MKTG 351 Sloan Final
How do leader pricing and loss leader pricing differ?
-Leader pricing:offering low prices on one or more items as "lead" items in advertisements to attract customers -Loss Leader Pricing:products priced below cost to get people into the store. illegal in some states.
Regarding customers, what is the longevity effect?
-Longevity: Process of lengthening the customers lifetime value over time
Know web page advertising types
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Leads go through the sales cycle (Funnel) Starts with the approach- salesperson introduces himself to the possible customer if interest is shown by customer they are considered a suspect and the next step will be implemented Salesperson then uses qualifying to determine if the person will become a prospect Prospect is a customer with the budget, authority, need, and time (BANT) to purchase a product. Finally the sale is made and the person is considered a customer
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What is qualifying as a sales activity?
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floating advertisement
Appears in a layer over the content, but is not in a separate window. - usually the user can close the advertisement
What is cause-related marketing?
Cause-related Marketing- When a company supports a nonprofit organization in some way in order to generate positive PR. - Fastest-growing type of sponsorship.
wallpaper advertisement
Changes the background of the Web page being viewed. - Usually not possible to click through
What is the process of countering the extreme negative effects a company gets when it receives bad publicity?
Damage Control- Crisis management PR effort aimed to minimize any negative effects a company gets from bad publicity.
A delivery gap?
Delivery Gap: Failing to meet the performance established for an offering.
Determining pricing demanded by consumers and then creating offerings to meet the price is called what?
Demand Backward Pricing
Regarding customer expectations, what is a knowledge gap?
Knowledge Gap: Not understanding the customers expectations or needs leading a company to make a product not up to the customers standards
What is the objective of lead management?
Lead management facilitates a business's connection between its outgoing consumer advertising and the responses to that advertising. These processes are designed for business-to-business and direct-to-consumer strategies. This critical connectivity facilitates business profitability through the acquisition of new customers, selling to existing customers, and creating a market brand.
What are boundary spanners and which employees often perform this function for a firm?
People who work both inside and outside of their organizations. Salespeople are boundary spanners. They are the first to learn about what competitors are doing and report back to headquarters about their competitors' new offerings and strategies.
Phishing
Phishing- Soliciting personal information in order to steal an identity and use it to generate cash fraudulently
Map advertizement
Placed within the online mapping solutions. (Google Maps
Price elasticity affects what? How is it determined quantitatively?
Price Elasticity- amount of sensitivity to price changes, which affects the demand for a product.
price signals what
Producers to increase supplies an or consumers to reduce demand
What is product placement and what does it seek to accomplish?
Product Placement- getting a company's product included as part ofa TV show, movie, video game, special event - to improve brand awareness - increase sales
When does the Federal Corrupt Practices Act come into play?
Prohibits bribery and other practices that might be culturally acceptable elsewhere but are illegal in the US. (global sales situations)
Know conditions for pull strategy, push strategy, and in simpler terms push and pull marketing.
Pull Strategies- Promotes its products and services to the final consumer to "pull" a consumer to the stores or get the consumer asking for the product. Coupons, contests, games, rebates, mail-in offers. Push Strategies- Businesses are the target of promotions so products get "pushed" through their marketing channels and sold to consumers. A manufacturer may provide incentives such as price discounts to the retailer who then promotes or pushes the product to the final consumer
What law limits a seller's ability to charge different customers different prices for the same products?
Robinson-Patman Act
Interstitial Banners-
Shown between the pages on a website
What is sugging?
Sugging- Selling under another guide or phony front. Fake reviews
Why are customers more likely to tell others about negative experiences with companies than positive?
There is more drama in a negative experience. Telling someone how they were satisfied with services is boring. Telling about a horrible experience with a service is far more interesting.
The price, product, promotion, and placement of a good or service should be handled so as to have what result?
They should convey a consistent image
pop up
Unrequested window that opens on the top of the currently viewed window.
What is a nondisclosure agreement (sometimes nondisclosure/noncompeting clause, contract, or document)?
buyer often require a salesperson to sign to protect valuable insider information. A legal contract between at least two parties that outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to or by third parties
:pricing a product on what people are willing to pay for it and creating the offering based on that price
demand backwards pricing
What is a strategy in setting an initial price based on expected charge throughout the product's life cycle?.
everyday low pricing
Uniform Commercial Code
group of laws that governs commercial practices in the US Determines when a sale is a sale. typically, a sale is a sale when it is delivered and accepted by the buyer. In most cases a order can be cancelled with no penalty unless it has been accepted already.
What is the process of creating a positive image for a company, an offering, or a person via publicity?
public relations
What is a small amount of a product given to consumers to try for free.
sample