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Unit 4 Exam
Unit 4 Exam Market.
| Question | Answer |
|---|---|
| When is Retailing Different? | Every Day |
| When is Fast Fashion Happening? | Every day |
| Where are malls going? | They are leaving |
| Retailing | Consists of 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. |
| Independent Retailers | Owned by individuals; These stores are dying (Ex: Dusty Bookshelf) |
| Corporate Chains | A store of multiple outlets under common ownership; The corporate chain owns every location. (Ex: Macy's) |
| Contractual Systems | Independent Stores that work together to act as a chain; Owned by someone else following the home office (Ex: Subway, McDonalds) |
| Levels of Service | The degree of service provided to the customer from three types of retailers: self, limited, and full service |
| Self-Service | NOT A SELF-CHECKOUT; Customers perform functions (Ex: Redbox, Vending Machine) |
| Limited Service | Provides some services; Someone can help if a problem arises (Ex: Checking someone out, Walmart, Target) |
| Full Service | Helpe from start to finish and follow-up after the purchase (Ex: Sit-Down Restaurant, Rolex Shops, Nordstroms, and Dress Shopping Place) |
| Merchandise Line | Describes how many different types of products a store carries and in what assortments |
| Depth of Product Line | Means that the store carries a large assortment of each product item. |
| Specialty Outlets | Limited and single-line stores (Ex: Dick's Sporting Goods) |
| Category Killers | A retailer that dominates a specific market category (Ex: Best buy (electronics), Staples (office supplies), Barnes & Noble (bookstore)) |
| Breadth | Number of product lines (Ex: Walmart; variety of products and choices) |
| Breadth of Product Line | Describes the variety of different product items a store carries |
| Scrambled Merchandising | Consists of offering several unrelated product lines in a single store |
| Scrambled Market Types | Hypermarket and Intertype Competition |
| Hypermarket | A 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 |
| Intertype Competition | Consists of competition between very dissimilar types of retail outlets that results from a scrambled merchandising policy (Ex: Flowers, Donuts) |
| Depth | Number of items within each product line; variety of options available within a specific product line |
| Non-store Retailing | Selling things without a store (Ex: Vending Machines, Direct Selling, Selling; Mary Kay) |
| 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-Price Retailing | Consists of selling brand name merchandise at lower than regular prices (Ex: Ross, Outlet Stores, Warehouse clubs (Sam's Club)) |
| Store Locations | - Central Business Direct - Regional Shopping Center - Strip Mall - Power Center - Multichannel Retailers |
| Central Business Direct | The oldest retail setting, usually located in the community's downtown area (Ex: Located in Downtown Area) |
| 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 (Ex: Oak Park 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: Zona Rosa Town Center) |
| Strip Mall | A retail location that consists of a cluster of neighborhood stores to serve people who are within 5-to-10-minute drive |
| Power Center | A retail location that consists 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, TV home shopping, and online retailing |
| Shopping Marketing | A consumer's perception of an encounter with a store's physical environment, personnel, and policies and procedures |
| Category Management | An approach where a manager is assigned the responsibility for selecting products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category |
| Retail Communication Types | - Shopper Marketing - Category Management |
| Physical Marketplace | Going into the store and buying; Companies with a traditional marketplace need to define digital presences |
| Digital Marketplace | Buying Online; Digital Natives need to work on their traditional presences |
| Interactive Marketing | The two-way buyer-seller electronic communication in which the buyer controls the kind and amount of information received from the seller |
| Choiceboard | An 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 delivery options. (Ex: M&M's) |
| Personalization | The customer-initiated practice of generating content on marketer's website that is custom tailored to an individual's specific needs and preferences (Ex: Personalized Product) |
| 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 |
| Collaborative Filtering | A process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases (Grouping people with similarities) |
| 7 C's of Website Design | Context, Content, Customization, Connection, Communication, Community, and Commerce |
| Context | Appeal and functional look (Ex: Image, Texts) |
| Content | All digital information on website (Ex: Descriptions) |
| Customization | Ability of site to modify for individual customers (Ex: Being able to edit someone's page) |
| Connection | Linkage between other sites |
| Communication | Dialogue between site and consumer |
| Community | User-to-user communications (Create a community of users) |
| Commerce | Conduct sales transactions (Paying for the sale) |
| Online Consumer | The subsegment of all Internet users who employ this technology to research products and services and make purchases |
| What are the 6 reasons people buy online | Convivence (Shop 24 hours a day), Choice (Product or Service Selection), Customization, Communication (Video Chats, Emails), Communication (Spam, blogs), Cost (lower prices), Control |
| Customization | The practice of not only customizing a product or service buy also personalizing the marketing and overall shopping and buying interaction for each customer |
| Eight-Second Rule | A view that customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds |
| Dynamic Pricing Definition | The practice of changing prices for products and services in real time in response to supply and demand conditions |
