marketing test chapter 12, 13, 14, 15, 16

sustainable marketing concept consumer oriented marketing

- a company should view an organize its marketing activities form the consumers point of view

communication adaption

- a global communication strategy of fully adapting advertising messages to local markets

joint venture

- entering a foreign market through partnering with other companies to provide service or products

social media has the ability to

-learn about new prospects, engage customers, create customer value, closing sales, and nurturing customer relationships

sales force is very effective in...

1) achieving certain marketing objectives 2) prospecting 3) communicating 4) selling 5) information gathering

down side to social media marketing

1) consumers have too much control over content and can be volatile for the company

media decision

1) defining #reach - percentage of population the company plans on targeting, #frequency - a measure of how many times the average person in the target market is exposed to the message, #impact and engagement goals - the qualitative value of message exposure through a given medium 2) choosing major media types - paid, owned, earned, shared 3) selecting media vehicles - magazine, television, online and mobile 4) deciding on media timing - seasonal

higher sales management involves

1) designing salesforce strategy and structure 2) recruiting and selecting 3) training 4) compensation 5) supervising 6) evaluation

> company must develop effective organization for international marketing - most companies start with an

1) export department, then graduate to 2) international division, and some eventually become 3) global organizations - view the world as a single borderless market

traditional marketing

1) face to face personal selling 2) direct mail marketing - consists of the company sending an offer, announcement, reminder, or other item to a person at a specific address 3) catalog - selling through catalogs mailed to a select list of customers, made available in store, or accessed online 4) telemarketing - directly calling customers 5) DRTV - Direct Response and Interactive Television 6) kiosks - are information and ordering machines that direct marketers place in stores, airport, hotels , and other locations > the biggest boom in online marketing is social media

marketing impact on society

1) false wants 2) materialism 3) too few social goods 4) cultural pollution

marketing on other business

1) harm competitors 2) create barriers to entry 3) unfair competitive marketing practices

criticism concerning the impact on individual consumer welfare

1) high price 2) deception 3) high pressure selling 4) shoddy or unsafe products 5) planned obsolescence 6) poor service and disadvantaged customers

role of salesforce

1) linking the company with its customers 2) coordinating marketing and sales

when recruiting salespeople

1) look at good traits in preexisting sales team and what it wants in a new hire 2) look for applicants online, through colleagues, college campuses, recruitment fairs 3) train

PR tools

1) news 2) special events 3) written material 4) audiovisual material 5) corporate identity material 6) public service activities

when evaluating sales people, the company relies on information gathered in

1) sales reports 2) personal observations 3) customer surveys 4) conversations with others

when considering PR

1) set PR objectives 2) choose PR message and vehicle 3) implement plan 4) evaluate

plus side to media marketing

1) target and personal 2) immediate and timely 3) cost effective

online marketing

1) websites - engages customers to move them closer to a direct purchase *branded community web site - presents brand content that engages consumers and creates customer *online advertising - *spam - *viral marketing - the digital versing of word of mouth marketing: videos, ads, and other marketing content that is so infectious that customers will seek it out or pass it along with friend *blogs - 2) promo ads - 3) social media

environmentalism

A social movement dedicated to protecting the earth's life support systems for us and other species.

economic communities

Free trade zones i.e. the EU // NAFTA

> a company must understand Global marketing environment and international trade system, assessing each markets - economic: 2 factors effecting market attractiveness

INDUSTRIAL STRUCTURE subsistence economics- majority of people are involved in agriculture. Raw material exporting - rich in natural resources, emerging economies, industrial economies INCOME DISTRIBUTION

personal selling

Personal presentation by the firm's sales force for the purpose of making sales and building customer relationships - sales presentation, trade shows, incentive programs

sales promotion

Short-term incentives to encourage the purchase or sale of a product or service

tariffs and duties

Taxes on imported goods

promotional mix

a blend of tools used to: engage customers, persuasively communicate customer value, build customer relationships

sustainable marketing concept

a company's marketing should support the best long run performance of the marketing system

joint ownership

a cooperative venture in which a company creates a local business with investors in a foreign market who share ownership and control

global firm

a firm that by operating in more than one country, gains R&D, Production marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors

contract manufacturing

a joint venture in which a company contracts with manufactures in a foreign market to produce its product or provide its service

management contracting

a joint venture in which the domestic firm supplies the management know-how to a foreign company that supplies the capital, the domestic firm exports management services rather than products

advertising agency

a marketing services firm that assists companies in planning, prepare, implementing, and evaluating all or portions of their advertising programs

