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Marketing Principles Final Exam Review
Terms in this set (92)
What are the 6 Promotion Mix tools?
- direct marketing
- public relations
- online marketing
- sales promotion
- personal selling
any paid form of nonpersonal presentation and promotion of ideas, goods, services
define public relations (PR)
building good relations with a company's stakeholders, including building the company image
define personal selling
personal presentation by the company's sales force for the purpose of engaging customers, making a sale, or building positive customer relations
define sales promotion
any short-term incentive to encourage the purchase of a product or service
define direct marketing
engaging customers on a one-to-one basis
define online marketing
using digital technologies to engage customers online
What are the three steps for message decisions?
- media strategy
- creative concept
- creative execution
The following are examples of ________ types:
What are the two types of evaluations that advertising evaluates?
- measures communication effects
- measures sales effects
Why do we measure advertising effectiveness?
companies want to know ROI
define informative advertising
- used when introducing a new product, like the Apple Watch
- the objective is to build initial demand
define teaser ads
break through the clutter, make consumers want to find out more about a new product or movie
define comparative advertising
directly or indirectly compares your brand with one or more other brands
define persuasive advertising
an important tool to build demand in a cluttered market
define reminder advertising
important with mature product to help maintain customer relationships and keep customers thinking about the product
define public service campaigns
nonprofit and public service organizations also use advertising to get their messages across and drive support for their causes
the practice of obtaining info by enlisting the services/input of a large number of people, either paid or unpaid, typically via the internet
The following are examples of _______________:
- consumer contests
- online ratings
Who produces ad campaigns?
What is a stakeholder?
a person with an interest or concern in something, especially a business
What are the two types of PR?
- controlled PR
- uncontrolled PR
What does public relations include?
- press releases
- product publicity
- public affairs
- investor relations
- special events
What are the benefits of PR?
- lower than advertising
- more persuasive
define consultative selling
sales force works w/ marketing team to develop and deliver optimal offering
define sales force management
the analysis, planning, implementation, and control of sales force activities, and involves the following activities
What are the four ways to design a sales force structure?
- territorial structure
- product structure
- customer-centric structure
- complex structure
What are the two major types of sales promotions?
- trade promotions
- consumer promotions
define trade promotions
used by manufacturers to push the product into retailers
define consumer promotions
used to get consumers to pull products out of retail stores
The following are examples of _________ promotions:
- trade allowances
- free goods
- in-store demos/displays
- co op advertising
- sales contests
- trade shows
The follow are examples of ______________ promotions:
- cash refunds
What are examples of traditional direct marketing strategies?
- direct mail
- direct-response television (DRTV)
The following are advantages of __________ marketing:
- little waste
- relationship building
The following are disadvantages of __________ marketing:
- OOP costs
- content support
- image factors
electronic business that consists of buying and selling products or services over electronic systems
What are the Top 5 Countries in worldwide E-commerce?
What are the 4 different business models?
________________ websites are designed to build customer goodwill, and to supplement other channels by providing basic information about the company. (not very sticky)
______________ websites allow consumers to browse options, and are usually interactive. (somewhat sticky)
_______________ _______________ websites present branded content and engage consumers with info, videos, blogs, activities. (very sticky websites)
______________ is the new #1 advertising medium.
____________ is the fastest growing form of online advertising.
What are the Top 5 Social Networks?
definition of price
the sum of all the values that consumers give up in order to gain the benefits/utilities of a product
What are the top 3 major price setting strategies?
2) competition based
What is cost based price setting based on?
takes into account the costs for producing, distributing, and selling the product like fixed costs, variable costs, and total costs
________________ based pricing sets prices based on closest competitors.
__________ based pricing uses the buyer's perceptions of value, not the seller's cost, to set the price.
What factors should you consider when setting the price?
- marketing objectives
What is market skimming?
price setting strategy with high initial prices, followed by lower prices to "skim" revenue layers from the market
What is market penetration pricing?
sets a low initial price in order to gain share quickly
What is product-line pricing?
takes into account the cost differences between products in the line
What is optional product pricing?
takes into account optional or accessory products along with the main product
What is captive product pricing?
involves products that must be used along with the main product
What is two-part pricing?
Two separate charges to consume a single good
What is by-product pricing?
pricing low-value by-products to get rid of or make money on them
What is bundled product pricing?
combines several products offered at one reduced price
What is discount and allowance pricing?
reduces prices to reward retailers/channel partners
What is segmented pricing?
when a company sells a product at two or more prices
What is psychological pricing?
occurs when sellers consider the psychology of prices and not simply the economics
What is dynamic pricing?
when prices are adjusted continually to meet the needs of the individual customers and situations (real-time pricing)
What is price fixing?
when prices are set in collusion with other competitors
What is predatory pricing/dumping?
selling below cost with the intention of gaining higher long-term profits by putting competitors out of business
What is drip pricing?
adding extra fees
What is the Robinson Patman Act?
prevents unfair price discrimination by ensuring that the seller offers the same price terms to customers at a given level of trade
process that makes products/services available to consumers where/when they want them
define value delivery network
a network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value
The value delivery network is a ______________ _______, in which every party along the distribution channel can contribute at any given point.
middlemen (businesses) that operate between producers and consumers
What are the 3 types of intermediaries?
buy from manufacturers and sell to retailers, while taking ownership and risk of goods
What do agents/brokers do?
facilitate the transfer of goods/services to consumers but do not take title of goods
Real estate agents and stockbrokers are examples of what type of intermediary?
What do retailers do?
purchase goods from manufacturers and sell to final consumers while taking ownership of risk
The following are different types of ______________:
- specialty store
- department store
- convenience store
What is the purpose of pop-ups and SWAS?
allow customers to experience the product, interact with the brand, and provide the company with valuable feedback
The purpose of ________________ is to fill the gap by providing a range of services.
define channel level
a layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer
Define Multi-channel Distribution
when a single company sets up 2 or more distribution channels to one or more customer segments
define horizontal marketing system
when 2 or more companies at the same channel level join together to address a new opportunity
define vertically integrated marketing systems
when a company controls all, or most, of the distribution activities
when manufacturers cut out intermediaries and go directly to consumers
What are the 3 different channel strategies?
Intensive, Selective, and Exclusive
define intensive channel strategy
consumables and convenience goods
define selective channel strategy
durables and hard goods
define exclusive channel strategy
specialty and luxury
define societal marketing
- marketing that takes into account a company's requirements + consumer's needs + society's long term interests
- create's virtuous cycle
- generates lifetime value
when companies focus too much on "generating value" they can easily go overboard, and persuade consumers to want/desire more than they actually need
an organized movement of citizens and government agencies designed to improve the rights and power of buyers in relation to sellers
a new class of "benefit corporations" that is being launched to support businesses whose mission extends beyond the bottom line (profit)
an organized movement of concerned citizens, businesses, and government agencies designed to protect and improve people's living environment
THIS SET IS OFTEN IN FOLDERS WITH...
BUS 302 CH. 8 Products
BUS302 CH. 14 IMC
BUS 302 CH. 1 Marketing
BUS302 CH. 2 Strategic Planning
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