Marketing Quiz 3
advertising, sales promotion, public relations, personal selling, direct and digital marketing
5 activities of the promotion mix
media
created more lanes for PR
omni-channel retailing
creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping
direct response television marketing
direct marketing via TV, including TV ads and interactive TV ads
PR
earned channel
creating advertising messages, selecting advertising media
elements of a good advertising strategy
direct investment
entering a foreign market by developing foreign-based assembly or manufacturing facilities
joint venturing
entering foreign markets by joining with foreign companies to produce or market a product or service
exporting
entering foreign markets by selling goods produced in the company's home country, often with little modification
technical expertise
expertise in making the product (Sam Adams, many years of brewing beer)
sales and profit
hard to measure, affected by many factors other than advertising, such as price, availability, and product features
testimonial endorsement
highly believable source endorsing the product (Taylor Swift)
lifestyle
how the product fits with a particular lifestyle (Athleta yoga)
GEICO
huge advertising budget, creates varied mini-campaigns which all stick to the original message
prospecting and qualifying
identify qualified potential customers in the selling process
preapproach
learn about prospective customer before making a sales call in the selling process
guerilla marketing
low cost, unconventional marketing tactics, one shot marketing to get a lot of attention
reminder advertising
maintaining customer relationships, reminding consumers that the product may be needed in the future, reminding where to buy, keeping the brand in the mind of the consumer in the offseason
advertising objectives, budget decisions, message, advertising evaluation
major advertising decisions
mood or image
mood or image such as beauty, love, intrigue, serenity, or pride (Budweiser Super Bowl dog)
relationship sales
most companies want mutuallly profitable relationships with the customer
limited-service wholesaler
offer fewer services than full-service wholesalers
volvo
safety
fixed amount, variable amount, expenses, fringe benefits
sales force compensation
represent the customers to the company
sales people are the champions of the customer's interests
approach
salesperson meets the customer for the first time in the selling process
mail orders
send catalogs to or maintain websites for retail, industrial, and institutional customers
rack jobbers
serve grocery and drug retailers, mostly in nonfood items
percent of sales method
setting the promotion budget at a certain percentage of current or forecasted sales
competitive parity method
setting the promotion budget to match competitors' outlays
determining reach, frequency, impact and engagement choosing among major media types selecting specific media vehicles choosing media timing
steps in advertising media selection
Snickers
taps into emotional appeal, everyone can relate
presentation and demonstration
tells the value story to the buyer, showing how the company's offer solves the customer's problems in the selling process
closing
the sales step in which a salesperson asks the customer for an order in the selling process
handling objections
the sales step in which a salesperson seeks out, clarifies, and overcomes any customer objections to buying in the selling process
showrooming
the shopping practice of coming into retail store showrooms to check out merchandise and prices but instead buying from an online rival
word of mouth marketing
the use of the impact of personal words and recommendations of trusted friends, family, associates, and other consumers on buying behavior, most useful for bigger purchases
corporate chain
two or more outlets that are commonly owned and controlled, strongest in department stores (Macy's)
slice of life advertising
typical people using the product in a normal setting (IKEA)
voluntary chain
wholesaler-sponsored group of independent retailers engaged in group buying and merchandising (Western Auto)
shopping center
group of retail businesses built on a site that is planned, developed, owned, and managed as a unit
direct marketing
grown because of internet usage, buying and rapid advances in digital technologies, Amazon, Google, Netflix
Lowe's
integrates the clout of big-budget traditional media with the power of social media to create personalized, real-time customer engagement
quota
limit on the amount of foreign import that they will accept in certain product categories
digital marketing
makes it easier to engage directly with the customer in a targeted way
straight production extension
marketing a product in a foreign market without making any changes to the product
mobile marketing
marketing messages, promotions, and other content delivered to on the go consumers through their mobile devices
sales contests
meant to spur the sales force to make a selling effort above what is normally expected
nonpersonal communication channels
media that carry messages with personal contact or feedback, including major media, atmospheres, and events
blogs
online forums where people and companies post their thoughts and other content, usually related to narrowly defined topics
company website
owned channel
TV ad
paid channel
musical
people or cartoon characters singing about the product (M&Ms love ballad)
truck wholesalers
perform primarily a selling a delivery function, carry a limited line of semiperishable merchandise
personal selling
personal presentations by the firm's sales force for the purpose of engaging customers, making sales, and building customer relationships
comparative advertising
a form of persuasive advertising in which a company directly or indirectly compares its brand with others
standardized global marketing
a global marketing strategy that basically uses the same marketing strategy and mix in all of the company's international markets
spermarket retail
