BA 101A
Which 4 P's match up with the 4 C's?
Product & Consumer Solution Price & Cost Promotion & Communication Place & Convenience
Define sweepstakes
are games of chance people enter for the opportunity to win money or prizes
Define contests
are games of skill offered by a company, that offer consumers the chance to win a prize
Define loyalty programs
are sales promotions designed to get repeat business. Loyalty programs include things such as frequent flier programs, hotel programs, and shopping cards for grocery stores, drugstores, and restaurants. Sometimes point systems are used in conjunction with loyalty programs
What are the three things involved in the Role of Marketing and define them?
identify(1) a want or need that you can address, as well as the prospective customers who possess this want or need. work to satisfy(2) these customers by delivering a product or service that addresses these needs at the time customers want it. needs to retain(3) customers by creating new opportunities to win customer loyalty and business.
Define a coupon
provide an immediate price reduction off an item
Define the promotion mix
refers to how marketers combine a range of marketing communication methods to execute their marketing activities.
What is a SEO?
search-engine optimization
What are the 3 objectives to Marketing Communication?
(1) to communicate, (2) to compete, and (3) to convince.
What are the 8 stages of a New-Product Development Process?
1. Generating and Screening 2. Screening Product Ideas 3. Concept Development and Testing 4. Business Case Analysis 5. Technical and Marketing Development 6. Test Marketing 7. Launch 8. Evaluation
What are the 5 Steps in the Marketing Research Process and the three processes in each step?
1. ID the Problem Problem to solve Project objectives Research questions 2. Develop the Research Plan Information needed Research and analysis methods Responsible parties 3. Conduct Research Secondary data review Primary data collection Suitable methods and techniques 4. Analyze and Report Findings Data formatting and analysis Interpretation of results Report and recommendations 5. Take Action Thought and planning Evaluating options Course adjustment and execution
What are the five stages and what happens during each stage?
1. Product Development Stage Investment is made Sales haven't begun New product ideas are generated, operationalized and tested 2. Market Introduction Stage Costs are very high slow sales volume to start little or no competition demand has to be created customers have to be promoted to try the product 3. Growth Stage Costs reduced due to economies of scale Sales volume increases significantly Profitability begins to rise Public awareness increases Competition begins to increase with a few new players in establishing market increased competition leads to price decreases 4. Maturity State Costs are lowered as a result of increasing production volumes and experience curve effects Sales volume peaks and market saturation is reached New competitors enter the market Prices tend to drop due to the proliferation of competing products Brand differentiation and feature diversification is emphasized to maintain or increase market share profits decline 5. Decline State Costs increase due to some loss of economies of scale Sales volume declines Prices and profitability diminish Profit becomes more a challenge of production/distribution efficiency than increased sales
What are the 6 types of branding strategies and what do they do?
A "branded house" strategy (sometimes called a "house brand") uses a strong brand—typically the company name—as the identifying brand name for a range of products (for example, Mercedes Benz or Black & Decker) or a range of subsidiary brands (such as Cadbury Dairy Milk or Cadbury Fingers). "house of brands" strategy, a company invests in building out a variety of individual, product-level brands. store branding, private-label branding has become increasingly popular. In cases where the retailer has a particularly strong identity, the private label may be able to compete against even the strongest brand leaders and may outperform those products that are not otherwise strongly branded. "no-brand" strategies by creating packaging that imitates generic-brand simplicity. Personal and organizational branding are strategies for developing a brand image and marketing engine around individual people or groups. The developing fields of place branding and nation branding work on the assumption that places compete with other places to win over people, investment, tourism, economic development, and other resources.
Brands can be defined in 5 different ways:
A brand is an identifier: a name, sign, symbol, design, term, or some combination of these things that identifies an offering and helps simplify choice for the consumer. A brand is a promise: the promise of what a company or offering will provide to the people who interact with it. A brand is an asset: a reputation in the marketplace that can drive price premiums and customer preference for goods from a particular provider. A brand is a set of perceptions: the sum total of everything individuals believe, think, see, know, feel, hear, and experience about a product, service, or organization. A brand is "mind share": the unique position a company or offering holds in the customer's mind, based on their past experiences and what they expect in the future.
