Promotion - correct answer Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion
... [Show More] or elicit a response.
Promotional Strategy - correct answer A plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, and sales promotion.
Advertising - correct answer impersonal, one-way mass communication about a product or organization that is paid for by a marketer.
Public Relations - correct answer the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance.
Publicity - correct answer public information about a company, product, service, or issue appearing in the mass media as a news item
Sales Promotion - correct answer marketing activities - other than personal selling, advertising, and public relations - that stimulate consumer buying and dealer effectiveness
Personal Selling - correct answer A purchase situation involving a personal paid for communication between two people in an attempt to influence each other.
Communication process - correct answer Encodes message, sends message through a channel of communication. Noise in the transmission channel distorts the source's intended message. Reception occurs if the message falls within the receiver's frame of reference. The receiver decodes the message and usually provides feedback to the source. Normally, feedback is direct for interpersonal communication and indirect for mass communication.
AIDA - correct answer an acronym identifying four persuasive steps or desired effects that a brand message might have on customers and prospects: attention, interest, desire, action. Advertising increases awareness/knowledge, sales promotion is good when customers are in purchase stage, personal selling develops interest and desire.
Push strategy - correct answer a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise.
Pull strategy - correct answer a marketing strategy that stimulates consumer demand to obtain product distribution.
Integrated Marketing Communications (IMC) - correct answer the careful coordination of all promotion messages for a product or a service to assure the consistency of messages at every contact point where a company meets the consumer.
Institutional advertising - correct answer a form of advertising designed to enhance a company's image rather than promote a particular product
Product advertising - correct answer a form of advertising that touts the benefits of a specific good or service
Advocacy advertising - correct answer a form of advertising in which an organization expresses its views on controversial issues or responds to media attacks
Pioneering advertising - correct answer a form of advertising designed to stimulate primary demand for a new product or product category
Competitive advertising - correct answer a form of advertising designed to influence demand for a specific brand
Comparative advertising - correct answer A form of advertising that compares two or more specifically named or shown competing brands on one or more specific attributes
Advertising campaign - correct answer a series of related advertisements focusing on a common theme, slogan, and set of advertising appeals
Advertising Objective - correct answer a specific communication task that a campaign should accomplish for a specified target audience during a specified period
Advertising Appeal - correct answer a reason for a person to buy a product
Unique Selling Approach - correct answer a desirable, exclusive, and believable advertising appeal selected as the theme for a campaign
Medium - correct answer the channel used to convey a message to a target market.
Media planning - correct answer the series of decisions advertisers make regarding the selection and use of media, allowing the marketer to optimally and cost-efficiently communicate the message to the target audience.
Cooperative Advertising - correct answer An arrangement in which the manufacturer and the retailer split the cost of advertising the manufacturer's brand
Media Mix - correct answer the combination of media to be used for a promotional campaign.
Cost per contact - correct answer the cost of reaching one member of the target market
Reach - correct answer the number of target consumers exposed to a commercial at least once during a specific period, usually four weeks
Frequency - correct answer the number of times an individual is exposed to a given message during a specific period.
Media schedule - correct answer designation of the media, the specific publications or programs, and the insertion dates of advertising
Continuous Media schedule - correct answer A media scheduling strategy in which advertising is run steadily throughout the advertising period; used for products in the later stages of the product life cycle.
Flighted Media Schedule - correct answer a media scheduling strategy in which ads are run heavily every other month or every two weeks, to achieve a greater impact with an increased frequency and reach at those times
Pulsing Media Schedule - correct answer a media scheduling strategy that uses continuous scheduling throughout the year coupled with a flighted schedule during the best sales periods
Seasonal Media Schedule - correct answer a media scheduling strategy that runs advertising only during times of the year when the product is most likely to be used
Product Placement - correct answer a public relations strategy that involves getting a product, service, or company name to appear in a movie, television show, radio program, magazine, newspaper, video game, video or audio clip, book, or commercial for another product; on the internet; or at special events
Sponsorship - correct answer a public relations strategy in which a company spends money to support an issue, cause, or event that is consistent with corporate objectives, such as improving brand awareness or enhancing corporate image.
