Marketing 303 Exam 3 SELU

Attribute

'Feature of the product'

Benefit

'What consumers will receive or achieve by using product.'

False

Advertising cannot affect consumers by changing negative attitudes into positive ones

True

Advertising is any form of impersonal, one way mass communication in which the sponsor is identified

The effects of advertising on consumers

Advertising may change a consumers negative attitude toward a product, or reinforce a positive attitude

Virtual worlds and online gaming

Almost 800 million people participated in some sort of virtual world experience

Relationship selling

Also known as consultative selling, a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long term satisfaction through mutually beneficial partnership

Cooperative advertising

An arrangement in which the manufacturer and the retailer split the costs of advertising the manufacturers brand

Advertising

Any form of impersonal (one way) PAID communication in which the sponsor or company is identified

Social media

Any tool or service that uses the Internet to facilitate conversations

Social media

Are promotional tools used to facilitate conversations among people online

Media sharing sites

Are websites that allow users to upload and distribute multimedia content like videos and photos -YouTube, Flickr

True

Benefit is what consumers will receive or achieve by using a product

True

Communication is the process by which we exchange or share meanings through a common set of symbols

Promotions

Communications by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response.

True

Communications can be divided into 2 categories: interpersonal and mass communication

True

Cooperative advertising is an arrangement under which a manufacturer pays a percentage of the advertising cost for an ad that a retailer places for the manufacturers brand

True

Crisis management is used by public relations specialists to handle the effects of unfavorable publicity

Media scheduling

Designates the medium or media to be used, the specific vehicles, and the insertion dates of the advertising.

Institutional advertising

Enhances a company's image rather than promotes a particular product

Internet

Fastest growing of all advertising media

3 basic tasks

Informing •increase awareness •explain how products work •suggest new uses and build company image Persuading •encourage brand switching •influence immediate buying decision Reminding •remind customers that product may be needed •remind customers where to buy product

2 categories of communication

Interpersonal communication -face to face Mass communication -direct mail, newspaper, TV

Sales presentation

Is a formal meeting in which the sales person presents the sales proposal

Critic

Is a type of social media user post comments, ratings, and reviews of products and services on blogs and forums

Sales proposal

Is a written document or professional presentation that outlines how a company's product will meet or exceed the clients needs

Personal selling

Is one of the elements of the promotional mix which is most effective for helping highly involved consumers make complex buying decisions

Medium

Is the channel used to convey a message to a target market

Negotiation

Is the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement

Final task

Is to evaluate performance of the sales force

Closing the sale

Is when you ask for the sale

False

Sales promotion is a promotional tool generally used to stimulate consumer buying and dealer effectiveness by using face to face conversations

True

Sales promotion is marketing communication activities in which a short term incentive is offered to induce the purchase of a particular good or service

True

The 3 basic tasks of promotion is informing, persuading, and reminding potential buyers of a product in order to influence their opinion or elicit a response

False

The Internet is the slowest growing of all the advertising media

Cost per contact

The cost of reaching one member of the target market

Public relations

The elements in the promotional mix that: -evaluate public attitudes -identify issues of public concern -execute programs to gain public acceptance

False

The elements of the promotional mix include advertising, sales promotion, personal selling, and competitive advantage. Public relations not competitive advantage

The listening system

The first action a marketing team should take when initiating a social media campaign is simple. LISTEN

True

The marketing function that evaluates public attitudes, identified areas within the organization that are of public interest, and executes a program of action to gain public understanding is public relations.

Public relations

The marketing function that evaluates public attitudes, identifies areas within the organization that the public may be interested in, and executes a program of action to earn public understanding and acceptance

False

When a salesperson asks for the sale, he or she is begging for the sale. -closing

Quota(goal)

a statement of the individual salespersons sales objectives, usually based on sales volume alone but sometimes including key accounts, new accounts, repeat sales, and specific products

AIDA concept

•Attention •Interest •Desire •Action

Rewards and incentives include

•Ceremonies •Plaques •Vacations •Merchandise •Pay raises •Cash bonuses •Stock options •Tuition assistance •Product discounts

Media types

•Owned media: media organization owns •Earned media: earned through word of mouth, comments, online buzz •Paid media: examples- SEO, paid advertising

Handling objectives

•View objections as requests for information •Anticipate specific objections •Investigate the objection with the customer •Be aware of competitors products •Stay calm •Use the objection to close the sale

Micro blogs

•are blogs with strict post limits •140 character limit •Twitter is an example

Sales promotion

•free samples •contest •premiums •trade shows •vacation giveaways •coupons

True

Relationship selling is also called consultative selling

False

AIDA is an acronym for attention, interest, desire, and advertising. Action not advertising.

Blog

A publicly accessible web page that functions as an interactive journal, whereby readers can post comments on the authors entries

True

A quota is a statement of sales goals, usually based on sales volume alone

Referral

A recommendation to a customer or business associate

Advertising campaign

A series of related advertisements focusing on a common theme, slogan, and set of advertising appeals

Social commerce

A subset of e-commerce that involves the interaction and user contribution aspects of social online media to assist online buying and selling of products and services

Social networking site

A website that allows individuals to connect with friends, peers, and business associates Example: Facebook and LinkedIn

Social media objectives of the marketer

1. Listen and learn 2. Build relationships and awareness 3. Promote products and services 4. Manage your reputation 5. Improve your customer service

Crisis management

A coordinated effort to handle the effects of unfavorable publicity or of an unfavorable event

False

A customer profile is a written document or professional presentation that outlines how a company's product will meet or exceed the clients needs. -sales proposals

True

A feature of a product is called an attribute

True

A media schedule designates the medium or media to be used, the specific vehicles, and the insertion dates of the advertising

Promotional Strategy

A plan for the optimal use of the elements of production: •advertising •public relations •personal selling •sales promotion PROMOTIONAL MIX

Networking

A process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in organizations

True

Lead generation or prospecting, is the identification of those firms and people most likely to buy the sellers offerings

False

Lead qualification is a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional or civic organizations -networking

Sales promotion

Marketing activities, other than advertising, personal selling, and public relations, that stimulate consumer buying and dealer effectiveness

True

Mass communication involves communicating a concept or message to large audiences

False

Money is not an important factor in determining the promotional mix. Money is an important factor

Available Funds

Money is the most important factor in determining the promotional mix

Mobile and smartphone technology

More than 75% of the U.S. population owns a mobile phone

Cash award

Most popular sales incentive

True

Negotiation is the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement

False

Networking is a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long term satisfaction through mutually beneficial partnerships -relationship selling

Reach

Number of target consumers exposed to a commercial at least once during a specific period, usually four weeks

Frequency

Number of times an individual is exposed to a given message during a specific time

Competitive advantage

One or more unique aspects of an organization that cause consumers to patronize that firm rather than competitors. •Is the set of unique features of a company and its products that are perceived by the target market as significant and superior to its competition

Generating leads

Or prospecting, I'd the identification of those firms and people most likely to buy the sellers offerings

True

Pioneering advertising, competitive advertising, and comparative advertising are all types of product advertising

Major types of advertising

Product advertising: •pioneering •competitive •comparative

False

Promotion is defined as any form of impersonal, paid communication in which the sponsor or company is identified

Direct mail

The most widely used promotional medium

False

The most widely used promotional medium is coupons -direct mail

Communication

The process by which we exchange or share meanings through a common set of symbols. •we assign meaning to feelings, ideas, facts, attitudes and emotions

False

The product network is the channel used to convey a message to a target market

Sales process

The set of steps a salesperson goes through to sell a particular product. Closely resembles the AIDA concept

Product advertising

Touts the benefits of a specific good or service