MKTG 435 Final Exam

1. Pre-approach Stage

During this stage of the process, the salesperson learns everything possible about the products and services offered, the target market, and the competition; the salesperson must be knowledgeable about what they are selling and understand the wants and needs of target customers

3. Demonstration Stage

During this stage, the salesperson enthusiastically presents the the product in a way that addresses the needs of the customer; the product's features and benefits should be highlighted; if all is going well, the salesperson may even ask the customer to make a purchase at this point

-Job analysis: the study of a specific job to identify the duties and skill requirements of the job and determining whether the position needs to be temporary, part-time, permanent, or outsourced -Application Process: the first document read by HR and while the HR Department helps find and screen candidates, department managers and supervisors may make the final decision; HR must ensure that all federal equal opportunity employment laws are followed throughout the process -Performance Review: HR department then arranges training and conducts performance evaluations to determine whether they are completing their work efficiently and HR ensures that reviews take place and all employees are evaluated fairly -Compensation: HR is responsible for researching compensation plans offered by other organizations in the industry and recommending competitive packages to help attract and keep quality employees; fair environment

Human Resources issues may include:

SMART Objectives

S- Specific: Objectives are specific and answer "What?" "Why?" and "How?"; An objective to increase attendance by 10 percent is more specific than an objective to simply "improve attendance" M- Measurable: Objectives include a quantifiable way to measure whether they have been accomplished; for example, current attendance numbers can be compared to previous seasons A- Attainable: Objectives are stated as outcomes that can realistically be achieved; increasing attendance by 10 percent may be realistic, while adding 100 million new fans is not R- Relevant: Objectives pertain to the mission of the business, which is generally to make a profit; Increasing attendance by 10 percent will increase revenues proportionately through ticket sales, concession sales, and merchandise sales T- Timely: Objectives have a start date and completion date; Objectives should be reviewed at least every three months to evaluate their progress

1. Pre-approach 2. Approach 3. Demonstration 4. Answering Questions 5. Closing the Sale 6. Follow-Up

Steps in the Personal Selling (Sales) Process

-Executive Summary -Business Description -Marketing Plan -Business Structure and Operations -Financial Forecast -Schedule

The Business Plan Components are:

1) Forming-- team is created and relies on the leader with ground rules being established 2) Storming-- personalities become evident, conflicts are common, leaders should encourage open discussion 3) Norming-- conflicts are resolved, roles become well-defined, team is now focused on the tasks, and leaders help clarify team members' roles and objectives 4) Performing-- teams increase productivity, emphasis on problem solving, members are committed to the mission and work together to meet objectives, and the leader provides help and guidance as needed to help members accomplish their tasks 5) Adjourning-- tasks are completed to bring closure and team disbands, and leaders take time to recognize the team's achievements

The Five Stages of Team Building

Project Matrix

a chart displaying the tasks, groups, or individuals responsible for completion of the tasks, and the due dates or timeliness

4. Answering Questions Stage

a customer may voice objections to the product or service or have questions or concerns; these responses generally mean the customer is considering the purchase; providing additional information to counter the objections may resolve the customer's concerns

Parody

a humorous imitation of the original work

Marketing Plan

a precisely written document that describes a company's situational analysis, marketing strategy, and implementation plan for meeting company objectives

Patents

a property right that excludes others from making, using, offering for sale, or selling the invention -inventors of products may want to obtain this

Probationary Period

a test period of a few months to determine whether they can fulfill the needs of the organization

Marketing Plan

addresses the seven core marketing standards and financing -Market research provides a description of the target market, the market size, an analysis of the competition, and estimated market share -planned marketing strategies and pricing strategies are outlined -promotional strategies describe the promotional mix to be used by the business

Product Portfolio

all of the products a company has available for customers at any one time

Fair Use

allows limited creative uses of music, literature, movies, and more without asking permission or making payment

SWOT Analysis

an examination of the business's strengths, weaknesses, opportunities, and threats Strengths: the characteristics of a business or product that give it an advantage over others Weaknesses: the characteristics of a business or product that place it at a disadvantage Opportunities: external factors that a business could use to its advantage, such as changing demographics in the region Threats: external factors that could cause trouble for the business or product, such as a weak economy

