Marketing Exam 3
Potential customers are called
leads
What is the social media engagement process?
listen, analyze, do
What are the steps in the sales process?
Generate and qualify leads, Preapproach, Sales presentation and overcoming reservations, closing the sale, follow-up
Issues with green marketing?
Greenwashing - marketing a company so they appear more environmentally friendly when in practice its activities pollute the environment
One measure of traffic from visitors on sites, the total page requests, is measured in units called
Hits
What is demand?
How many units of a product or service a customer wants to purchase
What are current issues within economic situations?
Inflation, interest rates, foreign currency fluctuations
What are the components of the Wheel of Social Media Engagement?
Information, Connected, Dynamic, Timeliness, Network
Fisher-price wanted to determine if a new toy would appeal to preschoolers, so it put six 4-year-olds in a room with several toys and waited to see which ones they played with. What form of research is this?
Observation
What are qualitative research examples?
Observation, in-depth interviews, Focus groups (good for smaller groups of people)
The Network Effect
Outcome in which every post is spread instantaneously across social media
The Connected Effect
Outcome that satisfies humans' innate need to connect with other people
What is the relationship between price and cost?
Price is the price of the product Cost of the product is used to get price
Differences between primary and secondary data
Primary - Collect the data yourself Secondary - Data from an external source
At the break-even point
Profits are zero
The purpose of ______ is that it provides information needed to confirm insights and hypotheses generated and helps managers pursue appropriate courses of action
Quantitative research
The shared meanings, beliefs, morals, values, and customs of a group of people constitute their
culture
A firm's macroenvironment includes
culture, demographics, economics, political/legal issues
What is elasticity?
how consumers respond to price changes
What influences demand?
income, substitute products, complementary products, price
One of the disadvantages associated with personal selling is
it is expensive
thought sharing sites
Blogs (corporate, professional, personal) Microblogs (twitter)
What are the types of communities?
Blogs, Microblogs, Personal Blogs
Getting a commitment from the customer to purchase your product is also known as
Closing the sale
Jason works at an electronics store. In addition to his salary, he receives 1.5 percent of the sales dollars he brings in each month. This extra 1.5 percent is called a
Commission
Individuals achieve the _____________ effect when they check in, post a picture to Instagram, upload a video to YouTube, or share a link to an article they have liked on Facebook.
Connected
The center of all marketing efforts is
Consumer
Supermarkets collect information about individual customers through their use of loyalty cards, and then analyze the data to look for patterns in purchases. This is an example of
Data Mining
The Curtain's Coffee company is located in a business district with few customers on the weekend. To attract customers on Saturday and Sundays, it reduces its prices on these two days. This is an example of
Dynamic Pricing
What is the 4E framework? And what are the components?
Excitement, Education, Experience, Engagement
The Timeliness Effect
Firms must engage with the customer at the right place and time
What type of interview contains a small group of participants and a trained moderator that guides the conversation?
Focus groups
Pros and Cons of telemarketing?
- Pros: easy to reach out to customers, cost effective - Cons: bad reputation, expensive startup costs
Pros and Cons of Cold calling?
- Pros: may reach new customers, can be done anywhere - Cons: May annoy people, results can be inconsistent
The Dynamic Effect
-Information is exchanged to network participants through back-and-forth communications -Examines how people flow in and out of networked communities as their interests change.
What are the pros and cons of personal selling?
-Pros: People love the lifestyle, lots of flexibility, lot of variety, can be lucrative, very visible to management and good for promotions -Cons: High turnover, training costs, higher cost, negative image for salesmen
What are the app pricing models?
Ad-supported, Freemium, Paid apps, in-app purchases
__________ involves the planning, direction, and control of personal selling activities, including recruitment, selection, training, motivation, compensation, and evaluation of members of the sales force.
Sales management
When Adele decided to open up a tea shop in the center of town, she chose a group of customers who represent her customers of interest to survey their wants and needs. This group is called a
Sample
What are quantitative research examples?
Survey, Panel, Scanner, Experiments (good for larger groups of people)
How do you handle reservations?
Validate customer concerns
Consider a bakery like Entenmann's: The majority of the ___________ costs are the cost of the ingredients, primarily flour.
Variable
What is green marketing?
a marketing strategy that promotes environmentally safe products and production methods
Effective salespeople anticipate and handle
buyers' reservations about the product.
Unlike product, promotion, or place, price is the only part of the marketing mix
that generates revenue
According to a typical demand curve, the higher the price
the lower the quantity consumers will buy
Information Effect
the outcome of social media in which relevant information is spread by firms or individuals to other members of its social network