Marketing Cluster PI
Identify sources of error in a research project(response errors, interviewer errors, non-response errors, sample design)(IM:292)(SP)
response errors - Response error and frame error do not relate to how a survey is administered to respondents; they relate to who the respondents are. results from one or more of these events in the survey process: (1) measuring of the wrong thing, (2) incorrect or biased measurement, or (3) variability due to poorly designed survey instruments interviewer errors - Interviewer error is a form of bias in which the interviewer administering the survey in-person, by phone, or through chat impacts choice of responses through the interaction. This can come in the form of word choices, attitude, demeanor, or facial expressions. Basically anything during the research conversation that may impact the responses positively or negatively can be labeled interviewer error. non-response errors - Nonresponse error occurs when sampling units selected for a sample are not interviewed. Sampled units typically do not respond because they are unable, unavailable, or unwilling to do so. sample design - Sampling design is a mathematical function that gives you the probability of any given sample being drawn.
Explain characteristics of effective data-collection instruments(IM:418)(SP)
*validity- refers to the degrees to which the tool measures what it is intended to measure. *economy-test can be given in short period of time. *objectivity- means freedom from bias *practicability- simplicity of administration, scoring and interpretations are important factors in selecting a test. *interest-both the researcher and the subject should enjoy the experience of data collection.
Describe methods used to design marketing research studies(i.e., descriptive, exploratory, and casual) (IM:284)(SP)
- Exploratory research is used in obtaining preliminary information that will help identify the problem and hypothesis. It is done to understand what is happening and why something is happening. Some of the most common methods of exploratory research are focus groups, interviews, literature research (library, newpaper, magazines, trade publication and online), and case analyses. - Descriptive research is used to identify the marketing problem and/or the potential for a market. This type of research is used to identify the characteristics of the target group or the average user of the product or service. Descriptive resesearch will allow us to make specific predictions and notice a correlation among variables. - Casual research is marketing research done to test a hypothesis; the cuase and effect of a hypothesis. For example, causal research may be used in a business setting to quantify the effect that a change will have on its current operations, and what it will have on future production levels to assist in the business planning process.
Describe factors used by marketers to position products/services(PM:042)(SP)
-(Explain positioning here) -Focus their marketing activities on a specific positioning strategy -Basic Structures for Product Positioning: 1) By attribute/benefit 2) By use or application 3) By user 4) By product / service class 5) By competition 6) By price/quality
Explain the concept of market and market identification(MP:003)(CS)
A market is essentially any consumer who is willing to buy a good orservice. The identification of the market is to figure out what needs and wants must be satisfied and how they will be met, and also what people should be targeted to buy products.
Discuss the nature of sampling plans(who, how many, how chosen)(IM:285)(SP)
A sampling plan is a term widely used in research studies that provide an outline on the basis of which research is conducted. It tells which category is to be surveyed, what should be the sample size and how the respondents should be chosen out of the population.
Identify customer touch points(PM:277)(SP)
A touchpoint is any interaction between the buyer and seller (e.g. customer viewing promotional materials, customer asking about a product/service, customer buying a product/service).
Monitor/measure customer "buzz" (IM:469)(SP)
Buzz monitoring is the monitoring of consumer responses to commercial services and products in order to establish the marketing buzz surrounding a new or existing offer. Similar to media monitoring it is becoming increasingly popular as a base for strategic insight development alongside other forms of market research. Buzz monitoring involves the checking and analysis of myriad online sources such as internet forums, blogs, and social networks. Data can be provided in real time, which means that critical issues can be picked up instantly. It is also comparatively inexpensive compared to other market research tools and can actually guide further product and service developments.Influence is a key question in buzz monitoring - does this particular person and/or this particular piece of content matter and is it influencing others? Hence, the influence of a source is an important buzz monitoring metric that should be benchmarked. Buzz monitoring is implemented by businesses for a variety of reasons, namely to improve efficiency, reaction times and identify future opportunities. Insights gained can help guide marketing and communications, identify positive and negative customer experiences, assess product and service demand, tackle crisis management, round off competitor analysis, establish brand equity and predict market share.
Explain the role of ethics in marketing-information management(IM:025)(SP)
It is important for market researchers not to mislead study participants and to not falsify research results. Also keep info confidential.
