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Marketing Final
| Term | Definition |
|---|---|
| retailing | activities involved in selling, renting, & providing products and services to ultimate consumers (only consumer) |
| form of ownership | 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 3 types of retailers: self- limited- & full service |
| merchandise line | describes how many diff types of products a store carries & in what assortment |
| independent retailer | businesses owned by individuals, multiple locations, downtown area, |
| corporate chain | mall stores, multiple outlets under common ownership, JCPenny, Bath & Body Works, have similar policies & merchandise across stores |
| contractual systems | independent stores work together to act as a chain, franchises, McDonalds, Chick-fiil-A |
| self-service | customers perform functions (not self checkout) vending machine, RedBox |
| limited service | provide some service, Walmart, Target |
| full service | provide full service, restaurant, hair salon, Nordstrom |
| depth of product line | store carries a large assortment of each product item, jewelry store, shoe store |
| category killers | dominate the market, Best Buy (electronics) Staples (office supplies) Barnes & Nobel (books) |
| breadth of product line | variety of different product items a store carries (you can buy appliances & books) Target, Walmart |
| scrambled merchandising | Offering several unrelated product lines in a single store |
| hypermarket | form of scrambled merchandising, which consists of a large store (more than 200,000 square feet) that offers everything in a single outlet, eliminating the need for consumers to shop at more than one location |
| Supercenter | combines merchandise with full size grocery store |
| intertype competition | Competition between very dissimilar types of retail outlets that results from a scrambled merchandising policy (varisty vs. walmart) (flower shop vs. dillons) |
| non-store retailing example | vending machines |
| direct selling | personal interactions in home/office (mary kay, tupperware) |
| 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 | consists of selling brand name merchandise at lower than regular prices (outlet mall, sam's club, tj.maxx) |
| central business district | oldest retail setting, downtown area, (points avenue in mhk) |
| regional shopping centers | retail location consisting 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 |
| community shopping center | 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 mall in mhk) |
| strip mall | retail location consisting of a cluster of neighborhood stores to serve people who are within a 5- to 10-minute drive |
| power center | retail location consisting of a huge shopping strip with multiple anchor (or national) stores |
| multichannel retailers | Retailers that utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television home shopping, and online retailing. |
| shopper marketing | 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 in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits |
| physical marketplace | face-to-face exchange |
| physical marketplace | face-to-face exchange |
| digital marketplace | face-to-screen exchange |
| interactivity | listen and respond with customers |
| individuality | treat customers as individuals |
| interactivity | listen and respond with customers |
| individuality | treat customers as individuals |
| interactive marketing | two-way buyer–seller electronic communication in which the buyer controls the kind and amount of information received from the seller |
| interactive marketing | two-way buyer–seller electronic communication in which the buyer controls the kind and amount of information received from the seller |
| choiceboard | interactive systems that allows you to design your own products and services ex) M&Ms |
| personalization | consumer-initiated practice of generating content on a marketer’s website that is custom-tailored to an individual’s specific needs and preferences |
| permission marketing | solicitation of a consumer’s consent (called “opt-in”) to receive e-mail and advertising based on personal data supplied by the consumer |
| permission marketing | 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 | subsegment of all Internet users who employ this technology to research products and services and make purchases. |
| 7 C's of website design | context - appeal & functional look content - is king, all digital info on website commerce - conduct sales transactions connection - linkage between other sites communication - dialoge between consumer and site |
| 7 C's of website design cont | community - user-to-user communications customization - personalize the site |
| what consumers buy online (4) | items with important product information (electronics) items that can be delivered digitally (ebook, movie) items regularly purchased & where convenience is important standardized items where price is important (playstation) |
| why do people shop & buy online? (6 C's) | convenience choice customization communication cost control |
| 8 second rule | if a website doesn't load in 8 seconds, you're leaving it |
| customerization | 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 | 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 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 |
| 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 |
| social media | 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 | consumers share their latest purchases, deals, coupons, product reviews, want lists, and other shopping finds with friends and contacts |
| Facebooks | key word = likes learn users' passions and let them guide content |
| key word = filters | |
| X | key word = tweet what does NOT fit "the shopping platform" |
| YouTube | key word = video-sharing choose this for complex or long video |
| key word = pin | |
| TikTok | choose objective select target market set budget create ad go live |
| key word = connections | |
| IMC stands for | integrated marketing communications |
| promotional mix | 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 |
| Integrated marketing communications | 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 |
| personal selling | 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 |
| sales managment | Planning the selling program and implementing and evaluating the personal selling effort of the firm |
| salespeople are | the company in a consumers eyes |
| relationship selling | 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 (traditional sales reps) | 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 |
| prospect objective | identify and qualify prospects |
| preapproach objective | preparing for the sales call - gather info and decide how to approach |
| approach objective | the initial meeting with the prospect - gain attention & stimulate interest |
| 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. |
| presentation objective | the core of the selling process |
| close objective | |
| follow-up objective | |
| 3 types of prospects | lead - possible customer prospect - wants or needs product (nurse, pharmacist) qualified prospect - decision maker (doctor) |
| stimulus (suggestive) response | sales presentation format that assumes that given the appropriate stimulus by a salesperson, a purchase will be added ex) "do you want more blank with your order" |
| formula (canned) selling | sales presentation format that consists of info that must be provided in an accurate and step-by-step manner to inform the prospect ex) memorized script |
| need-satisfaction presentation | sales presentation format that emphasizes probing and listening by the salesperson to identify needs and interest of prospective buyers |
| advertising | any paid form of non communication |
| pioneering (informational) | introductory - what a product is, what it can do, and where it is found |
| competitive (persuadive) | persuade targets to choose this firm over the other ones |
| reminder | reinforce previous knowledge of a product |
| steps of developing an ad program (3) | 1 - identify target audience 2 - specifying advertising objectives 3 - setting advertising budget |
| 3 most common message appeal types | fear, sex, & humor |
| advertising media | the means to communicate the message - print, radio, TV |
| reach | number of households exposed to an event |
| rating | % of households/people tuned to a show |
| frequency | number of times exposed to the message |
| GRP (gross rating point) | reach x frequency |
| television | uses picture, print, sound & motion short exposure time & perishable messages |
| radio | target specific local audiences - short exposure time & perishable messages |
| magazine | online - long life of ads |
| newspaper | online - excellent coverage of local markets |
| outdoor | "out of home" billboards = traffic hazard |
| factors considered for media selection | complexity of message media habits of target audience timing cost |
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