Marketing 310 CH11-15
A company sells 1,000,000 units of products in a year. Its top competitors sell a combined 9,000,000 units in a year. What is the company's relative market share?
12.5% ???
Below are the seven steps of the personal selling process. Which of the choices below accurately puts the personal selling process in the accurate sequence from beginning to end? Presentation Preparation Closing Prospecting Approach Meeting customer objections Trial closing
4, 2, 5, 1, 6, 7, 3
Reggie is a marketing manager trying to determine the efficacy of a recent run of ads that his brand has put out. The ads have a rating of .25. If the target population for the ads is 1,000,000 and there are 3 ads run, what is the gross impression of the ad?
750,000 0.25 x 3 x 1,000,000 = 750,000
A more complicated calculation of the __________ metric might include allocations of overhead to marketing.
A more complicated calculation of the __________ metric might include allocations of overhead to marketing.
__________ is a potential and costly risk of comparative advertising.
Any kind of litigation
The increase in __________ is the MOST likely reason for the increase in the amount of video featured in social media.
Bandwidth
__________ measures how well-exposed a brand is within retail stores.
Category shelf facings
What is the first thing to consider when creating or evaluating the components of a marketing mix?
Consistency
Product
Convenience Cost Communication Connection
The extended marketing mix P/C combinations represent what, between the decisions the marketer makes and the intended effect on consumer perceptions of value?
Core linkages
price
Customer Benefits Convenience Communication Connection
participation
Customer Benefits Convenience Cost Communication
promotion
Customer Benefits Convenience Cost Connection
place
Customer Benefits Cost Communication Connection
is a promotion to an individual consumer that includes an offer, information to justify purchase, and a method for customers to respond
Direct marketing
How does having a dominant market share in a product category give a company an inherent advantage over competitors in terms of product, place, price, and promotion?
Dominant market share implies superior brand recognition. This can increase perceived benefit (product), greater leverage with channel partners (place), allow for higher prices (perceived value), and more impactful messaging (promotion).
What is the first step in arriving at a final marketing mix solution?
Establishing the core marketing mix elements
estimates the total number of times a commercial is seen by the target population.
Gross impressions
The ____________ model is well known among communication theorists as a useful way to categorize promotion objectives.
Hierarchy of effects
Which of the following statements BEST explains why it is difficult to directly correlate advertising tools to product sales?
In addition to advertising, there are countless other mitigating factors that impact sales. There are very few reliable tools that can accurately quantify the connection between advertising and profits. The current advertising may not yield benefits for a much longer time than the company sales reports cover.
The flowchart illustrates which promotional strategy?
Integrated market communications
Why is it more difficult to estimate frequency with magazine advertising?
Magazines may be picked-up and read many times.
While customers control brand communities, __________ can influence how these communities can come together.
Marketers
Which is TRUE of the data gathered through digital media?
Much of it is qualitative in nature and analysis is too time-consuming to be used in an assessment program.
If you're using price to communicate quality, what is the price linkage that affords to the opportunity to increase perceived value to customers while maintaining quality perception?
Offering free or reduced cost accessories and services
Of the five elements of the P/C mix which is the MOST recent and why is it so important to marketers?
Participation-Connection. It facilitates feedback from customers and can communicate new plans and releases.
Any selling activity that involves direct interaction between buyer and seller is defined as
Personal selling
Which of the following accurately describes the two types of personalized promotion?
Personalized selling and direct marketing
Which of the following steps of the personal selling process is when the "sales pitch" takes place?
Presenation
Of the following core linkages, which one would be LEAST affected by the internet?
Product-Customer benefits
The core marketing mix linkages are the 5 P/C elements of the marketing mix:
Product: customer benefits Place: convenience Price: cost Promotion: communication Participation: connection
is the set of marketing communication activities designed to inform and persuade important groups of people, primarily customers.
Promotion
Jill is a real estate agent. She wants to design a strategy that uses a variety of preferred personal and group tools to attract potential home buyers. Which strategy might best suit her objective?
Promotion Mix
Which of the following steps of the personal selling process is most overlooked by salespeople?
Prospecting
After you've decided which supporting linkages might enhance the core linkages, what do you then do to the list of supporting linkages?
Rank them in order of importance.
__________ and __________ are the two components of schedule intensity that reveal the impact of a brand's media exposure.
Reach; frequency
Why do rising sales sometimes give an incomplete, or inaccurate, picture of the effectiveness of tactical decisions?
Sales figures exist in the context of many other factors that affect sales.
Which of the following BEST describes an element of a boundary spanning job?
Salespeople often develop divided loyalties to advocate for the customer, even sometimes against the bottom line of the company. Salespeople performing boundary spanning jobs will often work apart from the rest of the organization. The task of the salesperson is to perform duties across organizational boundaries that separate buyers from sellers.
Why must financial performance metrics be taken in context?
Sometimes a company's financial metrics to not reflect the company's true outlook.
