MKT 3305 Exam 3 Tu
competitive
(growth stage) goal- build up a specific brand. Less informative, more emotional. Build brand name recall. Create a favorable attitude
comparative
(intense competitive environment) compare with competing brands
pioneering
(intro stage). Goal: stimulate primary demand. Provide in-depth info. Create interest, educate customers
Feedback channel includes
market research, sales results, changes in market share, social media
funds available
minimize cost per contact low: advertising high: personal selling
nature of the product
most consumer products: advertising business product, high cost, high risk products: personal selling
behavior
personal selling & sales promotion affect _______________
PLC stages: Growth, Maturity
persuading
types of product advertising
pioneering, competitive, comparative
Social Media
promotion tool(s) used to facilitate conversations and create engagement and other interactions among people online
PR tools
publicity, product placement, consumer education, sponsorship, experiential marketing
advertising
reach the masses. impersonal, one-way mass communication about a product or organization that is paid for by a marketer
PLC Stages: Maturity
reminding
earning satisfactory profits
santiago designs Inc. is a company known for its quality interior decorations, customized service, and affordable prices. Given the high demand for its service, Santiago's management could price its products higher, but it prefers to price its products such that it will earn a reasonable revenue. Santiago Designs bases its pricing policy on _____.
Communication process
sender, encoding message, message channel, decoding message, receiver
beliefs
social media, sales promotion (incentves), personal selling (direct, customizable, high cost) affect ___________
Sales Promotion
stimulate purchase. marketing activities—other than personal selling, advertising, and public relations—that stimulate consumer buying and dealer effectiveness
Public Relations
tell a positive story. the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance
multimedia messaging service (MMS)
Text messages of unlimited characters sent to and from cell phones with images, videos, ringtones, and other multimedia attached are called _______ texts.
single-price tactic
The 99-Center is a retail store where all the merchandise is priced at 99 cents. This retailer uses a _____.
AIDA concept
The _______ is a model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with a promotional message
Social Media (AIDA)
very effective: attention, interest somewhat effective: desire, action
Sales Promotion (AIDA)
very effective: desire somewhat effective: attention, interest, action
Personal Selling (AIDA)
very effective: interest, desire, action somewhat effective: attention
The AIDA Model
which of the following models does an advertising campaign follow?
ignores profits, competition, and the marketing environment as long as sales are rising
Unlike a firm that strives for market share, a firm with the objective of maximizing sales _______.
Rapid delivery, high product quality, low prices/ worth it, excellent service, unique features
How do firms describe their competitive advantage in terms of consumer benefits?
networking
In Midland, Texas, the Young Professionals' Group is very active. The group hosts get-togethers for professionals aged 40 and under. College grads who join the Young Professionals' Group find it to be an excellent way to find out about potential clients from fellow members. Making business contacts and new acquaintances in a group like the Young Professionals' Group is called _______.
Substitutes are available.
In which of the following cases is the elasticity of demand expected to be high?
Which of the following is true of public relations?
It helps an organization communicate with its customers, suppliers, stockholders, government officials, employees, and the community in which it operates.
informative promotion
Which form of promotion is most suitable to promote complex and technical products such as automobiles, computers, and investment services?
Social media has not affected the way marketers communicate with their customers
Which of the following is NOT true about social media?
Post valuable content on social media to pull online customers to your company sites
Which of the following is a way to have a successful social media marketing plan for your company?
Decide which content is promoted by voting that content up (if interesting to users) or down (if not)
Which of the following is an activity users can perform on social news sites?
keystoning
Which of the following refers to the practice of marking up prices by 100%, or doubling the cost?
A static message will never be as successful as influencing people through conversation.
Which of the following should marketing managers remember when setting their social media objectives for reaching a mass audience?
Postage stamp pricing is adopted when the marketing manager wants total costs to be equal for all purchasers of identical products.
Which of the following statements is true of geographic pricing for freight?
Both are illegal under the Federal Trade Commission Act
Which statement best describes a similarity between price fixing and predatory pricing?
Sponsorship
a company spends money to support an issue, cause, or event that is consistent with corporate objectives, such as improving brand awareness or enhancing corporate image.
competitive advantage
a form of advertising designed to influence demand for a specific brand
attitudes
advertising, PR, & social media affect ________________
Personal Selling
build relationships. a purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other
rebate
computers inc is a manufacturer of printers & scanners. It announces a cash refund for corporate purchases in large quantities. Rick purchases 27 color printers for his office during this sale. To collect the cash refund, he needs to fill out & mail a form provided by computers inc., along with proof of purchase. In this case, which type of sales promotion is Computers inc. offering?
PLC stages: ALL
connecting
percieved satisfaction
consumers value the product on the bias of _________________.
institutional advertising
designed to enhance a company's image rather than promote a particular product (advocacy, corporate advertising). An extension of PR.
Experiential Marketing
engaging with consumers in a way that enables them to feel the brand—not just read about it.
how to choose the right promotional mix?
funds available type of buying decision market characteristics PLC product nature pull/push strategy
IMC
he careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every point at which a company has contact with the consumer
Sales promotion
incentives that motivate consumers to purchase immediately. Cheaper than advertising & easier to measure.
