BA 355 Quiz 4
What are some examples of disrupted supply chains discussed in class?
COVID disrupting Apple's supply chain Hawaii rental car crisis
What are different presentation formats, and why might each be used?
Canned Sales Presentation ( approaches a mass ideas and introduces product at the beginning) Custom presentation (consultative selling) Deliver different message tailored to each client based on needs Discover customer needs before introducing product Mention only relevant attributes
Why is direct marketing effective? What are some examples of direct marketing from class?
One-to-One so it allows message personalization and customization. Allows for a direct response (ex. Email, text, direct mail, chatbot) Direct communication with customer Consumer data used to target receptive audience
What is a vertically integrated marketing system? How might this benefit a supply chain?
- Supply chain management - Designed to achieve channel economies and maximum marketing impact - Professionally-coordinated channels -Consolidate supply chain stages under single ownership -Promotes efficiency and marketing effectiveness -Reduce distribution cost, gain control
What are the benefits of multichannel marketing?
1. Blending different delivery channels (online and offline) 2. More inventory online than in stores, you're able to promote a greater range of products 3. Different experiences overall 4. Accessibility: if there's not a physical store location close to you, online will come in handy 5. Customer service (purchase vs. return) 6. Sensitive consumption: feel awkward to purchase in physical store like guys at victoria secret, so online can come in handy
What is the difference between a direct and indirect marketing channel? What are the pros and cons of a direct vs. indirect marketing channel?
1. Direct channel (aka zero channel) - Producer to consumer - No outside intermediaries/middle men 2. Indirect channel - Using 1+ intermediaries/middle men -Product is making a couple of steps along the way -"Channel length" = # of intermediaries -The more intermediaries mean longer channels -Dual channel distribution: using multiple channel types -Try to reach as many consumers as possible, extends their reach and potential exposure to customers
What are different functions performed by intermediaries?
1. Transactional - Buying, selling, promoting, risk-taking the product (stocking inventory) - Buying: purchasing products for resale or as an agent for supply of a product - Selling: contacting potential customers, promoting products, and seeking orders - Risk taking: assuming business risks in the ownership of inventory that can become obsolete or deteriorate 2. Logistical - Storing, sorting, transporting - Assorting: creating product assortments from several sources to serve customers - Storing: assembling and protecting products at a convenient location to offer better customer service - Sorting: purchasing in large quantities and breaking into smaller amounts desired by customers - Transporting: physically moving a product to customers 3. Facilitating - Financing, customer interfacing - Financing: extending credit to customers - Grading: inspecting, testing, or judging products and assigning them quality grades - Marketing information and research: providing information to customers and suppliers, include competitive conditions and trends 4. Task delegation can vary amongst intermediaries i.e. EDLP vs hi-low retail accounts (carmex)
What are the communication tools in the promotional mix? Which are "mass" vs. "customized?"
Advertising -- mass Promotion (sales) -- mass Public relations -- mass Direct marketing -- customized Personal selling -- customized
Why do marketers use the AIDA model? What are its steps? Which promotional mix elements facilitate each AIDA step?
Awareness Cognitive. Sender must gain the attention of consumers first Multichannel approach increases the likelihood the message will be received Advertising, sales promotion Interest After customer is aware, they must be persuaded Effectiveness claims, statistics and points of difference relevant to your target market Customer must want to further investigate the product/service Marketers must be careful of reactance Desire Feel-hitting an emotional cord Pain points Move from i like it to i want/need it Identifying and building up need Action: "Purchase" On socials (like, follow, shares, retweets) Enroll, sign up for memberships i.e. Political campaign = vote; National parks = visit... protect... ; Red Cross = donate
What are the types of advertising scheduling? When should each be used?
Continuous (steady) Crest toothpaste, McDonald's Flighting (intermittent) - reflect seasonal demand Sunscreen in the winter is terrible ROI for spending, no one needs sunscreen in the winter Pulse (burst) - continuous and flighting combination Candy during holiday seasons
Be able to identify or recommend types of sales promotions based on scenarios.
Coupons (discounted prices requiring a ticket/documentation) (PoS) Deals: short term price reductions (30% off store wide) Premiums: "freebies" with purchase. Encourages frequent buying and is a single offer/limited time Contests: encourage consumers to apply skills or creative thinking to win a prize/crowdsourcing Sweepstakes: no skills required, product or experience prizes Samples: no purchase required free product/trial size. Encourages consumers to try new things Loyalty Programs: encourages repeat purchases. Offers a premium as purchases accumulate, ongoing Point of purchase displays: Signs displays products, located in high traffic areas Rebates: cash rebates with proof of purchase
How does personal selling create unique value as a promotional element? How can salespeople create value for their customers?
Delivering message through trained employee in one on one setting Some products are more involved and require assistance Ability to get immediate feedback, correct misperceptions and handle objections Salespeople can create value by Providing information/expertise Identifying creative, custom solutions to customer problems Easing the customer buying process Following up after the sale
What is the relationship between a distribution channel and a supply chain?
