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MKTG 250 - Unit 4
| Term | Definition |
|---|---|
| Retailing | 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 retailer | Owned by individuals; can own multiple different stores. Account for 3 million retail stores in the US |
| Corporate chain | Multiple outlets under common ownership usually have similar policies/merchandise across locations |
| Contractual Systems | Independent stores work together to act as a chain; franchise |
| Level of Service | describes the degree of service provided to the customer from three types of retailers: self-, limited-, and full-service |
| Self-Service | customers perform functions; there is nobody available to help out RedBox |
| Limited Service | Any time there is someone there to check you out |
| Full Service | Wedding dress store or tailored suit Nordstrom |
| Merchandise Line | describes how many different types of products a store carries and in what assortment |
| Depth of Product Line | the store carries a large assortment of each product item |
| Breadth of Product Line | the variety of different product items 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 (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 | competition between very dissimilar types of retail outlets that results from a scrambled merchandising policy Ex: donuts (walmart and varsity technically have competition) |
| Non-Store Retailing | retailing happens without a store |
| Automatic Vending | V-Commerce |
| Direct Selling | Personal interactions in home/office Can only buy from that person EX: Mary Kay |
| Retailing Mix | the 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 | the oldest retail setting, usually located in the community's downtown area |
| Regional Shopping Centers | a retail location consisting of 50-150 stores that typically attract customers who live or work within a 5-10 mile range, often containing two or three anchor stores |
| Community Shopping Center | a retail location that typically has one primary store *usually a department store branch) and often 20-40 smaller outlets, serving a population of consumers who are within a 10-20 minute drive |
| Strip Mall | a retail location consisting of a cluster of neighborhood stores to serve people who are within a 5-10 minute drive |
| Power Center | a retail location consisting of a huge shipping strip with multiple anchor (or national) stores |
| Multichannel Retailers | retailers that utilize and integrate a combination of traditional store formats and non-store 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 | an approach to managing the assortment of merchandise; a manager selects all 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 |
| Physical marketplace | buyers and sellers engage in face-to-face exchange relationships in a material environment characterized by physical facilities (stores and offices) and mostly tangible objects |
| Digital marketspace | a digitally enabled environment characterized by face-to-screen exchange relationships and electronic images and offerings |
| Interactive Marketing | two-way buyer-seller electronic communication in which the buyer controls the kind and amount of information received from the seller |
| Choiceboard | 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 |
| 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 |
| Permission Marketing | the solicitation of a consumer's consent (called "opt-in") to receive email and advertising based on personal data supplied by the consumer |
| Factors of Website Design | Context, Content, Commerce, Community, Connection, Communication, and Customization |
| Website Design: Context | Aesthetic appeal and functional look |
| Website Design: Content | The reason why people visit a website; applies to all digital information on a website |
| Website Design: Customization | The ability of a site to modify itself to, or be modified by and for, each individual user |
| Website Design: Connection | The network of linkages between a company's website and other sites |
| Website Design: Communication | The dialogue that unfolds between the website and its users |
| Website Design: Community | Web-communities: website that allow people to congregate online and exchange views on topics of common interest |
| Website Design: Commerce | Website's ability to conduct sales transactions for products and services |
| Gauging "Stickiness" | Companies monitor the average time spent per unique monthly visitor |
| 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 (But prepurchase trial is not critical) Items that can be delivered digitally Items that can be regularly purchased and where convenience is important Standardized items where price is important |
| Why do consumers shop and buy online? | Convenience, Choice, Customization, Communication, Cost, Control |
| Eight-Second Rule | a view that customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds |
| Choice assistance | choiceboard and personalization technologies invite customers to engage in an electronic dialogue |
| 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 EX: Airline tickets |
| 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 form marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertising |
| Subscription Commerce | involves the payment of a fee to have products and services delivered on a recurring schedule |
| 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 store |
| Social Commerce | the use of social media to browse and buy online without going to a company's website to conduct business |
| 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 |
| User-Generated Content (UGC) | the various forms of online media content that are publicly available and created by consumers or end users |
| UGC Criteria | Published either on a website or social media site Shows original or creative effort (more than simply posting a newspaper article on a personal blog without editing or comments) Consumer-generated outside of a professional commercial organization |
| 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 People share what they found, which causes others to go buy |