Explain the nature of marketing planning(MP:006)(SP)
Market planning relates to analyzing key factors such as PEST and SWOT, as well as determining strategies of touch points and positioning to effectively sell a product/service.
Describe the use of business ethics in promotion(PR:099)(SP)
Marketers have a responsibility for ethical behavior in promotion as it relates to advertising and sales. Marketers should avoid false or misleading advertising for products and services as well as pressure or misleading sales tactics and promotions.
Describe the nature of product bundling(PM:041)(SP)
Marketers may use product bundling to package two or more complementary goods and services, usually for a lower price than had the products been purchased separately. For example, if customer goes to the spa for a manicure and pedicure the price may be lower than if that customer purchased a manicure and pedicure separately.
Describe the need for marketing data(IM:012)(CS)
Marketing information is needed for businesses so that they make effective decisions about their products, pricing and promotion strategies, competitor awareness and to ensure that they understand what the customer wants and needs. Marketing information has a significant financial impact on a business's profit.
Explain legal considerations for pricing(PI:017)(SP)
Pricing decisions are impacted by the Robinson-Patman Act (1936), the Consumer Goods Pricing Act (1975), Federal Trade Commission guidelines and minimum price laws (these vary by state). The Robinson-Patman Act regulates businesses ability to change prices on consumers purchasing similar products in similar situations. The Consumer Goods Pricing Act controls the pricing relationship between manufacturers and retailers.
Describe the nature of selling regulations(SE:108)(SP)
Selling regulations are growing in local and state governments. Regulations can include related to sales tax, where products may be sold and how promotions can be communicated.
Describe the use of technology in the channel management function(CM:004)(CS)
Technology has created a new channel of distribution known as e-tailing where customers and industrial buyers make purchases using the Internet.The online shopping location is known as an e-marketplace.
Describe the regulation of promotion(PR:101)(SP)
The Federal Trade Commission is the main regulator of promotional practices overseeing issues related to advertising and endorsements. Trade associations and consumers also play a role in regulating promotion strategies. The primary topics that are discussed are deceptive advertising practices including advertising to children, privacy, contests, false testimonials, bait and switch advertising, free offers, and misleading demonstrations.
Describe the role of customer voice in branding(PM:276)(SP)
The goal of a marketing is to help a business to gain a competitive advantage. This competitive advantage is based off of the type of image the company wants to promote its brand as. If they promote a type of brand that does not agree with the interests of the customers, they won't be the most successful business in the market So, if customer's voice, in one way or another, they're interests, needs, and wants, businesses can tailor the images of their brand to suit the respective needs and wants of the customers. This way businesses will experience more sales, and customers will have a larger selection of things that align with their interests.
Explain the nature and scope of the marketing-information management function(IM:001)(SP)
The marketing-information management function is all about businesses collecting information about the customers in their target market to make decisions about their respective products and services. They recognize that by understanding consumers, expanding choices, understanding competition, and the global marketplace will help them make better decisions. Customers will not simply pruchase products because a business produces them. Discretionary purchases are not essential, so consumers can decide whether or not to purchase them.
Explain communications channels used in public-relations activities(PR:250)(SP)
The press is the most common methods of public relations.
Explain employment opportunities in marketing(PD:024)(CS)
There are various careers that can be obtained in the field of marketing including several job levels including entry-level, career-sustaining, marketing specialist, marketing supervisors and managers and CEOs/owners. There are 21 areas or applications within the field of marketing including advertising, entrepreneur, market research and retail management.
Explain the need for professional and ethical standards in marketing(PD:137)(SP)
There is a need for professional and ethic standards in all professions Without them, companies might engage in deceptive marketing techniques Misrepresentation (false statement of fact), omission (leaving out important shit), misleading practice.Leads to unhappy customer, stop relying on marketing information from companies ultimately makes it more difficult to sell things
Describe data-collection methods (observations, mail, telephone, Internet, discussion groups, interviews, scanners)(IM:289)(SP)
* Face to face interviews- see them face to face and get to see what they look like. *telephone interviews-less time less expensive. *computer Assisted Personal Interviewing- form of a personal interviewing , the interviewer brings a lap top or hand help computer to enter the information directly to database. *paper pencil questionnaires- can be sent to a large number of people and saves the researcher time and money. people are more truthful while responding to the questionnaires regarding controversial issues in particular due to the fact that their responses.