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

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.

selling pre approach

a salesperson learns as much as possible about a prospective customer before making a sales call

madison and vine

a term that has come to represent the merging of advertising and entertainment in an effort to break through the clutter and create new avenues for reaching customers with more engaging messages

developing and implementing the sales promotion program with

a) consumer promotions = coupons, refunds b) trade promotions = discounts, allowances c) business promotion = trade shows, conventions EVALUATE

Setting sales promotion objectives

a) managers look at promotion as successful, b) company faces more competition and competitors are using sales promotion to help differentiate their offers, c) advertising efficiency has declined due to rising costs

direct and digital marketing tools

allow firms to get immediate response from targeted individuals and build customer engagement and relationships - direct mail, catalogs, online and social media, mobile marketing, and more

salesperson

an individual who represents a company to customers buy performing one or more of the following activities: prospecting, communicating, selling, servicing, information gathering and relationship building

sales force management

analyzing , planning , implementing , and controlling sales force activities

super sales people

are motivated from within and driven by a strong sense of purpose. They are often good listeners, empathetic, patient, caring, and responsive

*sales management must address issues 1) what type of sales force structure will work best? - territorial

assigns each salesperson to an exclusive geographic territory in which that sales person sells the company's full line

PR: Public Affairs

building and maintaining national or local community relationships

PR: Lobbying

building and maintaining relationships with legislators and government officials to influence legislation and regulation

public relations -

building good relations with the companies various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events

sustainable marketing

calls for meeting the present needs of consumers and businesses while preserving or enhancing the ability of future generations

message decision

calls for planning a creative concept and massage strategy and executing it effectively

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 brands.

> a company must decide on how to enter each chosen market *exporting

company enters a foreign market by sending and selling products through international marketing intermediaries or the companies own department

advertising budget

company money allocated to advertising - can be based on what is affordable on sales, competitors spending or on advertising objectives and tasks

sustainable marketing concept sense of mission

company should define its mission in broad social terms rather than narrow product

sustainable marketing concept consumer value marketing

company should put most of its resources into customer value building marketing investments

sustainable marketing concept innovative marketing

company should seek real product and marketing improvements

planning concept

considers future company needs

societal concept

considers the future welfare of consumer

7 Cs of website design

context, content, community, customization, communication, connection, commerce

selecting tools event marketing

creating a brand marketing event or serving as a sole or participation sponsor of events created by others

pr press agency

creating and placing newsworthy information in the news media to attract attention to a person, product, or service

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

whole channel distribution

designing international channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery network

environmental sustainability

developing strategies and practices that create a world economy that the planet can support indefinitely

objective and task method

developing the promotion budget by 1) defining specific promotion objectives 2) determining the tasks needed to achieve these objectives, and 3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget

direct and digital marketing

directly engaging with targeted selected customers and customer community to both obtain an immediate response and build lasting customer relationships > companies use this to: - build customer engagement - brand community - sales

direct and digital marketing

engaging directly with carefully targeted individual consumers and customers communities to both obtain an immediate response and build lasting customer relationships

selling follow up

ensures customer satisfaction and repeat business

direct investment

entering a foreign market by developing foreign and based assembly or manufacturing facilities

licensing

enters market as an independent business with all of the legal permits and licenses

evaluation

evaluate communication and sales effects of advertising and other brand content throughout the entire campaign

salesforce compensation

fixed amount, variable amount, expenses and fringe benefits > can either be straight salary , straight commission, salary plus bonus, salary plus commission

public relations

focuses on building good relationships with compass various publics - press releases, sponsorships, events, and webpages

marketing concept

fulfill day to day activities and tasks

pleasing products

give high immediate satisfaction but may hurt consumers in the long run

advertising

includes any paid form of non personal presentation and promotion of ideas good, or services by an identified sponsor - broadcast, print , online, mobile, outdoor, and other forms

Advertising Decisions

involves decisions about the objectives, budget, the message, media, and evaluation

exchange and controls

limit the amount of foreign exchange and the exchange rate against othe currencies

quotas

limits the amount of foreign imports: the purpose of this is to conserve on foreign exchange an protect local industry and employment