Marketing Strategy

an idea for achieving marketing objectives that can be put into action

Situational Analysis

an in-depth look at the current conditions of the business, the competition, and the target customer

Public Relations Specialists

an individual hired to build and maintain positive relationships between his or her employer and the public

Interpersonal Skills

are an individual's character traits that allow him or her to effectively interact and work with other people

Broadcast Flags

are digital bits that can be embedded in digital programming to prevent programs from being recorded and redistributed

Luxury Boxes

are lavish rooms inside stadiums and arenas that allow corporate executives and some wealthy private individuals to entertain clients and friends while watching the events

Ticket Scalpers

are often unauthorized sellers who sell tickets to major sporting and entertainment events, frequently outside the venue on the day of the event, for inflated prices

Club Seats

are premium stadium seats usually located outdoors that provide a sources of high revenue

Group packages

are promotions that give special ticket prices to members of a group when tickets are purchased in large quantities, such as 15 or more

Ticket Brokers

are registered businesses that legally buy and resell tickets to a variety of entertainment events and guarantee ticket authenticity

Ticket Operations Directors

are responsible for filling stadium and arena seats

Executive Summary

briefly describes the entrepreneur's business idea and should spark the investors' interest as it is the first step in the business plan

Customer Management

building a customer base and carefully scheduling time spent with customers

Market Researchers

conduct surveys to gather information about sports and entertainment trends and statistics

Business Structure and Operations

defines the structure of the business and whether it will be a sole proprietorship, partnership, or corporation and defines each role -operations management such as HR and descriptions of the key roles and that the company will be run by competent people

Incentive Pay

employees are compensated based on the quantity and quality of work completed

Piecework Pay

employees are compensated for each unit produced or action performed

Commission

employees are paid a percentage of their sales

Profit Sharing

employees are rewarded with a portion of the company's profits

Base-Plus-Incentive Pay

employees receive a combination of a salary plus bonus or commission for achieving beyond an established level of productivity

Applied Research

focuses on solving a specific problem; in marketing it is often used to aid in the development of new or improved products

Professional Development

includes all meetings, courses, seminars, and networking opportunities that enhance an individual's knowledge and performance in his or her career area

Business Description

includes the history and background of the business idea, short and long-term goals for the business, and the products and services that will be offered by the business; Stakeholders want to know what makes the new business's product offerings unique

Leads

information and data on prospective customers who have shown interest in the product or service and/or meet the definition of the target market

Marketing Intelligence

information gathered about competitors, the industry as a whole, and the market for a product

Cold Calling

involves contacting potential customers at random without researching the customers' needs first -marketing oriented businesses normally do not depend on cold calling

Clarification

involves offering back an interpretation of the meaning of the message, as understood by the listener, and then asking questions to make things clearer

Democratic Leader

involves team members in the decision-making process and uses brainstorming as a way for employees to express their ideas

Anthology Series

is a TV series that has a different cast, setting, and story line each season -ex: the show True Detectives starring Matthew McConaughey and Woody Harrelson

Corporation

is a form of business in which ownership is represented by shares of stock -the owners (also called stockholders) may or may not be directly involved in the business's day-to-day operations

Internship

is a hands-on learning experience at a real work site

Lockout

is a period of time during which the owners keep the players from using the team facilities and shut down league operations

Non-compete Clause

is a provision in a contract that prohibits a person from working in a competing business for a specific period of time

Autocratic Leader

is a take-charge person who does not seek the input of team members -can make decisions quickly because he or she does not seek advice from team members -most employees do not enjoy working for them because the environment is closely controlled and discourages creativity

Strike

is a work stoppage caused by the voluntary, temporary refusal of the employees to work

Contract

is an agreement enforceable by law that details the transactions of business between two or more people

Agent Contract

is an agreement in which an athlete or celebrity allows a person or agency to act as a representative in marketing his or her ability and name

Labor Union

is an organization of workers formed to advance the rights and interests of its members

