Chapter 15 Flashcards

1
Q

Objectives Guide Implementation

A

Awareness => Internet => Evaluation and Trial => Decision -> confirmation

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2
Q

2 types of advertising

A

Product advertising

Institutional advertising

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3
Q

3 types of product advertising

A

Pioneer advertising

Cometitive advertising

reminder advertising

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4
Q

3 types of competitive advertising

A

Direct

Indirect

Comparative

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5
Q

Life Cycle Stages

A

Market Introduction

Market Growth

Market Maturity

Sales Decline

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6
Q

Risks of comparative advertising

A

Annoy your consumer

Tarnish your image

Illegal in some countries

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7
Q

Measuring Advertising is Not easy

A

Awareness

trial

Preference

Use

New media metrics

perceptions

mesage/ ad content

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8
Q

Research Assessment

A

Success depends on the total marketing mix, not just promotion

  • the effectiveness of promotion is hard to seperate from the effects of the other elements of the mix
    ex. a great advertisement cannot be faulted for failing to sell a poorly deisnged product
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9
Q

Advertising Regulation

A

Federal Trade Commission controls unfair or deceptive advertising

  • can require corrective advertising
  • focus is on what is deceptive, instead of what is subjectively defined as unfair

Comparative advertising claims may need to be sustained

  • rules are not always clear
  • hard to define exactly what research is needed
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10
Q

Puffery

A

Puffery protects marketers whose claims are either so excessive they are clearly not expected to be believe, or so generic they have no substantive meaning

“Better, best, greatest, finest”

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11
Q

Weasel words

A

Used in advertising to make a claim look legitimate to the casual listener or reader

Proves to be empty and meaningless

help control acne

helps, acts, works, can be, up to, as much as, refreshes, comforts, fights

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12
Q

Deception

A

Causes consumers to have a false belief about the advertiser’s or competitor’s product

Deception is material

Someone has been or is likely to be hurt

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13
Q

Generation Y

A

Millenials

Digital natives

text preference

1-3 talk about a brand online monthly

2/3 say they participate in one or more content creating activities on the internet

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14
Q

Gen Y more characteristics

A

Ad savy/skeptics

Multi taskers

Open to new ideas and trying new products

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15
Q

PR

A

More cost effective

Greater longevity

Has a far wider audience

Credability

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16
Q

Extend your marketing tactics with a PR plan

A

Social networking

Crowd power

Guerilla Marketing

Viral marketing

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17
Q

Sales Promotion

A

Other than advertising that stimulate interest, trial, or purchase

May be targeted at channel members, final customers or users, or employees

Sales promotion spending is increasing

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18
Q

Key problems in managing sales promotions

A

Erodes brand loyalty

not for amateurs

need for alternatives

hard to manage

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19
Q

Advertising objectives

A

Specific

measurable

attainable

relevant to the target

timely

link to marketing strategy

link to promotion

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20
Q

Ad agencies

A

Specialists in planning and handling mass selling details for advertisers

15% is not required, but still common

Some services are provided on a fee basis

increased use of performance-based pay

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21
Q

Product advertising

A

Tries to sell a product

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22
Q

Institutional advertising

A

which promotes an organization’s image, reputation, or ideas rather than a specific product

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23
Q

Pioneer advertising

A

Tries to develop primary demand for a product category rather than demand for a specific product

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24
Q

Competitive advertising

A

Tries to develop selective demand for a specific brand

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25
Q

Direct type

A

aims for immediate buying action

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26
Q

Indirect type

A

points out product advantages to affect future buying decisions

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27
Q

Comparative advertising

A

Means making specific brand comparrisons using actual product names

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28
Q

Reminder advertising

A

Tries to keep the product’s name before the public

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29
Q

Advertising allowances

A

price reductions to firms further along in the channel to encourage them to advertise or otherwise promote the firm’s products locally

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30
Q

Cooperative advertising

A

Involves producers sharing in the cost of ads with wholesalers or retailers

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31
Q

Copy thrust

A

What the words and illustrations should communicate

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32
Q

Advertising agencies

A

Specialists in planning and handling mass-selling details for advertisers

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33
Q

Corrective advertising

A

ads to correct deceptive advertising

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34
Q

4 critical advertising and promtion decisions a marketing manager must make:

A
  1. advertising objectives and what they want to achieve
  2. who the target audience
  3. what kind of advertising to use
  4. which media to use to reach target customers
  5. what to say (copy thrust)
  6. who will do the work - the firm’s own marketing or advertisnig people our otuside agnecies
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35
Q

Why is it important for advertising objective be specific?

