Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
marketing unit 4
| Question | Answer |
|---|---|
| fast fashion | trendy clothing at low prices |
| retailing | all the activities involved in selling, renting, and providing products and services to ultimate consumers for personal use. |
| form of ownership | distinguishes retail outlets based on whether independent retails, corporate chains, contractual systems |
| Level of service | degree of service provided to the customer from three types of retailers: self-, limited-, and full-service. |
| merchandise line | how many different types of products a store carries and in what assortment. |
| independent retails | own buy individuals they see the profit and they see the negatives, these stores are dying |
| Corporate chains | mall stores, one Corporate owns every store. similar policy, similar merchandise. |
| Contractual systems | independent stores work together under contract to at as a chain. Franchises |
| Self-service | customers perform functions, Redbox!!! consumer does all the work. Vending machines |
| limited service | provide some services; someone there to help you if you need. Retail stores |
| full service | provide full services to customers; Nordstrom!!! |
| depth of product line | means that the store carries a large assortment of each product item |
| specialty outlets | deep product line; limited and single-line stores, Category killers that dominate the market |
| Breadth of product line | Number of different product lines a store carries |
| scrambled merchandising | consists of offering several unrelated product lines in a single store. |
| hypermarket | form of scrambled merchandising which consists of a large store that offers everything in a single outlet, eliminating the need for consumers to shop at more than one location |
| intertype competition | consists of competition between very dissimilar types of retail outlets that results from a scrambled merchandising policy. |
| supercenter | combines ,merchandise store with full-size grocery store |
| intertype competition example | doughnuts at Walmart vs. at varsity doughnuts. |
| non store retailing | when retailing happens without a store |
| non store retailing examples | vending machines |
| direct selling | personal interactions in home/ office, |
| retailing strategy | retail pricing, store location, merchandise, retail communication |
| retailing mix | consists of the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise. |
| off-retail pricing | selling brand name merchandise at lower than regular prices |
| central business district | oldest retail setting, downtown |
| regional shopping center | retail locations that consist of 50 to 150 stores that typically attract customers who live or work within a 5 to 10 mile range, often containing two or three anchor stores. example Malls. |
| community shopping center | retail location that typically has one primary store and often 20 to 40 smaller outlets, serving a population of consumer who are within a 10 to 20 mile range |
| strip mall | retail location that consists of a cluster of neighborhood stores to serve people who Are within a 5 to 10 minute drive |
| Power center | retail location that consists of a Hugh shopping stripe with multiple anchor stores |
| multichannel retailers | retailers that utilizes and integrate a combination of traditional store formats and nonstore formats such as catalogs, TV home shopping, and online retailing. |
| shopper marketing | use of display, coupons, product samples, and other brand communications to influence shopping behavior in store. |
| category management | approach to managing the assortment of merchandise in which a manger is assigned the responsibility for selecting all products that consumers in a market segment to maximizing sales and profits in the category. |
| interactive marketing | two-way buyer-seller electronic communication in which the buyer controls the kind and amount of information received from the seller |
| choice board | interactive, internet-enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes, prices, and deliver options. |
| collaborative filtering | process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases. |
| personalization | consumer-initiated practice of generating content on a marketer's website that is custom tailored to an individual's specific needs and preferences. |
| personalization examples | M&M |
| permission marketing | solicitation of a consumer's consent to receive email and advertising based on personal data supplied by the consumer |
| 7 C's of website design elements | content, commerce, connection, communication, customization, content, community. |
| context | appeal and functional look |
| content | all digital information on website |
| customization | ability of site to modify for individual customers |
| connection | linkage between other sites |
| communication | dialogue between site and consumer |
| community | user-to-user communication |
| commerce | conduct sales transaction |
| online consumer | subsegment of all internet users who employ this technology to research products and make purchases |
| what do consumers buy online? | items with important product info, items that can be delivered digitally, items that can be regularly purchased where convenience is important, standardized items where price is important. |
| why do consumers shop and buy online? 6 reasons | Convenience, choice, customization, communication, cost, control |
| eight-second rule | view that customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds |
| customerization | practice of not only customizing a product Orr service but also personalizing the marketing and overall shopping buying interaction for each customer. |
| dynamic pricing | practice of changing prices for products and services in real time in response to supply and demand conditions |
| cookies | computer files that a marketer can download onto the computer and mobile phone of an online shopper who visits the marketer's website |