Describe the regulation of marketing-information management(IM:419)(SP)
* Government regulates what info certain entities can release * Restaurants cannot put full credit card # on receipt * Marketing-info management isn't heavily regulated * Federal Trade Commission works to protect consumers and consumer info from anti-competitive or unfair business activity
Describe the use of technology in the marketing-information management function(IM:183)(SP)
* Marketers able to develop customer profiles and track their behavior all across the globe through the internet * Marketers able track the location/behaviors of users through Smartphones * To track consumers on the web, info system infrastructure has been developed that links a surfer's web behavior to their Internet Protocol (IP) address ADVERTISING NETWORKS: * Web-based advertising agencies (Double-Click and Engage) * Creates profiles of web surfers by tracking their online behaviors * Customized ads, presented online to those most likely to buy when they visit supported websites COOKIES: * Cookie is a tiny text file that is placed on a consumer's hard drive when they visit a site * Allows site to track user's behavior on the site * Most people don't know about cookies * If consumer removes cookies from the browser, most membership-based sites will ask for a user names and passwords and install another cookieIP ADDRESS: * IP address is a # used to identify a customer's personal computer so that web data can be sent * Addresses enable profiling and ad targeting * IP addresses can be associated with behavioral and personal info PERSONAL INFORMATION: * Includes consumer's name, address, credit card #, driver's license #, social security #, consumer behavior that's linked to customers' personal identity ONLINE PROFILING: * Websites build consumer profiles of page viewing, time spent on page, shopping behavior by combing cookies with available personal info * Sounds threatening but reason is to provide better automated service
Discuss the nature of marketing research problems/issues (IM:282)(SP)
* Marketing research is systematic gathering, recording, and analyzing of data related to products, services, and marketing strategies * Marketing research different from market research * Market research is specifically concerned with markets (people) * Marketing research is concerned specially with marketing processes * Marketing research split into two sets of categories by target market: Consumer Marketing Research; Business-to-Business (B2B) Marketing Research or Qualitative Marketing deals with descriptions and Quantitative Marketing Research deals with #
Identify consumer protection provisions of appropriate agencies(PM:017)(SP)
-Consumer protection laws: ensure fair competition and the free flow of the truthful information in the marketing place -Laws of the market government protect the interests of customers -The federal government sets forth rules on issues such as credit repair, bankruptcy, contracts that work to protect consumers -Consumer protection laws are enforced by: Federal Trade Center (FTC) and the U.S. Department of Justice
Describe factors used by businesses to position corporate brands(PM:207)(SP)
-Corporate demands influence development -A properly designed and managed corporate image = organization commitment to: quality; excellance; relationships with many entities (current and potential customers, employees, and future staff, competitors, partners, governing bodies and the general public) -A corporate image has to be dynamic and profound; is the affirmation of the nature, culture, and structure of an organization; is the highest level of brand personality and characteristics that can be created and communicated to customers and marketing practices -Marketing and Management Perspective = management of a corporate brand needs to be integrated into the organization's development at all levels, starting from the top
Describe the uses of grades and standards in marketing(PM:019)(CS)
-Grades and standards are uniform and consistent understanding of the characteristics and quality of a product -Stars are used for classification purposes (1-5 in hotels) -Grades (A-F) for food -They are meant to convey a level a quality and reliability
Describe the use of technology in the product/service management function (PM:039)(SP)
-Technology can improve the efficiency and effectiveness of the three functions: 1) New Product Development: help managers determine the best new products for their company; gain information about ideas and markets; analyze that information to make the best decision possible 2) Monitoring Existing Products: easily track the sales of a new product; conduct market research about the new product and store that information 3) Eliminating Weak Products/Services: easily determine the success of a product in terms of sales and market share; market research and utilization of relevant technology; determine if a product is no longer viable in a market and needs to be eliminated
Identify methods/techniques to generate a product idea(PM:127)(SP)
-Use a starting point: recognize possible opportunities; generate ideas; come up with new products; -Product ideas = way to meet unmet wants and needs -Three ways businesses make product ideas >See an opportunity, take initiative, develop a product >Search for an opportunity to meet wants and needs >See wants and needs but don't know how to satisfy them -Opportunities can be determined by: observing a market; doing research; striving to understand what makes people "tick" -Product development is an opportunity with a viable realistic idea -Coming to a realistic idea: tests need to be run; more research should be conducted; experts may need to be consulted
Explain the concept of product mix(PM:003)(SP)
A product mix is all the products that a company makes or sells. This includes the width, length, depth and consistency of the product mix. Width: total # of lines of products. Length: total # of products in each line. Depth: variations of each product (e.g. colour, size). Consistency: similarity between different products in use, function, etc.
