Marketing Exam 3

Potential customers are called

leads

What is the social media engagement process?

listen, analyze, do

What are the steps in the sales process?

Generate and qualify leads, Preapproach, Sales presentation and overcoming reservations, closing the sale, follow-up

Issues with green marketing?

Greenwashing - marketing a company so they appear more environmentally friendly when in practice its activities pollute the environment

One measure of traffic from visitors on sites, the total page requests, is measured in units called

Hits

What is demand?

How many units of a product or service a customer wants to purchase

What are current issues within economic situations?

Inflation, interest rates, foreign currency fluctuations

What are the components of the Wheel of Social Media Engagement?

Information, Connected, Dynamic, Timeliness, Network

Fisher-price wanted to determine if a new toy would appeal to preschoolers, so it put six 4-year-olds in a room with several toys and waited to see which ones they played with. What form of research is this?

Observation

What are qualitative research examples?

Observation, in-depth interviews, Focus groups (good for smaller groups of people)

The Network Effect

Outcome in which every post is spread instantaneously across social media

The Connected Effect

Outcome that satisfies humans' innate need to connect with other people

What is the relationship between price and cost?

Price is the price of the product Cost of the product is used to get price

Differences between primary and secondary data

Primary - Collect the data yourself Secondary - Data from an external source

At the break-even point

Profits are zero

The purpose of ______ is that it provides information needed to confirm insights and hypotheses generated and helps managers pursue appropriate courses of action

Quantitative research

The shared meanings, beliefs, morals, values, and customs of a group of people constitute their

culture

A firm's macroenvironment includes

culture, demographics, economics, political/legal issues

What is elasticity?

how consumers respond to price changes

What influences demand?

income, substitute products, complementary products, price

One of the disadvantages associated with personal selling is

it is expensive

thought sharing sites

Blogs (corporate, professional, personal) Microblogs (twitter)

What are the types of communities?

Blogs, Microblogs, Personal Blogs

Getting a commitment from the customer to purchase your product is also known as

Closing the sale

Jason works at an electronics store. In addition to his salary, he receives 1.5 percent of the sales dollars he brings in each month. This extra 1.5 percent is called a

Commission

Individuals achieve the _____________ effect when they check in, post a picture to Instagram, upload a video to YouTube, or share a link to an article they have liked on Facebook.

Connected

The center of all marketing efforts is

Consumer

Supermarkets collect information about individual customers through their use of loyalty cards, and then analyze the data to look for patterns in purchases. This is an example of

Data Mining

The Curtain's Coffee company is located in a business district with few customers on the weekend. To attract customers on Saturday and Sundays, it reduces its prices on these two days. This is an example of

Dynamic Pricing

What is the 4E framework? And what are the components?

Excitement, Education, Experience, Engagement

The Timeliness Effect

Firms must engage with the customer at the right place and time

What type of interview contains a small group of participants and a trained moderator that guides the conversation?

Focus groups

Pros and Cons of telemarketing?

- Pros: easy to reach out to customers, cost effective - Cons: bad reputation, expensive startup costs

Pros and Cons of Cold calling?

- Pros: may reach new customers, can be done anywhere - Cons: May annoy people, results can be inconsistent

The Dynamic Effect

-Information is exchanged to network participants through back-and-forth communications -Examines how people flow in and out of networked communities as their interests change.

What are the pros and cons of personal selling?

-Pros: People love the lifestyle, lots of flexibility, lot of variety, can be lucrative, very visible to management and good for promotions -Cons: High turnover, training costs, higher cost, negative image for salesmen

What are the app pricing models?

Ad-supported, Freemium, Paid apps, in-app purchases

__________ involves the planning, direction, and control of personal selling activities, including recruitment, selection, training, motivation, compensation, and evaluation of members of the sales force.

Sales management

When Adele decided to open up a tea shop in the center of town, she chose a group of customers who represent her customers of interest to survey their wants and needs. This group is called a

Sample

What are quantitative research examples?

Survey, Panel, Scanner, Experiments (good for larger groups of people)

How do you handle reservations?

Validate customer concerns

Consider a bakery like Entenmann's: The majority of the ___________ costs are the cost of the ingredients, primarily flour.

Variable

What is green marketing?

a marketing strategy that promotes environmentally safe products and production methods

Effective salespeople anticipate and handle

buyers' reservations about the product.

Unlike product, promotion, or place, price is the only part of the marketing mix

that generates revenue

According to a typical demand curve, the higher the price

the lower the quantity consumers will buy

Information Effect

the outcome of social media in which relevant information is spread by firms or individuals to other members of its social network