MKTG 3832 Exam 3 --Gander
In order for IMC to be successfully implemented, what does it require?
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Know direct marketing and other nonstore retailing
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Know the communication process
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Know the difference between product advertising and institutional
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Know the difference between the four sales channels
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Know the different advertising appeals
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Know the major channels available for consumer goods, business goods, and services
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What creates a retailer's image?
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What four points do customer-focused firms want its sales representatives to follow
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What is cooperative advertising?
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What is the difference between a sender and a receiver?
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What is used as a principal sales training method?
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What three major modes of transportation control the largest share of the freight business?
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When does a product move from the unknown to the known category?
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Where does the IMC strategy begin?
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What is brand equity?
--Added value that a respected, well-known brand name gives to a product in the marketplace --Built sequentially on four dimensions 1. Differentiation 2. Relevance Esteem Knowledge
Know the different types of consumer products
--Business-to-consumer (B2C) products- products destined for use by ultimate consumers --Business-to-business (B2B) products- product that contributes directly or indirectly to the output of other products for resale; also called industrial or organizational product
What is supply chain?
--Complete sequence of suppliers and activities that contribute to the creation and delivery of merchandise -Begins with raw-material inputs for production -Ends with the movement of final product to customers -Takes place in two directions: upstream and downstream
What is a vertical marketing system (VMS)?
--Designed to improve distribution efficiency and cost effectiveness by: -Integrating various functions throughout the distribution chain --Rely on forward or back way integration
Know the different forms of consumer-oriented sales
--Encourage repurchases by rewarding current users --Boost sales of complementary products --Increase impulse purchases
Know forward integration and backward integration
--Forward Integration: firm attempts to control downstream distribution --Backward Integration: manufacturer attempts to gain greater control over inputs to production process
Know intensive distribution, selective distribution, exclusive distribution
--Intensive Distribution: distribution of a product through all available channels --Selective Distribution: distribution of a product through a limited number of channels --Exclusive Distribution: distribution of a product through a single wholesaler or retailer in a specific geographic region
Know the different product development strategies
--Market penetration- increase sales of existing products in existing markets --Product positioning- consumers' perceptions of a product's attributes, uses, quality, and advantages and disadvantages relative to competing brands --Market development- concentrates on finding new markets for existing products --Product development- introduction of new products into identifiable or established markets --Product diversification- focuses on developing entirely new products for new markets --Cannibalization- introducing a new product that adversely affects sales of existing products
What is brand name?
--Part of a brand that can be spoken --Should give the buyers the correct connotation of the product's image --Must qualify for legal protection
Know product mix width, length and depth
--Product mix- assortment of product lines and individual product offerings a company sells --The width of a product mix refers to the number of product lines the firm offers --The length of a product mix refers to the number of different products a firm sells --Depth refers to variations in each product the firm markets in its mix
What are the five major transportation alternatives?
--Railroads --Motor Carriers --Water Carriers --Pipelines --Air Freight
What two steps should a retailer base its key decisions on?
--Selecting a target market --Developing a retailing mix to satisfying to the chosen
What is retail convergence?
--Situation in which similar merchandise is available from multiple retail outlets resulting in the blurring of distinctions between type of retailer and merchandise offered
What factors should a retailer consider when selecting a target market?
--Size of the market --Profit potential to the market --Level of competition
Know the different types of retailers classified by product lines
--Specialty stores- handles only part of a single product line --Label specialty- the practice of handling a specific, narrow line of merchandise --Limited-line retailers- offer a large assortment of products within one product line or a few related lines --Category killer- offers huge selections and low prices in single product lines
Why do organizations still use telemarketing?
--The average call cost is low --Firms point to a significant rate of success
Know the different types of utility
--Time utility- making products available for sale when consumers want to purchase them --Place utility- helping deliver goods and services for purchase at convenient locations --Ownership utility- smooth exchange of title to the products from producers or intermediaries to final purchasers
Know the different types of business products
--Unsought products- products marketed to consumers who may not yet recognize a need for them --Convenience products- goods and services consumers want to purchase frequently, immediately, and with minimal effort --Specialty products- products with unique characteristics that cause buyers to prize those particular brands --Shopping products- products consumers purchase after comparing competing offerings
What is a trade dress?
