MKT 352 Final Exam Review
Share of voice
A company's proportion of advertising for a product compared to all advertising for similar competitive products
SEO
Activities designed to improve the likelihood of a brand's link ranking high in nonpaid search results
SEM
Activities where a company pays search engine companies to be featured in keyword search results
Marketing Communications Mix
Advertising, mobile communication, events and experiences, public relations and publicity, packaging, personal selling, online and social media marketing, direct marketing, and word of mouth
Retailing
All activities in selling goods or services directly to final consumers for personal, nonbusiness use
Integrated marketing communications (IMC)
An approach to managing a communication campaign through the coordinated use of different communication tools that work in concert and reinforce one another
Evaluating
Assessing sales performance through reports, activity plans, and territory marketing plans
Reference pricing
Comparing prices of a competitor or recently advertised price
Fixed costs
Costs that do not vary with production level or sales revenue
Variable costs
Costs that vary directly with the level of production
Sales force size
Determining the number of sales representatives needed based on workload approach
Sales force strategy
Direct vs contractual sales force, sales force structure, connection between strategy and structure
EDLP
Everyday low pricing, charging a constant low price with little or no price promotion
Closing
Finalizing the sale and obtaining an order
Recruiting
Finding and selecting the right candidates for the sales force
Sales force compensation
Fixed amount, variable amount, expense allowances, benefits
Servicing
Follow-up and maintenance to build a long-term relationship with the customer
Pre-approach
Gathering information about a prospect company and planning a sales strategy
Channel conflict
Generated when one channel member's actions prevent another channel member from achieving its goal
Hi/Lo pricing
High-low pricing, charging higher prices on an everyday basis but running frequent promotions
Prospecting
Identifying potential buyers for a product or service
Presentation
Making a sales pitch and demonstrating the product or service
Supervising
Managing sales force productivity, setting norms, using sales technology, motivating
Weaknesses of TV advertising
Message and brand may be overlooked, lots of clutter, high costs
Intermediaries
Organizations participating in the process of making a product or service available for use or consumption
Persuasion
Overcoming psychological and logical resistance to make a sale
Public relations
Programs to promote or protect a company's image among relevant stakeholders
Training
Providing necessary skills and knowledge to sales representatives
Publicity
Securing editorial space in the media to promote a product, service, idea, place, person, or organization
Pricing objectives
Short-term profit, market penetration, market skimming quality leadership
SPIN
Situation questions, problem questions, implication questions, need-payoff questions
Communication objectives
Specific tasks and achievement levels to be accomplished with a specific audience in a specific period
Sales force objectives
Tasks completed by salesperson, including information gathering, targeting, communication, selling, and servicing
Channel power
The ability to alter channel members' behavior through coercive, reward, legal, expert, or referent power
Price elasticity
The degree to which a change in price leads to a change in quantity sold
Total costs
The sum of fixed costs and variable costs
Direct marketing
Using consumer direct channels to reach and deliver goods and services without intermediaries
Omni channel
Using multiple channels to market and reach customers
Strengths of TV advertising
Vividly demonstrates product attributes and consumer benefits, portrays user and usage imagery and brand personality, taps a captive audience during live programming
