Small Business Management Chapter 10

press relations

activities used to establish and promote a favorable opinion by the media

Which of the following components are included in a firm's media content strategy plan?

publishing procedures / KPIs

Unbundling

breaking apart a product or service into its individual components

Cross-selling

Selling products or services related to the target product

The owned-shared media overlap The shared-earned media overlap The earned-paid media overlap The paid-owned media overlap

Social media embassies and gateways to shared content Media partnerships with companies, media organizations, and influencers Development of contests, advertorials, lead generation efforts, and influencer-directed campaigns Incentive media based efforts, such as sponsorships, affiliate marketing efforts, brand ambassadors, and related types

impression

when someone notices an promotional effort

co-branding

when two businesses combine their products or services

Sales outcome reports

Sum up issues around actual sales

prospects

sales leads who actually make some sort of effort to learn more about a product, service, or business in anticipation of a possible purchase

Up-selling

selling additional accessories of a product or higher-quality version of that product at a higher cost

brand promise

the gains or benefits provided, or the help given by the product or service a firm offers

Which of the following statements about building a brand are correct?

A brand is a promise. Crafting a brand message that reflects what a firm is about is one of the most important jobs for a entrepreneur. One good approach to building a brand is to focus on what underlies the brand.

Identify a true statement in the context of affiliate marketing

A firm can develop an affiliate program and detail it on a page on its website

Which of the following may be used as part of a firm's promotional mix?

Advertising, press relations, public relations

social media management platform

An online service that captures and displays the feeds from a firm's social media sites and makes it easy to post across multiple sites, schedule posts on different sites, and help the firm see social media statistics

Which of the following bases of classification do consumer vector reports use when summarizing information?

By groups of customers / By individual purchases

Customer vector reports

Classify information by customer or customer groups based on purchases or dates of purchase / A type of CRM report that segments by customer, customer group, on purchases or dates of purchase

Earned media

Do-it-yourself and paid efforts to get the message of a firm out to the general public or the mass media in hopes they repeat it

In the context of public relations, which of the following are examples of important stakeholders in a business who get a favourable opinion about the business from different forms of publicity

Investors / special interest groups

Which of the following statements about advertising are correct?

It can be done through print outlets or electronically via mass media or the Internet. Advertising can be free or paid. It is the presentation of a company's image, products, and services to potential customers and the general public.

Which of the following statements about small business donations as a form of marketing are correct?

It can be time, connections, services, or products. It can be an in-kind donation to become a sponsor of a charitable event. It does not have to be a big sum of cash.

Which of the following are advantages of being part of a trade association?

It helps firms learn about the current and best practices in their own fields / it helps provide access to a network of shared interests and knowledge to firms

In the context of incentive media, which of the following are true of sponsored content?

It is a variation of native advertising / It refers to articles, videos, or blogs that help to promote a firm's products and services

Which of the following statements about press releases are correct?

It is the centerpiece of a business profile kit / A business' contact information should be included at the end of the release so that the reader can get additional details / Entrepreneurs should use the AIDA formula, which means attention, interest, desire, and action, when writing a press release

Which of the following statements about viral marketing are correct?

It relies on customers telling their friends about a service or product of a business / Viral marketing works because hearing about a great product from a friend or other trusted individual adds credibility

Which of the following are goals of a firm's investor relations?

Making stakeholders aware of specific details about the business before the general public finds out / conveying good news about the firm

Which of the following are true of public relations?

Many people are skeptical of public relations stories / Public relations are those things a firm does to help create a favourable opinion of itself in the mind of people

In the context of growing customer sales, which of the following is true of referrals?

Referrals involve firms getting their customers to refer the firms to their friends

Owned media

Promotional materials directly and wholly held by a firm

Shared media

Promotional mentions of a film or user experiences with its products or services made by customers and posted through their social media sites

Paid media

Promotions where a firm hires another for the placement and distribution of the material

Which of the following are true in the context of a firm's brand promise?

The brand promise is focused on an emotional outcome the firm wants to achieve in customers through its actions; the value proposition, mantra, and competitive advantage for any of the firm's products or services should be a natural extension of the brand and the brand promise

For a firm, which of the following are at the center of the PESO model developed by Gini Dietrich, which indicates the initiation point?

The film's brand and organizational identity

Which of the following statements are true about advertorials?

They are a form of paid adverisement from a firm, usually as editorial-like articles / They are generally published in mass-media

Which of the following statements are true about business profile kits?

They are generally built around new press releases that a firm considers to be of interest to media outlets / They include samples of a firm's products, logo art, photos of products, and target market-specific statistics

Which of the following are true of influencers?

They are generally quite open to considering new things / they produce content on social media platforms to get subscribers and followers beyond their social circles

Which of the following is true of media kits?

They are often built around a press release for some potential current interest to a media outlet

In the context of customer relationship management, which of the following are ways in which reports are generated during data analysis help firms?

