MKT 3401 Final Exam
What are retrieval ques?
A way to trigger the consumer to be drawn to a particular ad
Which water company outsmarted the football arena?
Abita Springs Water (only water sold in that category even if a competitor would have come up with a water brand)
Your presentation is about selling two things:
An idea and yourself
What is the most important thing to have when negotiating?
BATNA
What is the commercial form of information search characterized as?
Biased
How can you stand out as a business?
Come up with a unique selling proposition (desirable, believable advertising appeals and makes your product stand out)
What is cause-related marketing
Companies engage in good causes for the warm glow
What is public information of information search?
Consumer reports, government documents, and other unbiased and reliable sources
What is personnel?
Customer service
What are public relations?
Dealing with integrity with a variety of mediums to create a positive image or correct a negative image
What was the first thing Johnson did with the Apple Store?
Did away with sales promotions like coupons
Why is Facebook not dead?
Digital advertising
Where is the most money spent on advertising?
Direct mail
What are the three purposes of point of purchase displays?
Drives traffic, advertising, and promotes impulse buying
What do you evaluate in the "evaluation of alternatives" step of path to purchase?
Evoked set
What are the benefits of sponsorship?
Exclusivity, visibility, and exposure
What is the external level of informations search?
External sources we gather information from
What is the last step of personal selling?
Follow up
What is the personal perspective of information search?
Get information from family and friends, opinion leaders, and celebrity endorsers
What are sales promotions?
Giveaways, sampling, discounts, etc. used to create interest from the public and showcase your product
What is the internal level of information search?
Go through your mind and figure it out
What is the definition of the promotional mix?
How to communicate with the consumer to persuade them to buy or switch to your product
In the brand recovery process, there are two things you must do:
How you behave after the crisis and build a new set of networks
Michael Kors did away with discounts because
It was diluting their brand
What was an example of a store whose customers love coupons?
JC Penneys
What are the most critical steps in personal selling?
Know who you're selling to, put together your presentation, close the sale, field the questions, and follow up
What is the purpose of the follow up?
Let people know that this procedure was legitimate and you weren't only trying to sell
Which candy had an option to be in E.T. but decided not to?
M&M's
What are the forms of advertising?
Magazines, billboards, radio, direct mail, digital advertising, product placement, and sponsorship
When negotiating, you have to be able to
Manage your emotions
What are the three parts of retrieval ques?
Mascots, slogan, and sound
What product benefited from buzz marketing?
Moped or Vespa
What are the steps in path to purchase?
Need recognition, information search, evaluation of alternatives, the purchase, and post-purchase behavior
What is post-settlement settlement
Once the negotiation is over in a win-win situation, you make the deal a little sweeter
What is personal selling?
Personal branding and likability from interacting with someone trying to up-sell
What are the different parts of the external level of information search?
Personal, commercial, and public
How can we get our product seen if it is brand new?
Press releases
Which brands do not have sales promotions?
Prestige brands
What are the parts of the retail mix?
Price, product, place, promotion, personnel, and presentation
What are the two types of advertising?
Product and institutional
What is a negotiation tactic commonly used and overreacted to?
The flinch
What is the most expensive part of the billboard?
The land where the pipe is
What is the average price for a full page advertisement in the WSJ?
$270,000
How much did Raising Cane's buy the RiverCenter for?
$3.5 million over 10 years
Which percent of people say that they trust information from online reviews?
70%
What percent of customer are more likely to consider a company involved in cause-related marketing rather than their competitors?
76%
What percent of people choose family and friends as the most trusted way to get information?
92%
What is cognitive dissonance?
The self-doubt you have after you purchase a product
What is the path to purchase?
The way the consumer decision-making process works
What is presentation?
The way the store looks
What is sneezing in Hollywood?
Their version of word of mouth
Why are billboards so effective for certain products?
They know the number of cars that drive through that specific road
Why do oil companies have calm music in their commercials?
To change the brand perception made by people
What is the purpose of advertising?
To inform, persuade, or remind you
What is an example of a company with a unique selling proposition?
Volvo associated with safety
What are point of purchase displays?
Walk into a store and see a huge display of goods
Which is more important: competency or warmth?
Warmth
What is sponsorship
When a company engages in a contractual agreement to gain entry/access to a venue to gain benefits
What is ambush marketing?
When you are not the product that his included in the sponsorship contract and you somehow sneak your product into the venue and steal the publicity
What is exclusivity?
When you are the only product in a product category allowed in a venue
What is buzz marketing?
When you take a relatively new production the introductory phase so you give that product to a select few opinion leaders in the hopes that they use the product and spread good word of mouth about your product
What is the premier example of cause-related marketing?
Yoplait donating $0.10 per yogurt lid sent in to Susan B. Komen
What are the ethical considerations of buzz marketing?
You do not want to influence what the opinion leader says about your product that you have provided to them
What is the evoked set?
Your final set of considerations from the big pool of options
Why is Harley Davidson n trouble?
Sales of bikes for women isn't working out
How do you overcome cognitive dissonance?
Seek reaffirmation from someone you trust and go back and think of the attributes that made you purchase the product to begin with
What is the Trojan fish strategy?
Selling something very cheap but it does not function unless you buy all f the accessories which happen to be very expensive
Chicago University did a study on the power of what in football with OBJ?
Slow motion
What is product placement?
A form of advertising and way to have a product seen by the public
What are the parts of the promotional mix?
Advertising, public relations, sales promotion, and personal selling
What is institutional advertising?
Aimed at promoting to improve the brand of the company
What is the biggest risk of sponsorship?
Ambush marketing
In which step of the path to purchase is a majority of time and money spent?
Information search
What is the biggest part of how you handle crises?
Instinct
What are the two levels of information search?
Internal and external
Which level of information search has lowest involvement?
Internal level
What do companies look for when hiring employees?
Interpersonal skills and teamwork
Which form of advertising allows you to target a specific group based on music preferences?
Radio
What candy does E.T. eat in the movie?
Reese's Pieces
Which brand created teeth whitening to compete with other toothpaste brands?
Rembrandt
What do you need to have in presentations?
Resistance