Chapter 10 Business

A ______ name is the specific name of an Internet site, consisting of a name followed by .com, .net, or a similar code.

domain

Shared media

Promotional mentions of a firm or user experiences with its products or services made by customers and posted through their social media sites

Paid media

Promotions where a firm hires another for the placement and distribution of the material

A variant of co-branding is_________, in which two businesses with similar target audiences combine their advertising efforts to enhance their effect.

co marketing

press release

written announcement intended to draw news media attention to a specific event.

A media kit that a firm creates for itself to distinguish it from the media kits of other companies is called a(n)

business profile kit

A group of people in the same industry who band together to gather and share information and present and represent the industry to the public and government form a(n)

trade association

Owned media

Promotional materials directly and wholly held by a firm

a true statement in the context of affiliate marketing

A firm can develop an affiliate program and detail it on a page on its website.

_____________spokespersons, are those who represent a firm, product, or service to others to increase awareness, sales, and positive attitudes about the firm among the public.

Brand ambassador

Sales outcome reports

Classify information by customer or customer groups based on purchases or dates of purchase

Earned media

Do-it-yourself and paid efforts to get the message of a firm out to the general public or the mass media in hopes they repeat it

______ is a paying it forward approach where a business gives its product, services, time, or connections.

Donating

following statements about press releases

Entrepreneurs should use the AIDA formula, which means attention, interest, desire, and action, when writing a press release. A business' contact information should be included at the end of the release so that the reader can get additional details. It is the centerpiece of a business profile kit.

True or false: A firm's owner should avoid paying customers, friends, or family members to keep an eye on various social media platforms for the firm's services and alert him or her when action is needed.

False

True or false: Doing good through community service results in instant publicity, but cannot be worked into company history or biographical information.

False

advantages of being part of a trade association

It helps firms learn about the current and best practices in their own fields. It helps provide access to a network of shared interests and knowledge to firms

free ink

It is a form of free advertising in which a business gets mentioned by the media.

Which of the following statements about advertising are correct?

It is the presentation of a company's image, products, and services to potential customers and the general public. It can be done through print outlets or electronically via mass media or the Internet. Advertising can be free or paid.

In the context of incentive media, which of the following are true of sponsored content?

It refers to articles, videos, or blogs that help to promote a firm's products and services. It is a variation of native advertising.

The promotional technique of obtaining prospective customers through paid and unpaid efforts to obtain contact information from people with the plan to send these prospects advertisements or other messages in hopes of getting them to become customers is called

Lead generation

domains

Many companies are able to use their name as their domain name. Using a company's domain as its email is professional.

public relations

Many people are skeptical of public relations stories. Public relations are those things a firm does to help create a favorable opinion of itself in the mind of people.

_____ are forms of ads inserted into the regular flow of noncommercial web pages so that it appears to belong to the page.

Native advertising

types of media included in the PESO model developed by Gini Dietrich?

Owned media Earned media

______ is the process of selling a business' products and services.

Personal selling

______ marketing is any electronic equivalent of word-of-mouth advertising, in which the advertiser's message spreads quickly and widely via email, website, blogs, and other online tools.

Viral

viral marketing

Viral marketing works because hearing about a great product from a friend or other trusted individual adds creditability. It relies on customers telling their friends about a service or product of a business.

A company's_______is the number of prospects or leads who needs to approach in order to make one sale.

hit rate

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

market penetration

A document that details the specifics of a firm's marketing efforts including its goals, target audiences, distribution channels, and analytics across all the different types of marketing efforts the firm will attempt is called a ______ strategy plan.

media content

Sponsorship is

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

An online service that captures and displays the feeds from a firm's social media sites and makes it easy to post across multiple sites, schedule posts on different sites, and help the firm see social media statistics is called a(n)

social media management platform

Online sites where a firm's customers can post their opinions, rating, and experiences about the firm's products or services for others to see are called

user review sites

A(n) __________ represents situations where one good turn invites another one from someone else.

virtuous cycle

______ is the major way most businesses convey their message to potential customers.

Advertising

goals of a firm's investor relations

Conveying good news about the firm Making stakeholders aware of specific details about the business before the general public finds out

personal selling formula for generating interest in a product or service

Present Close Prepare Follow-up Prospect and evaluate

______ are activities used to establish and promote a favorable opinion by the media.

Press relations

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

Product expansion

Customer vector reports

Summarize data based on the position of customers in a sales process

customer retention

The three elements to CR are: handling problems after the sale, customer relationship management, and growing customer sales. It focuses maximizing satisfying customers after the sale. It is the name for the general approach for keeping customers.

advertorials

They are a form of paid advertisement from a firm, usually as editorial-like articles. They are generally published in mass media.

business profile kits

They are generally built around new press releases that a firm considers to be of interest to media outlets. They include samples of a firm's products, logo art, photos of products, and target market-specific statistics.

influencers

They are generally quite open to considering new things. They produce content on social media platforms to get subscribers and followers beyond their social circles.

_____ are forms of ads inserted into the regular flow of noncommercial web pages so that it appears to belong to the page.

native advertising

Creating a________event is another way to get free media attention by local newspapers, radio stations, or television stations.

newsworthy

brand ambassadors

They usually receive a firm's products and services to use and demonstrate to the public. They may be paid or just volunteers.

media kits

They are often built around a press release for some potential current interest to a media outlet.

succinct messages

They should use few words. The words used should be memorable.

press relations

It consists of activities that attempt to influence or increase media coverage of a business. Media includes newspapers, magazines, radio, and television. Activities can be targeted to the general public or for specific groups.

the following components are included in a firm's media content strategy plan

Publishing procedures Key performance indicators

In the context of public relations, which of the following are examples of important stakeholders in a business who get a favorable opinion about the business from different forms of publicity?

Special-interest groups Investors

Sales process reports

Sum up issues around actual sales

Affiliate marketing

involves partnerships between firms where a firm (often a content creator) mentions the product or service of another firm.

The overlap between owned media and shared media in the PESO model is an important part of the media strategy of any small business because _____.

it is where the business has its own brand page on different social media platforms

An impression is when

someone notices a promotional effort.

small business donations as a form of marketing

It does not have to be a big sum of cash. It can be an in-kind donation to become a sponsor of a charitable event. It can be time, connections, services, or products.

In the context of customer relationship management, which of the following are ways in which reports generated during data analysis help firms?

They help firms track and identify products of low quality based on customer satisfaction. They help firms in deciding how to operate critical aspects of their marketing efforts.

True or false: Investor relations in small businesses mostly tend to build from personal contacts and are supplemented by emails, usually with supporting documents.

True

True or false: Organizational identity starts with the names of a business, product, or service, and these days often includes characters, slogans, logos, symbols, hashtags, uniforms, and packaging.

True

newsworthy events

A newsworthy event should have public recognition, importance, and interest Business owners need to make it easier for the media outlet to find and create the story

A(n) _________ is a type of specialized web page or sales-material-based package sent to media outlets that is focused on telling them about a company and its story.

media kit

Words or multiword phrases (without spaces) preceded by a "#" sign that are associated with an idea, person, product, service, brand, firm, event, or the like are called

hashtags

A(n)________ is a type of specialized web page or sales-material-based package sent to media outlets that is focused on telling them about a company and its story.

media or press kit

Customer ______ are the techniques that focus on efforts to promote satisfaction with and interest in a firm.

retention

Product expansion is a strategy whose goal is growth based on

selling existing customers a product or service they have never bought before.

Market penetration is a strategy whose goal is growth, based on

selling more of a firm's product or service to the existing customer base.