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MKTG exam 4
| Question | Answer |
|---|---|
| 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, 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, prices and delivery options |
| Example of Choiceboard | M&M's |
| Collaborative filtering | a 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 marketers website that is CUSTOM tailored to an individual's specific needs and preferences |
| Permission marketing | solicitation of a consumers consent to receive EMAIL and ADVERTISING based on personal data supplied by consumer |
| 7 Cs of website design | context, commerce, connection, communication, customization, community, content |
| Context (7 Cs) | APPEAL and functional look |
| Commerce(7 Cs) | CONDUCT sales transactions |
| Connection (7 Cs) | LINKAGE between other sites |
| Communication (7 Cs) | DIALOGUE between site and consumer |
| Content (7 Cs) | all DIGITAL information on website - descriptions and words |
| Customization (7 Cs) | ability of site to MODIFY for individual customers |
| Community (7 Cs) | user to USER communications |
| Online consumers | SUBSEGMENT of all internet users who employ this technology to research products and services and make purchases |
| 4 things people buy online | items with important product INFO, can be DELIVERED DIGITALLY, can be regularly purchased and where CONVENIENCE is important, standardized items where PRICE is important |
| 6 reasons people shop and buy online | convenience, choice, customization, communication, cost and control |
| Eight second rule | customers abandon their efforts to enter and navigate a website if download time exceeds EIGHT seconds |
| Customerization | 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 | changing prices for products and services in real time in response to supply and demand |
| Cookies | computer files that a marketer can download onto the computer and mobile phone of an online shopper who visits their marketers website |
| Behavioral targeting | uses information provided by third party cookies to direct online advertising from marketers to those online shoppers whose BEHAVIORAL profiles suggest they might be interested in such advertising |
| Social commerce | use of SOCIAL NETWORKS for browsing and buying - tiktok shop |
| Subscription commerce | payment of a fee to have products and services delivered on a RECURRING schedule |
| Cross-channel consumer | a person who shops ONLINE but buys OFFLINE, or shops offline and buys online |
| Showrooming | examining products in a STORE then buying ONLINE for cheaper |
| Webrooming | examining products ONLINE then buying in STORE |
| Social media | digital technology that facilitates the creation and sharing of user generated content through virtual communities and networks |
| Social network | ONE social media site |
| Influencer marketing | practice of focusing on the identification and recruitment of INFLUENCERS to advocate a company's products instead of prospective buyers |
| Social shopping | use of social network services and websites by consumers to SHARE their latest purchases and feedback with friends and contacts |
| website where users may create a personal profile, add other users add friends, photos, videos and "LIKES" with them | |
| Primary reason brand manager would use facebook | learn users passions and let them guide content |
| upload photos and videos that can be edited with FILTERS, organization with tags and location info | |
| X | allows users to send and receive TWEETS |
| Reasons a brand manager would choose X | influencer marketing, see what they are saying about diff brands, generate brand buzz, follow profiles that mention product, messages and video strema topics of value, engage customers |
| What does X not have? | a marketplace |
| YouTube | VIDEO-SHARING website |
| Why use YouTube? | complex or longer format video |
| PINBOARD-style photo | |
| Tiktok | video hosting service owned by CHINESE company ByteDance - 3 sec - 10 minutes |
| How to place ad on TikTok | choose marketing objective, select target market, set budget, create ad, go LIVE, manage ad using analytics |
| business-oriented website that lets users post professional profiles to connect to a NETWORK | |
| Social media marketing program | portion of a companies integrated marketing communications effort designed to create and deliver online media CONTENT that ATTRACTS viewers and encourages readers to share it |
| Customer engagement | DEGREE and DEPTH of brand focused interactions customers choose to perform online with their social network |
| Performance measures linked to inputs or costs | cost per action, cost per thousand, cost per click |
| Apps | small, downloadable software programs that run on smartphones and tablet devices |
| IMC stands for? | Integrated marketing communications |
| Promotional mix | combo of one or more COMMUNICATION tools used to INFORM prospective buyers about the benefits of the product, persuade them to try it, and remind them later about the benefits they enjoyed by using the product |
| the 3 reasons for the promotional mix | INFORM prospective buyers about the benefits, PERSUADE them to try it, and REMIND them later about the benefits they enjoyed |
| Integrated marketing communications | DESIGNING marketing communications programs that coordinate ALL promotional activities - provide CONSISTENT message across all audiences |
| 5 promotional elements | advertising, personal selling, public relations, sales promotion, direct marketing |
| Advertising mass or customized | For the mass |