Explain the nature of sales forecasts(MP:013)(SP)
A sales forecast makes an effort to predict future sales for an existing product. To conduct a sales forecast, a marketer must determine the size of the market and analyze competitor information.
Explain warranties and guarantees(PM:020)(CS)
A warranty is a contract in which the seller agrees to provide restitution in the case of damage of malfunction, whereas guarantees state that a buyer can return a product to its seller for a full refund.
Explain the nature of affinity partner relationships(CM:021)(SP)
Affinity marketing is a partnership between a business and an affinity group (which is a group of people with similar interests - fraternities, hobby clubs) to increase the consumer base of the company.Developing this relationship is nice for the business, because, as expected, the profits increase with a broader target market.
Explain legal and ethical considerations in selling(SE:106)(SP)
Businesses that demonstrate legal and ethical conduct build a strong reputation and earn long-term customer loyalty. Legal and ethical conduct also protects your business from legal risks. The consequences of unfair or illegal trading can ruin a business. The Australian Competitor and Consumer Commission (ACCC) can fine, penalise or even close businesses that breach the fair trading and selling terms set out in the Australian Consumer Law.
Explain the nature and scope of channel management(CM:001)(CS)
Channel management is the process of determining the distribution of goods and services from the manufacturer to the consumer. It often includes manufacturers, vendors, businesses, warehouses, retailers, wholesalers, and consumers.
Explain the nature of channel-member relationships(CM:008)(SP)
Channel members need to work together to bring a product to the consumer. Each participant in the distribution channel needs to work effectively to keep costs low and profits increasing for each member. These relationships should be evaluated on an annual basis.
Explain the nature of channels of distribution(CM:003)(CS)
Channels of distribution are what a good or service goes through before reaching the market. Channels of Distribution: Manufacturer - makes/performs good/service Vendor - sells good/service Business - purchases good/service from vendor, sells good/service to retailers/wholesalers for profit Warehouse - stores good/service Retailer - sells good/service directly to consumer Wholesaler - sells good/service in bulk quantities to other parties, who sell to consumers Consumer - purchases and consumes good/service
Explain the role of promotion as a marketing function(PR:001)(CS)
Companies use promotion to inform people about their products and services as well as enhance their public image.
Explain company selling policies(SE:932)(CS)
Company selling policies guide the rules for training, compensation, legal and ethical issues and sales quotas. Company policies for training ensure that sales representatives know the product or service they are selling and present those in a way reflective of the business. Compensation and sales quotas of a company are communicated through various policies to ensure clear expectations for the sales force. Company sales policies also instruct sales representatives on how to conduct legal contracts and ethical sales practices.
Explain the nature of corporate branding(PM:206)(SP)
Corporate branding refers to the practice of promoting the brand name of a corporate entity, as opposed to specific products or services. The activities and thinking that go into corporate branding are different from product and service branding because the scope of a corporate brand is typically much broader. Trade names or corporate branding are used to identify and promote an entire company or department in a business. A trade name is the legal name of the business and is used to promote its various activities as an organization.
Describe word-of-mouth channels used to communicate with targeted audiences(PR:247)(SP)
Customer advocacy is the most common word-of-mouth in which consumers show approval for a product, service, or businesses by telling others about them through various media including social media and personal conversation.
Explain the role of customer service as a component of selling relationships (SE:076)(CS)
Customer service is the direct link between the business and the consumer. When consumers have questions, complaints, or comments about the product or their shopping experience, they will contact customer service and inform them. It is important that employees working in customer service are positive, compassionate, understanding, and able to solve any problems that may arise. It is also important that customer service is available to the consumer at all times. By providing a reliable, helpful customer service for consumers, businesses can improve the overall shopping experience.
Identify data monitored for marketing decision making(IM:184)(SP)
Different information is monitored for different marketing decisions. It is split into three main categories of consumers, maketing mix, and the business environment. Consumer information that is monitored is information about age, gender, income, education, and family size. Marketing mix information that is monitored is information about basic products, product features, services, product packaging, and guarantees. Business environment information that is monitored is information about type of competition, competitors' strengths and strategies, economic conditions, and government regulations. There are many more types of infomation needed for effective marketing decisions for each category.