Cause-related marketing - correct answer a type of sponsorship involving the association of a for-profit company and a nonprofit organization; through the sponsorship, the company's product or service is promoted, and money is raised for the nonprofit.
Crisis Management - correct answer a coordinated effort to handle all the effects of unfavorable publicity or of another unexpected unfavorable event.
Consumer Sales Promotion - correct answer sales promotion activities targeting the ultimate consumer.
Trade sales promotion - correct answer sales promotion activities targeting a marketing channel member, such as a wholesaler or retailer.
Coupon - correct answer a certificate that entitles consumers to an immediate price reduction when they buy the product
Rebate - correct answer a cash refund given for the purchase of a product during a specific period.
Premium - correct answer an extra item offered to the consumer, usually in exchange for some proof of purchase of the promoted product.
Loyalty Marketing Program - correct answer a promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers
Sampling - correct answer a promotional program that allows the consumer the opportunity to try a product or service for free.
Point of purchase display - correct answer a promotional display set up at the retailers location to build traffic, advertise the product, or induce impulse buying
Trade allowance - correct answer a price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers
Push money - correct answer Money offered to channel intermediaries to encourage them to "push" products that is to encourage other members of the channel to sell the products
Relationship Selling (consultative selling) - correct answer a sales practice that involves building, maintaining and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships.
Sales process - correct answer the set of steps a salesperson goes through in a particular organization to sell a particular product or service.
Conditions that favor personal selling vs. other promotional tools - correct answer Relationships, more than one-time sales, non transaction focused, target prospective buyers, efficient, managerial control over promotion costs
Lead generation (prospecting) - correct answer Identification of those firms and people most likely to buy the seller's offerings
Referral - correct answer a recommendation to a salesperson from a customer or business associate.
Networking - correct answer a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations
Cold calling - correct answer A form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects' needs or financial status
Negotiation - correct answer the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement.
Price - correct answer that which is given up in an exchange to acquire a good or service.
Revenue - correct answer the price charged to customers multiplied by the number of units sold.
Profit - correct answer revenue minus expenses
Return on Investment (ROI) - correct answer net profit after taxes divided by total assets.
Market Share - correct answer a company's product sales as a percentage of total sales for that industry
Status Quo Pricing - correct answer a pricing objective that maintains existing prices or meets the competition's prices.
Profit Maximization - correct answer Profit oriented pricing, designed to generate a much revenue as possible in relation to cost.
Market Share Pricing Strategy - correct answer Sales-oriented, focuses on maintaining a percentage share of the market
Sales Maximization Pricing Strategy - correct answer Sales-oriented, focuses on maximizing dollar or unit sales.
Markup pricing - correct answer the cost of buying the product from the producer plus amounts for profit and for expenses not otherwise accounted for
Demand - correct answer the quantity of a product that will be sold in the market at various prices for a specified period. (LEARN GRAPH)
Supply - correct answer the quantity of a product that will be offered to the market by a supplier at various prices for a specified period. (LEARN MY GRAPH)
Price Equilibrium - correct answer the price at which demand and supply are equal.
Elasticity of Demand - correct answer consumers' responsiveness or sensitivity to changes in price.
Inelastic demand - correct answer a situation in which an increase or a decrease in price will not significantly affect demand for the product.
Elastic Demand - correct answer a situation in which consumer demand is sensitive to changes in price.
Variable Cost - correct answer a cost that varies with changes in the level of output
Fixed Cost - correct answer a cost that doesn't change as output is increased or decreased.
Marginal cost (MC) - correct answer the change in total costs associated with a one-unit change in output.
Marginal Revenue (MR) - correct answer the extra revenue associated with selling an extra unit of output or the change in total revenue with a one-unit change in output.
Break-even analysis - correct answer a method of determining what sales volume must be reached before total revenue equals total costs.
Prestige pricing - correct answer charging a high price to help promote a high quality image.
Price strategy - correct answer a basic, long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product life cycle.
Price skimming - correct answer a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion.
Penetration pricing - correct answer a pricing policy whereby a firm charges a relatively low price for a product initially as a way to meet the mass market.
