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MKTG 250
Exam 4
| Question | Answer |
|---|---|
| retailing | consists of all activities involved in selling, renting and providing products to ultimate consumers |
| form of ownership | distinguishes retail outlets based on whether independent retailers, corporate chains or contractual systems own the outlet |
| independent retailer | most common, owner is the boss, owned by individuals |
| corporate chain | multiple outlets under common ownership, advantages in dealing with manufacturers, consumer price benefits – similar policies across stores (JC Penney, Macys) - buy in bulk=discounts |
| contractual system | independently owned stores that band together; retail sponsored coop, wholesaler-sponsored voluntary chains, FRANCHISE (crumbl) |
| level of service | used to describe the degree of service provided to the customer; self, limited and full service |
| self-service | requires customers perform many functions during purchase process (redbox) |
| limited service | customers are responsible for most shopping activities but sales people are available; Walmart, target, etc |
| full service | rely on better service to sell more distinctive goods (Nordstrom, wedding dress shop) |
| product/merch line | describes how many different types of products a store carries and in what assortment |
| depth of product line | specialty outlets, the stores carries a large assortment of each item (best buy, victoria secret) |
| breadth of product line | variety of different product lines a store carries (walmart) |
| scrambled merchandising | offering several unrelated product lines in a single store |
| hypermarket | a form of scrambled merchandising which consists of a large store that offers everything in a single outlets |
| intertype competition | consists of competition between very dissimilar types of retail outlets that results from scrambled merchandising (varsity vs walmart) |
| non-store retailing | automatic vending, telemarketing, direct selling, etc |
| automatic vending | vending machines serve customers when and where stores cant |
| telemarketing | use the phone to interact with and sell directly to consumers |
| direct selling | direct sales of products to consumers through personal interaction and demonstrations |
| retailing mix | activities related to managing the store and merchandise in the store |
| off-price retailing | selling brand name merchandise at lower than regular prices (outlet stores) - ross |
| central business district | oldest retail setting , downtown area (poytnz |
| regional shopping center | 50-150 stores that attract customers who live/work within 5-10 mile range (town center) |
| community shopping center | has one primary store, customers within 10-20 minute drive (mall, westloop) |
| strip mall | retail location consists of cluster of neighborhood stores to serve people who are within 5-10 minutes (old navy strip) |
| power center | huge shopping strip with multiple anchor stores (mall of America) |
| digital marketspace | face to screen exchange relationships and electron images and offerings |
| choiceboard | an interactive, digitally enabled system that allows individual customers the design their own products and service by answering a few question and choosing from a menu of attributes (custom m&ms) |
| collaborative filtering | the process that automatically groups people with similar buying intentions and predict future purchases (“customers also bought this”) recommendation engine |
| personalization | the consumer-imitated practice of generating content on a marketers website that is custom-tailored to an individual specific needs (custom m&ms) |
| permission marketing | the solicitation of a consumers content t receive e-mail and ads based on personal data |
| 7 C's of website design | context, content, commerce, community, connection, communication, customization |
| online consumer | the subsegment of all internet users who employ this technology to research products and service and make purchases |
| 8 second rule | customers will abandon efforts to enter and navigate a website if downloaded time exceeds 8 seconds |
| customerization | practice of not only customizing product but also personalizing the marketing and overall shopping interaction |
| dynamic pricing | the practice of changing prices for products 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 the marketer website |
| behavioral targeting | use information provided by third party cookies to direct online advertising from marketer to online shoppers whose behavior suggest they should be interested (“you left this in your cart”) |
| social commerce | use of social networks for browsing and buying |
| cross channel consumer | online consumers who shop online but buy offline, vice versa |
| showrooming | the practice of examining products in a store and then buying them online for a cheaper price |
| webrooming | shop online but buy offline |
| social media | digital technology that facilitates the creation and sharing of user generated content |
| social network | single social media site – facebook, Instagram, tiktok, etc |
| influencer marketing | the practice of focusing the identification and recruitment of influencers to advocate a product |
| social shopping | involves the use of social network services and websites by consumers to share their latest purchases, deals, coupons, etc with friends and contacts |
| customer engagement | the degree and depth of brand focused interactions customers choose to perform online with their social network |
| website where users may create a personal profile, add suers and exchange comments, and likes with them | |
| a social networking service that allows users to upload photo and video than can be edited with filters | |
| : a website that enables users to send and receive tweets, DONT sell stuff | |
| youtube | video sharing, upload, view and comment on videos |
| pinboard style photo website | |
| tiktok | video hosting service allows users to post videos ranging in duration from 3-10 seconds |
| business-oriented website lets users post their professional profiles to network | |
| promotional mix | the combination of one or more communication tools sued to inform buyers about benefits, persuade them to try it, remind them about it later |
| integrated marketing communication | the concept of marketing communication programs that coordinate all promotional activities, to provide a consistent message across all audiences |
| advertising | any paid form of nonpersonal communication about an organization, product, service or idea by an identified sponsor, pay for advertising space/time, mass promo, difficult to get good feedback |
| personal selling | : two-way flow of communication between buyer and seller designed to influence a person/group purchase decision, face-to-face comm, high cost, customized promo |
| public relations | a form of communication management that seeks to influence the feelings, opinions or beliefs held by customers, stockholders, suppliers etc about the company, mass promo (PSA), no direct payment to media |