a large, low-cost margin, high-volume, self-service store that carries a wide variety of grocery and household products
pull strategy
a promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product, creating a demand vacuum that "pulls" the product through the channel
discount retail
a retail operation that sells standard merchandise at lower prices by accpeting lower margins and selling at high volume
department retail
a retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers
convenience
a small store, located near a residential area, that is open long hours seven days a week, carries limited line of high-turnover convenience goods
sales quota
a standard that states the amount a salesperson should sell and how sales should be divided among the company's products
superstore
a store much larger than a regular supermarket that offers a large assortment of routinely purchased products
scientific evidence
actual evidence that the brand is better (Crest)
product adaptation
adapting a product to meet local conditions or wants in foreign markets
communication adaptation
adapting advertising messages to local markets
adapted global marketing strategy
adjusts marketing strategy and mix elements to each international target market which creates more costs but hopefully produces a larger market share
wholesaling
all the activities involved in selling goods and services to those buying for resale or business use
nontariff
biases against bids, restrictive product standards or excessive host-county regulations
wholesaler
buy from producers, sell to retailers, largely unknown to final consumer
awareness, knowledge, liking, preference, conviction, purchase
buyer readiness stages
off-price retail
buys at less than regular wholesale prices and sells at less than retail
method
campaign using not traditional media
integrated marketing communications
carefully integrating and coordinating the company's many communications channels to deliver a clear, consistent, and compelling message about the organization and its products
cash and carry
carry a limited line of fast-moving goods and sell to small retailers for cash,normally do not deliver
consumers, marketing strategies, digital technology
changes in marketing communication mix
personality symbol
character that represents the product (GEICO)
transaction oriented
close a specific sale
communication effect
communicating the ad message well
promotion mix
consists of specific blend of advertising, public relations, personal selling, sales promotion, and direct marketing tools that the company uses to engage customers
webrooming
consumers first check out merchandise online, then buy it in a store
franchise cahin
contractual association between a franchisor and franchisees (McDonald's)
product invention
creating new products or services for foreign markets
content marketing
creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels
buzz marketing
cultivating opinion leaders and getting them to spread information about a product or a service to others in their communities
whole-channel view
designing international channels that take into account the entire global supply chain and marketing channel, forging an effective globa value delivery network
objective-and-task method
developing the promotion budget by defining specific promotion objectives, determining the tasks needed to achieve these objectives, and estimating the costs of performing these tasks
drop shippers
do not carry inventory or handle the product, select a manufacturer
fantasy
fantasy around the product and its use (Calvin Klein)
follow-up
follows up after the sale to ensure satisfaction and repeat business
category killer
giant specialty store that carries a very deep assortment of a particular line (Best Buy)
gray market
take product, sell it through unauthorized channels, make a lot of profit
black market
takes product, makes a copy of it, sell it for substantially less
tariffs
taxes on certain imported products designed to raise revenue or protect domestic firms
viral marketing
the digital version of WOM marketing , content that is so infectious that customers seek it out
return on advertising investment
the net return on advertising investment divided by the costs of the investment
push strategy
A promotion strategy that calls for using the sales force and trade promotion to push the product through channels. The producer promotes the product to channel members who in turn promote it to final consumers.
road warrior
Holiday Inn Express target market, men age 25-54
universalisation
L'Oreal sells its brands globally by understanding how they appeal to varied cultural nuances of beauty
create relevant marketing that draws consumers naturally to a brand rather than pushing them towards the brand
Public Relations
service retailer
product line is a service such as airlines, hotels...
specialty retail
retail store that carries a narrow product line with a deep assortment within that line
represent the company to customer
sales people engage customers, answer objectives
outside sales force
sales people who travel to call on customers in the field
trade promotion
sales promotion tools used to persuade resellers to carry a brand, give it shelf space and promote it in advertising
inside sales force
salespeople who conduct business from their offices via telephone, online and social media interactions, or visits from prospective buyers
social media
shared cannel
sales promotion
short-term incentives to encourage the purchase or sale of a product or a service coupons, end-of-aisle displays, buy one get one free
persuasive advertising
used as competition increases, build a selective demand, persuade that your product has the best offering available
informative advertising
used heavily in introducing a new product category, objective is to build primary demand, inform consumers of quality of a product
kiosk marketing
using new-age vending machines in stores, airports, hotels, colleges, and other locations
team selling
using teams of people from sales, marketing, engineering, finance, tehcnical support, and even upper management to service large, complex accounts