Chapter 10 Quiz

Issue recognition

A concept in public recognition which alludes to the extent to which the public is familiar with the issue or problem at hand.

Market penetration

A strategy whose goal is growth, based on selling more of the firm's product or service to the existing customer base.

Customer vector

A type of CRM report which segments by customer or customer group on purchases or dates of purchase.

Promotional mix

How much of each message conveyance you will use to sell your product as well as your objective in using each one.

Predetermined market segments

Professionally compiled target audiences based on shared demographic, financial, shopping, and psychographic characteristics

Entrepreneur's name

- Not very clear to customers what you do - How to handle name if you sell the company - Is your name appropriate

Process of Personal Selling

- Prospect and evaluate - Prepare - Present - Close - Follow up

Public interest

- Things that are generally considered to be beneficial to large numbers of people - Civic causes and benefits, as opposed to private and corporate benefits - Good story, human interest, visuals, cultural resonance

Trendiness

A concept in public recognition in which alludes to the fit of the topic to current fashion or public interest.

Famous faces

A concept in public recognition that alludes to connections of your event or firm to individuals the general public would recognize.

Segmentation

Process of dividing the market into similar portions of people who have certain common characteristics

Dividing the market

- Geographically - Demographically - By the benefits sought

Public importance

1. Things that are considered important to large numbers of otherwise unrelated people. 2. Things that are of civic importance, as opposed to private or corporate entities.

Power

A concept in public importance that alludes to potential shifts in control or influence.

Currency

A concept in public importance that alludes to the degree to which the issue is immediate in its impact.

Media content strategy plan

A document, for the managers and employees of the firm to see, that details the specifics of the firm's marketing efforts including the goals, target audiences, distribution channels, keywords, content types, calendar, publishing procedures, action items, KPIs, and analytics across all the different types of marketing efforts the firm will attempt.

Concentrated strategy

A marketing strategy in which a marketer selects one specific group of consumers and designs a marketing mix specifically for that group.

Differentiated strategy

A marketing strategy in which a marketer selects two or more distinct groups of consumers and designs specific marketing mixes to meet their needs.

Mat release

A news release that is typeset and thus may be photographically reproduced for inclusion in a newspaper.

Diversification

A strategy whose goal is growth, based on adding new products or services to the firm's existing collection of offerings.

Product expansion

A strategy whose goal is growth, based on selling existing customers a product or service they have never bought before.

Media kit

A type of specialized web page or sales-material-based package sent to media outlets that is focused on telling them about your company and its story. Often built around a press release for something of potential current interest to the media outlet.

Bot

A web-based program that uses artificial intelligence techniques to automate tasks such as searches.

Press release

A written announcement intended to draw news media attention to a specific event. - Attention, interest, desire, action.

Press relations

Activities used to establish and promote a favorable opinion by the media.

Public relations

Activities used to establish and promote a favorable opinion by the public.

Viral marketing

Any electronic equivalent of word-of-mouth advertising, in which the advertiser's message spread quickly and widely via email, website, blogs, and other online tools.

Public recognition

Being recognized or acknowledge by large numbers of people, similar to "fame"

Cognitive dissonance

Doubt that occurs after a purchase has been made. An inconsistency between experience and belief.

Hit rate

How many prospects or leads you need to approach in order to make one sale. Also called the conversion rate.

Publicity

Information about your company and its activities that is disseminated to the public in order to gain their good opinion.

Free ink

Mentions of your company or products in the media for which your firm did not pay.

Donations

Monetary or other gifts to organizations or people who are in need.

Sponsorships

Paying for a local organization's needs in exchange for recognition.

Sales leads

People who receive a promotional impression and who give some thought to buying the product.

Prospects

Sales leads who actually make some sort of effort to learn more about the product, service, or business in anticipation of a possible purchase.

Search engine optimization

Techniques applied to web pages in order to obtain favorable placement on Internet search page results.

Customer retention

Techniques that focus on efforts to promote satisfaction with and interest in the firm.

Keyword and description tags

Terms included in the hidden portion of a web page which are used by search engines such as Yahoo and Google to describe your website and evaluate its focus and categogy placement.

Brand promise

The gains provided or the help given by the product or service your firm offers.

Succinct Message

The key point in as few and as memorable words as possible

Brand

The name a firm puts on itself and its products to differentiate them from competitors' offerings. "A brand is a promise. A good brand is a promise kept."

Market segmentation

The process of dividing the market into groups that have somewhat homogeneous needs for a product or service

Personal selling

The process of selling your products and service.

Customer relationship management (CRM)

The process of tracking the customer's different contacts with the firm, and using this data to help improve sales as well as the customer's experience.

Marketing funnel

The rule of thumb in marketing that it takes a large number of people to be made aware of your product in order to find a purchaser.

Target market

The segment or segments you select on which to concentrate your marketing efforts

Newsworthy events

To garner serious attention from the media and public, a news story needs to deliver certain essentials that will hold their attention and keep your news in their thoughts. Should have public recognition, importance, and interest.

Advertising

Used to support the cooperate identity and value propositions that are established through public relations efforts. - Newspapers, magazines, billboards, television, and internet banner ads

Impression

What it is called when someone notices a promotional effort.

Undifferentiated strategy

- A marketing strategy that uses no segmentation. - Assumes that all consumers have virtually identical needs and can be reached by the same marketing mix.

Guidelines for naming a business

- Be careful about infringing on trademarks - Something that describes firm or product is easy to remember: "Discount Furniture" - Creative spellings are eye-catching; don't go overboard - Beware of selecting a name too narrow to allow the firm to grow

Message

______ should combine the elements of your product or service's value proposition with the needs of your target customer.

Identity and Branding

- Domain name and website - Logo - Phone lines - Business cards and stationary - Brochures and flyers - Sales packets and marketing kits - Signs - Promotional novelties

Proximity

A concept in public recognition which alludes to the impact level of the issue being discussed.