...307 Study Guide Terms 1. Convenience Products: those for which the consumer is not willing to spend any effort to evaluate prior to purchasing. 2. Shopping Products: those for which the consumer will spend time considering alternatives, such as apparel, fragrances, and appliances. 3. Specialty Products: products/services that the customer shows a strong preference and for which he or she will spend considerable time searching for the best supplier 4. Voice of Consumer (VOC) Program: an ongoing market research system that collects customer inputs and integrates them into managerial decisions 5. Zone of Tolerance: the area between customers’ expectations regarding their desired service and the minimum level of acceptable service--- that is, the difference between what the customer really wants and what he or she will accept before going elsewhere. 6. House Brands: (Private-label brands) brands developed and marketed by a retailer and available only from that retailer 7. Store Brands: Same as House Brands. 8. Family Brand: A firm’s own corporate name used to brand its product lines and products. 9. Brand Licensing: A contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characteristics in exchange for a negotiated fee. 10. AIDA model: A common model of the series of mental stages through which consumers move as a result of marketing communications: Awareness leads to Interests, which...
Words: 1725 - Pages: 7
...1. Explain the use of SMART goals in a Marketing Communications Plan. Provide an example of a SMART goal. The SMART concept is a test or filter which you can use to assess the quality of measures. When setting future objectives for marketing such as in a marketing plan it’s useful to look hard at each measure and ask Specific – The goal is focusing on one precise area Measurable – The progress of the goal can be quantified in some way Attainable – The goal should be reachable for your level of skill Realistic – The goal can reasonably be achieved given your resources Time-Bound - There is a specific amount of time in which results should be achieved 2. Explain how Marketing Communications is different from Marketing. What is Integrated Marketing Communications? Marketing is a broad organizational function that encompasses: price, product, place and promotion. Marketing Communication is the way to explain these parts of marketing. 3. What are the three ways to determine a marketing communications budget? Explain each method. The three different ways to determine a marketing communications budget: percentage-of-sales, competitive parity, and objective-and-task methods. 4. Explain the six steps in the Hierarchy of Effects Model. The six steps are as follows: Awareness The customer becomes aware of the product through advertising...
Words: 612 - Pages: 3
... Digital Marketing Plan for Shumi’s Hot Cake Term Paper On “Digital Marketing Plan on Shumi’s Hot Cake” COURSE:Marketing on the Internet [MSC 446] Section: 001 SUBMITTED TO: Syed Mahmudur Rahman (SMR) BRAC BUSINESS SCHOOL BRAC UNIVERSITY Prepared By: GROUP 6 Sl No ID Name Email ID muhib.khan92@gmail.com sana_fa28@yahoo.com mohdomarfaruk007@gmail.com 1 2 3 11104027 10204045 12104195 Muhib Khan Syeda Sarah Hussaini Md Omar Faruk Date of Submission: 6th April, 2015 1 April 06, 2015 Course Instructor Syed Mahmudur Rahman BRAC Business School BRAC University Subject: Letter of Transmittal Dear Sir, With great pleasure we submit our project that you have assigned to us as an important requirement of MSC-446 course. We have found the study to be quite interesting, beneficial & insightful. We have tried our level best to prepare an effective & creditable report. We honestly hope that our analysis will help to give idea of Shumis Hot Cake’s current position and condition on the market and about the future for their Internet marketing. We hope you will find this report worth all the labor we have put in it. We welcome your entire query & take pride to answer them. Yours sincerely, _______________________ MD. Omar Faruk_12104195 _______________________ Muhib Khan_11104027 _______________________ Syeda Sarah Hussaini_10204045 2 Executive Summary In this report our main task is to find out marketing process on...
Words: 5335 - Pages: 22
...the straight razors have been making a comeback. Currently The Art of Shaving has a primary target market of males between the ages of 35-45. Normally they would be in a managerial or executive position with an income greater than $75,000. They tend to attract those who are very outgoing, authoritative, and fashion forward. The target social class is the upper middle class. Because the straight razor is such an old fashioned style of shaving there are very little substitutes in its niche market. Proctor and Gamble owns 80% of the much larger undifferentiated market with the brand name Gillette. Currently, The Art of Shaving is positioning itself to deliver upscale shaving products at nearly the most expensive prices. Due to the current marketing strategy and the current primary target group the buyers tend to be very complex, choose the higher end razors, and become infrequent buyers due to the length of time a straight razor lasts. They offer a Royal Shave service from master barbers in order to make recommendations and allow consumers to test their products. The straight razor overall is a much better product when compared to substitutes like the cartridge razor. With the straight razor you tend to get a much higher quality product and greatly reduce razor bumps and burns while allowing the skin to stay smooth and healthy. The Art of shaving also does a very good job of creating a brotherhood around others who choose to go with a good old fashion single blade shaver rather than...
