Marketing Mix - 2B
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Questions and Answers

What is a key communication objective when marketing to consumers?

  • To expand product variety
  • To lower product prices
  • To create interest and desire (correct)
  • To increase product availability

Which type of message aims to connect emotionally with consumers through narratives?

  • Rational message
  • Emotional message (correct)
  • Moral message
  • Technical message

What does the 'COOL' structure in storytelling consist of?

  • Coalition, Objectives, Opportunities, Limitations
  • Character, Objectives, Obstacles, Landing (correct)
  • Context, Outcome, Organization, Linearity
  • Characters, Outcomes, Options, Lessons

How do unique products influence consumer behavior in marketing?

<p>They create high perceived value and reduce substitution. (A)</p> Signup and view all the answers

In retailer communication, what aspect is likely to differ from communication aimed at final consumers?

<p>Inclusion of technical information (B)</p> Signup and view all the answers

What is the primary function of an anecdote in communication?

<p>To reinforce argumentation with real facts (B)</p> Signup and view all the answers

Why is storytelling important in branding?

<p>It creates an emotional link with consumers. (C)</p> Signup and view all the answers

How do metaphors function in storytelling?

<p>They explain concepts using non-literal comparisons. (D)</p> Signup and view all the answers

What is a characteristic of a common product in terms of consumer behavior?

<p>High substitution rates (D)</p> Signup and view all the answers

Which communication channels are considered personal?

<p>Face-to-face interactions and emails (A)</p> Signup and view all the answers

What emotional technique combines anecdotes with character-driven narratives?

<p>SAM (D)</p> Signup and view all the answers

What characteristic must the message source possess?

<p>They must be credible and consistent with the brand's message. (C)</p> Signup and view all the answers

Who ultimately influences the buying decision in a family setting involving wine?

<p>Children through their preferences can sway the parents' decision. (C)</p> Signup and view all the answers

The evolution of wine labeling began with what historical practice?

<p>Marking contents on amphoras by Greeks in 5th century BC (D)</p> Signup and view all the answers

What role does collecting feedback serve in marketing?

<p>It allows marketers to adjust strategies based on audience reactions. (C)</p> Signup and view all the answers

Metaphors in wine branding can best be described as what?

<p>Comparative expressions that enhance narrative. (D)</p> Signup and view all the answers

What is a key consideration when selecting a retail partner for your product?

<p>The extent and depth of their product lines (C)</p> Signup and view all the answers

Which of the following is NOT a typical place to buy wine?

<p>Automobile dealerships (C)</p> Signup and view all the answers

What is one main goal of promotion in marketing?

<p>To communicate the merits of the product (A)</p> Signup and view all the answers

Which retail strategy is characterized by a focus on personal engagement with individual consumers?

<p>Online and social media marketing (B)</p> Signup and view all the answers

How has the concept of promotion changed over time?

<p>It has become more fast and personalized. (A)</p> Signup and view all the answers

What aspect of storytelling in branding is emphasized?

<p>Fostering a unique link with customers through shared experiences. (C)</p> Signup and view all the answers

What does the strategy behind online wine sales primarily involve?

<p>Agreeing to the policies of the online platforms. (C)</p> Signup and view all the answers

Which of the following best describes the significance of target audience segmentation?

<p>It helps tailor messaging to specific consumer needs and preferences. (B)</p> Signup and view all the answers

Flashcards

Retailing

The activities involved in selling goods or services directly to final consumers for personal use.

Retail Channels

Different places to buy a product (wine), like producers, merchants, mass retailers, fairs, auctions, the internet, and wholesalers.

Retailer Selection

Selecting the right retailer that matches your brand image, service levels, product line selection, and price strategy.

Promotion

Activities to communicate the product's value and encourage customers to buy.

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Digital Marketing

Modern promotion using online and social media, personalized and targeted outreach.

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Customer Engagement

Building connections with customers through diverse communication approaches.

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Brand Experience

A customer's overall impression of a brand from interacting with it.

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Target Audience Segmentation

Dividing potential customers into groups based on shared characteristics (age, location, interests, etc.) to tailor marketing efforts.

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Retailer Communication

Specialized marketing messages tailored for businesses that will later sell to consumers, often with more technical details.

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Communication Objectives

Specific goals for marketing messages, like attracting attention, sparking interest, or generating desire in consumers.

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Message Design Types

Different approaches to constructing a message, including Rational (quality focus), Emotional (story-telling/connection), and Moral (environmental/societal concerns).

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Message Uniqueness

How a message stands out: common (easily copied, low value); rare (some unique traits); unique (highly exclusive & valuable).