They help firms track and identify products of low quality based on customer satisfaction / They help firms in deciding how to operate critical aspects of their marketing efforts

Which of the following is true of key performance indicators (KPIs)?

They include outcomes like sales or products produced

Which of the following statements regarding domains are correct?

Using a company's domain as its email is professional / Many companies are able to use their name as their domain name

native adverising

forms of ads inserted into regular flow of noncommercial web pages so that it appears to belong to the page

hit rate

how many prospects or leads a sales person needs to approach in order to make one sale

promotional mix

how much of each message conveyance a business owner will use to sell his or her product as well as their objectives in using each one

Affiliate marketing

involves partnerships between firms where a firm (often a content creator) mentions the product or service of another firm

cognitive dissonance

is a customer's feeling of doubt that occurs after a purchase has been made

Which of the following is true of organic traffic?

it is also called unpaid search

The overlap between owned media and shared media in the PESO model is an important part of the media strategy of any small business because

it is where the business has its own brand page on different social media platforms

Creating a ____ event is another way to get free media attention by local newspapers, radio stations, or television stations

newsworthy

user review sites

online sites where a firm's customers can post their opinions, rating, and experiences about the firm's products or services for others to see

Which of the following are types of media included in the PESO model developed by Gini Dietrich?

owned media & earned media

follow-up

refers to the contacts that firms periodically make with customer to remind them of their business and highlight their own interest in the business of customers

virtuous cycle

represents situations where one good turn invites another one from someone else

Sales process reports

summarize data based on the position of customers in a sales process

Customer retention

techniques that focus on efforts to promote satisfaction with and interest in a firm

If a firm is new to the workings of the World Wide Web, ____ can be very useful

determining the best keywords and description tags

Key words and description tags

the terms included in the hidden portion of a web page that are used by search engines to describe a business' website and evaluate its focus and category placement

Which of the following are true of brand ambassadors?

they usually receive a firm's products and services to use and demonstrate to the public / they may be paid or just volunteers

succinct message

the key point in as few and as memorable words as possible

advertising

the major way most businesses convey their message to potential customers

brand

the name a firm puts on itself and its products to differentiate them from a competitor's offerings

Personal selling

the process of selling a business' products and services

marketing funnel

the rule of thumb in marketing that it takes a large number of people to be made aware of a product in order to find a purchaser

Which of the following statements about newsworthy events are correct?

A newsworthy event should have public recognition, important, and interest / Business owners need to make it easier for the media outlet to find and create the story

sponsorship

paying for a local organization's needs in exchange for recognition

organic traffic

people who come to a firm's website based on their own actions where the firm has not paid for the link

sales leads

people who receive a promotional impression and who give some thought to buying a product

Which of the following is part of the personal selling formula for generating interest in a product or service?

prepare / prospect and evaluate / present / close / follow-up

Which of the following statements about press relations are correct?

Activities can be targeted to the general public or for specific groups / media includes newspapers, magazines, radio, and television / It consists of activities that attempt to influence or increase media coverage of a business

media content strategy plan

a document that details the specifics of a firm's marketing efforts including its goals, target audiences, distribution channels, and analytics across all the different types of marketing efforts the firm will attempt

free ink

a form of free advertising in which a business gets mentioned by the media

trade association

a group of people in the same industry who band together to gather and share information and present and represent the industry to the public and government

business profile kit

a media kit that a firm creates for itself to distinguish itself from the media kits of other companies

Donating

a paying it forward approach where a business gives its product, services, time, or connections

diversification

a strategy whose goal is growth based on adding new products or services to a firm's existing collection of offerings

domain name

the specific name of an Internet site, consisting of a name followed by .com, .net, or a similar code

Market expansion

a strategy whose goal is growth based on selling in areas or to groups previously not served by the business

viral marketing

any electronic equivalent of word-of-mouth advertising, in which the advertiser's message spreads quickly and widely via email, website, blogs, and other online tools

press release

written announcement intended to draw news media attention to a specific event

Product expansion

a strategy whose goal is growth based on selling existing customers a product or service they have never bought before

Market penetration

a strategy whose goal is growth, based on selling more of a firm's product or service to an existing customer base

media or press kit

a type of specialized web page or sales-material-based package sent to media outlets that is focused on telling them about a company and its story

co-marketing

a variant of co-branding in which two businesses with similar target audiences combine their advertising efforts to enhance their effect

Arrange the steps in the "Get Customers" funnel on the left side of the marketing funnel in the order of their occurrence.

1. Awareness 2. Interest 3. Consideration 4. Purchase

customer retention

the techniques that focus on efforts to promote satisfaction with and interest in a firm

lead generation

the promotional technique of obtaining prospective customers through paid and unpaid efforts to obtain contact information from people with the plan to send these prospects advertisements or other messages in hopes of getting them to become customers

Which of the following are ways in which firms can follow up with their customers?

through personal visits / phone calls