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Marketing Unit Four
| Question | Answer |
|---|---|
| Retailing | Includes 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 | Describes the degree of service provided to the customer from three types of service: self-,limited-, and full-service retailers. |
| Merchandise line | Describes how many different types of product a store carries and in what assortment. |
| Independent retailer | Independent business owned by an individual. |
| Corporate chain | Multiple outlets under common ownership and have similar policies and merchandise across locations |
| Contractual system | Independently owned stores that band together to act like a chain. |
| Self-service | Customers perform functions. Ex. red box |
| Limited service | Provide some services |
| Full service | Provide full services to customers ex. Nordstrom |
| Depth of the product line | Store carries a large assortment of each item., such as a shoe store that offers running shoes, dress shoes, and children’s shoes. |
| Breadth of the product line | Variety of different items a store carries., such as appliances and books. |
| Scrambled marketing | 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 | Competition between very dissimilar types of retail outlets that result from a scrambled merchandising policy. ex. varsity donuts vs walmart |
| Nonstore retailing examples | Vending machine, online retailing, telemarketing, Direct selling (mary kay) |
| Retailing mix | Activities related to managing the store and the merchandise in the store, which include retail pricing, store location, retail communication, and merchandise. |
| Off-price retailing | Selling brand-name merchandise at lower than regular prices. |
| Central business district | Oldest retail setting, usually located in the community’s DOWNTOWN area. |
| Regional shopping center | Consists of 50 to 150 stores that typically attract customers who live or work within 5- to 10-mile range, areas often contain two or three anchor stores. Mall |
| Community shopping center | A retail location that typically has one primary store (usually a department store branch) and often 20 to 40 smaller outlets, serving a population of consumers who are within a 10- to 20-minute drive. ex. manhattan mall, marshalls west loop shopping |
| Strip mall | A retail location consisting of a cluster of neighborhood stores to serve people who are within a 5- to 10-minute drive. |
| Power center | A retail location consisting of a huge shopping strip with multiple anchor (or national) stores. ex. mall of america |
| Multichannel retailers | Utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television home shopping, and online retailing |
| Shopper marketing | The use of displays, coupons, product samples, and other brand communications to influence shopping behavior in a store. |
| Category management | Approach to managing the assortment of merchandise where a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes, with the objective of 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. |
| Coiceboard | An interactive, digitally 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 (or components), prices, and delivery options. |
| Collaborative filtering | A process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases. Recommendation engine |
| Personalization | The consumer-initiated practice of generating content on a marketer’s website that is custom-tailored to an individual’s specific needs and preferences. MandM's |
| Permission marketing | The solicitation of a consumer’s consent (called “opt-in”) to receive e-mail and advertising based on personal data supplied by the consumer. |
| Online consumer | The subsegment of all Internet users who employ this technology to research products and services and make purchases. |
| What do consumers buy online? | Items with important product information, Items that can be delivered digitally, Items that can be regularly purchased and where convenience is important, Standardized items where price is important |
| Eight-second rule | A view that customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds. |
| Customerization | The growing practice of not only customizing a product or service but also personalizing the marketing and overall shopping and buying interaction for each customer. |
| Dynamic pricing | The practice of changing prices for products and services in real time in response to supply and demand conditions. |
| Why do consumers shop and buy online? | Convience, choice, customization, communication, cost, control |
| What are the website design seven C's? | Context, content, commerce, community, communication, customization, connection |
| Behavioral targeting | Uses information provided by cookies to direct online advertising from marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertising. |
| Social commerce | The use of social networks for browsing and buying. |
| Social commerce | The use of social networks for browsing and buying. |
| Subscription commerce | The payment of a fee to have products and services delivered on a recurring schedule. |
| Cross-channel consumer | An online 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 for a cheaper price. |
| Webrooming | The practice of examining products online and then buying them in a store. |
| Social media | Social media consist of digital technologies that facilitate the creation and sharing of user-generated content—text, photos, video, and animation (games)—through virtual communities and social networks. |
| Social network | A single social media site |
| 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. |
| 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 (formally Twitter) | A website that enables users to send and receive “posts,” messages up to 280 characters long. Does not sell you stuff |
| YouTube | A video-sharing website in which users can upload, view, and comment on videos. |
| A 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, select 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. | |
| Social media marketing program | That portion of a company’s integrated marketing communications effort 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 customers choose to perform online with their social network. |
| What are performance measures linked to inputs or costs | 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. Also called mobile apps or applications. |