| Cookies | Computer files that a marker can download onto the computer and mobile phone of an online shopper who visits the marketer's website |
| Behavioral Targeting Definition | Uses information provided by cookies for directing 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 | Involves the payment of a fee to have products and services delivered on a recurring schedule |
| When are prime shopping time? | During the week/day while people are working |
| 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 for a cheaper price |
| Webrooming | The practice of examining product online and then buying them in a store |
| Social Media | A digital technology that facilitates the creation and sharing of user-generated content- text, photos, video, and animation (games) - through virtual communities and networks (A social network is a single social media site with multiple interactions) |
| 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, and 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 (KEY WORD: LIKES) | |
| 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 (Key Word: Filters) | |
| X (Twitter) | A website that enables users to send and receive "tweets", messages up to 280 characters long (Key Word: Tweets) |
| Youtube | A video-sharing website in which users can upload, view, and comment on videos |
| A pinboard-style photo and content sharing website (Key word: Pinboard) | |
| 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 |
| How to place an AD on TikTok | - Choose marketing objective - Select a 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 connection | |
| How do Brand Managers use Youtube | Brand managers use YouTube to share a longer, more complex video |
| How do Brand Managers use LinkedIn | Brand managers use LinkedIn because they network with industry-related groups and professionals |
| Social Media Marketing | The 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 with their social network |
| Different Types of Social Media Content...... | |
| 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(DoritosTaco) |
| 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, 3. Remind them later about 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 |
| Advertising elements | Mass (For everyone), Paying for space and time (Ex: Commercials, Billboards) Strengths: Efficient for reaching large numbers of people Weaknesses: Difficult to receive feedback and high costs |
| Personal Selling | Consists of the two-way flow of communication between a buyer and seller, often face-to-face encounter, designed to influence a person's or group's purchase decision |
| Personal Selling elements | Customized (Fit to a business), Fees paid to a salesperson as salaries or commissions Strengths: Immediate feedback, Persuasive, and can select an audience Weaknesses: Expensive, Different salespeople explain things in different ways |
| 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 public about a company and its products |
| Public Relations Elements | Mass (For everyone), No direct payment to media Strengths: Most creditable source in the consumer's mind Weaknesses: Difficult to get media cooperation |
| Sales Promotion | A short-term inducement of value offered to arouse interest in buying a product or service |
| Sales Promotion Elements | Mass (For everyone), Wide range of fees paid, depending on the promotion selected Strengths: Flexible, Effective at changing behavior in the short run Weaknesses: Easily abused, lead to promotion wars, easy to duplicate |
| Direct Marketing | A promotion alternative that uses direct communication with consumers to generate a response in the form order, a request for futher information, or a visit to a retail outlet |
| Direct Marketing Elements | Customized, Cost of communication through mail or electronic Strength: Messages can be prepared quickly, Keeps relationships with customers Weaknesses: Declining customer response, Database management is expensive |
| 4 Stages of the Product Life Cycle Promotion | 1. Introduction Phase: To inform 2. Growth Phase: To Persuade 3. Maturity Phase: To Remind 4. Decline Phase: To Phase Out |
| What is purchased online regularly | - 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 |
| Opt-In | Consumer's consent to receive email and advertising based on personal data supplied by the consumer |
| Opt-out | Consumer chooses to stop receiving communications from a company |
| Purchase Stages | - Prepurchase - Purchase - Post Purchase |
| Prepurchase and Post-Purchase | Advertising is the promotional tool |
| Purchase | Personal Selling is the promotional tool |
| Push Strategy | Involves directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product |
| Pull Strategy | Involves directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product (Ex: Pharmaceutical) |
| 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 a direct marketing offer that contains all the information necessary for a prospective buyer to make a decision to purchase and complete the transaction |
| 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 |
| Advertising | Any paid form of nonpersonal communication about an organization, product, service, or idea by an identified sponsor |
| Product Advertisement | 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 |
| Pioneering Institutional | Inform consumers about the company's products or services |
| Competitive Institutional | Tell the advantages of one product class another (Ex: "Got Milk") |
| Reminder Institutional | Reminder of company's name (Ex: U.S. Army) |
| Developing an Ad program's first step is: | Identifying the target audience |
| Reach | The number of different people or households exposed to an advertisement (Whole Number) |
| Rating | The percentage of households in a market that are tuned to a particular TV show or radio station (Percentage) |
