Marketing Final Ch. 18-20 Flashcards

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Questions and Answers

What are the stages of the B2B process?

Need recognition (correct)
Performance assessment (correct)
Proposal analysis and supplier selection (correct)
Customer feedback

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?

Salespeople who sell a manufacturer's products on an extended contract basis. Signup and view all the answers

What is an order getter?

A salesperson who identifies potential customers and engages them to make a sale. Signup and view all the answers

What is the primary responsibility of an order taker?

To process routine orders and handle inventory. Signup and view all the answers

What do sales support personnel do?

Enhance and help with the overall selling effort. Signup and view all the answers

What is a selling team?

A group that combines sales specialists to service important accounts. Signup and view all the answers

What is a salary?

A fixed sum of money paid at regular intervals. Signup and view all the answers

What is a commission?

Money paid as a percentage of sales volume or profitability. Signup and view all the answers

What is a bonus?

A payment made at management's discretion for attaining certain goals. Signup and view all the answers

What is a sales contest?

A short-term incentive designed to elicit a specific sales force response. Signup and view all the answers

What does competitive parity refer to?

Setting the communication budget to equal market share. Signup and view all the answers

What does relevance mean in advertising?

How useful an ad message is to the consumer doing the search. Signup and view all the answers

Which federal agencies regulate advertising?

FDA, FCC, and FTC. Signup and view all the answers

What is the role of a community manager?

Responsible for handling corporate forums, blogs, and increasing website traffic. Signup and view all the answers

What are non-financial rewards?

Awards, plaques, pens, rings, free trips, or days off. Signup and view all the answers

What does IMC stand for?

Integrated Marketing Communication (D) Signup and view all the answers

What is the role of the 'Sender' in the communication process?

Where the process originates, must be clearly identified with the audience. Signup and view all the answers

Who acts as the 'Transmitter' in the communication process?

The creative department or advertising agency. Signup and view all the answers

What does encoding in the communication process refer to?

Converting the sender's ideas into a message. Signup and view all the answers

What is a communication channel?

What carries the message through TV, radio, internet, or print. Signup and view all the answers

Who is the 'Receiver' in the communication process?

The person who hears, sees, or reads and processes the information contained in the message. Signup and view all the answers

What is decoding?

The process by which the receiver interprets the sender's message. Signup and view all the answers

What does 'noise' refer to in the communication process?

Any interference that stems from competing messages. Signup and view all the answers

What is the purpose of the feedback loop?

Allows the receiver to communicate with the sender. Signup and view all the answers

What does AIDA model stand for?

Awareness, Interest, Desire, Action. Signup and view all the answers

What is brand awareness?

The potential customer's ability to recognize or recall the brand name. Signup and view all the answers

What is aided recall?

When consumers indicate they know the brand when the name is presented to them. Signup and view all the answers

What is top-of-mind awareness?

The highest level of awareness when customers mention a specific brand first. Signup and view all the answers

What does the lagged effect refer to?

A delayed response to a marketing communication campaign. Signup and view all the answers

What is advertising in the context of IMC?

The placement of announcements and persuasive messages in mass media. Signup and view all the answers

What is public relations?

An organizational function that manages communications to achieve specific objectives. Signup and view all the answers

What is sales promotion?

Incentives that encourage the purchase of a product or service. Signup and view all the answers

What is personal selling?

A two-way flow of communication designed to influence the buyer's purchase decision. Signup and view all the answers

What is direct marketing?

Marketing that communicates directly with target customers. Signup and view all the answers

What is the objective-and-task method?

Determines the budget required to undertake specific tasks. Signup and view all the answers

What are rule-of-thumb methods?

Used to set budgets based on prior sales and communication activities. Signup and view all the answers

What is frequency in advertising?

How often the audience is exposed to a communication. Signup and view all the answers

What does 'reach' mean in marketing?

The percentage of the target population exposed to marketing communication. Signup and view all the answers

What are gross rating points (GRP)?

Reach multiplied by frequency. Signup and view all the answers

What are impressions in advertising?

The number of times an ad appears in front of the user. Signup and view all the answers

What is click through rate (CTR)?

The number of times a user clicks an ad divided by the number of impressions. Signup and view all the answers

What does return on investment (ROI) represent?

Sales revenue minus advertising cost divided by advertising cost. Signup and view all the answers

What are the steps in planning and executing an ad campaign?

Identify target audience, set advertising objectives, determine advertising budget... Signup and view all the answers

What constitutes an advertising plan?

A subsection of the marketing plan analyzing the advertising situation. Signup and view all the answers

What is a pull strategy?

The strategy aims to get consumers to demand the product. Signup and view all the answers

What are push strategies?

Designed to increase demand by focusing on wholesalers and retailers. Signup and view all the answers

What is informative advertising?