Value Proposition
A business or marketing statement that summarizes why a consumer should buy a product or use a service. This statement should convince a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings
What are the 7 different common methods of marketing communication and describe them?
Advertising: Any paid form of presenting ideas, goods, or services by an identified sponsor. Historically, advertising messages have been tailored to a group and employ mass media such as radio, television, newspaper, and magazines. Advertising may also target individuals according to their profile characteristics or behavior; examples are the weekly ads mailed by supermarkets to local residents or online banner ads targeted to individuals based on the sites they visit or their Internet search terms. Public relations (PR): The purpose of public relations is to create goodwill between an organization (or the things it promotes) and the "public" or target segments it is trying to reach. This happens through unpaid or earned promotional opportunities: articles, press and media coverage, winning awards, giving presentations at conferences and events, and otherwise getting favorable attention through vehicles not paid for by the sponsor. Although organizations earn rather than pay for the PR attention they receive, they may spend significant resources on the activities, events, and people who generate this attention. Personal selling: Personal selling uses people to develop relationships with target audiences for the purpose of selling products and services. Personal selling puts an emphasis on face-to-face interaction, understanding the customer's needs, and demonstrating how the product or service provides value. Sales promotion: Sales promotions are marketing activities that aim to temporarily boost sales of a product or service by adding to the basic value offered, such as "buy one get one free" offers to consumers or "buy twelve cases and get a 10 percent discount" to wholesalers, retailers, or distributors. Direct marketing: This method aims to sell products or services directly to consumers rather than going through retailer. Catalogs, telemarketing, mailed brochures, or promotional materials and television home shopping channels are all common traditional direct marketing tools. Email and mobile marketing are two next-generation direct marketing channels. Digital marketing: Digital marketing covers a lot of ground, from Web sites to search-engine, content, and social media marketing. Digital marketing tools and techniques evolve rapidly with technological advances, but this umbrella term covers all of the ways in which digital technologies are used to market and sell organizations, products, services, ideas, and experiences. Guerrilla marketing: This newer category of marketing communication involves unconventional, innovative, and usually low-cost marketing tactics to engage consumers in the marketing activity, generate attention and achieve maximum exposure for an organization, its products, and/or services. Generally guerrilla marketing is experiential: it creates a novel situation or memorable experience consumers connect to a product or brand.
What are all the different kinds of retailing?
An insurance broker, who sells insurance products from many companies to businesses and individuals A literary agent, who represents writers and their written works to publishers, theatrical producers, and film producers An export broker, who negotiates and manages transportation requirements, shipping, and customs clearance on behalf of a purchaser or producer
What are the 6 levels of meaning 'market perception' in a brand?
Attributes: specific product features. The Mercedes-Benz brand, for example, suggests expensive, well-built, well-engineered, durable vehicles. Benefits: attributes translate into functional and emotional benefits. Mercedes automobiles suggest prestige, luxury, wealth, reliability, self-esteem. Values: company values and operational principles. The Mercedes brand evokes company values around excellence, high performance, power. Culture: cultural elements of the company and brand. Mercedes represents German precision, discipline, efficiency, quality. Personality: strong brands often project a distinctive personality. The Mercedes brand personality combines luxury and efficiency, precision and prestige. User: brands may suggest the types of consumers who buy and use the product. Mercedes drivers might be perceived and classified differently than, for example, the drivers of Cadillacs, Corvettes, or BMWs.
What are some common social media marketing tools?
Blogs Youtube Twitter Facebook Instagram Google Pinterest
How do brands create an 'experience'?
Branding also addresses virtually every aspect of a customer's experience with a company or product: visual design, quality, distinctiveness, purchasing experience, customer service, and so forth
How to brands create value for the Consumer, Product & Service Providers, and the Retailer?