Words: 1009 - Pages: 5
...Glossary of Digital Marketing Terms Compiled by: HiveMind Marketing, Inc. 1724 Alberta Avenue San Jose, CA 95125 1.866.781.8195 info@hivemindinc.com A Above The Fold: Above the fold refers to banner advertisements which are displayed at the top of a web page. In Internet marketing terms, it refers to information placed at the top of an email or webpage, so that visitors see it first, without scrolling. Acquisition Cost: The price it costs a business to gain a new customer, client, or supplier. Ad Rotation: When a web page shows a different ad at the top of the page each time it is viewed by a new person, or when the web page is refreshed. Ad Tracking: A method used to check how many hits or clicks an ad receives. It is a useful tool for discovering where the most revenue comes from, and how to better personalize ads to reach more customers, and encourage more new customers. Adsense: Google's pay-per-click, context-relevant program available to blog and web publishers as a way to create revenue. Adwords: Google’s pay-per-click advertiser program. Affiliate Program: A program where other people known as affiliates agree to advertise for the sponsor's site. In return, they receive commission or residual payment. Aggregation: Gathering information from multiple web sites, typically via RSS. Aggregation lets web sites remix the information from multiple web sites, for example by republishing all the news related to a particular keyword. Aggregator: A web-based...
Words: 5864 - Pages: 24
...will often think in terms of what do I want to accomplish in the next six months, as well as where do I want to be in five years. These short and long term goals are what drive your business. From a planning standpoint, you must also develop short and long term strategies to reach these goals. Short term strategies revolve around cause and effect actions. You will institute an action and then measure the result. For example, if you run an ad in the paper, or send out a direct mail coupon, you can easily track your response rate. Depending on the amount of new business you generate, you can assess the effectiveness of the campaign. Most of the time, these strategies involve costly advertising, so you must be sure you are reaching your target market, as well as prompting a "call to action" from potential customers. Other examples of short term strategies are Internet websites, informational brochures, press releases, trade shows, and product samplings. All these can be used to create a cause and effect reaction from consumers. These are crucial in launching a new business as well as growing an existing one. As long as your are reaching your target market, these activities will provide an immediate return on investment. If they don't, then your overall advertising message needs to reevaluated. Long term strategies are much more subliminal in nature. They encompass all the activities that reach people in a subtle way. Networking is probably the best long term strategy you can...
Words: 471 - Pages: 2
...products or services to individual buyers for their own personal consumption (Hutt & Speh, 2010). Although both are selling products and services, there are differences that distinguishes these two types of market from each other, especially when it comes to formulating strategies and marketing activities. Therefore, I agree with the statement. In general B2B is relationship-driven whereas B2C is product-driven. B2B focuses on relationship marketing efforts by retaining loyalty and meeting the needs of buyers while B2C focuses on developing products that fit into specific target markets rather than based on buyer needs. One of the difference is the market structure of both markets. B2B market is niche size. There are relatively few buyers however those buyers are large buyers. B2C market is large in size but consists of small buyers. Also, B2C market is pure competition whereby there are many sellers and buyers in the market. Due to the target market being a mass market, a single buyer or seller does not have much effect on the market. However, the niche size B2B market is oligopolistic competition with very few sellers, hence they are sensitive to each other’s pricing and marketing strategies. Therefore, B2C can afford to lose buyers as the loss is much lower than B2B, thus explains the different drives. For example in the information technology (IT) industry, the chosen company, Dell Inc. (Dell) develops, sells and repairs computers and related products and services...