PLC stages: introduction and early growth
informing
major types of advertising
institutional & product
publicity
instrumental in introducing new products and services. can help advertisers explain what's different about their new product by prompting free news stories or positive word of mouth about it. (press release, videos = generated news) (exposure @ major events r popular shows)
Product placement
involves getting one's product, service, or name to appear in a movie, television show, radio program, magazine, newspaper, video game, video or audio clip, book, commercial for another product, on the Internet, or at special events.
Why advertising?
change negative attitude to positive
goal of social media
earn customer's trust
comparative advertising
A TV ad run by Miller Lite is a response to a controversial Bud Light campaign. Bud Light made headlines with the claim that its beer is healthier due to the lack of corn syrup. Miller responded with a parody of its competitor's campaign. This is an example of _______________________.
It emphasizes making a one-time sale
ABC Lawn Care service continuously makes an effort to set up multiple points of interaction with its customers. ABC wants to provide lawn care every week to keep its customers' yards looking manicured and ultimately to develop a relationship with its customers. Which of the following does NOT describe relationship selling?
what goods and services you perused online
AI offers all of the following unstructured online data about your purchasing behavior EXCEPT _______.
the way retailers interact with customers has remained unchanged
According to the Wall Street Journal, about 100,000 retail stores are expected to close over the next five years—more than triple the number that shut down during the previous recession as e-commerce jumps to more than a quarter of U.S. retail sales, up from 15%. This example shows all of the following EXCEPT _______.
widget
Andrew likes to know what the weather will be like. To get a weather forecast on his Android smartphone, he has a reminder _______. Andrew thinks of this as a remote control for his app.
price fixing
As reported in the Wall Street Journal, the CEO of Pilgrim's Pride Corp., one of the nation's biggest chicken producers, and three others were indicted for allegedly conspiring to decide how much they would charge for chicken sold to restaurants and grocery stores. This is an example of _______.
automated email follow-up marketing
At Lithia Toyota, after a customer buys a car, a software program automatically sends a series of personalized email messages over a period of time. Whether it's a service reminder, a birthday card, or a promotional coupon, Lithia Toyota makes a point of keeping in touch with its customers. Lithia is making use of _______.
a shortage of bikes will be created
At a price of $2,000 per unit, the demand for Rancho 60 mountain bikes from Peyton Bike's Inc. is 300 units, which is the number of bikes the company manufactures every year. This is Peyton Bike's maximum output. If the marketing managers at Peyton Bike's Inc. decide to sell each bike at a price lower than $2,000 per unit, _____.
obtain consumer feedback
Berryhill publishing company has a chat capability for instructors who access the berryhill website. Following each chat session, the instructor recieves a survey from Berryhill asking for reviews (good & bad). These online reviews help marketers at berryhill evaluate berryhill's products so instructors will continue to use them. This is an example of using a website to _______________________.
key decisions in advertising
Determine the advertising objectives, Make creative decisions & Make media decisions, Evaluate the campaign
it often encounters distractions from competing ads & new stories
Dillard's advertises in the Odessa American newspaper almost every week to tell the local residents about sales & special promotions. However, Dillard's has found that a disadvantage of newspaper advertising is that __________________________.
make short commercials for the energy drink and upload it on YouTube
Drinks Plus., a beverage manufacturing firm, recently launched a new energy drink. To make consumers aware of the new drink and to stimulate their interest in it, the managers want to use owned media to promote the new product. In this case, the managers will most likely _______.
technology, including social media, plays an increasingly important role in personal selling
Ferdinand wants to purchase a television set at Best Buy. He listens to the sales presentation about the features of the television in the store and then walks away from the salesperson and takes out his cell phone, accesses the internet, and compares the television at Best Buy in terms of features and price with other brands and other vendors. This example shows that _______.
social media replaces the need for personal selling
Fillipe owns a State Farm Agency in New Mexico. He regularly monitors the comments—both positive and negative—that his customers put on his company website. Fillipe always checks other websites such as Home Advisor.com, Yelp, and Angie's list. Fillipe uses social media for all of the following reasons EXCEPT _______.
ego strength
Frederico is an experienced salesperson. He agrees with the assertion that "great salespeople should have strong, healthy self-esteem and the ability to bounce back from rejection." When Frederico doesn't make a sale, he doesn't take it personally. Which of the following traits is desirable for a salesperson like Frederico?
How to choose the right promotional mix?
Funds available, type of buying decision, market characteristics, PLC, Product nature, pull/push strategy
making business-to-business sales
J.C.Penney, the more than 100-year-old department store, filed for bankruptcy. The chain's move came after J. Crew and the Neiman Marcus Group filed for bankruptcy. These actions represented the biggest casualty amid retail closures tied to the COVID-19 pandemic of 2020. In order for companies to remain relevant and sell products in-store and online using a sales force, they must be very effective at all of the following EXCEPT _______
same level of service as offered by a competitor
Jennifer owns a clothing shop in Ossining, New York. There are many other apparel shops in her community, so she wants her shop to stand out from all of the others. Which of the following CANNOT be considered a competitive advantage of a firm?
sensitivity to price increases makes demand more inelastic
John was going to buy a new Toyota Prius, but the price of the new model was so high that John decided to repair his 2012 Prius instead. John's example shows all of the following EXCEPT _______.