Brands help create trust, so that a person knows what to expect from a branded company, product, or service. Positive, well-established brand associations increase the likelihood that consumers will select, purchase, and consume the product It decreases the risk of losing market share to the competition by establishing a competitive advantage customers can count on. Retailer brand building may focus around the in-store or online shopping environment, product selection, prices, convenience, personal service, customer promotions, product display, etc.
What primary roles to wholesale intermediaries do?
Christmas-tree wholesalers who buy from growers and sell to retail outlets Restaurant food suppliers Clothing wholesalers who sell to retailers
Define co-branding
Co-branding is an arrangement in which two established brands collaborate to offer a single product or service that carries both brand names.
Define Competitor Oriented Pricing
Competitor-oriented pricing doesn't fully take into account the value of the product to the customer vis-à-vis the value of competitive products. As a result, the product might be priced too low for the value it provides, or too high.
Which sales promotions work best and when? (both B2B and B2C)
Consumer Sales Promotions Coupons Sweepstakes or contests Premiums Rebates Samples Loyalty programs Point-of-purchase displays B2B Sales Promotions Trade shows and conventions Sales contests Trade and advertising allowances Product demonstrations Training Free merchandise Push money
What are the four kinds of products and how to do your market them seperately?
Convenience Products example: coffee, milk the primary marketing strategy is extensive distribution. the product must be available in every conceivable outlet and must be easily accessible in these outlets Shopping Products example: tv Usually more expensive and are purchased occasionally. Consumer is more likely to compare a number of options to assess quality, cost, and features. Speciality Products example: hairstyles these products are so unique that it's worth it to go to great lengths to find and purchase them. Unsought Products example: products are those the consumer never plans or hopes to buy. these are either products that the customer is unaware of or products the consumer hopes not to need.
What are 3 disadvantages of PR?
Cost. Although publicity is usually less expensive to organize than advertising, it isn't "free." A public relations firm may need to be hired to develop campaigns, write press releases, and speak to journalists. Even if you have in-house expertise for this work, developing publicity materials can take employees away from their primary responsibilities and drain off needed resources. Lack of control. There's no guarantee that a reporter or industry influencer will give your company or product a favorable review—it's the price you pay for "unbiased" coverage. You also don't have any control over the accuracy or thoroughness of the coverage. There's always a risk that the journalist will get some facts wrong or fail to include important details. Missing the mark. Even if you do everything right—you pull off a worthy event and it gets written up by a local newspaper, say—your public relations effort can fall short and fail to reach enough or the right part of your target audience. It doesn't do any good if the reporter's write-up is very short or it appears in a section of the paper that no one reads. This is another consequence of not being able to fully control the authorship, content, and placement of PR.
What are the three primary objectives of social media marketing?
Creating buzz: Developing and publishing messages (in a variety of formats-e.g., text, video, and images) that is disseminated via user-to-user contact Fostering community: Building ways for fans to engage with one another about a shared interest in a brand, product, or service Facilitating two-way communication: Online conversations are not controlled by the organizations. Instead, social media promotes and encourages user participation, feedback, and dialogue
What are the 4 C's and what do they mean?
Customer solution: what the customer wants and needs Communication: a two-way dialogue with the customer Convenience: an easy process to act or buy Cost: the customer's cost to satisfy that want or need
What are FOUR things the Exchange Process involves?
Customer, Product, Provider(Seller), Transaction
What are the four channels for consumer products and list what is different about each one?
Direct Channel the producer sells directly to the consumer Retail Channel retailer markets and sells the goods on behalf of the producer. Wholesale Channel A wholesaler is primarily engaged in buying and usually storing and physically handling goods in large quantities, which are then resold (usually in smaller quantities) to retailers or to industrial or business users Agent Channel they do not own the merchandise because they neither buy nor sell. Instead, brokers bring buyers and sellers together and negotiate the terms of the transaction: agents represent either the buyer or seller
What are the advantages and disadvantages of marketing?