| behavioral targeting | uses info provided by cookies for directing online advertising from marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertising |
| most sales occur?? | throughout the work week. |
| social commerce | use of social networks for browsing and buying |
| subscription commerce | payment of a fee to have products and services delivered on a recurring schedule |
| cross-channel consumer | consumer who shops online but buys offline, or shops offline but buys online |
| show rooming | practice of examining products in a store and then buying them online for a cheaper price |
| web rooming | practice of examining product online and then buying it in the store |
| social media | digital technology that facilitates the creation and sharing of user-generated content-- text photos etc... through virtual communities and networks |
| social network | Single social media cite where users interact with each other |
| influencer marketing | practice of focusing on the identification and recruitment of influencers |
| social shopping | use of social network services and websites by consumers to share their latest purchases, deals etc... with friends and contacts. |
| website where users may create a personal profile, and share Likes!!!, learn users passion and let them guide content | |
| filters!!! social networking service that allows users to upload photos that can be edited with filters | |
| X | website that enables users to send and receive Tweets!!! message up to 280 characters |
| what x doesn't do!!! | sell you stuff!!! |
| YouTube | video-sharing!!! website in which users can upload, view , and comment on videos. Use for long formant video. |
| pinboard style!!! photo and content-sharing website. Niece audiences | |
| TikTok | video hosting service owned buy the Chinese company ByteDance, |
| steps to place an add on TikTok | 1. choose marketing objectives, 2. select target market, 3. set budget, 4. create ad. 5. go live, 6. manage ad using analytics |
| networking place!!! business-oriented website that lets users post their professional profiles to connect to a network of businesspeople, who are also called connections. do industry-related groups and professionals | |
| social media marketing program | portion of a company's integrated marketing communication effort designed to create and deliver compelling online media content that attracts viewer attention and encoders reader to share there media. |
| customer engagement | degree and depth p0f brand focused interactions a customer chooses to perform online with their social network |
| performance measures | cost per action (CPA), Cost per Thousand (CPM), Cost per Click (CPC) |
| apps | small, downloadable software programs that can run on smartphones and tablet devices |
| IMC | integrated marketing communications |
| promotional mix | combination of one or more communication tools used to 1 inform buyers about product. 2 persuade them to try it. 3. remind them later about the benefits they enjoyed by using the product |
| integrated marketing communications | concept of designing marketing communications programs that coordinate all promotional activities: advertising, personal selling, sales promotion, public relations, direct marketing |
| advertising figure | mass, fees paid for space or time, cost varies and you can't control who see it, high cost with unknown benefits |
| personal selling/ sales person figure | customized, having a sales person go out and sell the product, goal is to be persuasive |
| public relation figure | mass, no direct payment to media, news conference, most credible in consumer's minds |
| sales promotion figure | mass, short term thing, like a coupon, seasonal displays, product placement |
| direct marketing figure | customized, cost if communication through mail, telephone, or computer, |
| advertising def | any paid form of non personal communication about an organization, product, service, or idea by an identified sponsor |
| personal selling def | two way flow of communication between a buyer and a seller often in a face to face encounter, designed to influence a decision. |
| publicity | non personal, indirectly paid presentation of an organization, product, or service |
| public relations def | communication management that seeks to influence the feelings opinions or beliefs held by customers and other public about a company and its product |
| sales promotion def | short term inducement!! of value offered |
| direct marketing def | direct communication!!! with consumers to generate a response in the form of an order |
| intro phase promotion objectives | to inform |
| growth phase promotion objectives | to persuade |
| maturity phase promotion objectives | to remind |
| decline phase promotion objectives | to phase out |
| complexity | technical sophistication of the product |
| risk | financial, social, physical risks |
| ancillary services | degree of service or support required after the sale |
| stages of the buying decision | prepurchase, purchase, post purchase. |
| prepurchase phase | advertising is key |
| purchase phase | personal selling and sales promotion is key |
| post purchase | advertising and personal selling is also key |
| push strategy | directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product. |
| pull strategy | directing the promotional mix at ultimate consumers to encourage them to ask retailer for a product. |
| example of pull strategy | pharmacist |
| promotion decision process | planning, implementation, evaluation |
| hierarchy of effects | sequence of stages a prospective buyer goes through from initial awareness of a product to eventual action that includes awareness, interest, evaluation, trial, and adoption. |
| direct orders | result of a direct marketing offer that contains all the info necessary for a prospective buyer to make a decision to purchase and complete the transaction. |
