Product and promotion: Creating and communicating value
28 important questions on Product and promotion: Creating and communicating value
What is a product?
What 4 qualities do most services embody?
2. Inseparability (buyer of service can't be separated from service giver)
3. Variability (service quality varies depending on service giver)
4. Perishability (can't save places for peak hours)
What are consumer products?
- Higher grades + faster learning
- Never study anything twice
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What 3 layers does a product have?
2. The actual product - the physical good/service that provides the core benefit
3. The augmented product - additional goods and services, such as insurance, etc.
What are the consumer product categories?
2. Shopping products - more expensive products that are bought less frequently. Distribution is widespread, but more selective. e.g. cars, computers, etc.
3. Speciality products - Very expensive products that you almost never buy. Highly selective distribution. e.g. branded jewelry, high-end sports cars, etc.
4. Unsought products - goods/services that hold little interest for consumers. Aggressive promotion to garner consumer interest. e.g. blood donation, prepaid burial plots, etc.
What is product differentiation?
What is product consistency?
What is a product line?
What is a brand?
What is brand equity?
What are line extensions?
What 4 categories do brand names usually fall in?
2. Founder's name - McDonald's, Ford
3. Descriptive/functional - what does the product do, e.g. Subway, eBay
4. Evocative - communicates an engaging image that resonates with consumers, e.g. Yahoo!, Apple, Starbucks
What is brand extension?
What is the pitfall of licensing?
What are national brands?
What are store brands?
What are the 5 characteristics of a product that affect the rate of adoption and diffusion?
2. Trialability - How easy can a product be sampled? e.g. food taste booths in supermarket
3. Complexity - can customers understand how it works?
4. Compatibility - how does the product fit in your lifestyle?
5. Relative advantage - how much better are the benefits of the product in comparison to other products?
In what ways can you make a product life cycle last as long as possible?
2. Changing the product
3. Changing the marketing mix
What is integrated market communication?
What is a positioning statement?
What are promotion channels?
What are the 7 cutting-edge promotional tactics?
2. Social media
3. Native advertising - advertising specifically designed to mimic the user experience into which it is placed. e.g. "suggested" on google
4. Product placement - paid integration of branded products into media
5. Advergaming - video games created as a marketing tool
6. Buzz marketing - active simulation of word-of-mouth, also known as guerrilla marketing and viral marketing
7. Sponsorships - deep association between marketer and a partner, which involves promotion of sponsor for money or paid goods
What are the 4 traditional promotion tactics?
2. Sales promotion - implementation of short-term programmes that stimulate immediate sales activity. Aimed at either consumers or distributors
3. Public relations - ongoing effort to create positive relationships with firm's different 'publics', such as customers, employees, etc. Aim to generate positive publicity
4. Personal selling - person-to-person presentation of products to potential buyers
What are the 2 categories of sales promotion?
2. Trade promotion - marketing activities that stimulate wholesalers and retailers to push specific products more aggressively over the short term, e.g. through trade shows, parties organised for a certain store, etc.
What are a few consumer promotion tools?
2. Promotional - gifts with advertisements of brand name
3. Samples - reduce risk of trying new product
4. Coupons - offer immediate price reductions
5. Rebates - cashback offers
6. Displays - how product is presented in-store
What is missionary selling?
What are the 6 stages of the sales process?
2. Prepare - What are your prospect's wants and needs? etc.
3. Present - good first impression
4. Handle objections - view objections as opportunities rather than criticism
5. Close sale
6. Follow-up - hold relationships with current customers
What 2 personal selling trends are especially popular right now?
2. Team selling - uncover needs that go beyond capacity of single salesperson.
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