Explain the nature of direct marketing channels(PR:089)(SP)
Direct marketing channels include those methods targeting a specific group of consumers. This usually means delivering a message via direct mail to a home or business or by e-mail. Direct marketing channels are guided by the CAN-SPAM Act of 2003 which requires marketers to provide opt-out options and creates standards for delivering electronic promotion information.
Explain the importance of coordinating elements in advertisements(PR:251)(SP)
Each element of an advertisement needs to work together as a cohesive message for a product, service or business. Before placement, marketers check to ensure that the ad stands out on a page, the layout is clean, the text is easy to read and understand, the signature can be distinguished and that the message relates to the target market.
Describe the role of business ethics in pricing(PI:015)(SP)
Ethical practices as it relates to pricing include understanding price fixing, price discrimination, and unit pricing. Price fixing happens when competitors agree to sell their product at a certain price. Price discrimination occurs when different customers in similar situations are charged different prices. Unit measure lets consumers determine the unit cost of items. All these situations require a business to make fair decisions for the consumer and not work with other businesses to take advantage of the market.
Identify product opportunities(PM:134)(SP)
Identifying product opportunities uses marketing information to find problems that can be solved using a product. A product opportunity exists when there is a gap between what is currently on the market and the possibility for new or significantly improved products that result from emerging trends. Product generation then stems from ideas on how to solve the problem. (E.g. devices getting stolen in cars: compartment to put devices in). New product opportunities can come from a variety of sources including consumers, competitors, manufacturers, wholesalers, and internal research and development teams. The use of creativity is an inherent part of this process. Ideas can be generated during the market research process through both customers and competitive analysis. Internal teams may be put together to evaluate new product decisions including all departments of the business.
Explain techniques for processing marketing data(IM:062)(SP)
Marketing information processing is completed using a variety of technology including databases and spreadsheet programs. Marketers may also utilize customized marketing information systems to routinely update and analyze data. Data mining is a computer process that can identify data trends when analyzing a large amount of data.
Explain the nature of marketing plans(MP:007)(SP)
Marketing plans consist of an executive summary, objectives, situational analysis, market strategies, implementation, and appendices. They present a detailed plan to sell a product/service to a market.
Explain the nature of marketing research(IM:010)(SP)
Marketing research is used by businesses to identify sales trends and changing markets so that they can alter their marketing strategies as needed.
Explain the concept of marketing strategies(MP:001)(CS)
Marketing strategies are plans that identify target markets and coordinate marketing mix activities in order to effectively sell the product/service. The product positioning and key points of difference must be taken into account when developing these strategies.
Discuss motivational theories that impact buying behavior(SE:359)(SP)
Maslow's heirarchy of needs (physiological, security, social, esteem, self-actualization). Buying motives (emotional motives, rational motives, patronage motives).
Acquire product information for use in selling(SE:062)(CS)
Product information can be found through four channels: direct experience, written publications, other people, and formal training. In addition, product demonstrations or product manufacturing can help a salesperson acquire product information. Printed materials can include user guides, warranties, catalogs and labels. Formal training is considered the method for information gathering about a product.
Analyze product information to identify product features and benefits(SE:109)(SP)
Product information provides detailed information that allows a sales representative to understand how a product will benefit a customer through a feature. A feature is a physical attribute of the product. Benefits are the advantages or satisfaction a customer receives from the product. Knowledge of product information allows a salesperson to match the appropriate product to fill a customer's needs. For example, a t-shirt may be made of brushed cotton (feature) which means it will be extra soft to the touch (benefit).
Explain the nature of product/service branding
Product/service branding is how a product interacts with its customers through design, logo and messaging and how its distinguishes itself from competitors. Branding can identify one product, a family of products, or all products of a company. Brands connote various benefits, (e.g. quality and reliability or fun and excitement.) The importance of branding is to build product recognition and customer loyalty, ensure quality and consistency, and capitalize on brand exposure.
Explain the nature and scope of the product/service management function(PM:001)(SP)
Product/service management involves any activities that focus on obtaining, developing, maintaining, and improving products and services based on market research. This includes creating a product mix and continuously updating it throughout the product life cycle. Product/service management is very important when ensuring that everything in the product mix is optimal for the target market.
