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
- 100% sure, 100% understanding
I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a huge amount of my time on creating my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods in such a way that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The largest effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school, Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any D's. My average score is now an A and those are results I would have never had in the past
With my old method, I passed only 3 out of 8 courses. Since I started taking my notes digitally in Study Smart, I have passed all my courses on the first try. For me, StudySmart takes away the stress of wondering if I will pass or not.
Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a huge amount of my time on creating my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods in such a way that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The largest effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school, Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any D's. My average score is now an A and those are results I would have never had in the past
With my old method, I passed only 3 out of 8 courses. Since I started taking my notes digitally in Study Smart, I have passed all my courses on the first try. For me, StudySmart takes away the stress of wondering if I will pass or not.
Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
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.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