Direct marketing can be a powerful tool for anticipating and predicting customer needs and behaviors. Over time, as companies use consumer data to understand their target audiences and market dynamics, they can develop more effective campaigns and offers. Organizations can create offers that are more personalized to consumer needs and preferences, and they can reach these consumers more efficiently through direct contact. disadvantages of direct marketing are, not surprisingly, concerns about privacy and information security
Define events
Engage with a community to present information and an interactive "live" experience with a product, service, organization or brand
What is guerilla marketing?
Generally guerrilla marketing is experiential: it creates a novel situation or memorable experience consumers connect to a product or brand.
Define Media Relations
Generate positive news coverage about the organization, its products, services, people, and activities
Define award programs
Generate recognition for excellence within the organization and/or among customers
How does direct marketing work in action?
If you've ever paid off an auto loan, you may have noticed a torrent of mail offers from car dealerships right around the five-year mark. They know, from your credit history, that you're nearly done paying off your car and you've had the vehicle for several years, so you might be interested in trading up for a newer model. Based on your geography and any voter registration information, you may be targeted during election season to participate via telephone in political polls and to receive "robocalls" from candidates and parties stomping for your vote.
What makes digital marketing tools unique?
Interactive: A primary focus of many digital marketing tools and efforts is to interact with target audiences, so they become actively engaged in the process, ideally at multiple points along the way. This may happen by navigating a Web site, playing a game, responding to a survey, sharing a link, submitting an email address, publishing a review, or even "liking" a post. Asking consumers to passively view an advertisement is no longer enough: now marketers look for ways to interact. Mobile and portable: Today's digital technologies are more mobile and portable than ever before. This means digital marketing tools are also mobile and portable: consumers can access them-and they can access consumers-virtually anytime and anywhere through digital devices. Digital marketing can reach people in places and ways that simply were not possible in the past. A tired mother stuck in traffic might encourage her child to play a game on her smart phone, exposing both child and mother to marketing messages in the process. A text message sent to a remote location can remind an adventurer to renew a subscription or confirm an order. Many physical limitations fall away in the digital world. Highly measurable and data driven. Digital technologies produce mountains of data about who is doing what, when, how, and with whom. Likewise, digital marketing tools enable marketers to determine very precisely whom they want to reach, how to reach them, and what happens when people begin the process of becoming a customer. By tracking and analyzing these data, marketers can also identify which channels are most productive for bringing people into the site and what types of interactions are most efficient at turning them to customers. Shareable: Because digital marketing tools are digital, it is easy to share them at low or no cost-a benefit for marketers and for consumers who find content they want to share virally. People routinely share videos, games, Web sites, articles, images, and brands—any number of overt or covert marketing artifacts. In fact, the degree to which something is shared has become a key metric to confirm how successful it is as a marketing vehicle. Sharing has always been a primary means of spreading ideas. Digital marketing tools now facilitate extremely rapid, efficient, global sharing. Synergistic with other marketing activities: Digital marketing tools offer quick, easy, and inexpensive ways to repurpose marketing messages and content from other marketing communication methods. They help amplify and reinforce the messages targeting consumers through other media. For example, uploading a TV ad to YouTube creates a piece of digital marketing content that can be posted to Facebook, tweeted on Twitter, embedded in a Web-site page, and shared via an email from a sales representative engaged in personal selling to a target customer.
What are some advantages and disadvantages to guerilla marketing?
It can be inexpensive to execute—it's often much cheaper than traditional advertising when you consider the number of impressions and amount of attention generated. It encourages creativity and inventiveness, since the goal is to create something novel and original. Guerrilla marketing is about buzz: it is designed for viral sharing, and it taps into powerful word-of-mouth marketing as people share their memorable guerrilla-inspired impressions and experiences with friends and acquaintances Unexpected obstacles can arise, which even the best-laid plans may have missed: weather, traffic, current events, timing, etc. Some audiences or bystanders may misinterpret what is happening, or even take offense at provocative actions or messages. When guerrilla projects are cloaked in secrecy or mystery, people may become uncomfortable or fearful, or the aura of mystery may cause them to interpret the message and goals incorrectly.
