Marketing 3000 Exam 4 Mizzou
The 5 M's of Advertising
1. Mission 2. Money 3. Message 4. Media 5. Measurement
3 levels of relationship marketing
1. Transaction selling 2. Relationship selling 3. Partnering
The Traditional Sales Process
(1) prospecting (2) pre-approach, (3) approach, (4) presentation (5) Follow-up
Which of the following is a correct statement? most of you will end up selling as part of your careers growth in entreneurship, education and health care areas means there will be a greater need for selling skills even children sell- e.g. cookies all of the above none of the above
All of the above
Digital Advertising Alliance
Coalition of industry trade groups, including the DMA, 4A's, ANA, IAB and others, that developed a regulatory framework for Online Behavioral Advertising, which allows consumers to opt-out of receiving targeted ads.
B2B
Goods or services are sold for any use other than personal consumption
Extensive
High price, Exclusive distribution, Personal selling promotional emphasis
Two types of digital marketing
Inbound and Outbound
Advertising Objectives
Informative Advertising - Build Primary Demand Persuasive Advertising - Build Selective Demand Comparison Advertising - Compares one brand to another Reminder Advertising - Keeps consumers thinking about a product
Which of the following is a way to avoid an argument? promise to think over your opponents' ideas and study them carefully be silent smile all of the above none of the above
promise to think over your opponents' ideas and study them carefully
Entering Goods
raw materials and manufactured materials and parts Ex. Steel for a car
Elements of the communication process
sender, encoding, message, media, decoding, receiver, response, feedback, noise
The Basic Communication Model
sender, message, channel, receiver
Which of the following is the cheapest way to handle customer support? social media discussion email in person telephone chat
social media discussion
Advertising Budget
the amount of money a company decides to spend on advertising
derived demand
the demand for a company's product comes form the demand for their customers products.
Which of the following determines the importance of the relationship between sales and buying organizations? the culture of the organizations whether what is sold is a product or service the degree of industry automation the level of dependence between the two the location of corporate offices
the level of dependance between the two
Public Relations
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
Business marketing
the marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others
Which of the following is advised when nothing else works? cry and beg walk away throw down a challenge sleep two of the above
throw down a challenge
What are the two goals of viral marketing for consumers according to the book? to feel an emotion and understand the message to take action and forward the message to gain customer satisfaction and get consumers to spread positive WOM to understand and remember the message none of the above
to take action and forward the message
sales promotion
Short-term incentives to encourage the purchase or sale of a product or service
Direct Mail
Strength: Audience Selectivity, flexible, no competing clutter, allows personalization Weakness: High cost, low attention
Magazines
Strength: Color reproduction, Pass-along readership, High-attention Weaknesses: Long closing periods, wasted circulation, no guarantee of position without extra fee
Television
Strength: Offers sight, sound, motion; Attention getting Weakness: Expensive, non-selectivity of audience, short message life
Radio
Strengths: Low cost, mass use, audience selectivity, means of reaching low-income people. Weakness: Low attention, listener distractions, audio only, short life
Outdoor
Strengths: No competing clutter, flexible, repeat exposure, relatively inexpensive. Weakness: Viewer distraction, non-selectivity of audience, creative limitations.
Newspapers
Strengths: Offers local coverage, Flexible and timely Weaknesses: Non-selectivity of audience, short life, expensive.
Internet
Strengths: Timely, Interactive, Low Cost, High info content possible, measurable results. Weaknesses: Low attention getting, Seen as
facilitating products
Supplies and Services Ex. Office Supplies
Six Primary Emotions tied to viral messages
Surprise, joy, sadness, anger, fear, and disgust.
viral marketing
The marketing techniques that use pre-existing social networking services and other technologies to try to produce increases in brand awareness or to achieve other marketing objectives
consulative selling
The process of helping the customer achieve strategic short and long term goals through the use of the seller's goods and or services.
Sales Promotion
The process of providing short-term incentives to encourage purchase or sales of a product or service
Major Advertising Decisions
objectives setting budget decisions message decisions media decisions Campaign evaluation
native advertising
paid for and created by the advertiser
Which of the following is primarily used in B2B because the number of buyers is relatively fewer than in B2C marketing? advertising drop-ins sales promotion personal selling premiums
personal selling
One reason selling skills are required in non-selling positions is because leadership requires _________. power persuasion talking a lot manners problem solving
persuasion
Alternative Vehicles
- trend is away from traditional promotion. Ex. Advertising in video games, Hot Air Balloon
Consumer Sales Promotion Tools
-coupons -rebates- Menards -premiums -contests and sweepstakes -point of purchase -sampling- Sam's club.