| a website where users may create a personal profile, add other users as friends, and exchange comments, photos, videos, and "likes" with them | |
| Why might a brand manager choose Facebook for their promotion? | To 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 (formerly Twitter) | a website that enables users to send and receive "posts/tweets," messages up to 280 characters long |
| Why might a brand manager choose Twitter for their promotion? | Use for influencer marketing See what X users are saying about different brands Generate brand buzz Follow X profiles that mention their products they DON'T sell you stuff |
| YouTube | a video-sharing website in which users can upload, view, and comment on videos |
| Why might a brand manager choose YouTube for their promotion? | The focus on making long/complex videos |
| a pinboard-style photo- and content-sharing website; great for niche audiences | |
| 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 |
| Steps a brand manager would take to place an ad on TikTok | Choose your marketing objectives Select a target market Set your budget Create your ad Go live by posting Manage your ad using TikTok analytics |
| a business-oriented website that lets users post their profession profiles to connect to a network of businesspeople, who are also called connections | |
| Why might a brand manager choose LinkedIn for their promotion? | Use to network with industry-related groups and professionals |
| 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 | that degree and depth of brand-focused interactions customers choose to perform online with their social network |
| Apps | small, downloadable software programs that can run on smartphones and tablet devices |
| What does MC stand for? | Marketing Communications |
| Promotion 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 |
| 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 Element: Advertising | Mass Cost: fees paid for space or time Strengths: efficient means for reaching large numbers of people Weaknesses: high absolute costs; hard to get good feedback |
| Promotional Element: Personal Selling | Customized Cost: fees paid to salespeople as salaries or commissions Strengths: immediate feedback, persuasive, selective audiene Weaknesses: expensive per exposure |
| Promotional Element: Public Relations | Mass Cost: no direct payment to media Strengths: often most credible source in consumer minds Weaknesses: difficult to get media cooperation |
| Promotional Element: Sales Promotion | Mass Cost: wide range of fees paid Strengths: effective at charging behavior in short run, flexible Weaknesses: easily abused and duplicated |
| Promotional Element: Direct Marketing | Customized Cost: communicaton through mail, phone, computer costs Strengths: messages prepared quickly, builds relationship w/ customer 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 |
| Advertising Advantages | Attention-getting Communicate specific product benefits Control what they want to say and to whom and when For nonpersonal, once the message is created, the same message is sent to all receivers in a market segment |
| Advertising Disadvantages | Costs to produce and place a message are significant Lack of direct feedback makes it difficult to know how well the message was received |
| 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 |
| Personal Selling Advantages | Salesperson can control to whom the presentation is made, reducing wasted coverage Personal component has an advantage in that the seller can see or hear the potential buyer's reaction to the message |
| Personal Selling Disadvantages | Different salespeople change the message On a cost-per-contact basis, this method is generally the most expensive of the promotion elements |
| 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 |
| Public Relations Advantages | Credibility; people trust reviews Most effective when consumers lack prior knowledge of the product or service |
| Public Relations Disadvantages | User's lack of control over publicity |
| Sales Promotion | a short-term inducement of value offered to arouse interest in buying a product or service |
| Sales Promotion Advantages | Short-term nature often stimulates sales for their duration |
| Sales Promotion Disadvantages | Cannot be the sole basis for a campaign because gains are often temporary and sales drop off when the deal ends If promotions are done too much, they lose their effectiveness |
| 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 |
| Direct Marketing Advantages | Able to be customized to match the needs of specific target markets |
| Direct Marketing Disadvantages | Most forms require a comprehensive/up-to-date database with info about the target market Developing and maintaining said database can be expensive and time-consuming Growing concern about privacy has led to a decline in response rates among some groups |
| Introduction Stage Promotional Objective | to inform |
| Growth Stage Promotional Objective | to persuade |
| Maturity Stage Promotional Objective | to remind |
| Decline Stage Promotional Objective | to phase out |
| Promotional Tool Key for the Buying Decision stages | Prepurchase: Advertising Purchase: Personal Selling Postpurchase: Advertising |
| 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 Advertising directly to the consumer EX: pharmaceutical companies |
| 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 |
| Direct Order | 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 |
| Lead Generation | the result of a direct marketing offer designed to generate interest in a product or service and a request for additional information Helps build database |
| Traffic Generation | the outcome of a direct marketing offer designed to motivate people to visit a business visit the website or store |
| 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 which take three forms: pioneering (or informational), competitive (or persuasive), and reminder |
| Pioneering Advertisement | Tell people what a product is, what it can do, and where it can be found Key objective: inform the market |
