differentiation
- Demographic: Age, gender, race, occupation
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Why were rebates created?
In response to the recession
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What is S.T.P.
- Segmentation
- Target Market: Mass, multi-segment, niche
- Positioning
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4-5 P's of implementation - The Marketing Mix
- Product: Brand and Packaging
- Price: Easiest to change quickly, can relate to brand
- Place: Location, distribution
- Promotion: Advertising, PR, personal selling, sales promotions, sponsorship
- People: customers and employees
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3 objectives of a brand
- Identification/Recognition
- Repeat Sale
- Successfully introduce new products under brand name
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Motel 6 Story
- Company was going down in 1985
- Wanted to be the "place to stay for the traveler": Clean and safe
- Campaign to be the cheapest econolodge in any city
- Created a personality: "leave the light on for you" guy from Alaska
- Affiliation: associated themselves with people who were smart and successful, but wanted to spend their money somewhere else
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5 aspects of the service profit chain
- Employee job satisfaction
- Customer value
- Customer satisfaction
- Customer loyalty
- Profit
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6 components of employee job satisfaction
- pay
- promotions
- boss
- coworkers
- company
- job itself
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