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Download Review for Exam Two 1. Product and Brand Analysis and Strategy
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Review for Exam Two 1. Product and Brand Analysis and Strategy What is a product? benefit delivery system total market offering: core product, actual product, augmented product Product Positioning definition of brand positioning: Note what it is and what it is not. positioning in memory: meaning of memory schema, how marketers use schema to help consumers divide the world. position perceptual mapping: purpose of position mapping and comparison to distance mapping, data used in position mapping, interpreting position mapping results (direction of arrows, length of arrows) major positioning decisions category positioning decision: central position (what it is, circumstances when it’s appropriate), differentiated position (what it is, circumstances when it’s appropriate) position referent decision: product focused, user focused, competitor focused (what conditions favor it, what “depositioning” means) Product Design or Reconfiguration: Know how conjoint analysis studies are configured and what conjoint analysis results may tell us. You will not be asked to interpret conjoint analysis statistical results. 2. Pricing Analysis and Strategy Roles and importance of price: Price as a signal to buyers, competitive weapon, tool of financial performance. Price changes Price elasticity of demand: Know the basic formula for price elasticity, relatively elastic and inelastic demand (Be able to graph each, explain the sources of quantity increases for both), residual elasticity (Be able to explain cross elasticity and competitor reaction elasticity and how they influence residual elasticity.) Evaluating the profitability of consumer promotion: Know the diagram (Exhibit 4) of consumer promotion and be able to explain it. You will not be asked to explain the formula. Evaluating the profitability of trade promotion: Know the diagram (Exhibit 5) of trade promotion and be able to explain it. You will not be asked to explain the formula. Setting Base Prices: Know breakeven analysis including the incorporation of dollar profit and rates of return. You will not be asked the formulas but may be asked to explain or reproduce the diagrams. 3. Channel Analysis and Strategy Refresher on Marketing Channels Be able to distinguish between the industrial and retail parts of the distribution channel. Know how some people distinguish between distribution channels and supply chains. Evaluating distribution channel performance: Distribution intensity metrics: Be able to explain percent relevant outlets, percent of category volume, and percent of shelf facings. Where mentioned in your web notes, understand why these metric are important to marketers. Logistics performance measures: Be able to define an SKU. Explain what stockouts are. Be able to explain stockout rate and stockout days. Know why these may be important to marketing managers. Be able to explain the stockturn rate and understand its importance. Evaluating channel member satisfaction: Know how channel satisfaction is generally measured and what areas of satisfaction that are addressed. Power and Influence in Distribution Channels: Know how to define power and the four sources of power discussed in class. Meaning of relationship norms, influence attempts (request, promise, reward, threat, punishment), and responses to influence attempts. 4. Advertising Analysis and Strategy Setting Advertising Objectives: Be able to reproduce the Hierarchy of Effects Model, explain its advantages and it disadvantages. Know why the advertising to sales relationship is not well understood. Advertising Creative The meaning of good advertising creative Know what is meant by advertising creative. Know the parts of the definition of good creative. Be able to explain them. Be able to explain, and if necessary, diagram the economic value of good advertising creative. Evaluating advertising creative: Know the difference between concept and copy testing. Know the differences in purpose and research method associated with each. Advertising Media Advertising Media Problem: Be able to explain the advertising media problem. Know what waste coverage is. Know the relationship between reach and frequency. Measuring media effectiveness Measures of schedule intensity: Be able to define and explain reach, frequency, gross impressions, and gross rating points. Be able to calculate average frequency, reach and gross rating points. Measures of schedule cost: Be able to explain and calculate Cost per Thousand Impressions (CPM). Be able to define hits and page views. Be able to explain and calculate clickthroughs and clickthrough rates. Be able to explain and calculate abandonment rate and possible causes of abandonment.