Marketing at Hochschule Reutlingen | Flashcards & Summaries

Lernmaterialien für Marketing an der Hochschule Reutlingen

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What are the different forms of attention?

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Attentional orienting --> channeling attention to a specific direction


Selective attention --> attention directed to one stimulus 


divided attention --> attention directed to multiply stimulus


Sustained attention --> full attention; no distractions

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What is Net Benefit? (NB)


What is relative Net Benefit? (RNB)

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NB --> utility - costs

utility (nutzen) from an offer is higher than its costs.


RNB --> Offer provides a higher NB than all competitors' offers.

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How can a brand be managed?

(4 Tasks)

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Develop a deep knowledge of how your consumers > make a decision --> what influences decisions?


Conduct market research to identify bottlenecks

> Circumstances under which you do not perform

 

What are the reasons for these bottlenecks?

> Why do they exist/how can they be avoided?


Repeat the cycle… it’s a dynamic problem

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What is Price knowledege?

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Price knowledge = all price-related information (about a product, brand, or retailer) stored in a customer's long-term memory --> used to evaluate a price

Explicit price knowledge: When a customer is able to state a specific price. 

Implicit price knowledge: Prices are remembered vaguely. Customers cannot state specific prices but remember a price evaluation (product A had a 'high' price).

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Differentiate marketing from sales? 

 Explain Push vs Pull?

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Push(sales) --> Provider pushes products onto customers (promotions,sales team)


Pull (Marketing) --> customers are pulled to provider (advertisement)

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What are Defaults? 


and what is its importance to mass customization?

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Defaults are basic options the customer automatically gets when he does nothing. 

--> automatische sitzplatzreservierung


Production is still the same, yet the product feels highly customized


Mass Customization a strategy that creates value by some form of company-customer interaction at the fabrication/assembly stage of the operations level to create customized products with production cost and monetary price similar to those of mass-produced products. K 

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What are the objectives of the distribution and sales management

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1. reduction of distribution costs

2. Distribution coverage / intensity

3. Growth: Reputation of channel members 

4. Growth: Market and customer knowledge 

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What is Brand Knowledge and what are the main dimensions?

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Brand awareness: ability to identify a brand under different conditions. 


Brand recognition: consumer ability to confirm prior exposure to the brand when given the brand as a sensory cue.


Brand recall: consumers ability to retrieve the brand when given the product category

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What is the Net Present value definition? 

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Difference between the present value of cash inflows and the present value of cash outflows. 


Used to analyze the profitability of a project

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What is a brand?

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  • One of the most valuable assets of a company
  • The face of the company
  • Logo & Slogan
  • key signals in consumers buying decisions
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What is a unique selling proposition? (USP)


What is the competitive cost advantage? (CA)

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USP --> compared to competitors, offer is more unique (better)


CA --> Provides a higher net benefit than all competitors, but is also efficient --> Price is greater than product costs

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What is the purpose of a blind test?

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A way to consumer test products without that the brand influences the results. 


The Product itself is the focus, better results for R&D

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Q:

What are the different forms of attention?

A:

Attentional orienting --> channeling attention to a specific direction


Selective attention --> attention directed to one stimulus 


divided attention --> attention directed to multiply stimulus


Sustained attention --> full attention; no distractions

Q:

What is Net Benefit? (NB)


What is relative Net Benefit? (RNB)

A:

NB --> utility - costs

utility (nutzen) from an offer is higher than its costs.


RNB --> Offer provides a higher NB than all competitors' offers.

Q:

How can a brand be managed?

(4 Tasks)

A:

Develop a deep knowledge of how your consumers > make a decision --> what influences decisions?


Conduct market research to identify bottlenecks

> Circumstances under which you do not perform

 

What are the reasons for these bottlenecks?

> Why do they exist/how can they be avoided?


Repeat the cycle… it’s a dynamic problem

Q:

What is Price knowledege?

A:

Price knowledge = all price-related information (about a product, brand, or retailer) stored in a customer's long-term memory --> used to evaluate a price

Explicit price knowledge: When a customer is able to state a specific price. 

Implicit price knowledge: Prices are remembered vaguely. Customers cannot state specific prices but remember a price evaluation (product A had a 'high' price).

Q:

Differentiate marketing from sales? 

 Explain Push vs Pull?

A:

Push(sales) --> Provider pushes products onto customers (promotions,sales team)


Pull (Marketing) --> customers are pulled to provider (advertisement)

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Q:

What are Defaults? 


and what is its importance to mass customization?

A:

Defaults are basic options the customer automatically gets when he does nothing. 

--> automatische sitzplatzreservierung


Production is still the same, yet the product feels highly customized


Mass Customization a strategy that creates value by some form of company-customer interaction at the fabrication/assembly stage of the operations level to create customized products with production cost and monetary price similar to those of mass-produced products. K 

Q:

What are the objectives of the distribution and sales management

A:

1. reduction of distribution costs

2. Distribution coverage / intensity

3. Growth: Reputation of channel members 

4. Growth: Market and customer knowledge 

Q:

What is Brand Knowledge and what are the main dimensions?

A:

Brand awareness: ability to identify a brand under different conditions. 


Brand recognition: consumer ability to confirm prior exposure to the brand when given the brand as a sensory cue.


Brand recall: consumers ability to retrieve the brand when given the product category

Q:

What is the Net Present value definition? 

A:

Difference between the present value of cash inflows and the present value of cash outflows. 


Used to analyze the profitability of a project

Q:

What is a brand?

A:
  • One of the most valuable assets of a company
  • The face of the company
  • Logo & Slogan
  • key signals in consumers buying decisions
Q:

What is a unique selling proposition? (USP)


What is the competitive cost advantage? (CA)

A:

USP --> compared to competitors, offer is more unique (better)


CA --> Provides a higher net benefit than all competitors, but is also efficient --> Price is greater than product costs

Q:

What is the purpose of a blind test?

A:

A way to consumer test products without that the brand influences the results. 


The Product itself is the focus, better results for R&D

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