Podcast
Questions and Answers
What is branding?
What is branding?
- A form of financing
- Only about public perception
- The process of identifying a product with distinct characteristics (correct)
- A marketing tactic involving direct sales
What is brand recognition/awareness?
What is brand recognition/awareness?
The public's ability to recall and recognize a brand by its logo, jingles, packaging, etc.
What is buyer's remorse?
What is buyer's remorse?
Feeling regret or concern after making a large purchase
What does 'caveat emptor' mean?
What does 'caveat emptor' mean?
What is financing?
What is financing?
What is marketing?
What is marketing?
What is opportunity cost?
What is opportunity cost?
What is considered a significant purchase?
What is considered a significant purchase?
Companies use every angle to aggressively compete for our __________.
Companies use every angle to aggressively compete for our __________.
_________ of teens say their parents contribute more than half of their spending dollars.
_________ of teens say their parents contribute more than half of their spending dollars.
The fashion category accounts for roughly ______ of teen budgets.
The fashion category accounts for roughly ______ of teen budgets.
One of the techniques is _________ _________.
One of the techniques is _________ _________.
The second technique is _____________.
The second technique is _____________.
Other media like TV, radio and internet use __________ to sell products.
Other media like TV, radio and internet use __________ to sell products.
What is positioning in marketing?
What is positioning in marketing?
Match the following terms with their descriptions:
Match the following terms with their descriptions:
What is foreclosure?
What is foreclosure?
What does integrity refer to in personal finance?
What does integrity refer to in personal finance?
What is markup?
What is markup?
What does it mean to negotiate?
What does it mean to negotiate?
What is meant by walk-away power?
What is meant by walk-away power?
When negotiating, always tell the absolute ________.
When negotiating, always tell the absolute ________.
Use the power of ______.
Use the power of ______.
Understand and use -_ ________.
Understand and use -_ ________.
______ ______ don't talk too much.
______ ______ don't talk too much.
Use _______ ____ ______ ______ technique.
Use _______ ____ ______ ______ technique.
Use the _____ ____ _____ ____ technique.
Use the _____ ____ _____ ____ technique.
To throw something else in at the end of the deal is called the ______ ____
To throw something else in at the end of the deal is called the ______ ____
What is diversification in investing?
What is diversification in investing?
What is investing?
What is investing?
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Study Notes
Branding and Marketing Concepts
- Branding: Promotes products/services by associating them with distinct characteristics impacting public perception and quality.
- Brand Recognition/Awareness: Public's ability to recall a brand through logos, jingles, and packaging.
- Marketing: Communicates the value of a product or service to potential customers.
Consumer Behavior
- Buyer's Remorse: Regret or anxiety felt after a significant purchase.
- Caveat Emptor: Latin phrase meaning "buyer beware."
- Significant Purchase: Typically refers to spending around $300, which may cause reluctance to part with the money.
Financial Insights
- Financing: Buying items on credit to pay over time.
- Opportunity Cost: Financial loss when choosing one option over others.
- Money Competition: Companies aggressively compete for consumer spending dollars.
Marketing Tactics
- Common Marketing Tactics:
- Personal Selling
- Financing as a marketing tool (e.g., payment plans)
- Repetition through various media for product exposure
- Positioning using brand recognition and packaging
- Personal Selling: Involves trained individuals assisting customers in making purchasing decisions.
Negotiation Strategies
- Walk-Away Power: Ability to refuse a purchase if terms are unsatisfactory.
- Truth in Negotiation: Always maintain honesty during negotiations.
- Techniques:
- "That's not good enough" to press for better terms
- "Good guy, bad guy" to create negotiation pressure
- "If I take away" to introduce additional incentives at closing
Purchasing Strategies
- Power Over Purchase:
- Wait overnight before deciding
- Analyze buying motives
- Understand products fully before buying
- Consider opportunity costs
- Seek advice from knowledgeable sources
Additional Concepts
- Auction: Public sale where items go to the highest bidder.
- Consignment Shop: Retail outlet where individuals sell items, earning a commission for the store.
- Cost-Benefit Analysis: Assessing the financial advantages and disadvantages of a decision.
- Estate Sale: Large sale of items from a household, often during a move or liquidation.
- Foreclosure: Process in which a lender takes possession of property due to unpaid mortgage payments.
Financial Management
- Integrity: Importance of honesty and morality in financial transactions.
- Markup: Difference between wholesale and retail prices, essential for understanding profit margins.
- Diversification: Strategy of spreading investments across various assets to reduce risk.
- Investing: Allocating money with the intention of growing wealth over time.
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