Questions and Answers
What are the stages of the B2B process?
What does sales management involve?
Planning, direction, and control of personal selling activities.
What comprises a company sales force?
Employees of the selling company.
What are independent agents?
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What is an order getter?
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What is the primary responsibility of an order taker?
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What do sales support personnel do?
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What is a selling team?
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What is a salary?
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What is a commission?
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What is a bonus?
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What is a sales contest?
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What does competitive parity refer to?
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What does relevance mean in advertising?
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Which federal agencies regulate advertising?
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What is the role of a community manager?
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What are non-financial rewards?
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What does IMC stand for?
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What is the role of the 'Sender' in the communication process?
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Who acts as the 'Transmitter' in the communication process?
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What does encoding in the communication process refer to?
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What is a communication channel?
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Who is the 'Receiver' in the communication process?
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What is decoding?
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What does 'noise' refer to in the communication process?
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What is the purpose of the feedback loop?
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What does AIDA model stand for?
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What is brand awareness?
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What is aided recall?
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What is top-of-mind awareness?
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What does the lagged effect refer to?
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What is advertising in the context of IMC?
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What is public relations?
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What is sales promotion?
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What is personal selling?
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What is direct marketing?
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What is the objective-and-task method?
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What are rule-of-thumb methods?
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What is frequency in advertising?
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What does 'reach' mean in marketing?
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What are gross rating points (GRP)?
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What are impressions in advertising?
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What is click through rate (CTR)?
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What does return on investment (ROI) represent?
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What are the steps in planning and executing an ad campaign?
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What constitutes an advertising plan?
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What is a pull strategy?
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What are push strategies?
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What is informative advertising?
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What is persuasive advertising?
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What is reminder advertising?
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What are product-focused advertisements?
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What is institutional advertising?
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What is a PSA?
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What does social marketing involve?
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What is a unique selling proposition (USP)?
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What are informational appeals in advertising?
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What are emotional appeals in advertising?
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What does media planning involve?
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What is media mix?
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What is a media buy?
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What is mass media?
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What is niche media?
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What does an advertising schedule specify?
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What is a continuous schedule in advertising?
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What does fighting refer to in advertising?
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What is pulsing in advertising?
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What is a headline in an advertisement?
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What is a subhead in an advertisement?
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What does body copy refer to in an advertisement?
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What are brand elements?
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What is pretesting in advertising?
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What is tracking in advertising?
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What is posttesting in advertising?
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What is puffery in advertising?
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What is cause-related marketing?
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What does event sponsorship involve?
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What are sales promotions?
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What are coupons?
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What is a deal in marketing?
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What is a premium in marketing?
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What is contest in marketing?
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What is a sweepstakes?
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What does sampling refer to in marketing?
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What are loyalty programs?
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What are point-of-purchase displays?
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What are rebates?
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What is product placement in marketing?
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What does cross-promoting involve?
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What is relationship selling?
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What are leads in marketing?
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What does qualifying refer to in sales?
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What are trade shows?
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What are the steps in the personal selling process?
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What are cold calls?
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What is telemarketing?
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What is the pre-approach stage?
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What is role playing in sales?
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Study Notes
Integrated Marketing Communication (IMC)
- IMC extends the message delivered by various promotional elements, including advertising, personal selling, and public relations.
- Comprises three key elements: consumers, communication channels, and message evaluation.
Communication Process
- Sender: The origin of the communication process, identifiable to the audience.
- Transmitter: Involves the creative department or advertising agency responsible for developing the message.
- Encoding: The transformation of ideas into a message that appeals to consumers.
- Communication Channel: Media used to deliver messages, such as TV, radio, or print.
- Receiver: The individual who perceives the message.
- Decoding: The receiver's interpretation of the sender's message.
- Noise: Interference from competing messages affecting communication.
- Feedback Loop: Mechanism for receivers to communicate back to the sender, indicating message reception and understanding.
