Chapter 10 SB&F

Trendiness

A concept in public recognition which alludes to the fit of the topic to current fashion or public interest.

Proximity

A concept in public recognition which alludes to the impact level of the issue being discussed.

Predetermined market segments

Professionally compiled target audiences based on shared demographic, financial, shopping, and psychographic characteristics.

The Process of Personal Selling

Prospect and Evaluate Prepare Present Close Follow-up

Concentrated strategy

A marketing strategy in which a marketer selects one specific group of consumers and designs a marketing mix specifically for that group

Differentiated strategy

A marketing strategy in which a marketer selects two or more distinct groups of consumers and designs specific marketing mixes to meet their needs.

Undifferentiated strategy

A marketing strategy that uses no segmentation assumes that all consumers have virtually identical needs and can be reached by the same marketing mix

Mat release

A news release that is typeset and thus may be photographically reproduced for inclusion in a newspaper.

Product expansion

A strategy whose goal is growth, based on selling existing customers a product or service they have never bought before.

Market expansion

A strategy whose goal is growth, based on selling in areas or to groups previously not served by the business.

Market penetration

A strategy whose goal is growth, based on selling more of the firm's product or service to the existing customer base.

Sales leads

People who receive a promotional impression and who give some thought to buying the product.

Succinct Message

The key point in as few and as memorable words as possible. effective

Brand

The name a firm puts on itself and its products to differentiate them from competitors' offerings "A brand is a promise. A good brand is a promise kept."

Market segmentation

The process of dividing the market into groups that have somewhat homogeneous needs for a product or service.

Personal selling

The process of selling your products and service includes prospect and evaluate, prepare, present, close, and follow-up.

Issue recognition

A concept in public recognition which alludes to the extent to which the public is familiar with the issue or problem at hand.

Famous faces

A concept in public recognition that alludes to connections of your event or firm to individuals the general public would recognize.

Media kit

A type of specialized web page or sales-material-based package (hard copy or PDF) sent to media outlets that is focused on telling them about your company and its story often built around a press release for something of potential current interest to the media outlet. Also called a press kit

Bot

A web-based program that uses artificial intelligence techniques to automate tasks such as searches.

The Mechanics of Organizational Identity and Branding

Domain name and website Logo Phone lines Business cards and stationery Brochures and flyers Sales packets and marketing kits Signs Promotional novelties

Cognitive dissonance

Doubt that occurs after a purchase has been made. An inconsistency between experience and belief.

Hit rate

How many prospects or leads you need to approach in order to make one sale. Also called the conversion rate

Publicity

Information about your company and its activities that is disseminated to the public in order to gain their good opinion.

Free ink

Mentions of your company or products in the media for which your firm did not pay.

Crafting your message

Message should combine the elements of your product or service's value proposition with the needs of your target customer Need to decide the voice or tone of you message fear, humor, patriotism, collegiality

Donations

Monetary or other gifts to organizations or people who are in need.

Prospects

Sales leads who actually make some sort of effort to learn more about the product, service, or business in anticipation of a possible purchase.

Search engine optimization

Techniques applied to web pages in order to obtain favorable placement on Internet search page results.

Brand promise

The gains provided (i.e., the benefits) or the help given (i.e., the pains removed) by the product or service your firm offers.

Marketing funnel

The rule of thumb in marketing that it takes a large number of people to be made aware of your product in order to find a purchaser.

Public importance

Things that are considered important to large numbers of otherwise unrelated people Things that are of civic importance, as opposed to private or corporate entities

Public interest

Things that are generally considered to be beneficial to large numbers of people, Civic causes and benefits, as opposed to private and corporate benefits. Good story, human interest, visuals, cultural resonance

Impression

What it is called when someone notices a promotional effort.

Promotional Mix

how much of each message conveyance you will use to sell your product as well as your objective in using each one

Segmentation

process of dividing the market into smaller portions of people who have certain common characteristics

Target market

the segment or segments you select on which to concentrate your marketing efforts

Dividing the market can be done several ways:

1. geography 2. demographically by the benefits sought

Power

A concept in public importance that alludes to potential shifts in control or influence.

Currency

A concept in public importance that alludes to the degree to which the issue is immediate in its impact.

Press release

A written announcement intended to draw news media attention to a specific event. Attention Interest Desire Action

Press relations

Activities used to establish and promote a favorable opinion by the media.

Public relations

Activities used to establish and promote a favorable opinion by the public.

Advertising

Advertising is often used to support the corporate identity and value propositions that are established through public relations efforts. advertising outlets include newspapers, magazines, billboards, television, and Internet banner ads

Viral marketing

Any electronic equivalent of word-of- month advertising, in which the advertiser's message spreads quickly and widely via e-mail, website, blogs, and other online tools.

Public recognition

Being recognized or acknowledged by large numbers of people, similar to "fame."

Entrepreneur's name

Not very clear to customers what you do How to handle name if you sell the company Is your name appropriate: i.e. Payne for a dentist

Sponsorships

Paying for a local organization's needs in exchange for recognition

Customer retention

Techniques that focus on efforts to promote satisfaction with and interest in the firm

Keyword and description tags

Terms included in the hidden portion of a web page which are used by search engines such as Yahoo! and Google to describe your website and evaluate its focus and category placement.

Newsworthy events

To garner serious attention from the media and the public, a news story needs to deliver certain essentials that will hold their attention and keep your news in their thoughts. should have public recognition, importance, and interest.

Customer relationship management (CRM)

The process of tracking the customer's different contacts with the firm, and using this data to help improve sales as well as the customer's experience.

Guidelines for Naming a Business

Be careful about infringing on trademarks Something that describes firm or product and is easy to remember: "Discount Furniture" Creative spellings are eye-catching; don't go overboard Beware of selecting a name too narrow to allow the firm to grow

Diversification

A strategy whose goal is growth, based on adding new products or services to the firm's existing collection of offerings.

Media content strategy plan

A document, for the managers and employees of the firm to see, that details the specifics of the firm's marketing efforts including the goals, target audiences, distribution channels, keywords, content types, calendar, publishing procedures, action items, KPIs, and analytics across all the different types of marketing efforts the firm will attempt.

Customer vector

A type of CRM report which segments by customer (or customer group) on purchases or dates of purchase