| sales promotion | a short-term inducement of value offered to arouse interest in buying a product or service, coupon, BOGO, mass promo, create traffic |
| direct marketing | uses direct communication with consumers to generate a response in the form of an order, request for further information or a visit to a retail outlet, customized promo |
| direct orders | are the result of offers that contain all the information necessary to a prospective buyer to make a decision to purchase |
| lead generation | the result of an offer designed to generate interest in a product and request for more info |
| traffic generation | the outcome of an offer designed to motivate people to visit a business |
| introduction phase promotion | informing consumers, increase awareness, advertising |
| growth phase promotion | persuade consumer to buy the product rather than substitutes, gain brand preference, advertising that stresses differentiation and personal selling |
| maturity phase promotion | : remind buyers of products existence, sales promotion to maintain loyal buyers, direct marketing |
| decline phase promotion | little money spent on promotion mix |
| push strategy | directing the promotion mix to channel members to gain their cooperation in ordering and stocking the product – sales promotion and personal selling |
| pull strategy | directing 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 to action – awareness, interest, evaluation, trial and adoption |
| product advertisement | : focused on selling a product or service – pioneering(inform), competitive (persuade), reminder |
| institutional advertisement | build goodwill or an image for an organization rather than promote a specific product or service- advocacy, pioneering institutional, competitive, reminder |
| ad appeals | fear, sex and humor |
| media selection | : related to the target audience, type of product, nature of message, objectives and budget |
| reach | the number of different people exposed to an advertisement |
| rating | the percent of households in a market that are tuned to a particular tv show or station |
| frequency | the average number or times a person in the target audience is exposed to a message |
| gross rating points | reach x frequency |
| cost per thousand | cost to reach 1,000 people with an ad message (click fraud) |
| TV | uses picture, print, sound and motion - perishable messages |
| radio | segmented medium, target specific local audiences - perishable messages |
| magazines | long ad life , target specific audience |
| newspaper | excellent coverage of local market |
| out of home | billboard, local market focus - traffic hazard |
| continuous schedule | when seasonal factors are unimportant, ad runs at a continuous schedule |
| flighting schedule | periods of advertising scheduled between periods of no advertising |
| pulse schedule | a flighting schedule is combined with a continuous schedule |
| full service agency | provides the most complete range or services including marketing, media selection, production, etc |
| limited service agency | specialize in one aspect of advertising |
| in house agency | made up of the companies own advertising staff may provide full services or limited range |
| sales promotion | coupons, deals, premiums, point of purchase displays, product placement |
| publicity tools/ public relations | methods of obtaining nonpersonal presentation of an organization, product or service without direct cost – news release, news conference, PSA |
| personal selling | two way flow of communication between a buyer and seller, salespeople are the company, ease buying process, follow up |
| sales management | involves planning the selling program and implementing and evaluating the personal selling effort |
| relationship selling | creates customer value, 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 – preserve ongoing relationship with existing customers and maintain sales |
| order getting | sells in a conventional sense and identifies prospective customers, provides information, persuades purchases, closes sales and follows up |
| personal selling process | prospecting, preapproach, approach, presentation, close, follow up |
| prospecting | identifying and qualifying prospective customers; lead, prospect, qualified prospect |
| lead | possible customer |
| prospect | customer who wants or needs product |
| qualified prospect | decision maker, desire and ability to buy product |
| preapproach | obtaining further information on the prospect and deciding best method of approach – when to contact |
| approach | initial meeting between the salesperson and the prospect, gain prospect attention, stimulate interest, and build foundation for presentation |
| presentation | objective to convert a prospect into a customer by creating a desire for the product |
| stimulus response format/suggestive selling | assumes that given the appropriate stimulus, the prospect will buy (sonic) |
| formula selling/ canned selling | consists of information that must be provided in an accurate, through and step by step manner to inform the prospect – canned sales – word vomit |
| need satisfaction | emphasize probing and listening by the salesperson to identify needs and interest of prospective buyers |
| objections | excuses for not making a purchase commitment or decision |
| close | obtaining a purchase commitment from the prospect; trial, assumptive or urgency |
| follow up | make sure customer purchase has been properly delivered – solidifies buyer – seller relationship |
| salesforce automation | the use of various technologies to make the selling function more effective and efficient |
| marketing automation | applies systems and technologies, including algorithms to provide insight to salespeople |
| compensation | straight salary, straight commission, combination, nonmonetary rewards |
| sales plan formulation | Set objectives, organize salesforce and develop management policies |
| sales plan implementation | salesforce recruitment, sales enablement, and motivation/compnenation |
| sales plan evaluation | behavioral evaluation, |
| what type of promotion is used for pre and post purchase | advertising |
| what type of promotion is used during actual purchase decision | personal selling |
| news release | inform a newspaper, radio station, or other medium of an idea for a story |
| news conference | media reps are invited to an informational meeting and content material is sent |
| PSA | free space or time donated by the media |
| why people buy online | convenience, cost, control, customization, communication, choice |
| characteristics of online purchases | prepurchase trial not important, digitally deliverable, regular purchases, standardized products/price is important |
| supercenter | store that sells typical merchandise and a full size grocery store - target/walmart |
| creating a tiktok ad | choose marketing objective, select target market, set budget, create ad, go live, manage ad |
Created by:
kayleejh0829