Distribution channels are part of the supply chain Supplier network: inbound flow of raw materials/parts Marketing/distribution channel: outbound flow of finished products
What promotional mix did the Share a Coke campaign use to execute its goals?
First launched in Australia Product label: replaced logo with popular names Electronic billboards Personal, interactive experience for consumers (kiosks and online customization) Consumers encouraged to take action Buy a Coke with own name or friend's name, and share it with them Post stories and photos on social media with hashtag #shareacoke Vote online for more names Removable sticker labels
What utilities/value do marketing distribution channels bring in the marketing mix?
Four utilities: time, place, form and possession 1. Time: having a product or service when you want it ex) FedEx provides next-morning delivery 2. Place: having product or service available where consumers want it ex) Chevron gas station located on a long stretch of lonely highway 3. Form: enhancing a product or service to make it more appealing to buyers ex) Pepsi-cola manufacture the flavor concentration and sell it to bottlers - intermediaries - which then add sweetener and the concentrate to carbonated water and package the beverages in bottles and cans, which are then sold to retailers 4. Possession: efforts by intermediaries to help buyers take possession of a product or service ex) having airline tickets delivered by a travel agency
Be able to describe/identify differences between "hunters" and "farmers."
Hunters Oriented towards three particular tasks Identifying new customers Persuading customers to buy (pushy, trying to make a sale regardless of whether or not you need the product) Closing sales Spend lots of time on the road trying to get face time with potential clients Travel quite a bit, need to be able to operate independently Farmers Also called Order-takers Focused on cultivating existing relationships and managing them over the long term Not trying to convert people who don't have a need for a certain product Process routine orders with current clients ("accounts") Focused on general (idk if i mean genuine) interactions, slow and steady mentality
How has Covid-19 influenced messaging communicated by organizations as discussed in class?
Increased advocacy ads Current needs and lifestyle highlighted Trendy vs classic
What are different performance measures for social media programs? Be able to identify and/or compare different input/cost measures and output/revenue measures.
Input, cost measures: Cost per thousand (CPM) "Reach" Pro: simple and cheapest Con: seeing something doesn't guarantee action Cost per click (CPC) Common Pro: visitors have expressed interest Con: click fraud is on the rise Cost per action (CPA) Pro: efficient (pay only for "success") Con: Expensive, can be difficult to track Output, revenues Users/members, fans, visitors, unique visitors, interaction rate, click through rate, conversion rate
What are JIT systems? How do they influence marketing channels?
Just in Time systems. - Goods received as closely as possible to when they are needed - Less merchandise, delivered more frequently - Reduces storage and unsold inventory - Low varying costs, increases efficiency
What benefits do social media offer from other advertising media forms?
Key digital consumer touchpoint: allows increased collaboration and feedback loop with consumers Listening tool to identify important topics/trends, builds community, ads manager for tracking aad success
What are strengths and weaknesses of each element of the promotional mix? What conditions would favor the use of each (e.g., stage of the purchase decision process)?
NEED TO ADD!! NOT FINISHED
What are pros/cons of different advertising media? Recommend media based on a scenario.
NOT DONE YET
What are benefits and tradeoffs of using IMC/multiple communication channels?
NOT DONE!
What are the different "forms" (objectives) of advertisements? Be able to identify the form from an example, or make recommendations based on a scenario.
Pioneering Informs; gain awareness and interest- portrays utility of the product (before and after) Used in introductory stage; pre purchase stage *Olay professional pro-x clear competitive/persuasive Favorably compares brand to competitors; inspire desire/action Used in growth stage;purchase stage *Bounty's 2x more absorbent paper towels Reminder Reinforce prior knowledge or selection; maintain awareness Used in maturity stage; post purchase stage *McDonald's golden arches Advocacy (institutional, not product) States position of company on issue; makes request; bring awareness or action *Global warming ads
What is SSI? Which social media platform uses it? Be able to interpret an SSI dashboard.
SSI: Social Selling Index, from Linkedin Scores from 0-100 (25 points/element) 4 elements: Establishing your professional brand Finding the right people Engaging with insights Building relationships Predicts: Creating business opportunities Reaching quotas Comparative sales performance/success
What are examples of reverse channels?
Reclaiming recyclable and reusable materials Reduces wastes
Elements of the communication process
Sender (firm), Transmitter encodes message, communications channel (media), receiver (consumer) decodes message) Barriers: - Noise: fragmented communications-getting cut off Deliberate or accidental - Decoding variance: receivers decode messages differently Can't ensure desired response - Senders research to understand target market → adjust messages according to the communication channel and receivers' traits to optimize desired response
What is SPIN selling? What does the SPIN acronym stand for?
Situation, Problem, Implication, Needs payoff Based on using a sequence of question types that successively builds value for customer for the product being presented Helps the buyer identify unrecognized problems Turns a list of your product's features into benefits → customized solution