Define crisis management
Manage perceptions and contain concerns in the face of an emergency situation
What are the three Relationship phases in Customer Relationship Management and what typical marketing activities are associated with them?
Meeting and Getting Acquainted Find desirable target customers, including those likely to deliver a high customer lifetime value Understand what these customers want Build awareness and demand for what you offer Capture new business Providing a Satisfying Experience Measure and improve customer satisfaction Track how customers' needs and wants evolve Develop customer confidence, trust, and goodwill Demonstrate and communicate competitive advantage Monitor and counter competitive forces Sustain a Committed Relationship Convert contacts into loyal repeat customers, rather than one-time customers Anticipate and respond to evolving needs Deepen relationships, expand reach of and reliance on what you offer
What are the 5 steps in the Consumer Decision-Making Process?
Need Recognition Recognize there is a problem. Don't move on to the next step until they have confirmed that their specific needs are important enough to act on. Information Search Seek information to help identify and evaluate alternative products, services, experiences, and outlets that will meet that need. Evaluation of Alternatives Identifies the alternative products, services, and outlets that are viable options. The Purchase Decision Consumers at some point have to decide whether they are going to buy. Postpurchase Behavior Consumer's feelings and evaluations after the sale are also significant to a marketer, because they can influence repeat sales and what the customer tells others about the product or brand.
How does social media marketing work?
Paid: Paid social media activity includes advertisements on social media (placed in various locations), sponsored posts or content, and retargeting advertisements that target ads based on a consumer's previous actions. This type of social media activity is best suited for sales, lead generation, event participation, and incorporation into IMC campaigns. Earned: Earned social media activity involves news organizations, thought leaders, or other individuals who create content about an organization. It is particularly suited to supporting public relations efforts. Owned: Owned social media activity happens through social media accounts that an organization owns (e.g., Facebook page, Twitter handle, Instagram name, etc.). This activity is ideal for brand awareness, lead generation, and goals around engaging target audiences.
What are the five important channel flows?
Product flow: the movement of the physical product from the manufacturer through all the parties who take physical possession of the product until it reaches the ultimate consumer Negotiation flow: the institutions that are associated with the actual exchange processes Ownership flow: the movement of title through the channel Information flow: the individuals who participate in the flow of information either up or down the channel Promotion flow: the flow of persuasive communication in the form of advertising, personal selling, sales promotion, and public relations
What are the 4 P's and what do they mean?
Product: the goods and services offered Promotion: communication and information Place: distribution or delivery Price: ensuring fair value in the transaction
Define publications
Provide information about the organization, showcase its expertise and competitive advantages
What are a few common marketing objectives and web-site functions?
Providing general information about an organization such as the value proposition, products and services, and contact information Expressing the brand of an organization through design, look and feel, personality, and voice Demonstrating products, services, and expertise, including the customer experience, features, benefits, and value they provide Proof points about the value a company offers, using evidence in the form of case studies, product reviews, testimonials, return on investment data, etc. Lead generation, capturing information about Web-site visitors to use in ongoing sales and marketing activity Communities and forums for target audiences to share information and ask/answer questions Publishing value-adding content and tools for informational or entertainment purposes to bring people in and draw them back to the Web site Communication about company news, views, culture, developments, and vision through an electronic newsroom or a company blog, for example Shopping, providing tools for customers to research, find, and select products or services in the digital environment Recommendations that direct customers to information, products, services, and companies that meet their interests and needs Sales, the ability to conduct sales and transact business online Capturing customer feedback about the organization, its products, services, content, and the Web-site experience itself
Define Sponsorships
Raise the profile of an organization by affiliating it with specific causes or activities
What are the four steps in defining your Target Market?
Step 1: Identify the Customer Need You Address Start by stating the needs you will fulfill Step 2: Segment Your Total Market Break down this large market into smaller sections, using a process known as segmentation. Step 3: Profile Your Target Customer Segment(s) Develop profiles of your target customer(s) to get a true picture of the people you're trying to serve. Step 4: Research and Validate Your Market Opportunity Conduct research to verify that there will be enough business in this group to support your company in its growth.