PR: Investor Relations

maintaining relationships with shareholders and others in the financial community

straight product extension

marketing a product in a foreign market without making significant changes to the product

selling approach

meeting the client for the first time

mobile marketing

messages, promotions and other marketing content delivered to on the go consumer through mobile phone smartphones, tablets and other mobile devices

consumerism

organized social movement intended to strengthen the rights and power of consumers >alert marketers view this as an opportunity to provide customer info, education and prodection

personal selling

personal presentations by the firm's sales force for the purpose of engaging customers, making sales and building customer relationships

desirable product

products that give both high immediate satisfaction and high long-run benefits

salutary products

products that have low immediate appeal but may benefit consumers in the long run

deficient products

products that have neither immediate appeal nor long-run benefits

PR: Product Publicity

publicizing specific products

companies selling business products

sales force works directly with the customer and the sales person represents the company

selecting tools consumer promotions

sales promo tools used to boost short term customer buying and engagement or enhance long term customer relationships

*sales management must address issues 1) what type of sales force structure will work best? - customer

salespeople specialize in selling only to certain customers or industries

inside sales force

salespeople who conduct business from their offices via telephone, online and social media interactions, or visits from prospective buyers

outside sales force

salespeople who travel to call on customers in the field

selling closing

salesperson asks customer for an order

selling handling objectives

salesperson seeks out, clarifies, and overcomes any customer objections to buying

selling presentation and demonstration

salesperson tells the story of value to the buyer

email marketing

sending highly targeted, highly personalized, relationship-building marketing messages via email

percentage of sales method

setting the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price

affordable method

setting the promotion budget at the level management thinks the company can afford

competitive parity method

setting the promotion budget to match competitors outlays

sustainable marketing concept societal marketing

should make marketing decisions by considering consumers wants, the company's requirements, consumers long run interest, and society's long run interests

fasted growing sales trend

social media

communication effect

tell whether the ads and media are communicating the ad message well

execution style

the approach, style, tone, words, and format used for presenting an advertising message.

creative concept

the compelling big idea that will bring an advertising message strategy to life in a distinctive and memorable way - slice of live, lifestyle, fantasy, moo or image, musical, personality symbol, technical expertise, scientific evidence, testimonial evidence or endorsement

Supervising Salespeople

the goal is to help sales people work smart through motivation. They implement a call plan and check behind customers through time and duty analysis

return on advertising investment

the net return on advertising investment divided by the costs of the advertising investment

selling prospecting and qualifying

the sales step in which a salesperson or company identifies qualified potential customers

*sales management must address issues 1) what type of sales force structure will work best? - product

the salespeople specialize in selling only a portion of the company's products or lines

advertising

the use of paid, owned, and shared media by a seller to inform, persuade and remind about its products or organization: impersonal and lacks direct persuasiveness

advertising media

the vehicles through which advertising messages are delivered to their intended audience

how to measure sales and profit effects of advertising

to compare past sales and profit with past advertisement expenditures

sales promotions

used by firms to provide short term incentives to encourage the purchase or sale of a product or service - discounts, coupons, displays, and demonstrations

advertising strategy

used to accomplish advertising objectives consisting of creating advertising messages and selecting advertising media

selecting tools business promotions

used to generate business leads, stimulate purchases, reward customer, and motivate salesperson

selecting tools trade promotions

used to persuade resellers to carry a brand , give it shelf space, promote it in advertising and push it to consumer

team selling

using teams of people from sales, marketing, engineering , finance, technical support, and even upper management to service large, complex accounts

world trade organization WTO

was founded and now takes control of the responsibility of what was once the General Agreement on tariffs and trade

*sales management must address issues 1) what type of sales force structure will work best? - complex

when a company sells a wide variety of products to many types of customers over a broad geographic area

> a company must also decide how marketing strategies and their products, promotion, price, and channels should be adapted for each market *adapted global marketing

when marketers adjust strategy to target market, bearing more cost but hoping for a larger share in return

(PR) development

working with donors or members of nonprofit organizations to gain financial or volunteer support

for BUYERS: direct and digital marketing

¬ are convenient, easy, and private . they give clients the ability to access and purchase product anywhere/ - this also benefits clients when placing future orders , much like just in time inventory

key to a great website

¬ create enough value and engagement to get consumers to come to the site, stick around, and come back - should be: easy, professional, attractive, useful, interactive, linked to related sites, promotional

for sellers diret and digital marketing

¬ help build customer engagement and close interactive customer relationships, they also allow marketers to make quick changes on the go