Tactics flow from what?
Strategy
Which of the following activities does a consumer go through that is a cognitive state in the hierarchy of effects model?
The consumer becomes aware of a new brand in the market.
Which of the following choices BEST describes potential customers that are qualified after prospecting has been completed?
The customer is worth investing further time and energy to potentially purchase your product.
Which of the following BEST describes the difference between purchasing by consumers and purchasing by businesses?
The largest difference is who initiates the purchasing; typically consumers initiate purchasing on their own.
You are the marketing manager for a new high-priced and exclusive brand of designer accessories. You've been tasked with developing distribution channels. What is your thought process in selecting retail outlets?
To establish your brand, you would focus on exclusive distribution, limiting the number of retail stores carrying your brand.
is the sixth step in the personal selling process and helps the salesperson transition from meeting customer objections to closing the sale.
Trial Closing
Which is TRUE of the relationship between return on marketing (ROMI) and return on investment (ROI) calculations?
Which is TRUE of the relationship between return on marketing (ROMI) and return on investment (ROI) calculations?
From your personal experience and what you see happening in the marketplace, how has the place-convenience link evolved in recent years and why is it such an important element of the marketing mix?
Younger generations, for whom time is an extremely valuable commodity, have embraced online shopping and home delivery. It has expanded to virtually every arena.
The risk that marketers take in sending unsolicited email is
a negative reception of their brand.
Liking and preference are __________variables. They represent the "feeling" parts of the hierarchy of effects.
affective
the potential legal issues that may arise associated with live streaming video
aren't a real concern because these issues will eventually be resolved; the potential impact of live video is too great.
The __________ for product-related tactical success may be expressed in either units or dollars.
brand growth rate
Awareness and knowledge are _________ variables and represent the "thinking" parts of the hierarchy of effects.
cognitive
The hierarchy effects model assumes that people make decisions __________ and __________ before making a decision?
cognitively; emotionally
A marketer may consider mobile display ads if they want to
combine location-based technology with consumer search histories.
Promotion- _______ is a core linkage
communication
To be successful, the marketing mix must be integrated and decisions have to be
complementary
For the sake of being __________, marketers should manage and coordinate content and messaging across platforms.
consistent
Digital media is useful because __________ gain insights into brands and __________ gain insights into the people they serve.
consumers; marketers
When setting objectives for online reviews, managers should consider
content and star ratings
Social media __________ than most other methods of connecting with customers.
costs less
Websites should be accessible in mobile formats because
digital access is increasing through smartphones.
For a manager, responding to __________ is one advantage of social media in regard to collecting and responding to product feedback.
dissatisfied customers
Measuring effectiveness in traditional media advertising focuses on _________ rather than its creative content.
exposure
trusted more than the opinions of family and friends.
faster data transfer speeds
Google Analytics, Twitter Analytics, and Facebook Insights are all examples of
highly sophisticated research tools.
digital access is increasing through smartphones.
improve how the business is run.
The short time horizon associated with tactical outcomes favor __________ data from other sources
internal
Jim's Big and Tall store began a promotional campaign in January. Initially, Jim, the owner and CEO, was frustrated that there was no direct increase in sales. But by the end of the summer, Jim was surprised to discover how much inventory had been sold. Jim's campaign not only realized a profit but may have exhibited a classic example of the _________ effect.
lagging
The self-focused mindset encouraged by the consumer digital culture
leaves consumers open to products that address their needs.
In the short term, what do marketers use to know whether their tactical decisions result in progress toward meeting objectives?
metrics
The use of interconnected and interactive digital media to create a seamless messaging experience for consumers is called __________ marketing.
omnichannel
Marketer-generated content is commonly personalized to consumer tastes; while consumer-generated content is
oriented for friends, family, and colleagues.
While some promotion activity targets customer groups, marketers use ____________ promotion to communicate directly with individual.
personalized
Offering different levels of a product to different customers based on what they want from the product represents
price discrimination
place- _______ is a core linkage
product
Rather than setting absolute objectives the authors argue for the use of
ranges
The metric for __________ compares a firm's marketing success to that of key competitors in a product category.
relative market share
For negative reviews, a __________ is the proper resolution for the organization that is the recipient.
response plan
Facebook is predicted to
retain its leading position for the foreseeable future.
Net profits divided by total investment yields the
return on investment (ROI).
Together, reach, and frequency are the two components of
schedule intensity
Accurate page names throughout your website are important because
search engines find specific pages within websites that contain relevant content, not just the homepage.
Companies collaborate with __________ to act as brand ambassadors.
so-called "super fans"
Long-term tactical success is built around a series of ________ short-term successes.
tactical
When the total cost curve intersects the total revenue curve, what happens to profits?
they are at zero
If you run short of things to say on social media, it is better
to say nothing
For consumers under age 35, online reviews are
trusted more than the opinions of family and friends.
