MKT 3401 Study Guide - Final Guide: Unique Selling Proposition, Good Housekeeping, Maria Sharapova
Document Summary
4 test questions: odd/even pricing, precise pricing, prestige pricing, loss leader. Example: sam walton did this with walmart, he lowered the price on flip-flops to draw people in. Prestige pricing: pricing helps you distinguish your brand. 5 steps of the consumer decision making process: Persuade people to buy the product or service. Family and friends because you trust them and you"ve seen what they"ve done: 92% of people turn to family and friends to make decisions. Opinion leaders, celebrities, and celebrity endorsers (maria sharapova was chosen by companies to represent their brand but she was dropped when she tested positive for drugs: purpose is to drive sales and change/enhance the perception of the product. Word of mouth: example: mel gibson"s the passion did well because he went to megachurches and the pastors spread it by word of mouth. Test question: biggest ethical concern in buzz marketing.