Barriers to Communication
-selective perception -psychological noise
Teaching sales pitch
1. Assess customer key problems 2. Offer different perspective that challenges assumption 3. Lay out the business case 4. Make it connect emotionally 5. Convince them of the solution 6. Offer your solution
10 important steps in the customer relationship selling process
1. Prospecting 2. Preapproach 3. Approach 4. Presentation 5. Trial Close 6. Objections 7. Meet Objectons 8. Trial Close 9. Close 10. Follow-up and service- Most important
Consulting Process
1. learning 2. analyzing/synthesizing 3. teaching
3 roles of consultative selling
1. team leader 2. business consultant 3. long term ally
Foundation Goods
installations and accessory equipment Ex. Apple computer for J school
If reach is 100,000 households and frequency is an average of 4 times a month, what is the impact? 400,000 25,000 99,996 104,000 none of the above
400,000
According to the book, about what % of businesses buy paid search ads? 90% 60% 50% 30% 10%
90%
The U.S. government buys...anything
B2B
Xerox buys soft drinks for its cafeterias. B2C or B2B transaction?
B2B
You start a landscaping business and purchase a lawnmower. B2C or B2B transaction?
B2B
ford buys the same gear to fix a machine
B2B
You buy a gear to fix your mountain bike. B2C or B2B transaction?
B2C
The Objective And Task Approach
Budgeting for an advertising campaign by first determining its objectives and then calculating the cost of all the tasks needed to attain them
Search Engine Process
Discover, relevance, authority
3 Main Categories of Products
Entering Goods: Foundation Goods: Facilitating Products:
Drop Ins
Excedrin
Routine
Low Price, Intensive Distribution, Advertising Promotional Emphasis
According to the book, which of the following was used as an example of successful mobile marketing? Macy's World Wildlife Fund Arby's the Texas Rangers the National Rifle Association
Macy's
Limited
Moderate price, Selective Distribution, Balanced promotional emphasis
Advertising that is content paid for and created by the advertiser is called _________ advertising. native sponsored inbound all of the above none of the above
Native
Consumer Promotion Tools
Samples, coupons, rebates, contests, price packs, premiums, point of purchase promotions
The four keys of mobile marketing
Permission, Relevance, Location, Convenience
product placement
Putting products into TV shows and movies where they will be seen. It is the fastest growing promotional expenditure Ex. Sprite NBA Dunk Contest
Buying Decisons
Routine, Limited, Extensive
B2B versus B2C
Sales Volume: B2B greater than B2C Purchase Volume: B2B greater than B2C Number of Buyers: B2B fewer than B2C Size of individual buyers: B2B larger than B2C Location of Buyers: B2B concentrated, B2C Diffuse Buyer-Seller Relationship: B2B closer that B2C Nature of Channel: B2B more direct than B2C Buying Influences: B2B multiple, B2C Single Type of Negotiation: B2B more complex than B2C Use of reciprocity: B2B yes, B2C no Use of leasing: B2B greater than B2C Key promotion tool: B2B personal selling, B2C advertising.
Competitive Parity
a firm's strategy of setting prices that are similar to those of major competitors
If you are wrong, which of the following should you do? admit it deny it and explain why smile all of the above none of the above
admit it
All I can afford
advertising budget is set as predetermined percentage of profits or "whatever is left" after other resources are allocated
For a salesperson, effective listening involves which of the following? sustained concentration staying present, in the moment focusing on what the client is saying all of the above
all of the above
Which of the following is a key tenet of mobile marketing? convenience location permission relevance all of the above
all of the above
Which of the following is a key to writing a good press release? avoid hype write like a journalist (third person)keep it short all of the above none of the above
all of the above
Which of the following is a way to get people to like you? smile remember peoples names be a good listener talk in terms of other people's interest all of the above
all of the above
Which of the following is associated with personal, proximity and pervasive? an Amazon instant coupon a B2B sales call a partnering relationship an iPhone viral marketing
an iphone
Percent of Sales
budget is some percent of past or projected sales
As a salesperson, to successfully teach your customer, you have to __________________. never give up challenge their assumptions agree with what they say be their friend first first know everything about their organization
challenge their assumptions
Which of the following is a correct statement? compare to B2C, B2B marketers will have fewer number of buyers use of promotional alternative vehicles like video game advertising has been declining over the past several years one type of "facilitating product" is raw materials one B 2C transaction would be if Starbuck's bought T-shirts to give to their employees the key promotional method for B2B is advertising
compare to B2C, B2B marketers will have fewer number of buyers
Sponsored Content
created by another firm to also blend in
Which of the following is the most important step in the customer relationship selling process? trial close the close follow-up and service prospecting presentation
follow-up and service
Which of the following best describes the attitude toward the customer that a B2B salesperson should have? push hard always be closing helping happy adversarial
helping
Which of the following is needed when giving appreciation to others? it must be done with a smile it must me sincere it must surprise it must be humorous none of the above
it must be sincere
The analogy of fishing was used to emphasize which of the following? learn what others want (they may not want what you would) to catch a big fish, use a big pole buyers will not be comfortable outside their space be cautious about assuming anything about others stay with others for protection
learn what others want (they may not want what you would)
Instead of condemning people you should ___________________. argue with them first try to be their friend get a second opinion try to understand them ask them for money
try to understand them
joint demand
two products are used together and demanded together - both products are consumed at the same time
trade sales promotion
when a sales promotion is directed at members of the distribution channel. Trade allowances, Push Money, Training or Store demonstrations, Free merchandise, Conventions and trade shows