Coordinate channel management with other marketing activities(CM:007)(SP)
Promotion: It is important that a business coordinate the distribution and promotion of a new product to make sure it is available when customers want it. In many cases, customers think a product is more unique when it is only available from a few locations Management: Makes sure that all members of the channel are aware of policy/standard changes in the business -- And how it will affect them.
Discuss internal and external audiences for public-relations activities(PR:253)(SP)
Public relations activities are designed to influence the perceptions of a specific group of people. For example, an internal audience is a company's employees. A business may choose to create a public relations campaign to change attitudes or create awareness of policies for employees. For example, an external audience is a market of consumers who live near a new sports stadium. A business may choose to create a public relations campaign to increase awareness for game day traffic.
Evaluate questionnaire design (types of questions, question wording, routing, sequencing, length, layout)(IM:293)(SP)
Questionnaire design is a multistage process that requires attention to many details at once. Designing the questionnaire is complicated because surveys can ask about topics in varying degrees of detail, questions can be asked in different ways, and questions asked earlier in a survey may influence how people respond to later questions. Researchers also are often interested in measuring change over time and therefore must be attentive to how opinions or behaviors have been measured in prior surveys.
Explain the nature and scope of the selling function(SE:017)(CS)
Selling involves any activities that focus on persuading the customer to purchase products/services in the form of direct communication. This can be through face-to-face interaction, social media, or any type of technology that allows the sales representative to take part in interpersonal interactions. This marketing function is the link between the product/service and the consumer. The selling function provides consumers with the products or services that they want or need. This includes all members of the distribution channel. The selling process is a personalized communication and influences the purchase of a product or service and future sales.
Explain the role of situation analysis in the marketing planning process (MP:008)(SP)
Situation analysis is an integral part of marketing. The situationanalysis refers to the combined external and internal factors that are related to marketing decisions. One relationship of situation analysis in marketing is its use in finding out what the company is all about. If a company can accurately define itself and what it stands for, then it has a better chance of devising an effective marketing strategy based on its core values and beliefs.
Explain the use of descriptive statistics in marketing decision making (IM:191)(SP)
Statistical research gives managers the information they need to make informed decisions in uncertain circumstances. When managers analyze statistical research in business, they determine how to proceed in areas including auditing, financial analysis and marketing research.
Explain the use of technology in pricing function (PI:016)(SP)
Technology allows marketers access to a wealth of information that can affect the price of a product using both internal data and competitor data in the marketplace. Technology can provide real-time prices to consumers online or by scanning bar codes in retail stores. Retailers can also change prices for products using technology effectively.
Identify communications channels used in sales promotion (PR:249)(SP)
Telemarketing, social media, e-mail listings, etc.
Describe ethical considerations in channel management(CM:006)(SP)
The Clayton Antitrust Act of 1914 prevents businesses from exclusionary tactics that could keep other companies from accessing a channel of distribution if this would create a monopoly or lessen competition.
Explain legal considerations in channel management(CM:005)(SP)
The Clayton Antitrust Act of 1914 prevents businesses from exclusionary tactics that could keep other companies from accessing a channel of distribution if this would create a monopoly or lessen competition.
Describe the use of technology in the selling function(SE:107)(SP)
The Internet allows us to interact with customers and find prospects
Explain the components of advertisements(PR:014)(SP)
The elements of an advertisement are the headline, copy, illustrations, signature and slogan. The headline is a sentence that gets a consumers attention. The copy explains the product or service. The illustrations use graphic elements to demonstrate the product or service. The illustrations may also grab the consumer's attention to the advertisement. The signature is an identification symbol of the business. The slogan is a quick message about the product or company.
Identify the impact of product life cycles on marketing decisions(PM:024)(SP)
The process wherein a product is introduced to a market, grows in popularity, and is then removed as demand drops gradually to zero. During the introduction stage, the product is promoted to create awareness and develop a market for the product. In the growth stage, the firm seeks to build brand preference and increase market share. The primary objective during the maturity phase is to defend market share while maximizing profit. Firms have several options when deciding how to deal with a product in the decline phase. Marketers must take care not to miss opportunities by following strategies based on the product life cycle model too closely.