Base price - correct answer the general price level at which the company expects to sell the good or service
Quantity discount - correct answer a price reduction offered to buyers buying in multiple units or above a specified dollar amount
Cash discount - correct answer a price reduction offered to a consumer, an industrial user, or a marketing intermediary in return for prompt payment of a bill
Functional discount (trade discount) - correct answer a discount to wholesalers and retailers for performing channel functions
Seasonal discount - correct answer a price reduction for buying merchandise out of season
Promotional allowance (trade allowance) - correct answer a payment to a dealer for promoting the manufacturer's product
Value-based pricing - correct answer setting the price at a level that seems to the customer to be a good price compared to the price of other options.
Flexible pricing (variable pricing) - correct answer a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities.
Leader pricing (loss-leader pricing) - correct answer a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store.
Odd-even pricing (psychological pricing) - correct answer a price tactic that uses odd numbered prices to connote bargains and even numbered prices to imply quality.
Price bundling - correct answer marketing two or more products in a single package for a special price.
Consumer penalty - correct answer an extra fee paid by the consumer for violating the terms of the purchase agreement.
Product line pricing - correct answer setting prices for an entire line of products.
Customer relationship management (CRM) - correct answer a company wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
Customer-centric - correct answer a philosophy under which the company customizes its products and service offering based on data generated through interactions between the customer and company.
Knowledge management - correct answer the process by which learned information from customers is centralized shared in order to enhance the relationship between customers and the organization.
Interaction - correct answer the point at which a customer and a company representative exchange information and develop learning relationships
Touch points - correct answer all possible areas of a business where customers communicate with that business.
Point-of-sale interactions - correct answer communications between customers and organizations that occur at the point of sale, normally in a store.
Data warehouse - correct answer a central repository for data from various functional areas of the organization that are stored and inventoried on a centralized computer system so that the information can be shared across all functional departments of the business
Data mining - correct answer data processing using sophisticated data search capabilities and statistical algorithms to discover patterns and correlations in large preexisting databases
Ways to use CRM - correct answer Campaign management, retaining loyal customers, cross-selling other products and services, designing targeting marketing communications, reinforcing customer purchase decisions, inducing product trail by new customers, increasing effectiveness of distribution channel marketing, improving customer service.
Lifetime value analysis (LTV) - correct answer a data manipulation technique that projects the future value of the customer over a period of years using the assumption that marketing to repeat customers is more profitable than marketing to first time buyers.
Exchange - correct answer people giving up something to receive something they would rather have.
Conditions of exchange - correct answer 1. There must be at least 2 parties
2. Each party must have something that might be of value to the other.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
Customer value - correct answer the relationship between benefits and the sacrifice necessary to obtain those benefits
Customer satisfaction - correct answer Customers' evaluation of a good or service in terms of whether it has met their needs and expectations.
Production Orientation - correct answer a philosophy that focuses on the internal capabilities of the firm rather than the desires and needs of the marketplace.
Sales Orientation - correct answer based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
Market Orientation - correct answer assume a sale doesn't depend on aggressive sales force, rather the customer's decision to purchase product.
Societal Marketing Orientation - correct answer acknowledges that some products that customers want may not be in their best interests or in the best interest of society. Means that they preserve long term best interests.
Marketing Concept - correct answer states that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organization objectives.
Relationship Marketing - correct answer a strategy that focuses on keeping and improving relationships with current customers.
Marketing Strategy - correct answer the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.
Marketing Plan - correct answer written document that acts as a guidebook of marketing activities for the marketing manager.
SWOT - correct answer strengths, weaknesses, opportunities, threats.
Competitive advantage - correct answer three types: cost, product/service differentiation, and niche strategies. Sources of cost competitive advantages include experience curves, efficient labor, no frills goods and services, gov't subsidies, product design, reengineering, product innovations, and new methods of service delivery. A product/service differentiation competitive advantage exists when a firm provides something inquire that is valuable to buyers beyond just low prices. Niche competitive advantages come from targeting unique segments with specific needs and wants. The goal of all three is to be sustainable.
Strategic alternatives, types - correct answer The strategic opportunity matrix can be used to help management develop strategic alternatives. The four options are market penetration, product development, market development, and diversification. In selecting a strategic alternative, managers may use a portfolio matrix, which classifies strategic business units as stars, cash cows, problem children, and dogs, depending on their present or projected growth and market share.