Words: 1789 - Pages: 8
...Term paper On Identifying the Marketing Strategy in Existing mobile Company in Bangladesh [pic][pic][pic] [pic] [pic][pic] Siddheswari University Collage, Dhaka Department of Marketing Term paper on Identifying the Marketing Strategy in Existing Mobile Company in Bangladesh Submitted to Md. Mizanur Rahman Mazumder Chairman Department of Marketing Siddheswari University Collage, Dhaka. Submitted by Md. Shibly Hasan Dept. Marketing Roll no: 9575781 Registration no: 1625621 Date of submission: 15 April, 2013. Siddheswari University Collage, Dhaka Letter of Transmittal 15 April, 2013 Md. Mizanur Rahman Mozumder Chairman, Department of Marketing, Siddheswari University Collage, Dhaka. Subject: Submission of term paper Dear Sir, With great respect, I am happy to submit my report on the topic “Identifying the marketing strategy in existing mobile company in Bangladesh”. I am felling proud to prepare my Report under your energetic guidance and supervision. This report is an important part of BBA program. In completing the report I tried my level best to blend all my knowledge and in imparting every accessible details of the survey avoiding needless intensification of the report. Your priceless supervision, suggestion, and guidance have helped...
Words: 4677 - Pages: 19
...makes our segments valuable? Market Positioning Value and Differentiation: Value Proposition What differentiates us? 4.0 Secondary Data & Sales Potential……………………………………………………9 5.0 Marketing Mix: ……………………………………………………………………...11 Product: Feature Design Value Branding Packaging and Labeling Product Support Services Placement: Channel Management Pricing: Market-based Price Break-Even Price Segmented Context Effect and Compromise Effect Market Skimming Price Change Plan Promotion 6.0 Bibliography………………………………………………………………………....14 7.0 Appendices…………………………………………………………………………..16 1.0 Identification of New product/service The concept behind our new service is to offer an affordable cleaning service for seniors who are unable to complete the strenuous tasks of home cleaning. We believe our sources accentuate our product very well because they are on similar topics. At the same time, they mention issues, which are extremely important in today’s business world such as sustainability and the environmental impact. Especially since we are a start-up cleaning company, we can gain competitive advantage by appealing to the eco-friendly conscious consumer. We feel our sources fit strongly with our arguments and ideas for marketing this service. Our idea of a new product is an indoor/outdoor home cleaning service, with the target market being, but not limited to, seniors 50+. The concept behind this new service is to help...
Words: 5459 - Pages: 22
...|Question 1 |1 points |Save | | |Kroger buys a lot of cranberry products at Christmas due to high consumer demand. This is an | | | | | | |example of ________ demand. | | | | | | |[pic] | | | | | | |[pic][pic] | | | | | | | | | | | | | |elastic | | | | | | | | | | | | | |[pic] | | | | | | | | | | | | | |inelastic | | | | | | | ...
Words: 4709 - Pages: 19
...As we introduce are new product into the market are goal target market is ATM user and anyone from the ages of 18 to 40 years old. We have chosen this age group because we feel that the younger customers will find it more appealing than the older. This is because many of the older customers find it easier to have face-to-face interaction than having a machine help then. On the hand younger customers are more excited about new technology, and being able to save the time and hassle. One of the major factors that distinguishes ATMs from bank tellers is the level of convenience each provides. To perform a transaction with a bank teller, a customer must go to one of that bank's branches and wait in line for an available teller. ATMs, on the other hand, are spread out over a much wider geographic area. In addition to locations in bank lobbies, many banks offer ATMs on sidewalks, in stores and at drive-through banking windows to speed up the process of complicated transactions. Many users value will value this new product more because of the variety of features and tasks it can do. As other ATMs only provide one function this will help the customer fulfill all there needs. The market size is considered large with the comparison to regular ATMs that are only capable of dispensing in increments of twenties. With customers seeking to receive different change this will target customers from other ATMs that are not capable. This will save customers the time and convenience when in...