| Frequency | The 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) | Refers to the cost of reaching 1,000 individuals or households with the advertising message in a given medium |
| Media Alternatives | Television, Radio, Magazine, Internet, Out-of-Home |
| Television | Advantages: It uses picture, print, sound, and emotion for effect Disadvantages: High cost to create and run the ad; short exposure and perishable message |
| Radio | Advantages: Low cost, can target specific local audiences, placed quickly, can use sound, humor, and intimacy effectively Disadvantages: No visual element, short exposure time |
| Magazine | Advantages Can target specific audiences, high-quality color, long life of ads Disadvantages: Long time needed to place ad: high cost; competes for attention with other magazines features |
| Internet | Advantages: Video and Audio capabilities; animation can capture attention; ads can be interactive and link to advertiser Disadvantages: Can be complicated with many search, display, and payment options; advertising fatigue is common |
| Out-of-Home | Advantages: Low cost; local market focus; high visibility; opportunity for repeat exposures Disadvantages: Message must be short and simple; low selectivity of audience; criticized as a traffic hazard |
| Types of advertising schedules | - Continuous - Flighting - Pulse |
| Continuous Schedule | Steady, seasons not important (Ex: Cleaning projects) |
| Flighting Schedule | Intermittent reflects seasonal demand (Ex: Sunscreen) |
| Pulse Schedule | Burst, flighting and continuous (Ex: Board Games) |
| Advertising Agencies | Full-Service Agency, Limited-Service Agency, and In-house agency |
| Full-Service Agency | Does research, select media, develops copy, and produces artwork; also coordinates integrated campaigns with all marketing efforts: going to someone for marketing; handling everything related to marketing/advertising |
| Limited-Service Agency | Specializes in one aspect of creative process; usually provides creative production work; buys previously unpurchased media space. Contract for creative work, specific parts of the marketing process rather than the whole thing |
| In-House Agency | Provides range of services, depending on company needs. Companies own staff, doing advertising/marketing within your own company |
| Sales Promotions | Coupons (simulate people to try the product), Deals (Buy-one, get one), Premiums (McDonald's happy meal), Point-of-Purchase (Grocery store aisle displays), Product Placements (Product in a movie/TV show) |
| Publicity Tools/Public Relations | - New release (Company Announcement) - News conference (Informational Meeting) - Public Service Announcement (PSA) (Free space from media) |
| 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 |
| Sales Management | Consists of planning the selling program and implementing and evaluating the personal selling effort of the firm (Implementing, planning, and evaluating) |
| Relationship selling | The practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time |
| Over Taker | Processes routine orders or reorders for products that were already sold by the company |
| Over 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 product or service |
| How is an order getter different than an order taker? | A lot more product knowledge and more training than an order taker. |
| Personal Selling Process | Consists of sales activities occurring before, during, or after a sale: 1. Prospecting 2. Preapproach 3. Approach 4. Presentation 5. Close 6. Follow-up |
| Prospecting Objective | Search for and qualify prospects |
| Preapproach Objective | Gather information and decide how to approach the prospect |
| Approach Objective | Gain a prospect's attention, stimulate interest, and make transition to the presentation |
| Presentation Objective | Begin converting a prospect into a customer by creating a desire for the product or service |
| Close Objective | Obtain a purchase commitment from the prospect and create a customer |
| Follow-up Objective | Ensure that the customer is satisfied with the product or service |
| Types of Presentation | - Stimulus-response presentation - Formula selling presentation - Need-satisfaction presentation |
| Stimulus-Response Presentation | A sales presentation format that assumes that given the appropriate stimulus by a salesperson, the prospect will buy (Suggestive Selling: Do you ___ with your order) |
| Formula Selling Presentation | A sales presentation format that consists of information that must be provided in an accurate, thorough, and step-by-step manner to inform the prospect (Canned sales presentation; Memorized speech; verbal vomit) |
| Need-Satisfaction Presentation | A sales presentation format that emphasizes probing and listening by the salesperson to identify the needs and interest of prospective buyers (Listening to identify the needs and interest of buyer: Works the best in both life and sales) |
| Objections | Excuses for not making a purchase commitment or decision |
| Ways to handle objections | Postpone, Acknowledge and convert the objection, objections happen in the presentation stage |
| Types of close | - Trial, Assumptive, and Urgency |
| Trial Close | Make decision on some aspect of the purchase |
| Assumptive Close | Consider choices for delivery, warranty, and so on |
| Urgency close | Emphasize the importance timeliness |
| Salesforce Structure | - By Geographical (Regions, simplest structure) - By Customer (Used for different markets and buyers) - By Product (Specific expertise is needed) |
| Compensation | Straight Salary, Straight Commission, Combination, Nonmonetary rewards |
| Salesforce Automation (SFA) | The use of computer, information, communication, and Internet technologies to make the sales function more effective and efficient |
| Marketing Automation | Applies system and technologies, including AI algorithms, to provide insights to salespeople |
| Sales people are.... | The company in consumers eyes |
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