Marketing Quiz 3

advertising, sales promotion, public relations, personal selling, direct and digital marketing

5 activities of the promotion mix

media

created more lanes for PR

omni-channel retailing

creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping

direct response television marketing

direct marketing via TV, including TV ads and interactive TV ads

PR

earned channel

creating advertising messages, selecting advertising media

elements of a good advertising strategy

direct investment

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

joint venturing

entering foreign markets by joining with foreign companies to produce or market a product or service

exporting

entering foreign markets by selling goods produced in the company's home country, often with little modification

technical expertise

expertise in making the product (Sam Adams, many years of brewing beer)

sales and profit

hard to measure, affected by many factors other than advertising, such as price, availability, and product features

testimonial endorsement

highly believable source endorsing the product (Taylor Swift)

lifestyle

how the product fits with a particular lifestyle (Athleta yoga)

GEICO

huge advertising budget, creates varied mini-campaigns which all stick to the original message

prospecting and qualifying

identify qualified potential customers in the selling process

preapproach

learn about prospective customer before making a sales call in the selling process

guerilla marketing

low cost, unconventional marketing tactics, one shot marketing to get a lot of attention

reminder advertising

maintaining customer relationships, reminding consumers that the product may be needed in the future, reminding where to buy, keeping the brand in the mind of the consumer in the offseason

advertising objectives, budget decisions, message, advertising evaluation

major advertising decisions

mood or image

mood or image such as beauty, love, intrigue, serenity, or pride (Budweiser Super Bowl dog)

relationship sales

most companies want mutuallly profitable relationships with the customer

limited-service wholesaler

offer fewer services than full-service wholesalers

volvo

safety

fixed amount, variable amount, expenses, fringe benefits

sales force compensation

represent the customers to the company

sales people are the champions of the customer's interests

approach

salesperson meets the customer for the first time in the selling process

mail orders

send catalogs to or maintain websites for retail, industrial, and institutional customers

rack jobbers

serve grocery and drug retailers, mostly in nonfood items

percent of sales method

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

competitive parity method

setting the promotion budget to match competitors' outlays

determining reach, frequency, impact and engagement choosing among major media types selecting specific media vehicles choosing media timing

steps in advertising media selection

Snickers

taps into emotional appeal, everyone can relate

presentation and demonstration

tells the value story to the buyer, showing how the company's offer solves the customer's problems in the selling process

closing

the sales step in which a salesperson asks the customer for an order in the selling process

handling objections

the sales step in which a salesperson seeks out, clarifies, and overcomes any customer objections to buying in the selling process

showrooming

the shopping practice of coming into retail store showrooms to check out merchandise and prices but instead buying from an online rival

word of mouth marketing

the use of the impact of personal words and recommendations of trusted friends, family, associates, and other consumers on buying behavior, most useful for bigger purchases

corporate chain

two or more outlets that are commonly owned and controlled, strongest in department stores (Macy's)

slice of life advertising

typical people using the product in a normal setting (IKEA)

voluntary chain

wholesaler-sponsored group of independent retailers engaged in group buying and merchandising (Western Auto)

shopping center

group of retail businesses built on a site that is planned, developed, owned, and managed as a unit

direct marketing

grown because of internet usage, buying and rapid advances in digital technologies, Amazon, Google, Netflix

Lowe's

integrates the clout of big-budget traditional media with the power of social media to create personalized, real-time customer engagement

quota

limit on the amount of foreign import that they will accept in certain product categories

digital marketing

makes it easier to engage directly with the customer in a targeted way

straight production extension

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

mobile marketing

marketing messages, promotions, and other content delivered to on the go consumers through their mobile devices

sales contests

meant to spur the sales force to make a selling effort above what is normally expected

nonpersonal communication channels

media that carry messages with personal contact or feedback, including major media, atmospheres, and events

blogs

online forums where people and companies post their thoughts and other content, usually related to narrowly defined topics

company website

owned channel

TV ad

paid channel

musical

people or cartoon characters singing about the product (M&Ms love ballad)

truck wholesalers

perform primarily a selling a delivery function, carry a limited line of semiperishable merchandise

personal selling

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

comparative advertising

a form of persuasive advertising in which a company directly or indirectly compares its brand with others

standardized global marketing

a global marketing strategy that basically uses the same marketing strategy and mix in all of the company's international markets

spermarket retail

a large, low-cost margin, high-volume, self-service store that carries a wide variety of grocery and household products