Marla, a 55-year-old woman, needs to move out of town. She wants to connect with some old school friends and stay in touch with former colleagues. Which of the following is Marla most likely to use for this purpose?
are programs that search websites which are based on a Yellow Pages type of model
Nextag is an independent price comparison service website for products, travel, and education. It started as a website where buyers and sellers could negotiate prices. Since 2000, the current business model has focused on comparison shopping. Broad-based shopping bots like Nextag _______.
customer relationship management
Oddo's Pizza is a restaurant that recently implemented a new system to identify and gather information about its regular customers. It rewards these customers by giving them gift coupons and cash prizes. This practice is an example of _______.
Which of the following is part of a pull strategy?
Offering heavy sampling and introductory consumer advertising
elements of the promotional mix
PR, advertising, social media, personal selling, sales promotion
It should make planned presentations to prospective buyers
Pins and Needles Inc., an apparel manufacturer, employs personal selling to market goods. Its employees handcraft products that are marketed by a professional team. In this case, which of the following tactics should Pins and Needles Inc. adopt?
the objective of social bookmarking sites is to enable users to collect, save, and share interesting and valuable links
Pinterest is a social bookmarking site for finding recipes and crafts. You discover Pins, ideas that people on Pinterest create, and save them to boards to keep your ideas organized. Social bookmarking stores, organizes, searches, and manages "bookmarks." Social bookmarking sites like Pinterest differ from social news sites in that _______.
social commerce
RewardStyle helps brands and lifestyle influencers engage successfully in e-commerce. RewardStyle is a global community of more than 60,000 influencers who connect consumers with one million brand partners. RewardStyle relies on user-generated content on a website to assist consumers with purchases and builds strong relationships between influencers and brands. This is an example of _______.
Consumers believe that higher-priced goods are manufactured with materials or ingredients of better quality.
When a purchase decision involves uncertainty, which of the following statements best describes the price-quality relationship?
sponsorship
The Jones Company supports the Rock Hounds, a minor league baseball team in Midland, TX, bc the banner with the Jones company logo avoids the difficulty of researching audiences & differentiating Jones's products from competing brands through mass media. Which PR strategy does the Jones company use?
knowledge
The Logan Company based in West Virginia maintains a feedback database from customers and employees. Logan shares this feedback with their design and research and development departments. All members of the Logan organization can enter feedback into the database and an integrated approach is taken to understanding the shared information. This example illustrates _______ management.
promotional plan
The Montana Company sells western clothing like boots, hats, and belts. The Montana Company has developed marketing goals to expand its business but now needs to create a _______, which will become part of the strategy for reaching the Montana Company's target market.
pioneering advertising
The Williams Co launched a new app that will enable a user to turn on lights in a home with motion sensors. The app enables users to turn on the lights in the garage when its dark outside. The app is in the introductory stage of the PLC & the advertising provides in-depth info about its benefits. This is an example of ____________________.
videos
The Wilton Company sells cake decorating supplies, and Wilton consultants demonstrate cake and cupcake frosting techniques on YouTube. At no charge, people can log on and learn all sorts of cake decorating tips. This example shows that in digital marketing attention is earned through _______.
dynamic pricing
The airline industry alters the price of its seats based on the type of seat, the number of seats remaining, and the amount of time before the flight departs. This is an example of _______.
which of the following defines demand?
The quantity of a product that could be sold in the market at various prices for a specified period
competitive advantage
The researchers at Superior Coffee Inc., a coffee manufacturing company, developed a new variety of high-quality ground coffee. The new variety was priced at a comparatively lower price than the other varieties of coffee available in the market. Therefore, the advertisements for the product stated, "The highest quality coffee does not have to be expensive." This is an example of communicating a product's _______
Recency Planning
What theory is based on the premise that advertising works by influencing the brand choice of people who are ready to buy?
predatory pricing
When Kent Inc. introduced its flagship MP3 player, it captured the market by offering the product at a very low price. This gradually forced many of its competitors out of business. Once its competitors were out of business, Kent Inc. raised the price. In this scenario, Kent Inc. most likely indulged in _____.
marketing manager
the ____________________________ determines the goals of the company's promotional strategy in light of the firm's overall goals for the marketing mix—product, place (distribution), promotion, and price. Using these overall goals, marketers combine the elements of the promotional strategy (the promotional mix) into a coordinated plan.
Fine-tune the base price with pricing tactics
the final step in setting the right price of a product
infomercial
the program shows a step-by-step process of daily skincare activities designed to improve a person's skin tone & wrinkles. This TV _______________________ is a 30 min. or longer advertisement, which is relatively inexpensive to produce & air
product advertising
touts the benefits of a specific good or service
traditional selling vs relationship selling
traditional: win-lose relationship: win-win
Advertising & PR (AIDA)
very effective: attention, interest somewhat effective: desire not effective: action