| Competitive Advertisement | Objective: persuade the target market to select the firm's brand rather than that of a competitor |
| Reminder Advertisement | Reinforce previous knowledge of a product |
| Comparative Advertising | shows one brand's strengths relative to those of competitors |
| Reinforcement | used to assure current users they made the right choice |
| Institutional Advertisements | advertisements designed to build goodwill or an image for an organization rather than promote a specific product or service |
| What is the first thing you want to do when setting up your advertising program? | Identify your target market |
| Ad Appeal: Fear | suggest that the consumer can avoid negative experience through purchase and use of a product/service, a change in behavior, or reduction in use; must be sure that the appeal is strong enough to get attention and concern and not tune out message |
| Ad Appeal: Humor | Imply either directly or subtly that the product is more fun or exciting than competitor's offerings use humor to differentiate the company from competitors |
| Ad Appeal: Sex | Suggest to the audience that the product will increase the attractiveness of the user |
| 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 (GRPs) | 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 (think Roman numeral for 1,000) |
| Types of Media | Television, Radio, Magazines, Newspapers, Directories, Internet, Outdoor, and Direct Mail |
| Benefits of Television | uses picture print, sound, and motion (though it is a perishable message) |
| Benefits of Radio | can target specific audiences through audio (though it is a perishable message) |
| Benefits of Magazines | Still printed, but we also have a lot online Even though most print newspapers are gone, we have the internet! Biggest selling point is that there is a long life of the ads |
| Benefits of Outdoor Ads | Billboards are seen by many |
| Advertising Schedule: Continuous (steady) schedule | when seasonal factors are unimportant, advertising is run at a continuous or steady schedule throughout the year |
| Advertising Schedule: Flighting (intermittent) schedule | periods of advertising are scheduled between periods of no advertising to reflect seasonal demand Seasonal |
| Advertising Schedule: Pulse (burst) schedule | a flighting schedule is combined with a continuous schedule because of increases in demand, heavy periods of promotion, or introduction of a new period |
| Type of Ad Agency: Full-Service Agency | an advertising agency that provides the most complete range of services, including marketing research, media selection, copy development, artwork, and production Called "Madison Avenue" - means hiring it out |
| Type of Ad Agency: Limited-Service Agencies | an advertising agency that specializes in one aspect of the advertising process, such as providing creative services to develop the advertising copy, buying previously unpurchased media space, or providing Internet services Contract for creative work |
| Type of Ad Agency: In-House Agencies | consists of the company's own advertising staff, who may provide full services or a limited range of services Company's own staff |
| Type of Sales Promotion: Coupons | money off at the register |
| Type of Sales Promotion: deals | money off for participation of some sort |
| Type of Sales Promotion: Premiums | gift with purchase EX: McDonald's happy meal toy |
| Type of Sales Promotion: Point-of-Purchase Displays | In-store displays that are designed to encourage purchase Candy by the checkout line Stuff not necessarily in the aisles |
| Type of Sales Promotion: Product Placements | Putting a product in a TV show/movie |
| 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) |
| 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 | 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 Straight Rebuy people don't find new customers or solutions; simply process routine orders |
| 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: prospecting, pre-approaching, approach, presentation, close, and follow-up |
| Salespeople are the ______ in the customer's eyes | company |
| Personal Selling Process Stage: Prospecting | first step Main Goal: identify and qualify prospects, generate leads |
| Personal Selling Process Stage: Preapproach | Second step Main Goal: preparing for the sales call; gather information and decide on the best approach important in international selling |
| Personal Selling Process Stage: Approach | third step Main Goal: the initial meeting with the prospect, gainattention and interest, establish rapport |
| Personal Selling Process Stage: Presentaton | fourth step Main Goal: be the core of the selling process |
| Personal Selling Process Stage: Close | fifth step Main Goal: Asking for the order, hard to accomplish, three techniques are trial, assumptive, and urgency |
| Personal Selling Process Stage: Follow-Up | sixth step Main Goal: solidifying the relationship, following up, checking satisfaction |
| Stimulus-Response Presentation | a sales presentation format that assumes that given the appropriate stimulus by a salesperson, the prospect will buy uses suggestive selling |
| 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 a canned sales presentation; memorized |
| Need-Satisfaction Presentation | a sales presentation format that emphasizes probing and listening by the salesperson to identify needs and interests of prospective buyers listening and asking good questions |
| Objections | excuses for not making a purchase commitment or decision |
| Three ways a salesforce could be organized by | geography, customer, or product |
| Four Different Types of Compensation for Salesforces | Straight Salary (regular wage), straight commission (only get paid on what you sell), Combination, and nonmonetary rewards |
| Salesforce Automation (SFA) | the use of various technologies to make the sales function more effective and efficient |
| Marketing Automation | applying systems and technologies, including AI algorithms, to provide insights to salespeople |
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