Communication used to create and build brand awareness. Signup and view all the answers

What is persuasive advertising?

Used to motivate consumers to take action. Signup and view all the answers

What is reminder advertising?

Communication used to remind or prompt repurchases. Signup and view all the answers

What are product-focused advertisements?

Advertisements that inform, persuade, or remind consumers about a specific product. Signup and view all the answers

What is institutional advertising?

Advertising that promotes issues related to places, politics, or industries. Signup and view all the answers

What is a PSA?

Public service advertisement focused on public welfare. Signup and view all the answers

What does social marketing involve?

Application of marketing principles to social issues. Signup and view all the answers

What is a unique selling proposition (USP)?

Differentiates a product by establishing its unique benefits. Signup and view all the answers

What are informational appeals in advertising?

Factual information offered to help consumers make purchase decisions. Signup and view all the answers

What are emotional appeals in advertising?

Appeals that satisfy consumers' emotional desires. Signup and view all the answers

What does media planning involve?

Evaluating and selecting the media mix. Signup and view all the answers

What is media mix?

The combination of media used and advertising frequency. Signup and view all the answers

What is a media buy?

The actual purchase of airtime or print pages for advertising. Signup and view all the answers

What is mass media?

Channels like newspapers, magazines, and television that reach a large audience. Signup and view all the answers

What is niche media?

Channels that target narrower segments with specific interests. Signup and view all the answers

What does an advertising schedule specify?

The timing and duration of advertising. Signup and view all the answers

What is a continuous schedule in advertising?

Advertising runs steadily throughout the year. Signup and view all the answers

What does fighting refer to in advertising?

An advertising schedule with bursts of heavy advertising. Signup and view all the answers

What is pulsing in advertising?

Combining continuous and flighting schedules. Signup and view all the answers

What is a headline in an advertisement?

The large type designed to draw attention. Signup and view all the answers

What is a subhead in an advertisement?

An additional smaller heading. Signup and view all the answers

What does body copy refer to in an advertisement?

The main text portion of the ad. Signup and view all the answers

What are brand elements?

Identify the sponsor of the ad through logo and USP. Signup and view all the answers

What is pretesting in advertising?

Assessments performed before an ad campaign is implemented. Signup and view all the answers

What is tracking in advertising?

Monitoring key indicators like sales volume while the ad runs. Signup and view all the answers

What is posttesting in advertising?

Evaluation of the campaign's impact after implementation. Signup and view all the answers

What is puffery in advertising?

Legal exaggeration of praise, stopping just short of deception. Signup and view all the answers

What is cause-related marketing?

Partnership between business and charities for mutual benefit. Signup and view all the answers

What does event sponsorship involve?

Corporations supporting activities in culture or sports. Signup and view all the answers

What are sales promotions?

Incentives that encourage consumers to purchase a product. Signup and view all the answers

What are coupons?

Discounts offered on specific items when purchased. Signup and view all the answers

What is a deal in marketing?

A short-term price reduction that entices consumers. Signup and view all the answers

What is a premium in marketing?

An item offered for free or at a bargain price for buying behavior. Signup and view all the answers

What is contest in marketing?

A brand-sponsored competition requiring skill or effort. Signup and view all the answers

What is a sweepstakes?

A sales promotion based on a chance drawing of entries. Signup and view all the answers

What does sampling refer to in marketing?

Offering consumers a chance to try a product before purchasing. Signup and view all the answers

What are loyalty programs?

Designed to retain customers with incentives for repeat purchases. Signup and view all the answers

What are point-of-purchase displays?

Merchandise displays located at the purchase point. Signup and view all the answers

What are rebates?

A price reduction where part of the purchase price is returned later. Signup and view all the answers

What is product placement in marketing?

Marketers pay to have products included in media. Signup and view all the answers

What does cross-promoting involve?

Collaboration between firms to reach a shared target market. Signup and view all the answers

What is relationship selling?

A sales philosophy emphasizing long-term relationship maintenance. Signup and view all the answers

What are leads in marketing?

A list of potential customers. Signup and view all the answers

What does qualifying refer to in sales?

Assessing a customer's potential. Signup and view all the answers

What are trade shows?

Forums for finding leads attended by industry buyers. Signup and view all the answers

What are the steps in the personal selling process?

Generate leads, pre-approach, sales presentation, closing, follow-up. Signup and view all the answers

What are cold calls?

Prospecting without prior appointments. Signup and view all the answers

What is telemarketing?

Marketing conducted over the phone. Signup and view all the answers

What is the pre-approach stage?

Research and plan before meeting the customer. Signup and view all the answers

What is role playing in sales?

Simulating a buying situation for practice. Signup and view all the answers

What does closing the sale mean?

Obtaining a commitment from the customer to purchase. Signup and view all the answers

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.

Applies marketing principles to social issues to induce behavioral changes among target populations.

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.