| lead generation | result of a direct marketing offer designed to generate interest in a product or service and a request for additional information. |
| traffic generation | outcome of direct marketing offer designed to motivate people to visit a business |
| product advertisements | focus on selling a product or service and which take three forms: 1 pioneering or informational 2. competitive or persuasive and 3. reminder |
| institutional advertisement | designed to build goodwill or an image for an organization rather than promote a specific product irrespective of service. |
| why is the super bowl the creme of the crop for ads? | the viewership |
| message appeal types | fear appeal, sex appeal, humorous appeal. Appeals can be combined |
| fear appeal | avoid negative experiences |
| sex appeal | increase attractiveness |
| humorous appeal | fun and exciting |
| reach | number!!! of different people or households exposed to and advertisement |
| rating | percentage!! of households in a market that are tuned to a particular tv show or radio station |
| frequency | average number of times!! a person in the target audience is exposed to a message or ad. |
| Gross rating points | multiplying reach by frequency |
| cost per thousand | cost of reaching 1000 individuals or households with the advertising message in a given medium |
| television | benefits: Uses picture print sound and motion. disadvantages: perishable message |
| radio | benefit: target specific local audiences, disadvantage: perishable message |
| magazines | benefits: long life of ads, |
| newspapers | benefits: ads can be saved |
| out-of-home (billboard) | Benefit: local market focus, negative: criticized as a traffic hazard |
| types of schedules | Continuous, flighting, pulse |
| continuous (steady) schedule | seasons are not important |
| Flighting (intermittent) Schedule | reflects seasonal demand |
| Pulse (Burst) schedule | combines both Flighting and continuous |
| full- service agency | complete range of services |
| limited service agencies | contract for creative work |
| in house agencies | company's own staff |
| coupons | money off at register |
| deals | buy one get one offer, wording that gives you money off for participation |
| premiums | gift with purchase, examples McDonalds happy meals. |
| point of purchase displays | increase product trial. Big displays to catch consumers attention |
| product placement | play for the placement of your product in video game, movie, tv show, have no control over where they use your product. |
| publicity tools | non personal presentations of n organization, product, or service without direct cost, such as news release, news conferences, and public service announcements |
| personal selling | two way flow of communication between a buyer and seller often in a face to face encounter, designed to influence a purchase decision. |
| sales management | planning the selling program and implementing and evaluating the personal selling. |
| salespeople... | are the company in consumer's eyes. |
| sales people can create customer value in many ways like | 1. identifying creative solutions to customer problem, 2. easing the customer buying process, 3. making the after sale follow up |
| relationship sell | salesperson's attention and commitment to customer needs over time!!! |
| order taker | processes routine orders or reorders for products that were already sold by the company. |
| order getter | sells in a conventional sense and identifies prospective customer, provide info, persuade customers, closes sales. more in depth knowledge and training. |
| personal selling process | sales activities occurring before, during and after the sale itself, consisting of 1. prospecting stage, 2. pre approach stage, 3. Approach stage, 4. Presentation stage, 5. close stage, 6. follow up stage. |
| 1. Prospecting stage | identify and qualify prospects, Lead-possible customer, Prospect-wants or needs product, Qualified prospect- decision maker |
| 2. pre approach Stage | preparing for the sales call. Gather info and decide on the best approach. buying role, buying criteria, Expectations, when to contact, very important in international selling |
| 3. Approach stage | the initial meeting with the prospect. Gain attention and interest, Establish rapport, Common acquaintances, customs, Gestures. |
| 4. Presentation stage | core of the selling process. 3 approaches, stimulus response, Formula selling, Need-satisfaction |
| 5. close stage | asking for the order or business, three closing techniques: Trial close, Assumptive close, Urgency close. |
| 6. follow up stage | solidify the relationship. selling requires customer followup, customer satisfaction, repeat sales, referrals |
| stimulus response presentation/ suggestive selling | a sale presentation format that assumes that given the appropriate stimulus by a salesperson, the prospect will buy. Keep asking until you find their hot button. |
| Formula Selling presentation / Canned sales presentation or standardized message | sales presentation format that consists of info that must be provided in an accurate, thorough, and step-by-step (memorized) manner to inform the prospect. |
| need-satisfaction presentation. Best approach | sales presentation format that emphasizes probing and listening by the salesperson to identify needs and interests of prospective buyers. |
| objections | excuses for not making a purchase commitment or decision. |
| handling objections | 1. acknowledge and convert the objection, 2. Postpone, 3. agree and neutralized, 4. Accept the objection, 5. Denial, 6. Ignore the objection |
| organize sales force by | Geography, customer, product |
| types of compensation | 1. straight salary, 2. Straight commission, 3. Combination, 4. Non-monetary Rewards. |
| salesforce automation | use of computer, information, communication, and internet technologies to make the sales function more effective |
| Marketing automation | Applies systems and technologies, including AI algorithms, to provide insights to salespeople. |
Created by:
masonschlittenhard