AIDA Model
- Describes the consumer journey: Awareness → Interest → Desire → Action.
- Each stage requires consumer evaluation to progress.
Brand Awareness
- Refers to a customer's recognition or recall of a brand, linked to types of retailers or products.
- Influences consumer decision-making processes.
Advertising Techniques
- Informative Advertising: Builds brand awareness and guides consumers through the purchasing cycle.
- Persuasive Advertising: Motivates consumers to take action, useful in product growth stages.
- Reminder Advertising: Reaffirms product existence among consumers during the maturity stage.
- Institutional Advertising: Promotes issues related to places or industries, aiming for broader recognition.
- Public Service Advertising (PSA): Focuses on public welfare initiatives through institutional promotion.
Sales Promotion Strategies
- Coupons: Discounts to stimulate demand, issued by manufacturers and retailers.
- Contests and Sweepstakes: Encourage participation for rewards; contests require skill, while sweepstakes are luck-based.
- Loyalty Programs: Designed to retain customers through incentives for repeat purchases.
- Point-of-Purchase Displays: Strategically placed items to encourage impulse buying.
Personal Selling
- Two-way communication aimed at influencing purchase decisions.
- Sales Process: Involves lead generation, qualification, pre-approach, sales presentation, closing, and follow-up.
Media and Budgeting
- Media Planning: Involves evaluating and selecting media channels for advertising.
- Media Mix: Combination of media types that delivers a compelling message.
- Budgeting Methods: Objectives-and-tasks approach for specific budgeting versus rule-of-thumb methods using past sales data.
Performance Metrics
- GRP (Gross Rating Points): Calculated as Reach x Frequency.
- Impressions: Total number of ad appearances in front of users.
- CTR (Click Through Rate): Ratio of ad clicks to impressions, indicative of ad effectiveness.
- ROI (Return on Investment): Measures financial return from advertising spend.
Sales Force Management
- Company Sales Force: Employees directly involved in selling.
- Independent Agents: Sell manufacturers' products on a contractual basis without being direct employees.
- Order Getters vs. Order Takers: Distinguishes between proactive salespeople seeking new customers and those processing repeat orders.
Compensation Structures
- Salary: Fixed payment at regular intervals.
- Commission: Earnings based on sales volume or profitability.
- Bonuses: Discretionary payments for achieving specific goals.
- Sales Contests: Short-term incentives to stimulate sales performance.
Promotional Strategies
- Push Strategy: Involves motivating sellers to promote products actively.
- Pull Strategy: Encourages consumer demand to pull products into the market.
Social Marketing
- Applies marketing principles to social issues to induce behavioral changes among target populations.
Event Sponsorship and Cause-related Marketing
- Corporations support activities or partner with charities to enhance brand image and market products effectively.### Competitive Parity
- Communication budget is aligned with market share, ensuring consistency between spending and presence in the market.
Relevance
- Google’s AdWords system measures ad effectiveness through a Quality Score.
- Ad relevance indicates how beneficial an advertisement is to users conducting searches, impacting click-through rates.
Federal Agencies that Regulate Advertising
- Major regulatory bodies include the FDA (Food and Drug Administration), FCC (Federal Communications Commission), and FTC (Federal Trade Commission).
- Other agencies, like the U.S. Postal Service, also hold regulatory duties regarding advertising practices.
Community Manager
- Responsible for managing corporate online presence, including forums and blogs.
- Aims to increase website traffic and expand the company's online community engagement.
Non-Financial Rewards
- Effective non-financial incentives include awards, plaques, pens, rings, and complimentary experiences such as trips or time off.
- Public recognition of these rewards enhances their symbolic value and motivates recipients.
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Description
Prepare for your Marketing final with these flashcards covering Chapters 18 to 20. Key concepts such as Integrated Marketing Communication (IMC) and various promotional elements are included. Enhance your understanding of marketing strategies and communication disciplines effectively.