Exam Study Guide PDF

Exam Study Guide 3 C’s of Brand Competitive Advantage: How the brand stands out against competitors. Contribution: How the brand adds value to the business or customer. Communication: How the brand conveys its identity and message. Branding Strategies Family Branding: One name for multip...

Exam Study Guide 3 C’s of Brand Competitive Advantage: How the brand stands out against competitors. Contribution: How the brand adds value to the business or customer. Communication: How the brand conveys its identity and message. Branding Strategies Family Branding: One name for multiple products (e.g., Nike). Individual Branding: Unique names for each product (e.g., Unilever’s Dove and Axe). Private Branding: Products branded by retailers (e.g., Walmart’s Great Value). Co-branding: Two brands collaborate (e.g., Nike x Apple). Product Concepts Classify Consumer Products Convenience: Frequently purchased, minimal effort (e.g., snacks). Shopping: More effort, comparison (e.g., electronics). Specialty: Unique, high involvement (e.g., luxury cars). Unsought: Not actively sought (e.g., insurance). Product Terminology Product Item: Specific version of a product (e.g., Tide Pods). Product Line: Related products (e.g., Tide detergents). Length: Number of items in a line. Depth: Variants within a line. Product Mix: All products offered by a company (e.g., Unilever’s mix of food, hygiene products, etc.). Uses of Packaging and Labeling 1. Contain & Protect: Ensures safety and integrity. 2. Promote: Attracts customers. 3. Facilitate Use & Storage: Convenience for consumers. 4. Facilitate Recycling: Eco-friendly options. Product Lifecycle (PLC) 1. Introductory: Launch phase, high costs. 2. Growth: Rising sales, competition begins. 3. Maturity: Peak sales, intense competition. 4. Decline: Reduced demand, product phase-out. Services Marketing Differences Between Services and Goods 1. Intangibility: Services can’t be touched. 2. Inseparability: Produced and consumed simultaneously. 3. Inconsistency: Quality may vary. 4. Inventory: Services can’t be stored. Service Quality Measured by: Reliability: Consistency of performance. Responsiveness: Willingness to help. Assurance: Trust and confidence. Empathy: Caring attitude. Tangibles: Physical facilities and appearance. Price Setting Pricing Objectives Profit: Maximize revenue. Sales: Drive volume. Status Quo: Maintain competitive parity. Pricing Strategies Price Skimming: High initial price, reduced over time. Penetration: Low initial price to gain market share. Status Quo: Match competitor pricing. Factors Influencing Price 1. Product lifecycle stage. 2. Competition. 3. Distribution and promotion costs. 4. Guaranteed price matching. 5. Customer demands. 6. Online influence (Internet/extranets). 7. Perceived quality. Marketing Channels Why Use Intermediaries Specialization: Efficient processes. Overcome Discrepancies: Balance supply and demand. Contact Efficiency: Simplifies connections between producer and consumer. Types of Intermediaries Wholesaler: Sells to retailers.  Retailer: Sells to consumers. Agent/Broker: Facilitates sales without ownership. Direct: No intermediaries. Channel Intensity Intensive: Wide distribution (e.g., soft drinks). Selective: Limited outlets (e.g., electronics). Exclusive: Single outlet (e.g., luxury brands). Marketing Communications Goals of Promotion 1. Informing: Build awareness. 2. Persuading: Influence purchase decisions. 3. Reminding: Maintain brand awareness. 4. Connecting/Engaging: Build relationships. Promotional Mix (IMC) Advertising: Mass communication. Direct/Digital: Personalized online outreach. Personal Selling: One-on-one interaction. Sales Promotions: Incentives like discounts. Public Relations: Build goodwill. Promotional Goals: AIDA/ACCA Attention Interest/Comprehension Desire/Conviction Action Factors Affecting Promotional Mix 1. Nature of the product. 2. Product lifecycle stage. 3. Target market characteristics. 4. Type of buying decision. 5. Budget availability. 6. Push vs. Pull strategies. Digital Storytelling Miller’s Seven-Step Customer Journey 1. Character: The customer. 2. Problem: Their pain point. 3. The Guide: The brand as a mentor. 4. The Plan: Steps to success. 5. Call to Action: Encourage action. 6. Success: Achieving goals. 7. Avoid Failure: Mitigating risks. Digital Marcom Tools Digital Advertising: Paid online ads. Email Marketing: Personalized outreach. Content Marketing: Informative or entertaining content. Social Media: Engage with audiences. Search: SEO and paid search strategies.