What are some types of personal selling techniques describe them?
Sales presentations: in-person or virtual presentations to inform prospective customers about a product, service, or organization Conversations: relationship-building dialogue with prospective buyers for the purposes of influencing or making sales Demonstrations: demonstrating how a product or service works and the benefits it offers, highlighting advantageous features and how the offering solves problems the customer encounters Addressing objections: identifying and addressing the concerns of prospective customers, to remove any perceived obstacles to making a purchase Field selling: sales calls by a sales representative to connect with target customers in person or via phone Retail selling: in-store assistance from a sales clerk to help customers find, select, and purchase products that meet their needs Door-to-door selling: offering products for sale by going door-to-door in a neighborhood Consultative selling: consultation with a prospective customer, where a sales representative (or consultant) learns about the problems the customer wants to solve and recommends solutions to the customer's particular problem Reference selling: using satisfied customers and their positive experiences to convince target customers to purchase a product or service
What are the four factors that influence consumer decisions and list what they pertain to?
Situational Factors pertain to the consumer's level of involvement in a buying task and the market offerings that are available. Personal Factors are individual characteristics and traits such as age, life stage, economic situation, and personality Psychological Factors relate to the consumer's motivation, learning, socialization, attitudes, and beliefs Social Factors pertain to the influence of culture, social class, family, and reference groups
What is brand ownership?
The legal owner of a brand is generally the individual or entity in whose name the legal registration has been filed.
What is Cost-Plus Pricing (gross margin pricing)
The manager selects as a goal a particular gross margin that will produce a desirable profit level. Gross margin is the difference between how much the goods cost and the actual price for which it sells. This gross margin is designated by a percent of net sales.
What are 4 advantages of PR?
The opportunity to amplify key messages and milestones. When PR activities are well-aligned with other marketing activities, organizations can use PR to amplify the things they are trying to communicate via other channels. A press release about a new product, for example, can be timed to support a marketing launch of the product and conference where the product is unveiled for the first time. Believable. Because publicity is seen to be more objective, people tend to give it more weight and find it more credible. Paid advertisements, on the other hand, are seen with a certain amount of skepticism, since people that companies can make almost any kind of product claim they want. Employee pride. Organizing and/or sponsoring charitable activities or community events can help with employee morale and pride (both of which get a boost from any related publicity, too). It can also be an opportunity for teamwork and collaboration. Engaging people who visit your Web site. PR activities can generate interesting content that can be featured on your organization's Web site. Such information can be a means of engaging visitors to the site, and it can generate interest and traffic long after the PR event or moment has passed. Industry influencers may visit the site, too, to get updates on product developments, growth plans, or personnel news, etc.
Define Supply Chain Management
The process of managing operations control, resource acquisition, and inventory so as to improve overall efficiency and effectiveness
What are the three differences between the supply chain and marketing channels?
The supply chain is broader than marketing channels. It begins with raw materials and delves deeply into production processes and inventory management. Marketing channels are focused on bringing together the partners who can most efficiently deliver the right marketing mix to the customer in order to maximize value. Marketing channels provide a more narrow focus within the supply chain. Marketing channels are purely customer facing. Supply chain management seeks to optimize how products are supplied, which adds a number of financial and efficiency objectives that are more internally focused. Marketing channels emphasize a stronger market view of the customer expectations and competitive dynamics in the marketplace. Marketing channels are part of the marketing mix. Supply chain professionals are specialists in the delivery of goods. Marketers view distribution as one element of the marketing mix, in conjunction with product, price, and promotion. Supply chain management is more likely to identify the most efficient delivery partner. A marketer is more likely to balance the merits of a channel partner against the value offered to the customer. For instance, it might make sense to keep a channel partner who is less efficient but provides important benefit in the promotional strategy.
What is marketing communication?
