Mktg 3306 - What Material Should We Use to Successfully Revise?

MKTG3306

What material should we use to successfully revise?

Note and slides

• Some slides are more important than others
• I suggest you use the slides to highlight what we have covered and then consult readings on top.

New product introductions almost always succeed in the first few months on the market. Do you agree? In answering this question provide reasons for why new product may fail.

Up to 85% of new products fail. Thus, I disagree with statement that. There are many reasons for new products to fail. In the following I will list and briefly describe some of the most common ones.

• Lack of product

Differentiation (external)

• Poor launch support

(Internal)

• Insufficient market research

(Internal)

Tip:

• Only use the most relevant theories and examples to support your answer.
• Draw diagrams, chart and tables (but only if it supports your writing).
• Use examples!
• Keep your writing clear and concise; less is often more. Your English and handwriting matter!
• Read and re-read the question and focus on the question.

Thumbs up if you think the answer to the question or thump down.

Q1: Most of us are exposed to more than 3,000 marketing messages every day.

Thumbs up!

Q2: There are four main ways that firms can create value for customers; one of them is psychological, which has typically not tangible product dimension.

Thumbs up! Life insurance. Functional, school driver. Social, smartrider

Q3: Advertisings two main measures are sales and ROI. Reach reputation.

Q4: The elements of brand equity are: intangible value and uniqueness of brand associations. Thumbs down. Brand awareness. Brand image.

Q5: The two main ways to create competitive advantage through product positioning are a cost leadership and differentiation. Thumbs up.

Q6: Market segmentation is a strategy based on the partitioning of market into segments of potential customers. The most important criterion is customers' age.

Thumbs down. Based on similar characteristics, needs and wants.

Q7: New coke failed because Coca Cola ignored market research results that showed that the new coke formula did not taste any better than the old one.

Thumbs down. Not only because the market research but also because the brand equity with strong image.

Q8: It is more important for consumer goods companies to use intermediaries in the supply chain than for products with a niche strategy.

Thumbs up!

Q9: The main external factors determining prices are

• Competitive influences
• Customer demand Elasticity

True

Q10: Customers are easily influenced by price framing. (Nudges)

Beer. Thumb up.

Q11: The internet of things is the same as integrated marketing communications. Successful brand need to think about one or the other.

Thumbs down. It is using one of the platform system message.

Q12: Social marketing is about raising money for those in need

Thumb down.  Social marketing is about behaviour change.

Q13: Consumers are rational and usually aware of why they purchase one product or service over another.

Thumbs down

Q14: Marketers should always focus on the core product.

Thumbs down.

Q15: We see the world as it is and marketing communications will have little effect in influencing our perception of products.

Thumbs down.

Q16: Disintermediation refers to the successful addition of trading partners in an international supply chain context.

Thumbs down

Q17: Product mix breath is a synonym of product line depth

Thumbs down

Q18: Crowdsourcing has largely overtaken traditional market research

No. Depends on the concepts.

Q19: WOM communications are not planned.

No, planed and not planed. Successful brand manage both.

Q20: Marketing is about where and why to compete.

Right.

Final tips:

How to work better

1. Do the thing at a time
2. Know the problem
3. Learn to listen
4. Learn to ask questions
5. Distinguish sense from nonsense
6. Accept change as inevitable
7. Admit mistakes
8. Say it simple
9. Be calm
10. Smile

Lecture 11 (Week 12): Social Marketing

Marketing is both source and solution.

Marketing can forever shatter contentment.

But it is also marketers' job to bring about change.

Most marketing theory can be applied to social ideas; this includes the three product levels.

What are the core and the actual product level of an anti-smoking campaign?

[ ] The benefits of audience experience

[ ] desire behavior: stop smoking

And the augmented product level?

Helps to perform the target …

The augmented product level is even more important for social marketing campaigns than for traditional ones…          

Any idea why?

Give the ability. Gives call to action. Create the content which the behaviour change may take place. 

[1] The Black Balloon Campaign (Victoria)

Core: Save money. Reduce pollution.

Actual: Use less energy

Augmented: 1300 numbers at the end

[2] Climate Smart Living Campaign (Queensland)  

Core: save money and power

Actual: purchase that power monitors

Augmented: visit the website or call the number. Book action.

In addition to the augmented product level, do you see any other differences between the two campaigns in their approach?