| Integrated marketing communications (IMC) | The concept of designing marketing communications programs that coordinate all promotional activities—advertising, personal selling, sales promotion, public relations, and direct marketing—to provide a consistent message across all audiences. |
| Promotional mix | The combination of one or more communication tools used to (1) inform prospective buyers about the benefits of the product, (2) persuade them to try it, and (3) remind them later about the benefits they enjoyed by using the product. |
| Advertising | Any PAID FORM OF NONPERSONAL communication about an organization, product, service, or idea by an identified sponsor. |
| Personal selling | The TWO-WAY FLOW of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person’s or group’s purchase decision. |
| Publicity | A nonpersonal, INDIRECTLY PAID presentation of an organization, product, or service. |
| Public relations | A form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services. |
| Sales promotion | A SHORT-TERM INDUCEMENT of value offered to arouse interest in buying a product or service. |
| Direct marketing | A promotion alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet. |
| What is the promotional objective in the introduction stage? | To inform |
| What is the promotional objective in the growth stage? | To persuade |
| What is the promotional objective in the maturity stage? | To remind |
| What is the promotional objective in the decline stage? | To phase out |
| Complexity | Technical sophistication of the product |
| Risk | Financial, social, physical risk |
| Ancillary service | Degree of service or support required after the sale |
| Push strategy | Directing the promotion mix to channel members to gain their cooperation in ordering and stocking the product. |
| Pull strategy | Directing the promotion mix at ultimate consumers to encourage them to ask the retailer for a product. Pharmaceuticals |
| Hierarchy of effects | The 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 of the product. |
| Traffic generation | The outcome of a direct marketing offer designed to motivate people to visit a business. |
| Lead generation | The result of a direct marketing offer designed to generate interest in a product or service and a request for additional information. |
| Direct orders | The result of direct marketing offers that contain all the information necessary for a prospective buyer to make a decision to purchase and complete the transaction. |
| Product advertisements | Advertisements that focus on selling a product or service and which take three forms: (1) pioneering (or informational), (2) competitive (or persuasive), and (3) reminder. |
| Institutional advertisements | Advertisements designed to build goodwill or an image for an organization rather than promote a specific product or service. |
| Fear appeals | Avoid negative experiences |
| Sex appeals | Increase attractiveness |
| Humorous appeals | Fun and exciting |
| Reach | The number of different people or households exposed to an advertisement. |
| Rating | The percentage of households in a market that are tuned to a particular TV show or radio station. |
| Frequency | The average number of times a person in the target audience is exposed to a message or an advertisement. |
| Gross rating points | A reference number used by advertisers that is obtained by multiplying reach (expressed as a percentage of the total market) by frequency. |
| Cost per thousand (CPM) | The cost of reaching 1,000 individuals or households with the advertising message in a given medium (M is the Roman numeral for 1,000). |
| Continuous (steady) schedule | Steady, seasons not important |
| Flighting (intermittent) schedule | Intermittent, reflects seasonal demand |
| Pulse (burst) schedule | Burst, flighting and continuous, new product |
| Publicity tools | Methods of obtaining nonpersonal presentation of an organization, product, or service without direct cost, such as news releases, news conferences, and public service announcements (PSAs). |
| Sales management | Planning the selling program and implementing and evaluating the personal selling effort of the firm. |
| Relationship selling | The practice of building ties to customers based on a 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 customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers’ use of a product or service. Go more in depth and do more training |
| Personal selling process | Sales activities occurring before, during, and after the sale itself, consisting of six stages: (1) prospecting, (2) preapproach, (3) approach, (4) presentation, (5) close, and (6) follow-up. |
| Lead | Possible customer |
| Prospect | Wants or needs product |
| Qualified prospect | Decision maker |
| Prospecting stage | Search for and qualify prospects |
| Preapproach stage | Preparing for the sales call |
| Approach stage | Initial meeting with the prospect |
| Stimulus-response presentation (suggestive selling) | Sales presentation format that assumes that given the appropriate stimulus by a salesperson, the prospect will buy |
| Formula selling presentation (canned) | Sales presentation format that consists of information that must be provided in an accurate, thorough, and step-by-step manner to inform the prospect |
| Need-satisfaction presentation | Sales presentation format that emphasizes probing and listening by the salesperson to identify needs and interests of prospective buyers |
| Presentation stage | Begin converting a prospect into a customer by creating a desire for the product or service |
| Close stage | Obtain a purchase commitment from the prospect and create a customer |
| Objections | Excuses for not making a purchase commitment or decision |
| Three closing techniques | Trial close, assumptive close, and urgency close |
| Follow-up stage | Solidifying the relationship |
| Three ways to organize the salesforce | Geography, customer, and product |
| Proper compensation ways | Straight salary, straight commission, combination, nonmonetary rewards |
| Salesforce automation (SFA) | The use of various technologies to make the sales function more effective and efficient. |
| Marketing automation | Applies systems and technologies, including AI algorithms, to provide insights to salespeoples |
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