Sole Proprietorship

is owned and operated by one person

Executive Summary

is placed at the front of the marketing plan to present a short, concise restatement of its contents

Interpretation

is the explanation of research data in a way that makes it meaningful and informative ex: 89 percent indicated a positive attitude toward a new on-campus stadium (used before building a new stadium)

Agent

is the legal representative of an athlete or celebrity

Salary Cap

is the maximum amount that a team can spend on players' salaries; is to help keep the teams competitive

Royalty

is the payment for the use of copyrighted work

Networking

is the process of developing contacts with other individuals, groups, or organizations for the benefit of career development

Strategic Thinking

is the process of finding unique, innovative ways to reach an objective

Feedback

is the receiver's response to the sender's message and may include reflection (paraphrasing or restating) and clarification

Time-Shifting

is the recording of a television show for private viewing later, is fair use

Job Analysis

is the study of a specific job to identify the duties and skill requirements of the job

Copyright

legally protects the unique work of the originator from use by others without permission

Collective Bargaining

occurs when a group of employees join together as a single unit to negotiate with employers

Suggestion Selling

occurs when the salesperson asks customers if they want to purchase related products

Laissez-faire Leader

offers little to no guidance to team members and leaves the decision making to them -these leaders believe that the talents of team members will surface, allowing them to ultimately accomplish the task

Promotions Managers

plan and coordinate activities to attract fans to sports and entertainment events; also sign sponsors to help finance events

Mentor

role model who will provide guidance, encouragement, and training

Schedule

sets specific milestones and deadlines for the business to meet -evaluation periods should also be planned to help determine whether objectives are being met and whether adjustments need to be made to the business plan

Handlers

someone who manages an athlete's life off the field and often serve as a parental figure; many sponsors usually hire them

Tactics

the actions taken to implement a strategy

6. Follow-Up

the continued success of a salesperson (and the business) is based on establishing long-term relationships with customers; the salesperson can strengthen these relationships by following up with customers; follow-up occurs when the salesperson contacts customers to ensure they are satisfied with their recent purchases and to determine additional needs; valuable feedback can be obtained, resulting in improved services for future customers

5. Closing the Sale

the customer makes the decision to buy; actions to help the customer reach this final decision may include offering a discount or a gift as an incentive for buying today; this is also the time to suggest additional items to increase customer satisfaction and the amount of the sale; Suggestion selling occurs when the salesperson asks customers if they want to purchase related products -ex: Consider the last time you were at a movie theater or an amusement park, the concession worker probably suggested that you upsize your meal or add another snack item; The amusement park associate may have suggested a multiday pass or a VIP ticket for added benefits and value

Trademark

the legal protection of words and symbols used by a company

Mission Statement

the nature of the business and the reason the company exists are described

Marketing Manager

the person who drives the creative development of the company's messages about its products

Collective Bargaining Agreements

the players' association and the entertainment industry unions negotiate an employment contract with the owners or management; covers all players in the league or members of the union

Public Domain

the realm in which the originator's work can be used by anyone without cost or permission; after a copyright expires

Positioning Statement

the specific description of the unique qualities of a product's marketing mix

Intellectual Property

the unique works of writers, artists, and musicians that are protected under copyright law

Financial Forecast

this section shows current and projected financial statements and it is important to show that all business expenses have been anticipated and that projected revenues are realistic

2. Approach Stage

this step is the first contact with the customer to gain the customer's attention and interest; the salesperson should have a plan for what to say when speaking with a customer, but the plan should be flexible; it is important that the salesperson listen carefully to the customer to determine the customer's specific needs and wants; the salesperson should strive to make a favorable first impression as a way to establish and build an ongoing business-customer relationship

Nonprice Competition

when a business decides to emphasize other factors in the marketing mix besides price -ex: product features, technological advancements, etc.

Partnership

where two or more individuals sign an agreement to own and operate a business together -partnership agreement: states who is responsible for each aspect of the business and how profits and losses will be split

Directors of Corporate Sales

work to establish partnerships with businesses for sponsorship of sports and entertainment events; also responsible for selling luxury skyboxes