Explain the selling process(SE:048)(CS)
The selling process includes the following steps: Approaching the customer Determining the customer's needs Presenting the product to the customer Overcoming customer objections Closing the sale Suggestion selling Relationship building
Describe options businesses use to obtain marketing-research data (primary and secondary research) (IM:281)(SP)
The type of information you want to gather about your customers, market or competitors will influence the research methods you choose. - Primary research (or field research) gathers original information directly for your purpose, rather than being gathered from published sources. Primary research includes: surveys, direct observations, interviews, and focus groups that are developed and conducted by you or your researcher. Primary research gives you control over the type of questions you ask and information you gather. Primary research results can be extremely valuable; however, they can also be much more time-consuming and costly to gather than secondary research. - Secondary research (or desk research) gathers existing information through available sources. Secondary research examples include: information on the internet, existing market research results, existing data from your own stock lists and customer database, information from agencies such as industry bodies, government agencies, libraries and local councils. Secondary research allows you to make the most of existing information about your market. However, it can be a challenge to find the information you really need.
Explain the types of promotion(PR:002)(CS)
There are 2 main types of promotion. The first type is trade promotion, which is focused on building support from intermediaries in the distribution channels. An example would be setting up a booth at a trade show. The second type is consumer promotion, which is focused on getting the final consumer to buy the product. An example would be giving out coupons. Both promotion types are necessary in order to increase the number of distribution channels and the size of the consumer base.
Explain factors affecting pricing decisions(PI:002)(SP)
There are 4 key factors that must be considered when making pricing decisions. Cost and expenses will take away from a business' gross profit, so companies must try to reduce these as much as possible. Supply and demand deals with how much businesses are willing to offer and how much customers are willing to buy at a given price point, which is very important when determining the price. Consumer perceptions about the quality of the product or the service will also impact the effectiveness of prices. Finally, prices being charged by the competition must be taken into account, especially if price is the only differentiating factor.
Identify the elements of the promotional mix(PR:003)(SP)
There are five main elements of the promotional mix, which can be remembered using the acronym PPADS. Personal selling is when sales representatives sell products by communicating directly with the consumer. Public relations involve managing the company's perceived image through non-paid advertising and different media channels. Advertising is any paid, non-personal activity that serves to promote the product. Direct marketing is advertising that is targeted at groups of potential consumers, using market segmentation. Sales promotion involves limited time offers that are used to promote sales. The elements of the promotion mix are personal selling, advertising, public relations, and sales promotion. Personal selling is direct contact between a salesperson and customer. Advertising is a form of nonpersonal promotion. Public relations is the development of a favorable image for a company, its products or its policies. Sales promotion includes activities that are used to create purchases and sales not related to the other types of promotion.
Generate product ideas(PM:128)(SP)
Tools used to generate product ideas can include brainstorming, creative thinking processes and problem solving sessions. A company can generate product ideas by conducting consumer and sales force focus groups.
Explain types of advertising media(PR:007)(SP)
Types of advertising media include print, broadcast, online, specialty and social. Print media include newspaper, magazine, direct mail, directory, outdoor, and transit. Broadcast media include television and radio advertising. Online advertising are all forms of that use the Internet or e-mail including banner and pop-up ads. Specialty media are items used for distribution with the company's branding message. Social media includes platforms including Facebook, Twitter, and mobile media applications.
Identify types of public-relations activities (PR:252)(SP)
Types of public relations activities include sponsoring product, sports, cultural or charitable events, awarding scholarships, and donations. Another aspect of public relations is creating news releases, an announcement that a company sends to the news media.
Explain business ethics in product/service management(PM:040)(SP)
Unethical/Illegal Acts:-selling a product that is not fully tested/vetted-putting a product on the market that the company knows just won't work well
Describe the use of technology in the promotion function(PR:100)(SP)
Using color, Typefaces and sizes help make promotion easier. Being able to have everything done through computers is more efficient and not as time consuming
Explain key factors in building a clientele(SE:828)(SP)
When building a clientele, there are 3 main factors that must be considered. The first factor is making the sale, which includes all activities that sales representatives perform when interacting with consumers during the selling process. The second factor is after-sales activities, which includes order processing and payment, the customer's departure from the store, follow-up after the purchase, customer service and tracking, and evaluation of employee performance. The third factor is customer relationship management, which involves seeking out customers and keeping them satisfied with the use of technology and customer loyalty techniques.
Explain the nature and scope of the pricing function(PI:001)(SP)
a) Price is the value of money placed on a good or service.