| Personal selling mass or customized | Customized |
| Public relations mass or customized | For the mass- news conference, press release, public service announcement |
| Sales promotion mass or customized | For the mass, coupons, product placement - free ice cream cone day |
| Direct marketing mass or customized | Customized |
| Advertising strength | easy to reach a LOT of people |
| Advertising weaknesses | hard to get FEEDBACK and high in COSTS |
| Personal selling strengths | IMMEDIATE feedback, persuasive, select audience, complex information |
| Personal selling weaknesses | expensive, messages may differ between salespeople |
| Public relations strengths | most credible source in consumers mind |
| Public relations weaknesses | difficult to get media cooperation |
| Sales promotion strengths | effective at changing behavior in short run, very flexible |
| Sales promotion weaknesses | easily abused, can lead to promotion wars, easily duplicated |
| Direct marketing strengths | messages can be prepared quickly, facilitates relationship with customer |
| Direct marketing weaknesses | declining customer response, database management is expensive |
| 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 designed to influence a persons or groups purchase decision |
| Public relations | 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 |
| Publicity | NONPERSONAL, INDIRECTLY paid presentation of an organization, product or service |
| Sales promotion | SHORT TERM inducement of value offered to arouse interest in buying a product or service |
| Direct marketing | 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 |
| Promotion objective in introductory phase | to INFORM |
| Promotion objective in growth phase | to PERSUADE |
| Promotion objective in maturity phase | to REMIND |
| Promotion objective in decline phase | to PHASE OUT |
| product characteristics that help determine promotional mix elements (3) | COMPLEXITY (technical sophistication), RISK (financial, social and physical), ANCILLARY SERVICES (degree of service or support required after sale) |
| Highest promotional tool in PRE purchase stage | ADVERTISING |
| highest promotional tool in PURCHASE stage | PERSONAL SELLING (salesperson) |
| highest promotional tool in POST purchase stage | ADVERTISING |
| Push strategy | directing promotion mix to CHANNEL MEMBERS to gain their cooperation in ordering and stocking the product |
| Pull strategy | directing promotion mix at ultimate CONSUMERS to encourage them to ask the retailer for a product - pharmeceutical |
| 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 direct marketing offers that contains ALL the information necessary for a prospective buyer to make a decision to purchase and complete the transaction |
| Traffic generation | outcome of an offer designed to MOTIVATE people to visit a business |
| Lead generation | result of an offer designed to generate INTEREST in a product or service and a request for ADDITIONAL information |
| Advertising | any PAID form of NONPERSONAL communication about an organization, product, service, or idea by an identified sponsor |
| Product advertisements | advertisements that focus on SELLING a product or service and take three forms - 1. Pioneering 2. Competitive 3. Reminder |
| Institutional advertisements | build GOODWILL or an IMAGE for an organization rather than promote a specific product or service |
| why is advertising during superbowl important | VIEWERSHIP |
| 3 types of message appeals | FEAR (scare into buying), SEX (attractiveness), and HUMOROUS (fun and exciting) |
| Content is what | KING |
| Reach | NUMBER of different people or households exposed to an 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 advertisement |
| Gross rating points (GRP) | multiplying REACH by FREQUENCY |
| Cost per thousand (CPM) | COST of reaching 1,000 individuals or households with the advertising message in a given medium |
| M in CPM means what | roman numeral for thousand |
| television advantage | uses picture, print, sound, and motion for effect |
| television and radio negatives | short exposure time and perishable message |
| radio advantage | target specific local audiences |
| magazine advantage | long life |
| newspaper advantage | excellent coverage of local markets |
| out of home (billboards) advantage | tourist focus and effective |
| 3 types of schedules | continuous, flighting, pulse |
| continuous schedule | STEADY, seasons not important |
| flighting schedule | intermittent, reflects SEASONAL demand |
| pulse schedule | burst, flighting and continuous, new product - all year round but advertise MORE during SOME times |
| 3 types of ad agencies | full service, limited service, in house |
| full service agency | complete range of services - do EVERYTHING for the ads |
| limited service agency | contract for creative work - just ONE piece of campaign |
| in house agency | companys own staff - inside staff do everything |
| coupons | money off at REGISTER - smaller amounts - stimulate trying |
| deals | OFFER (BOGO, buy 2 get 1 free) |
| premiums | GIFT with purchase - MCDONALD'S HAPPY MEAL TOY |
| point of purchase displays | DISPLAY in store - end caps of aisles or stacks of things at front of store |
| product placements | PAYING to have product in a movie, game, on tv or online |
| Publicity tools | methods of obtaining NON PERSONAL presentations of an organization, product, or service without direct cost, such as new RELEASES, news CONFERENCES, and service ANNOUNCEMENTS |
