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Marketing exam 4

Terms in this set (46)

Using consumers to develop and market products
Crowdsourcing
The process of identifying and assessing what is being said about a company, brand, product, or individual. *can involve sentiment analysis and text mining
Social media monitoring
Learn what is being said about the brand and competitors and glean insights
Listen and learn
Open dialogue with stakeholders and give them compelling content of variety across media
Build relationships and awareness
Develop and improve your brands reputation by responding to comments and criticism
Manage your reputation
Search out dissatisfied customers and engage them directly to solve their service and product issues
Improve customer service
Produce and share online content like blogs, websites, articles, and videos
creators
Crest content but only to facilitate communication such as status updates
Conversationalists
Posts comments, ratings, and reviews of products and services on blogs and forums
Critics
Use RSS to collect information and vote for websites online
Collectors
Maintain social networking profile and visit other sites
Joiners
Read blogs, listens to podcasts, and watch videos and generally consumer media
Spectators
Don't do any of the above (social media )
Inactives
any tool or service that uses the internet to facilitate conversations
social media
actors, singers, artists, or athletes who have millions of followers on social media platforms
social media influencers
people who have become popular because of their social media influence in a specific arena
social media stars
people who have a smaller number of followers but still influential in specific areas
micro-influencers
publicly accessible web pages that function as an interactive journal where readers can post comments on the author's entries
blogs
enable users to upload and dispute multimedia content like videos and photos
media sharing sites
allow consumers to post, read, rate and comment on opinions regarding all kinds of products and services
review sites
a companys product sales as a percentage of total sales for that industry
market share
seek to maintain existing prices or meet the competiton's prices, requires little planning-is a passive policy, often leads to suboptimal pricing
status quo pricing objectives
when the price change causes great change in demand
elastic demand
price change causes little change in demand
inelastic demand
one type of dynamic pricing occurs in a fluid market where demand changes rapidly often hourly. when demand increases so do prices and vice versa
surge pricing
charging a high introductory price, often coupled with heavy promotion
price skimming
charging a relatively low price for a product when it is first rolled out
penetration pricing
-quantity discounts
-cash discounts
-seasonal discounts
-new customer discounts
-rebate
-couponing
-free shipping
are all examples of what
fine tuning the base price
everything one price
single price tactic
product line with several products at different price points
price lining
product sold near or below cost to drive traffic for other items
leader pricing (loss leader)
attempts to get consumers into a store through false or misleading price advertising then attempts to persuade consumers to buy more expensive merchandise
bait pricing
odd numbered prices connate bargains, even numbered prices imply quality
odd-even pricing (psychological pricing)
marketing multiple products in a single priced package
price bundling
an agreement between two or more firms on the price they will charge for a product
price fixing
the practice of charging a very low price for a product with the intent of driving competitors out of business
predatory pricing
a plan for the optimal use of the elements of promotion
promotional strategy
the careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every point at which a company has contact with the consumer
integrated marketing communications
impersonal, one-way mass communication about a product or organization that is paid for by a marketer
advertising
the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance
public relations
marketing activites, other than personal selling, advertising, and public relations, that stimulate consumer buying and dealer effectiveness
sales promotion
a purchase situation involving a personal, paid-for communication between two people in an attempt to influence other
personal selling
anything that interferes with, distorts, or slows down the transmission of information
noise
designed to stimulate purchase or action
persuading
seeks to convert an existing need into a want or to stimulate interest in a new product
informing
used to keep the product and brand name in the public's mind
reminding
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