mkt 4
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95 terms
Terms | Definitions |
|---|---|
 Personal selling requires | strategy decisions |
| Why does personal selling require a strategy | deifferent people respond differently to different behaviors |
| why is personal selling so importnat (2) | largest operating expense 1 in 10 people involved in sales work |
| Helping to buy is considered... | good selling |
| Dont sell the customer but... | help them buy |
| Sales people represent... | the whole company |
| how do sales people represent the whole company....2 | explain policies , products and nego prices play the voice of the customer |
| How do sales people aid in marketing info 2 | first to know competitor strategies source of new ideas |
| 5 ways salespeople can be strategy planners | picking a target which products to push which stores to sell in what messages to communicate adjust prices |
| Three basic sales tasks | order getting order taking supporting |
| order getting invloves developing relations with | new customers |
| order getters seek.. | buyers with sales presentations |
| order getters need to know what | the whole business and technical details about the product |
| order getters help products how | gets them out of the ointroduction stages into market growth stage |
| order takers sell to who | regular established cutomers |
| order takers usually do a what | follow up |
| supporters help who | order oriented salespeople |
| supporters attempt to do what | enhance the relationship with tthe customer |
| three types of supporters | missionary technical customer service reps |
| missonarys do what | set up visual displays stimulate demand |
| technicals do what | explain advantages of the products |
| customer service reps do what | resolve problems that arise with a purchase |
| what promotes the next purchase | customer serivce |
| customer service is part of what P | promotion |
| are good sales people trained or born | trained |
| 4 things salespeople need to know | companies policies product info building relationships profressional selling skills |
| What does orospecting mean when personal selling | narowing down to the right target |
| Two types of sales presentations | prepared approach consultive selling approach |
| a prepared approach is not.. | adapated to each indivudal customer |
| the consultavle selling approach developes what | a good understanding of indvidual customer needs |
| 3 reasons why formula 1 is the pinnacle of motor racing | faster smarter sexier |
| 3 things it takes to build an international brand | preparation commitment passion |
| 6 decisions marketing managers/ ad agencies must make | objectves who target audience is what kind of adv which media what to say who does the work |
| total ad spending in 2010 | 200 billion |
| us accounts for how much of worlds AD spending | 35% |
| how much do advertisiers spend of there budget on adv | 2.5% |
| biggest spender of ad dollars | perfume and cosmetics |
| What determine the kinds of advertising needed | objectives |
| 4 ways the marketing mangers sets the overall direction | infrom customers about makreitn mix introduct new prodcuts tell customer wher tog et new products provide ongoing contact with target cutoemrs |
| two types of advertising | product instituional |
| three types of product advettising | pioneering compeitive reminder |
| pionnering adv develops what | primary demand for a new product |
| example of pionnering advertind | digital cameras had to explain how the new technology worked |
| competitive adv develops what kind of demand | selevtice |
| reminder adv simply... | keeps the products name in the public eye |
| INstitutional adv promotes | a companys image/goodwill |
| choosing the best medium depends on what 4 thingsq | promotional objectives who you want to reach funds nature of the media |
| what is behavioral targeting | determining ads based on a users internet history |
| 4 objectives of the best message | get attention hold interest arouse desire obtain action |
| sucess of ad effectiveness edpends on | total marketing mix |
| two things pricing decision affect | number of sales a firm makes how much money it earns |
| What 4 objectivrs drive decisions about key pricing polices | How flexible prices will be level of process over product life cycle whom and when discounts will be given how transportation costs will be handled |
| price is... | the amount of money that is charged for something of value |
| three objectives oriented toward profit | target returns provide specific guidelines Satisfactory profits profit maximization |
| a target return objective simplay wants | a certain stated percenage of sales |
| what do you try to get when you just want satisfactory profits | cover costs and covince stockholders |
| sales oriented objectives simply seek. | a level of unit sales without refering to profit |
| sales objectives are used when (2) | coming out of recession or when in introductory stage |
| one price policy sets the same price for everything why? | administrative convience maintain goodwill among custoemrs |
| examples of felixible price policy offers different prices | frequent shopper discounts airlines adjusting prices |
| 3 price level price polices over the product life cycle | skimming price policy penetration pricing policy introductory price dealing |
| skimming tries to sell to who | the top of the market rich people |
| WHEN Is skimming bad | when it happens to a life saving drug |
| penetration attepmts to | get volume at a low price |
| ex of penetration | when sony tried to get bluray over hddvd |
| intro price dealing is simply trying to | get customers to try new product at low price but raise them after offer is over Iphone apps |
| list prices is what | the final customer is asked to pay |
| discounts are | reductions from the list price |
| two approaches to set prices | cost oriented demand oriented |
| markups are the dollar amount ... | added to the cost of the product to get the selling price |
| how are markups stated | as percentages of the selling price that is added to the cost to the get the sellin gprice |
| why is average cost priceing dangerous | doesnt account for demand since it relies on past records |
| 3 types of total costs | total fixed costs: doesnt depend on how much product is produced total variable costs: related to output total cost: sum of both |
| ex of fixed costs | insurance reant |
| ex of variable costs | materials wages comission |
| three average costs | average cost per unit: divide total cost by quantity average fixed cost: average variable cost |
| majpr weakness of average cost pricing | ignoring demand |
| What happens at the break even point | total costs equals total revenue |
| equation for BEP | total fixed cost divided by Assume selling price per unit minus the variable cost per unity |
| What is the best pricing tool | marginal analysis |
| Marginal analysis considers both.. | costs and demand |
| what does marginal analysis show | how cost revenue and profit change at different prices |
| marginal revenue & marginal costs are what? | the change in total reveuen and total costs the results from selling just one more unit |
| what is the rule for maximizing profit | highest profit is earned at the price where marginal cost is just less or equal to marginal revenue |
| More subsitutes an consuemr has the more... | price sensititve they will be |
| 3 demand oreinted approaces to setting prices | evaluating price sensitivity leader pricing bait pricing |
| leader pricing attempts to | get customers into store and buy alot of prodcut at a low price |
| bait pricing attempts to | get customers into store with low prices but then push expensive models |
| Why dont high markups always lead to big prifts | lowers demand |
| 2 levels to evaluate marketing | mirco macro |
| why do nation objectives affect evlutation | different nations have different objectives |
| consumer satisfaction depends on | indiviual aspirations |
| why do less prosperous consumers expect more from economy | they see higher standards of livings of others |
| How to measure mirco | customer feedbacks |
| Why micro sucks | expensive new products always failing lack of understandind |
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