| News release | ANNOUNCEMENT regarding changes in the company or product - inform newspaper or other medium of an idea for a story |
| News conference | invite everyone in and tell them |
| Public service announcement | make a public announcement on radio or tv - helps nonprofits mainly |
| form of ownership | DISTINGUISHES retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet. |
| 3 types of ownership | independent retailer, corporate chain, and contractual systems |
| independent retailer (ownership) | owned by an INDIVIDUAL - owner is boss |
| corporate chain (ownership) | MULTIPLE outlets under COMMON ownership - macys owning hella other stores |
| contractual systems (ownership) | INDEPENDENTLY owned stores that band TOGETHER to act like a chain |
| Level of service | Describes DEGREE of service provided to the customer from three types of retailers: self-, limited-, and full-service |
| Merchandise line | Describes how many DIFFERENT types of products a store carries and in what assortment |
| depth of product line | store carries LARGE assortment of each product item |
| breadth of product line | VARIETY of different product items a store carries |
| category killer | DOMINATE the market - STAPLES |
| Scrambled merchandising | Offering several UNRELATED product lines in a single store |
| Hypermarket | 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 results from a scrambled merchandising policy |
| Nonstore retailing | occurs OUTSIDE a retail outlet through activities that involve varying levels of customer and retailer involvement - vending machine, mail, online |
| Types of store locations (5) | central business district, regional shopping center, community shopping center, strip mall, power center |
| Central business district (store location) | The OLDEST retail setting, usually located in the community’s DOWNTOWN area |
| Regional shopping center (store location) | A 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 (store location) | 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 |
| Strip mall (store location) | A retail location consisting of a CLUSTER of neighborhood stores to serve people who are within a 5- to 10-minute drive |
| Power center (store location) | A retail location consisting of a UUGE shopping strip with MULTIPLE anchor (or national) stores |
| Retailing mix | activities related to MANAGING the store and the MERCHANDISE, which include retail pricing, store location, retail communication, and merchandise |
| Off - price retailing | Selling BRAND-name merchandise at LOWER than regular prices |
| 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 management | PLANNING the selling program and IMPLEMENTING and EVALUATING the personal selling effort of the firm |
| Sales people are what? | the company in a consumers eyes |
| 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 order or REORDER 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 |
| order getter vs order taker | getter has way more product knowledge and training |
| 6 stages of personal selling process | prospecting, preapproach, approach, presentation, close and follow up |
| prospecting (personal selling) | IDENTIFY and qualify prospects |
| pre approach (personal selling) | GATHER info and decide how to approach - preparing for the sales call |
| approach (personal selling) | initial MEETING with prospect - gain attention, stimulate interest |
| presentation (personal selling) | CONVERT prospect into customer by creating desire |
| close (personal selling) | obtain purchase commitment and CREATE customer - trial close, assumptive close, urgency close |
| follow up (personal selling) | ensure customer is SATISFIED and solidify relationship |
| Personal selling process | sales activities occurring before, during and after the sale itself, consisting of 6 stages |
| types of prospects (3) | lead - possible customer ; prospect - wants or needs product ; qualified prospect - decision maker |
| Stimulus response presentation (suggestive selling) | sales presentation format that assumes the APPROPRIATE stimulus by a salesperson, the prospect will buy "do you want x with that?" |
| Formula selling presentation (canned sales) | format that consists of information that must be provided in an accurate, thorough, and STEP BY STEP manner to inform the prospect |
| Need statisfaction presentation | format that emphasizes probing and LISTENING by the salesperson to identify NEEDS and INTERESTS of prospective buyers |
| objection - happens during presentation phase | EXCUSES for not making a purchase commitment or decision |
| 3 ways salesforce can be set up | geography, customer, product |
| 4 types of compensation | straight salary, straight commission (pay based on sales), combination (salary & bonuses), non monetary rewards (vacation) |
| Salesforce automation | use of various technologies to make the selling function more EFFECTIVE and EFFICIENT |
| Marketing automation | applies systems and technologies, including AI, to provide INSIGHTS to salespeople |
| example of self service | REDBOX |
| example of full service | NORDSTROM |
| example of limited service | WALMART/TARGET |
| example of intertype competition | FLOWERS |
| example of off price retail | ROSS |
| what ownership does franchising occur | contractual |
| examples of nonstore retailing | vending and direct selling |
| retailing | all activities involved in selling, retailing, and providing products and services to ultimate consumers for personal, family or household use |
| 1st step in advertising program | identify target market |
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