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Price Elasticity

How sensitive consumers are to price changes of a product; a high elasticity means consumers are more price-sensitive.

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Brand Story Structure (COOL)

A method to tell a unique, emotional brand narrative (Character, Objectives, Obstacles, Landing).

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Brand Story Elements (SAM)

Adding depth to a brand story using stories, anecdotes, and relevant metaphors: SAM = Stories, Anecdotes, and Metaphors.

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Anecdote

A short, interesting story used to illustrate a point or support an argument.

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Metaphor

A figure of speech comparing unlike things to explain an idea or make a comparison indirectly.

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Communication Channels

The methods used to convey messages, can be personal or impersonal (e.g., face-to-face, email, TV, billboards).

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Personal Communication Channels

Methods of communication that create a relationship and include recommendations (ex: face to face, email, social media).

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Impersonal Communication Channels

Methods of communication that don't create a relationship, but reach a larger audience (ex: tv, radio, billboards).

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Message Source Credibility

The importance of having a believable person or entity deliver a message; influencers need to match brand messaging.

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Feedback Collection

Gathering responses to improve a message or strategy to better understand the target audience.

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Wine Label Origin

Ancient Greeks used marks on amphoras (large clay containers) for wine identification — much earlier than modern bottle-labeling practices.

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Modern Wine Label

Wine labels as we know them developed in the 18th century with the rise of bottled wine.

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Purchase Decision Influencers

People or factors that influence the final decision to buy a product, this often involves families, and especially children who influence parents.

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Study Notes

Marketing Mix - 2B

  • Products are a combination of goods and services to satisfy a want or need.
  • Products have tangible and intangible attributes.
  • Tangible attributes include packaging, colors, and logos.
  • Intangible attributes include the overall service experience, building the brand image and influencing the buying process.
  • Symbolic attributes are specific qualities associated with a product, e.g., champagne for special occasions.
  • A business portfolio consists of various activities that define a brand, like the activities offered by Riberach winery.

Price

  • Price is the amount customers are willing to pay for a product or service and its benefits.
  • Pricing strategies are based on value perceived, costs, and competition.
  • Customer value-based pricing assesses customer needs and value perceptions to determine the price.
  • Cost-based pricing accounts for fixed and variable costs of production in determining the price.
  • Competition-based pricing compares the average price of competitors' offerings.

Place (Channels)

  • Place refers to how a product is made available to consumers.
  • Channels can be direct, where the manufacturer sells directly to the consumer, or indirect, involving intermediaries such as agents and retailers.
  • Direct channels include producers selling to consumers.
  • Indirect channels may involve wholesalers and retailers.
  • Channels can vary by product type and market demands.

Retailing

  • Retailing involves activities that facilitate direct sales to final consumers.
  • Brands connect with consumers through direct sales and retail spaces.
  • Choosing a retail partner considers factors like brand image alignment and consumer preferences.
  • Online platforms, mass retailers, or specialty stores are examples of retail channels.

Wine Labels

  • Origin, vintage, and other information can be printed on labels of wine bottles.
  • Mandatory labeling regulations exist in various regions to meet customer expectation and regulations.

Wine Merchants and Retailers

  • Wine merchants and retailers are distinct entities.
  • Wine merchants often specialize, whereas mass retailers offer a wider selection.
  • Retailers may partner with wineries to offer specialized services.

Wine Fairs and Auctions

  • Wine fairs and auctions are platforms where producers and consumers connect to enhance sales.
  • Wine fairs can help build relationships with traders, consumers, and importers.
  • Auctions provide opportunity to showcase high-value products.

Internet and Wine

  • Internet sales are growing for wine.
  • Websites are important media channels for connecting customers with producers.
  • Online sales can facilitate customer engagements and interaction.

Wholesalers

  • Wholesalers act as intermediaries in distribution channels to connect producers and consumers.

Promotion

  • Promotion encompasses activities to communicate the merits and encourage customers to purchase products.
  • Communication methods include marketing materials, advertising, personal interactions.
  • Promotion techniques cater to various consumer segments and needs.

Exporting Wine

  • Exporting wine demands familiarity with regulations in many countries.
  • Administrative aspects such as logistics are crucial for smooth transactions.
  • Efficient transportation and compliance with policies and regulations are essential for success.

Evin Law

  • Law regarding alcohol consumption in France and limitations.
  • Regulations affect promotional activities, and influence target consumer choices.

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Marketing Mix -2B PDF

Description

This quiz covers key concepts of the marketing mix, including product and pricing strategies. Discover the attributes that define products and understand how different pricing strategies are applied based on customer perceptions and competition. Perfect for students studying marketing fundamentals!

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