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

discount retail

a retail operation that sells standard merchandise at lower prices by accpeting lower margins and selling at high volume

department retail

a retail store that carries a wide variety of product lines, each operated as a separate department managed by specialist buyers

convenience

a small store, located near a residential area, that is open long hours seven days a week, carries limited line of high-turnover convenience goods

sales quota

a standard that states the amount a salesperson should sell and how sales should be divided among the company's products

superstore

a store much larger than a regular supermarket that offers a large assortment of routinely purchased products

scientific evidence

actual evidence that the brand is better (Crest)

product adaptation

adapting a product to meet local conditions or wants in foreign markets

communication adaptation

adapting advertising messages to local markets

adapted global marketing strategy

adjusts marketing strategy and mix elements to each international target market which creates more costs but hopefully produces a larger market share

wholesaling

all the activities involved in selling goods and services to those buying for resale or business use

nontariff

biases against bids, restrictive product standards or excessive host-county regulations

wholesaler

buy from producers, sell to retailers, largely unknown to final consumer

awareness, knowledge, liking, preference, conviction, purchase

buyer readiness stages

off-price retail

buys at less than regular wholesale prices and sells at less than retail

method

campaign using not traditional media

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 products

cash and carry

carry a limited line of fast-moving goods and sell to small retailers for cash,normally do not deliver

consumers, marketing strategies, digital technology

changes in marketing communication mix

personality symbol

character that represents the product (GEICO)

transaction oriented

close a specific sale

communication effect

communicating the ad message well

promotion mix

consists of specific blend of advertising, public relations, personal selling, sales promotion, and direct marketing tools that the company uses to engage customers

webrooming

consumers first check out merchandise online, then buy it in a store

franchise cahin

contractual association between a franchisor and franchisees (McDonald's)

product invention

creating new products or services for foreign markets

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

buzz marketing

cultivating opinion leaders and getting them to spread information about a product or a service to others in their communities

whole-channel view

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

objective-and-task method

developing the promotion budget by defining specific promotion objectives, determining the tasks needed to achieve these objectives, and estimating the costs of performing these tasks

drop shippers

do not carry inventory or handle the product, select a manufacturer

fantasy

fantasy around the product and its use (Calvin Klein)

follow-up

follows up after the sale to ensure satisfaction and repeat business

category killer

giant specialty store that carries a very deep assortment of a particular line (Best Buy)

gray market

take product, sell it through unauthorized channels, make a lot of profit

black market

takes product, makes a copy of it, sell it for substantially less

tariffs

taxes on certain imported products designed to raise revenue or protect domestic firms

viral marketing

the digital version of WOM marketing , content that is so infectious that customers seek it out

return on advertising investment

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

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.

road warrior

Holiday Inn Express target market, men age 25-54

universalisation

L'Oreal sells its brands globally by understanding how they appeal to varied cultural nuances of beauty

create relevant marketing that draws consumers naturally to a brand rather than pushing them towards the brand

Public Relations

service retailer

product line is a service such as airlines, hotels...

specialty retail

retail store that carries a narrow product line with a deep assortment within that line

represent the company to customer

sales people engage customers, answer objectives

outside sales force

sales people who travel to call on customers in the field

trade promotion

sales promotion tools used to persuade resellers to carry a brand, give it shelf space and promote it in advertising

inside sales force

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

social media

shared cannel

sales promotion

short-term incentives to encourage the purchase or sale of a product or a service coupons, end-of-aisle displays, buy one get one free

persuasive advertising

used as competition increases, build a selective demand, persuade that your product has the best offering available

informative advertising

used heavily in introducing a new product category, objective is to build primary demand, inform consumers of quality of a product

kiosk marketing

using new-age vending machines in stores, airports, hotels, colleges, and other locations

team selling

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