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 4
4
| Definition | |
|---|---|
| Fast Fashion | Trendy clothes at low prices |
| Retailing | all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use. |
| Form of ownership | distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet. |
| Level of Service | the degree of service provided to the customer from three types of retailers: self-, limited-, and full-service. |
| Merchandise Line | describes how many diff types of products a store carries and in what assortment. |
| Independent retailers | Owned and operated by individuals (sporting goods store) |
| Corporate Chains | Multiple outlets under one common ownership (malls, scheels, bass pro shop) |
| Corporate chains have | similar policies/merchandise across locations |
| Contractual System | Independent stores work together to act as a chain. (Franchises) (McDonalds) |
| Self-Service | Customers perform functions (nobody available to help out) (Redbox) |
| Limited Service | Provide some services (asking someone for help at self check) (most stores) |
| Full service | Provide full service to customers (taken care of from begginning to end) (sit down resturaunt, wedding dress store, tailor) (NORDSTROM) |
| Depth of Product Line | means that the store carries large assortment of each product item. (shoe store) |
| Specialty outlets | limited and single line stores |
| Category Killers | dominate the market. (Best Buy, Staples, Barnes and Nobel) |
| Breadth | variety of different product items in a store |
| scrambled marchandising | offer several unrelated product lines in a single store |
| Hypermarket | a form a scrambled merchandising, consists of a very 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 btwn very dissimilar types of retail outlets that results from a scrambled merchandising policy |
| Nonstore Retailing | when retailing happens without a store. (Vending machines) |
| Telemarketing | using a telephone to sell |
| Retailing Strategy | Pricing, location, communication, merchandise |
| Retailing mix | consists of the activities related to managing the store and the merch in the store, which includes retail pricing, store location, retail communication, and merchandise. |
| Off-Price Retailing | consists of selling brand name merch at lower than regular price (warehouse clubs, outlet stores) |
| Central Buisness District | the oldest retail setting, usually located in the community's downtown area. |
| Regional Shopping Center | retail locations that consists of 50 - 150 stores that typically attract customers who live or work within a 5 - 10 mile range, often containing 2-3 anchor stores |
| Community Shopping Center | a retail location that has q primary store and often 20-40 smaller outlets, serving a population of consumers who are within a 10- to 20-minute drive. |
| Strip Mall | retail location consist of a cluster of neighborhood stores to serve people who are within a 5- to 10-minute drive. |
| Power Center | a retail location that consists of a huge shopping strip w multiple anchor stores |
| Physical Marketplace | go in store and buy stuff |
| Digital Marketplace | buy stuff online |
| Interactivity | Listen and respond |
| Interactive Marketing | two way buyer-seller electronic communication where buyer controls the kind and amount of info recieved from the seller. |
| Choiceboard | interactive, internet enabled system that allows customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes. (personalized m&ms) |
| Collaborative Filtering | process that automatically groups ppl w similar buying intentions, preferences and behaviors and predicts future purposes. |
| Individuality | treat customers as individuals |
| Personalization | tailor a custom products to an individuals specific needs and preferences. (m&ms) |
| Permission Marketing | the solicitation of a consumers consent (opt in) to recieve email and advertising texts. |
| Customer Experience | the totoal interactions a customer has w a companys website |
| Context | appeal and functional look (how the website looks and what feel it creates) |
| Content | all digital info on website |
| Customization | ability of site to modify for individual customers |
| Connection | linkage btwn other sites |
| Communication | dialogue btwn site and consumer |
| Community | user to user communications |
| Commerce | consuct sales transactions |
| Online Consumers | the subsegment of all internet users who employ this technology to make online purchases,. |
| What do consumers buy online | Items w important product information. Items that can be delivered digitally Items that can be regularly purchased where convienience is important. Standardized items where price is important. |
| Why do consumers shop and buy online | Convenience, Choice, Customization, Communication, Cost, Control |
| Convinience Example | Can visit shop anytime, don't have to worry abt parking or driving. |
| The 8 second rule | customers will abandon their efforts to enter a website if download time exceeds 8 seconds. |
| Choice | product or service selection. Choice assistance |
| Customerization | not only customizing product, but also personalizing the marketing and overall shopping and buying interaction for each customer. |
| Communication | e-mails, customer service, chats |
| Cost | lower pricing than in stores |
| Dynamic pricing | changing prices for products and services in real time to supply and demand conditions. |
| Control | over shopping and purchasing decisions |
| Cookies | computer files that a marketer can download onto the computer and mobile phone of an online shopper who visits the marketers website. |
| Behavioral Targeting | uses info from cookies for directing online advertising from marketers to those online shoppers whose behavioral profiels suggest they would be interested in such advertising. |
| Social Commerce | the use of social networks for browsing and buying |
| Subscription Commerce | involves the payment of a fee to have products and services delivered on a reocurring schedule. |
| Cross Channel Consumer | a consumer who shops online but buys offline, or shops offline but buys online |
| Showrooming | the practice of examining products in a store and then buying them online |
| Webrooming | examining product online and then buy them in a store. |
| Social Media | a digital technology that facilitates the creation and sharing of user-generated content- text, photos, video, and animation- thru virtual communities and networks. |
| Social network | a single social media cite |
| Influencer Marketing | the practice of focusing on the identification and recruitment of influencers to advocate a company’s products, services, and brands rather than focusing exclusively on prospective buyers. |
| Social Shopping | the use of social network services and websites by consumers to share their latest purchases, deals, coupons, product reviews, want lists, and other shopping finds with friends and contacts. |
| is a website where users may create a personal profile, add other users as friends, and exchange comments, photos, videos, and “likes” with them. (learn users passion and let them guide content) | |