The various efforts and tools companies use to initiate and maintain communication with customers and prospects, including solicitation letters, newspaper ads, even sponsorships, publicity, telemarketing, statement stuffers ad coupons
Define direct marketing and the purposes/uses of it
Traditional direct marketing activities include mail, catalogs, and telemarketing. direct marketing overlaps heavily with digital marketing, as marketers rely on email and, increasingly, mobile communications to reach and interact with consumers.
Define message
What message elements should the advertising convey to consumers? What should the key message be? What is the call to action?
Why is data the key to effective direct marketing?
When a person moves or makes a significant purchase like a car or a home, these details become part of the criteria marketers use to identify who will be a good target for their products or services. With electronic media, the information flow about consumers opens the floodgates: marketing databases capture when a consumer opens an email message and clicks on a link.
What are the advantages of SEO and content marketing?
When marketers do it skillfully, they can easily track the results, see what works, and adjust course to improve outcomes. When organizations generate high-quality content, it can be relatively inexpensive to achieve great SEO results, particularly as search engines themselves increasingly reward the "real deal": good information and true substance targeted to a specific audience.
Define rebates
When you get a rebate, you are refunded part (or all) of the purchase price of a product after completing a form and sending it to the manufacturer with your proof of purchase
Define creative strategy
With clarity around the target audience, campaign strategy, and budget, the next step is to develop the creative strategy for developing compelling advertising. The creative strategy has two primary components: the message and the appeal.
What is public service announcements (PSA's)?
a category of institutional advertising focused on social-welfare issues such as drunk driving, drug use, and practicing a healthy lifestyle.
What is a brand?
a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products
Competitive Advantage
a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition
What are product-focused advertisements?
ads that promote an organization's goods or services.
What are the advantages and disadvantages of personal selling?
advantage flexibility minimizes wasted effort is that measuring marketing effectiveness and determining ROI are far more straightforward for personal selling than for other marketing communication tools is that a salesperson is in an excellent position to encourage the customer to act. is the multiple tasks that the sales force can perform disadvantage High cost is the problem of finding and retaining high-quality people message inconsistency that sales-force members have different levels of motivation
What are advantages and disadvantages of advertising?
advertising creates a sense of credibility or legitimacy when an organization invests in presenting itself and its products in a public forum. disadvantage of advertising is cost
What is institutional advertising?
advertising designed to create a positive image of an organization
Define Channel of Distribution
also called a marketing channel, as sets of interdependent organizations involved in the process of making a product or service available for use or consumption, as well as providing a payment mechanism for the provider.
What are Quantity Discounts, Seasonal Discounts, Cash Discounts, Trade Discounts, Personal Allowances, Trade-in Allowances, and Price Bundling?
also called a marketing channel, as sets of interdependent organizations involved in the process of making a product or service available for use or consumption, as well as providing a payment mechanism for the provider.Quantity discounts are reductions in base price given as the result of a buyer purchasing some predetermined quantity of merchandise. Seasonal discounts are price reductions given for out-of-season merchandise—snowmobiles discounted during the summer, for example. Cash discounts are reductions on base price given to customers for paying cash or within some short time period. Trade discounts are price reductions given to middlemen (e.g., wholesalers, industrial distributors, retailers) to encourage them to stock and give preferred treatment to an organization's products. Personal allowances are similar strategies aimed at middlemen. Their purpose is to encourage middlemen to aggressively promote the organization's products. Trade-in allowances also reduce the base price of a product or service. These are often used to help the seller negotiate the best price with a buyer. Price bundling is a very popular pricing strategy. The marketer groups similar or complementary products and charges a total price that is lower than if they were sold separately.
Define Customer Oriented Pricing
also referred to as value-oriented pricing. Given the centrality of the customer in a marketing orientation (and this marketing course!), it will come as no surprise that customer-oriented pricing is the recommended pricing approach because its focus is on providing value to the customer. value = perceived benefits - perceived costs
What are some advantages and disadvantages of social media marketing?
better equipped to understand and respond to market sentiment. Social media helps organizations identify and cultivate advocates for its products, services, and brand, including the emergence of customers who can become highly credible, trusted voices to help you sell. social media are very measurable, allowing marketers to track online customer behavior and how target audiences respond to content created by the organization. One of the biggest challenges facing organizations is determining who in the organization should "own" the social media platforms for the organization. Too few hands to help means the burden of content creation is high on a single individual. However, too many people often results in duplication of efforts or conflicting content.