Words: 634 - Pages: 3
...mARKET Micro Life Micro Life Table Content Business Description 3 Our Mission Statement 4 Management & Ownership 5 Product of Service 6 Market Overview / Competition / Market Share 7 A. Industry Analysis 7 B. Marketplace Analysis 8 C. Competition 9 Customer Profile 9 Objectives & Strategy 10 A. Product Strategy 10 B. Place/Distribution Strategy 10 C. Price Strategy 11 D. Sales Strategy 11 E. Operations Strategy 11 F. Development Strategy 12 Advertising & Promotion 12 Survey (25 People) 13 Rodgers 5 characteristics 15 Relative Advantages: 17 Compatibility: 18 Complexity: 19 Triability 19 Observability 20 Sources 21 EXECUTIVE SUMMARY Business Description Micro Life is an innovative, convenient all-in-one card for those who use to carry all their cards in their daily life. Because of Micro Life, consumers will not have to carry them around. Micro Life wants their customers to experience the new technology; they will be able to move around without having to worry about losing their IDs or Credit Card. This card can hold up to 10 pieces of information or transaction cards.. We have a contract with Chase, Bank of America, different hospitals and some retailers. By using the card, the consumer is able to pay, travel, get in his car or house as fast as he can say “Micro Life”! Our Mission Statement Designed to make your daily life easy, convenient and secure,...
Words: 3004 - Pages: 13
...Abstract Before managers can begin to formulate an effective strategy, they must make a critical examination of the firm’s environment. Assessing the strategic situation is the first phase in determining the content of the proper strategies for a firm. This process begins with an assessment of the general environment of the firm, in terms of economic, technological, social, and political/legal influences. Analyzing the organization's industry is the second major aspect of assessing the firm's strategic situation. An industry structure analysis identifies the major forces affecting competition in an industry and determines the strengths and weaknesses of the business relative to the industry. Michael Porter has identified five basic competitive industry forces: the threat of new entrants in the industry, the intensity of rivalry among existing competitors, the pressure from producers of substitute products or services, the bargaining power of buyers of the industry's outputs, and the bargaining power of suppliers to the industry's companies. Management must find for a firm a position in the industry from which it can best defend itself against these competitive forces or can influence them to its advantages. Another major element of the industry environment is the product/market life cycle which assumes that all products, and, therefore, industries, move through stages of a life cycle. In analyzing an industry, its is also useful to determine if the industry is a global...
Words: 348 - Pages: 2
...customers exist, then (2) select which ones we are best off trying to serve and, finally, (3) implement our segmentation by optimizing our products/services for that segment andcommunicating that we have made the choice to distinguish ourselves that way. Segmentation involves finding out what kinds of consumers with different needs exist. In the auto market, for example, some consumers demand speed and performance, while others are much more concerned about roominess and safety. In general, it holds true that “You can’t be all things to all people,” and experience has demonstrated that firms that specialize in meeting the needs of one group of consumers over another tend to be more profitable. Generically, there are three approaches to marketing. In the undifferentiatedstrategy, all consumers are treated as the same, with firms not making any specific efforts to satisfy particular groups. This may work when the product is a standard one where one competitor really can’t offer much that another one can’t. Usually, this is the case only for commodities. In the concentratedstrategy, one firm chooses to focus on one of several segments that exist while leaving other segments to competitors. For example, Southwest Airlines focuses on price sensitive consumers who will forego meals and assigned seating for low prices. In contrast, most airlines follow the differentiated strategy: They offer high priced tickets to those who are inflexible in that they cannot tell in advance when...
Words: 1567 - Pages: 7
...Introduction: Advertisement is one of the most important promotional activities a firm used to depend on to communicate with specific target audience. Each advertisement contains some messages for target audiences and advertiser has to turn these messages into an actual ad execution which is quite difficult. There are various execution style under which messages can be presented in front of customers which seem interesting t o me during the course. The message execution style of advertisement is very interesting and also difficult factor that can never be noticed while enjoying ads on television. But after going through this topic it is really easy to realize the fact of differentiating ads under various style of execution very prominently and the felling of understanding the fact is enjoyable. For this reason I have chosen the topic as I can relate this with the reality around me. Discussion: Lifestyle It can be seen in the advertisement of BOOST where the superstar cricketer Sachin Tendulker used to say that “Boost is the secret of my energy, your energy”. It means that the ad wants to show that Sachin finds the energy of playing such a good cricket by drinking BOOST and it will make consumer’s life energetic too. Recently world’s no.1 all-rounder Sakib Al Hasan has become the model of BOOST with the same message toward customers. This is one of the ways to communicate with target audiences through showing the lifestyle of their favorite celebrities. Slice of life...
Words: 863 - Pages: 4
