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mkt 300 final
| Question | Answer |
|---|---|
| communicating info between the seller and the potential buyer or others in the channel to influence attitudes and behavior | promotion |
| communicating with large numbers of potential customers at the same time | mass selling |
| any form of paid and nonpersonal presentation of ideas, goods, or services by identified sponsors | advertising |
| any form of "unpaid" presentation of ideas, goods, or services | publicity |
| promotion activities that stimulate interest, trial, or puchase | sales promotion |
| direct spoken communication between sellers and potential customers | personal selling |
| promotion objectives | 1) informing 2) persuading 3) reminding |
| educating | informing |
| favorable set of attitudes | persuading |
| reinforce or resell | reminding |
| sender of the message | source |
| source translating into word word or symbols | encoding |
| carrier of the message | message channel |
| receiver translating the message | decoding |
| potential customer | receiver |
| reactions to the message | feedback |
| any distraction that reduces the effectiveness of the communication process | noise |
| direct communication between a seller and an individual customer using a promotion method other than face-to-face personal selling | direct marketing |
| prompt immediate feedback by customers | direct response |
| using a normal promotion effort to help sell the whole marketing mix to possible channel members | pushing |
| getting customers to ask intermediaries for the product | pulling |
| first to adopt, high risk takers, read tech journals, seek out own informaation | innovators |
| Well respected by peers, often opinion leaders, decisions are driven by salespeople | early adoptors |
| Avoid risk, wait to consider a new idea after many have tried it and liked it, influenced by advertising | early majority |
| cautious about new ideas, influenced by peers | late majority |
| hang onto tradition, never buy, risk adverse, usually older, and have limited income | laggards/nonadoptors |
| comute a percentage of either past sales or expected sales in the future for simplicity | mechanical approach |
| basing the budget on the job to be done (set priorities, assembled from detailed plans, eliminates disputes between promotion managers, integrated marketing communication | task method |
| spending the same as the competition | matching the competition |
| whatever amount is left over from the budget | budgeting from uncommitted resources |
| concered with establishing relationships with new customers and developing new business | order-getter |
| sell to regular or established customers, complete most sales transactions, and maintain the relationships | order-takers |
| help the order-oriented sales people, but they don't try to get orders themselves | support sales people |
| set up displays, advise, liason, and promote goodwill | missonary salespeople aka merchandiser detailers |
| experts who answer questions | technical support |
| advocate for both customer and company--promote a customr's next purchase, by being sure that the customer is satisfied with their previous purchase | customer service representatives |
| paid exact amount per year, not motivating | straight commission |
| only paid for what they sell, motivating and direct | straight commission |
| base pay and commision | combination plan |
| memorized presentation that is not adapted to each individual | prepared |
| developing a good understanding of the customer's needs before trying to close | consultative |
| presentation outlined and leads the customer through some logical steps to a fnal close | selling formula |
| how much is spent on advertising each year | two hundred billion dollars |
| advertising objectives | 1) specific 2) measurable 3) relevant 4) timely |
| building a category, explanation and mention brand last | pioneering advertising |
| selling a product or brand, focus on selective demand | competitive advertising |
| reminding market, implemented during late maturity or decline stages | reminder advertising |
| coordinating advertising efforts, stretch ad dollars | cooperative advertising |
| what the words and illustrations should communicate | copy thrust |
| specialist in planning and handling mass selling details for advertisers | ad agency |
| control unfair or deceptive ads, can require corective advertising, the focus is on what is deceptive instead of what is subjectively defined as unfair | fair trade commission |
| key problems managing sales promotion | 1) erodes brand loyalty 2) need for alternatives 3) hard to manage 4) not for amateurs |
| sets a specific level of profit as an objective | target return (profit oriented) |
| seeks to get as much profit as possible | profit maximization (profit oriented) |
| seeks some level of unit sales, dollar sales, or share of market, without referring to profit | sales oriented |
| don't "rock the boat"--satisfied with their current market share and profits | sales quota oriented |
| stabilize prices | meet competition |
| aggressve action on one or more of the p's other than price | non price competition |
| tries to sell the top (skim the cream of the market) of a market | skimming price policy |
| tries to sell the whole market at one low price | penetration price policy |
| larger quantities leads to lower costs | economies of scale |
| temporary price cuts to speed new products into market and get customers to try them | introductory price dealing |
| reductions from list price given by a seller to buyers who either give up some marketing function or provide the functions themselves | discounts |
| offered to encourage customers to buy in larger amounts | quantity discounts |
| apply to puchases over a given period; encourage repeat buying, don't want want to run up inventory costs | cumulative quantity discounts |
| apply only to individual orders, encourages larger orders | noncumulative quantity discounts |
| offered to encourage buyers to buy earlier than present demand requires | seasonal discounts |
| encourages buyers to pay their bills quickly | cash discounts |
| a list price reduction given to channel members for the job they are going to do | trade or functional discounts |
| temporary discount from the list price, encourages immediate buying | sale price |
| setting a low list price rather than relying on frequent sales, discounts, or allowances | everyday low pricing |
| given to the final consumers, customers, or channel members for doing something or accepting less of something | allowances |
| price reductions given to firms in the channel to encourage them to advertise or otherwise promote locally | advertising allowances |
| given to intermediary to get shelf space for product | stocking or slotting allowances |
| given to retailers by manufacturers or wholesalers to pass on the retailers salesclerks for aggressively selling certain items | push/prize money or spiffs |
| price reduction given for used product when sililar new products are bought | trade-in allowance |
| increases sales, create discounts for consumers | coupons |
| paid refunds, make sure that the final consumers get savings, however may become a hurdle | rebates |
| making an average freight charge to all buyers within specific geographic areas; reduces variation in delivered prices for FOB shipping; simplifies transportation | zone pricing |
| charging the same price to all consumers because 1) transportation costs are low 2) nationally advertised price | uniform delivered pricing |
| setting a fair price level for a marketing mix that really gives the target market superior value | value pricing |
| competitiors getting together to raise, lower, or stabilize prices | price fixing |
| always illegal in the U.S. | price fixing |
| selling the same products to different buyers a different prices | price discrimination |
| act makes price discriminaton illegal except 1) cost differences (transporting) 2) then need to meet competition | robinson-patman act |
| a dollar amount added to the cost of products to get the selling price | mark-up |
| sequence of markups firms use at different levels in the channel; price structure for the whole channel | mark-up chain |
| number of times the average inventory is sold in a year | stockturn rate |
| costs that are the same no matter how much is produced | fixed costs |
| changing expenses closely related to outputs | variable costs |
| setting prices that will capture some of what customers will save by substituting the firm's product for the one currently being used | value in use |
| the price they expect to pay | reference price |
| setting some very low prices, real bargains, to get customres to retail stores | leader pricing |
| setting some very low prices to attract customers but trying to sell more expensive models or brands once the customer is in the store | bait pricing |
| setting prices tat have special appeal to target customers | psychological pricing |
| setting prices that end in certain numbers | odd-even pricing |
| setting a few price levels for a product line then marketing all items at these prices (simplier for buyers and sellers) | price-lining |
| setting an acceptable final consumer price and working backward to what a producer can charge | demand-backward pricing |
| setting a rather high price to suggest high quality or high status | prestige pricing |
Created by:
aolson12
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