Marketing 303 Exam 3 SELU
Attribute
'Feature of the product'
Benefit
'What consumers will receive or achieve by using product.'
False
Advertising cannot affect consumers by changing negative attitudes into positive ones
True
Advertising is any form of impersonal, one way mass communication in which the sponsor is identified
The effects of advertising on consumers
Advertising may change a consumers negative attitude toward a product, or reinforce a positive attitude
Virtual worlds and online gaming
Almost 800 million people participated in some sort of virtual world experience
Relationship selling
Also known as consultative selling, a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long term satisfaction through mutually beneficial partnership
Cooperative advertising
An arrangement in which the manufacturer and the retailer split the costs of advertising the manufacturers brand
Advertising
Any form of impersonal (one way) PAID communication in which the sponsor or company is identified
Social media
Any tool or service that uses the Internet to facilitate conversations
Social media
Are promotional tools used to facilitate conversations among people online
Media sharing sites
Are websites that allow users to upload and distribute multimedia content like videos and photos -YouTube, Flickr
True
Benefit is what consumers will receive or achieve by using a product
True
Communication is the process by which we exchange or share meanings through a common set of symbols
Promotions
Communications by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response.
True
Communications can be divided into 2 categories: interpersonal and mass communication
True
Cooperative advertising is an arrangement under which a manufacturer pays a percentage of the advertising cost for an ad that a retailer places for the manufacturers brand
True
Crisis management is used by public relations specialists to handle the effects of unfavorable publicity
Media scheduling
Designates the medium or media to be used, the specific vehicles, and the insertion dates of the advertising.
Institutional advertising
Enhances a company's image rather than promotes a particular product
Internet
Fastest growing of all advertising media
3 basic tasks
Informing •increase awareness •explain how products work •suggest new uses and build company image Persuading •encourage brand switching •influence immediate buying decision Reminding •remind customers that product may be needed •remind customers where to buy product
2 categories of communication
Interpersonal communication -face to face Mass communication -direct mail, newspaper, TV
Sales presentation
Is a formal meeting in which the sales person presents the sales proposal
Critic
Is a type of social media user post comments, ratings, and reviews of products and services on blogs and forums
Sales proposal
Is a written document or professional presentation that outlines how a company's product will meet or exceed the clients needs
Personal selling
Is one of the elements of the promotional mix which is most effective for helping highly involved consumers make complex buying decisions
Medium
Is the channel used to convey a message to a target market
Negotiation
Is the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement
Final task
Is to evaluate performance of the sales force
Closing the sale
Is when you ask for the sale
False
Sales promotion is a promotional tool generally used to stimulate consumer buying and dealer effectiveness by using face to face conversations
True
Sales promotion is marketing communication activities in which a short term incentive is offered to induce the purchase of a particular good or service
True
The 3 basic tasks of promotion is informing, persuading, and reminding potential buyers of a product in order to influence their opinion or elicit a response
False
The Internet is the slowest growing of all the advertising media
Cost per contact
The cost of reaching one member of the target market
Public relations
The elements in the promotional mix that: -evaluate public attitudes -identify issues of public concern -execute programs to gain public acceptance
False
The elements of the promotional mix include advertising, sales promotion, personal selling, and competitive advantage. Public relations not competitive advantage
The listening system
The first action a marketing team should take when initiating a social media campaign is simple. LISTEN
True
The marketing function that evaluates public attitudes, identified areas within the organization that are of public interest, and executes a program of action to gain public understanding is public relations.
Public relations
The marketing function that evaluates public attitudes, identifies areas within the organization that the public may be interested in, and executes a program of action to earn public understanding and acceptance
False
When a salesperson asks for the sale, he or she is begging for the sale. -closing
Quota(goal)
a statement of the individual salespersons sales objectives, usually based on sales volume alone but sometimes including key accounts, new accounts, repeat sales, and specific products
AIDA concept
•Attention •Interest •Desire •Action
Rewards and incentives include
•Ceremonies •Plaques •Vacations •Merchandise •Pay raises •Cash bonuses •Stock options •Tuition assistance •Product discounts
Media types
•Owned media: media organization owns •Earned media: earned through word of mouth, comments, online buzz •Paid media: examples- SEO, paid advertising
Handling objectives
•View objections as requests for information •Anticipate specific objections •Investigate the objection with the customer •Be aware of competitors products •Stay calm •Use the objection to close the sale
Micro blogs
•are blogs with strict post limits •140 character limit •Twitter is an example
Sales promotion
•free samples •contest •premiums •trade shows •vacation giveaways •coupons
True
Relationship selling is also called consultative selling
False
AIDA is an acronym for attention, interest, desire, and advertising. Action not advertising.
Blog
A publicly accessible web page that functions as an interactive journal, whereby readers can post comments on the authors entries
True
A quota is a statement of sales goals, usually based on sales volume alone
Referral
A recommendation to a customer or business associate
Advertising campaign
A series of related advertisements focusing on a common theme, slogan, and set of advertising appeals
Social commerce
A subset of e-commerce that involves the interaction and user contribution aspects of social online media to assist online buying and selling of products and services
Social networking site
A website that allows individuals to connect with friends, peers, and business associates Example: Facebook and LinkedIn
Social media objectives of the marketer
1. Listen and learn 2. Build relationships and awareness 3. Promote products and services 4. Manage your reputation 5. Improve your customer service
Crisis management
A coordinated effort to handle the effects of unfavorable publicity or of an unfavorable event
False
A customer profile is a written document or professional presentation that outlines how a company's product will meet or exceed the clients needs. -sales proposals
True
A feature of a product is called an attribute
True
A media schedule designates the medium or media to be used, the specific vehicles, and the insertion dates of the advertising
Promotional Strategy
A plan for the optimal use of the elements of production: •advertising •public relations •personal selling •sales promotion PROMOTIONAL MIX
Networking
A process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in organizations
True
Lead generation or prospecting, is the identification of those firms and people most likely to buy the sellers offerings
False
Lead qualification is a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional or civic organizations -networking
Sales promotion
Marketing activities, other than advertising, personal selling, and public relations, that stimulate consumer buying and dealer effectiveness
True
Mass communication involves communicating a concept or message to large audiences
False
Money is not an important factor in determining the promotional mix. Money is an important factor
Available Funds
Money is the most important factor in determining the promotional mix
Mobile and smartphone technology
More than 75% of the U.S. population owns a mobile phone
Cash award
Most popular sales incentive
True
Negotiation is the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement
False
Networking is a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long term satisfaction through mutually beneficial partnerships -relationship selling
Reach
Number of target consumers exposed to a commercial at least once during a specific period, usually four weeks
Frequency
Number of times an individual is exposed to a given message during a specific time
Competitive advantage
One or more unique aspects of an organization that cause consumers to patronize that firm rather than competitors. •Is the set of unique features of a company and its products that are perceived by the target market as significant and superior to its competition
Generating leads
Or prospecting, I'd the identification of those firms and people most likely to buy the sellers offerings
True
Pioneering advertising, competitive advertising, and comparative advertising are all types of product advertising
Major types of advertising
Product advertising: •pioneering •competitive •comparative
False
Promotion is defined as any form of impersonal, paid communication in which the sponsor or company is identified
Direct mail
The most widely used promotional medium
False
The most widely used promotional medium is coupons -direct mail
Communication
The process by which we exchange or share meanings through a common set of symbols. •we assign meaning to feelings, ideas, facts, attitudes and emotions
False
The product network is the channel used to convey a message to a target market
Sales process
The set of steps a salesperson goes through to sell a particular product. Closely resembles the AIDA concept
Product advertising
Touts the benefits of a specific good or service