Target Market Strategy - correct answer the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.
Implementation, evaluation and control - correct answer gauging the extent to which the marketing objectives have been achieved during the specified time period.
Corporate social responsibility - correct answer business' concern for society's welfare.
Sustainability - correct answer the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time.
Pyramid of social responsibility - correct answer a model that suggests corporate social responsibility is composed on economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure.
Ethics, morals - correct answer ethics: a guideline to help marketing managers and other employees make better decisions. Morals: the rules people devlop as a result of cultural values and norms.
Morality of business ethics, three levels - correct answer examines the consequences of decisions. Relies on rules and laws to guide decision making. Moral development theory that places individuals or groups in one of three developmental stages: preconventional morality, conventional morality, or postconventional morality.
Social factors - correct answer Several major social trends are currently shaping marketing strategies. First, people of all ages have a broader range of interests, defying traditional consumer profiles. Second, changing gender roles are bringing more women into the workforce and increasing the number of men who shop. Third, a greater number of dual career families has created demand for time saving goods.
Demographic factors - correct answer Tweens and Gen Y are increasingly experienced consumers, and because the population is growing older, marketers are offering more products that appeal to middle aged and elderly consumers.
Generations - correct answer Tweens: preteens
Generation Y: 1979-1994
Gen X: 1965-1978
Baby boomers: 1946-1964
Ethnic markets - correct answer Multiculturalism occurs when all major ethnic groups in an area are equally represented. Hispanics fastest growing, then African Americans. Most companies are creating departments to target multicultural market segments. Not homogeneous however.
Economic factors - correct answer 2007-2009 recession has reduced spending power. During inflation, marketers try to maintain level pricing to avoid losing customer brand loyalty. During times of recession, they try and maintain or reduce prices to counter the effects of decreased demand. They focus on product efficiency and improving customer service.
Technological factors - correct answer Essential to monitor new technology to keep up with competitors. US excels in basic research and in recent years has improved track record in applied research. Innovation is increasingly becoming a global process.
Political and Legal Factors - correct answer Subject to federal and state laws. Responsible for remaining aware of and abiding regulations. Key federal laws are Sherman Act (limits cartels and monopolies), Clayton Act, Federal Trade Commission Act, Robinson-Patman Act, Wheeler-Lea amendment to the FTC act. Manu laws including privacy laws have been passed to protect the consumer. Consumer Product Safety Commission, Federal Trade Commission, and the Food and Drug Administration most involved.
Competitive factors - correct answer The competitive environment encompasses the number of competitors a firm must face, the relative size of the competitors, and the degree of interdependence within the industry.
Global marketing, benefits/rewards - correct answer Marketing that targets markets throughout the world. Businesses that do this are better able to identify global marketing opportunities, understand the nature of global networks, create effective global marketing strategies, and compete against foreign competition in domestic markets.
Global market standardization/adaptation - correct answer production of uniform products that can be sold the same way all over the world.
Culture - correct answer societal values, attitudes and beliefs, language and customary business practices.
Economic/Technological - correct answer for a country, depends on its stage of industrial development, which, in turn, affects average family income.
Political structure - correct answer Shaped by political ideaology and such policies as tariffs, quotas, boycotts, exchange controls, trade agreements, and market groupings.
Major agreements (NAFTA, EU, etc.) - correct answer NAFTA: North American Free Trade Agreement, world's largest free trade agreement.
EU: a free trade zone encompassing 27 European countries.
CAFTA: central American free trade agreement
Entry strategies - correct answer firms use the following strategies, in descending order of risk and profit: direct investment, joint venture, contract manufacturing, licensing and franchising, and exporting.
Consumer decision making process, steps - correct answer 1. need recognition
2. info search
3. evaluation of alternatives
4. purchase
5. post purchase behavior
Internal/external search - correct answer internal is the process of recalling past info stored in the memory. External is the process of seeking information in the outside environment.
Evoked set - correct answer a group of brands, resulting from an information search, from which a buyer can choose.
Cognitive dissonance - correct answer inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions. [Show Less]