Marketing creates a _______ of _____ and ________ that the company offers at a price to its customers.
bundle of goods and services
What are Sales Promotion Techniques?
common sales promotion techniques including samples, coupons, point-of-purchase displays, premiums, contents, loyalty programs and rebates
Marketing Strategy
defines how the marketing mix can best be used to achieve the corporate strategy and objectives
Define Point of Purchase displays
encourage consumers to buy a product immediately. These displays draw attention to a product by giving it special placement and signage
What are some guerilla marketing tactics?
graffiti stencil graffiti undercover or stealth marketing stickers flash mods publicity stunts treasure hunts sham events
Marketing Information System
is a combination of people, technologies, and processes for managing marketing information, overseeing market research activities, and using customer insights to guide marketing decisions and broader management and strategy decisions.
Define a premium
is a product or offer a consumer receives when they buy another product.
Define a sample
is a sales promotion in which a small amount of a product that is for sale is given to consumers to try. Samples encourage trial and an increased awareness of the product
MARKETING
is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others.
Marketing Research
is a systematic process for identifying marketing opportunities and solving marketing problems, using customer insights that come out of collecting and analyzing marketing information
Competitor
is providing the same offering but is accentuating different features and benefits
Differentiation
is simply the process of identifying and optimizing the elements of an offering that provide unique value to customers.
Value
is the measure of the benefit gained from a product or service relative to the full cost of the item.
Define brand licensing
is the process of leasing or renting the right to use a brand in association with a product or set of products for a defined period and within a defined market, geography, or territory.
Define Public Relations
is the process of maintaining a favorable image and building beneficial relationships between an organization and the public communities, groups, and people it serves
What is Marketing Information?
most reliable source of fresh customer insights
Define brand extension
moves an existing brand name into a new product category, with a new or somehow modified product.
Define informational appeal
ow the advertising will attract attention and influence a person's perceptions or behavior.
Define Profit Oriented Pricing
places an emphasis on the finances of the product and business. A business's profit is the money left after all costs are covered. In other words, profit = revenue - costs.
What is PLC?
starts with the product's development and introduction, then moves toward withdrawal or eventual demise.
Define emotional appeal
targets consumers' emotional wants and needs rather than rational logic and facts.
Exchange Process
the act of obtaining a desired object from someone by offering something of value in return
What are channel partners?
the organizations that collectively support the distribution channel
Define Supply Chain
the sequence of processes involved in the production and distribution of a commodity.
Define Markup
they are referring to the difference between the average cost and price of all merchandise in stock, for a particular department, or for an individual item
What are the 3 primary objectives to advertising?
to inform, to persuade, and to remind.
Explain a customer's view of price
value = perceived benefits - perceived costs
Substitutes
viewed by the user as alternatives
Define line extension
when it introduces a new variety of offering within the same product category. To illustrate with the food industry, a company might add new flavors, package sizes, nutritional content, or products containing special additives in line extensions.
What are the certain situations that you should favor personal selling?
when their products or services are highly technical, specialized, or costly—such as complex software systems, business consulting services, homes, and automobiles Product situation: Personal selling is relatively more effective and economical when a product is of a high unit value, when it is in the introductory stage of its life cycle, when it requires personal attention to match consumer needs, or when it requires product demonstration or after-sales services. Market situation: Personal selling is effective when a firm serves a small number of large-size buyers or a small/local market. Also, it can be used effectively when an indirect channel of distribution is used for selling to agents or middlemen. Company situation: Personal selling is best utilized when a firm is not in a good position to use impersonal communication media, or it cannot afford to have a large and regular advertising outlay. Consumer behavior situation: Personal selling should be adopted by a company when purchases are valuable but infrequent, or when competition is at such a level that consumers require persuasion and follow-up.