--Visual components that contribute to the overall look of a brand --Visual components may be related to color selections, sizes, package, label shapes, and similar factors
Know the different stages of brand loyalty
1. Brand recognition- consumer awareness and identification of a brand 2. Brand preference- consumer choice of a product on the basis of a previous experience 3. Brand insistence- consumer refusal of alternatives and extensive search for desired merchandise
Know the conditions that favor personal selling
1. CONSUMER -Geographically concentrated -Relatively low numbers 2. PRODUCT -Expensive -Technically complex -Custom made -Special handling requirements -Transactions frequently involve trade- ins 3. PRICE -Relatively high 4. CHANNELS -Relatively short
What are the three basic sales tasks?
1. Order-getting 2. Order-taking 3. Supporting
Know the steps in the sales process
1. Prospecting and Qualifying -Prospecting- personal selling function of identifying potential customers -Qualifying- determining a prospect's needs, income, and purchase authority as a potential customer 2. Approach -Initial contact with prospective customer -Precall planning 3. Presentation -Describing a product's major features and relating them to a customer's problems or needs -Technology must be used efficiently to be effective -Cold calling- contacting a prospect without a prior appointment 4. Demonstration -Customer has the opportunity to try out how a good works before purchase -Multimedia interactive demonstrations are now common 5. Handling Objections -Objections- expressions of resistance by the prospect -May take the form of stalling or indecisiveness -Use objections as an opportunity to reassure the buyers 6. Closing -The salesperson asks the customer to make a purchase decision 7. Follow-Up -Postsale activities that often determine whether an: --Individual who has made a recent purchase will become a repeat customer
What are atmospherics?
A combination of physical characteristics and amenities that contribute to a stores image
What is a marketing mix?
Blending of the four strategy elements - product, distribution, promotion, and price - to fit the needs and preferences of a specific target market
What is a trademark?
Brand for which the owner claims exclusive legal protection
What is a product?
Bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs
Define supply chain management
Control of the activities of purchasing, processing, and delivery through which: -Raw materials are transformed into products and made available to final customers
Define logistics
Coordinating the flow of information, goods, and services among members of the distribution channel
What is integrated marketing communications (IMC)?
Coordination of all promotional activities to produce a unified, customer-focused promotional message
Which type of brand is the most effective aid in implementing market segmentation strategies?
Individual Brand
What is personal selling?
Interpersonal influence process involving a seller's promotional presentation conducted on a person-to-person basis with the buyer
What is product placement?
Marketer pays a motion picture owner a few to display his or her product prominently in the film or show
What is sales promotion?
Marketing activities that stimulate consumer purchasing and dealer effectiveness
What is benchmarking?
Method of measuring quality by comparing performance against industry leaders
Define distribution
Movement of goods and services from producers to customers
Know the different stages of the product lifecycle
Progression of a product through introduction, growth, maturity, and decline stages 1. Introductory Stage- first stage of the product lifecycle, in which a firm works to stimulate sales of a new-market entry. 2. Growth Stage- second stage of the product lifecycle that begins when a firm starts to realize substantial profits from its investment in a product 3. Maturity Stage- third stage of the product lifecycle, in which industry sales level out 4. Decline Stage- final stage of the product lifecycle, in which a decline in total industry sales occurs
What is scrambled merchandise?
Retailing practice of combining dissimilar product lines to boost sales volume
When does cannibalization occur?
Sales of a new product cut into sales of a firm's existing products
What is a product line?
Series of related products offered by one company
What is brand mark?
Symbol or pictorial design that distinguishes a product
Define marketing channel
System of marketing institutions that enhances the: -Physical flow of goods and services -Ownership title, from producer to consumer or business user
What is guerrilla marketing?
Unconventional, innovative, and low cost techniques to get consumers' attention