| a social networking service that allows users to upload photos and videos that can be edited with filters, organized with tags and location information, and shared publicly or with approved followers. | |
| X (Twitter) | a website that enables users to send and receive “tweets,” messages up to 280 characters long. (They DON'T sell you stuff) |
| Youtube | video sharing website in which users and upload, view, and comment on videos. (managers use this for long form content video) |
| pinboard style photo and content sharing website | |
| TikTok | a video hosting service owned by the Chinese company ByteDance that allows users to post videos ranging in duration from 3 seconds to 10 minutes. (choose marketing objective, target market, set budget, create ad, go live, manage ad using analytics) |
| a business-oriented website that lets users post their professional profiles to connect to a network of businesspeople, who are also called connections. | |
| Way brand manager uses LinkedIn | Networking w industry related groups and professionals |
| Social Media Marketing Program | portion of a company’s integrated marketing communications effort designed to create and deliver compelling online media content that attracts viewer attention and encourages readers to share it with their social network. |
| Customer Engagement | the degree and depth of brand focused interactions a customer chooses to perform online w their social network |
| CPA- Cost Per Action | How much does it cost to get someone to do smth |
| CPM Cost Per Thousand | idk |
| Cost Per Click | idk |
| Apps | small, downloadable software programs that can run on smartphones and tablet devices. Also called mobile apps or applications. |
| Advertising | any paid form of nonpeersonal communication about an org, product, service, or idea by an identified sponsor. |
| Product Advertisements | focus on selling product or service w 3 forms: pioneering (informational), competetive (persuasive), and reminder. |
| Institutional Advertisement | designed to build goodwill or an image for an org rather than promote a specific product or service. |
| Steps in developing an ad program | target audience, set objectives, set budget |
| Superbowl is huge advertising event bc... | the viewership is so high |
| Fear Appeal | avoid negative experiences (scare you to think you need this product) |
| Sex appeals | increase attractiveness |
| Humorous Appeals | fun and exciting |
| Internet advertising | has grown to become the biggest advertisement medium |
| Reach | the number of diff ppl or households exposed to an ad |
| Rating | the percentage of households that are tuned into a tv show or radio station |
| Frequency | the average number of times a person in target audience is exposed to a message or ad. |
| Gross rating points | multiplying reach by frequency |
| Cost per thousand | how much does it cost to reach 1,000 people or households w the ad in a given medium. |
| Benifit of television | uses picture, print, sound, and motion |
| Disadvantage of television and radio | perishable messages (they go away) |
| Radio benifit | can target specific local audiences. |
| magazines and newspapers | lots of online versions |
| magazine big selling point | long life of the ads (they sit there for a while) |
| Newspapers benifit | coverage of local markets |
| Out of Home | Billboards, great local market focus. |
| Click Fraud | unethically paying people to click on your ads |
| Continuous (stead) Schedule | advertise all year round, seasons are not important. (cleaning products) |
| Flighting (Intermittent) schedule | Intermittent, seasonal. flip flops, floats. |
| Pulse (burst) schedule | flighting and continuous, new product. Heavy burst of a product around christmas time. |
| Full service agency | Complete range of services. They offer everything. COmpanies choose this bc they don't have these people in house and sometimes ideas get stangnant |
| Limited Service agencies | Contract for creative work. (hire them to do one piece of ad campaign). |
| Madison Avenue | "we hired someone to do it for us" (full service) |
| In House agency | Use company's own staff. |
| Coupons | money off at the register |
| deals | buy one get one offer. Some kind of wording that gives money off for participation |
| premiums | A gift with purchase (McDonalds happy meal with toy) (makeup extra samples) |
| point of purchase display | things in grocery store isle that stick out. End of isle, smth they want you to focus on (grham crackers, chocolate, marshmallows). Make big pyramid of soda. |
| product placement | in a movie, show, video game, app. You pay for a placement of your product. However, don't have control over what you do w it. |
| sweepstakes | getting ppl to enter to win. (buy smth or participate to win) |
| loyalty programs | apps with points, money off. Increasing. |
| Publicity tools | methods of obtaining nonpersonal presentations of an org, product, or service without direct cost such as news releases, news conferences, and PSAs. |
| Personal selling | : two way flow of communication btwn a buyer and seller, often face to face, designed to influence a person or groups purchase decision. |
| Order taker | processes routine orders or reorders for products that were alrdy sold by the company. |
| Relationship selling: | the practive of building ties to customers based on a salespersons attention anf commitment to customer needs over time. |
| Order getter | sells in a conventional sense and identifies prospective customers, provides w info, pursuades them to buy, closes sale, and follows up. *They have more training and in depth knowlege.* |
| Sales ppl create customer value by: | Identifying creative solutions to customer problems Easing the customer buying process Making the after sale follow up |
| Personal selling process | consists of sales activities occurring before, after, and during the sale. 6 stages. |
| Stage 1: Prospecting | Identify/search for and qualify prospects. |
| Types of prospects | Lead- possible customer Prospect- wants or needs product Qualified prospect- decision maker |
| Stage 2: Preapproach stage | preparing for the sales call. Gather info and decide on best approach. |
| Stage 3: Approach stage | The initial meeting w the prospect. |
| Stimulus response presentation | a sales presentation format that assumes that given the appropriate stimulus by a salesperson, the prospect will buy. (keep asking quetions until you find the right topic) |
| Formula selling presentation | a sales presentation format that consists of info that must be provided in an accurate, throurough, and step by step manner to inform the prospect. (Canned sales presentation or standarized message. ) |
| A need satisfaction presentation | s sales presentation format that emphasizes probing and listening by the salesperson to identify needs and interests of prospective buyers. |
| Stage 4- Presentation | Begin converting a prospect into a customer by creating a desire for the product or service |
Created by:
carlyconnard