A

Every ad campaign should have clearly defined objectives

The marketing manager must decide exactly what advertising should do

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36
Q

Advantages of advertising allowances and cooperative advertising

A

coordination and integration of messages in the channel

allowances dont ensure coorporation

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37
Q

Vertical coordination examples

A

advertising allowances

cooperative advertising

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38
Q

Criteria when deciding the best advertising medium to use?

A

depends on:

  1. your promotion objectives
  2. what target markets you want to reach
  3. the funds available for advertising
  4. the natuer of the media - icnluding who they reachm, with what frequency, with what impact, and at what cost
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39
Q

AIDA model

A

getting attention

holding interst

arousing desire

obtaining action

40
Q

Supply Chain

A

The complete set of firms, facilities, and logistics activities involved in procuring materials, transforming them into intermediate and finished products, and distributing them to customers. Focus on information flows

41
Q

Goal of Supply Chain

A

Right Product. Right Quantity. Right Place, Right Time

42
Q

Rankings based on:

A

Peer opinion

Gartner Opinion

3-year weighted ROA

Inventory Turns

3- year weighted revenue growth

43
Q

Takeaway of supply chain rankings:

A

Takeaway: leading global brands are leaders in supply chain management

44
Q

Supply Chain is Good for the World

A

Source Sustainable Materials

transport efficiently

recycle via reverse logistics

create what people will buy “reduce waste”

supply chain = sustainability

45
Q

What does a supply chain look like?

A

supplier - manufactuer - wholesaler/distributor - retailer - consumer

46
Q

supply chain is all about tradeoffs

A

cost - speed- quality

47
Q

Operations Research

A

The academic discipline of studying how analytical methods can be used to make better decisions

48
Q

Linear Optimization

A

A widely used technique to find an optimal solution using aset of algebraic equations

49
Q

ERP Enterprise Resource Planning

A

Provides a real time view of core business processes using common databases

track business resources - cash, faw materials, production - and the status of business commitments: orders, purchase orders and payroll in one single application

50
Q

A systems Approach

A
  1. Know your Target Market
  2. focus on total cost
51
Q

5 major transportation modes

A

rail

truck

water

pipelines

air

52
Q

Why do we have inventory?

A

needed when production doesnt match consumption

keep prices steady

achieves production economies of scale

builds channel flexibility

53
Q

Total Inventory Cost

A

Cost of storage facilities

handilng costs

cost of damage while in inventory

cost of risks

cost of inventory becoming obsolete

interest expense & opportounity cost

cost of storage facilities

54
Q

Place

A

Making goods and services available in the right quanties and locations, when customers want them

55
Q

Channel of distribution

A

any series of firms or individuals who participate in the flow of products from producer to final user or consumer

56
Q

Direct marketing

A

direct communication between a seller and an individual customer using a promotion mehtod other than face to face seling

57
Q

disrepancy of quantity

A

difference between the quantity of products it is economical for a producer to make and the quantity final users or consumers normally want

58
Q

Discrepancy of assortment

A

The difference between the ilnes a typical producer makes and the assortment final consumers or users want

59
Q

Regrouping activities

A

Adjust the quantities or assortments of products handled at each level in a channel of distribution

60
Q

Accumulating

A

Involves collecting products from many small producers

61
Q

Bulk breaking

A

involves dividing larger quantities into smaller quantities as products get closer to the final market

62
Q

Sorting

A

Seperating products into grades and qualities desired by different target markets

63
Q

Assorting

A

Putting together a variety of products to give a target market what it wanst

64
Q

Traditonal channel systems

A

The various channel members make little or no effort to cooperate with each other

65
Q

Channel captain

A

A manager who helps direct the activities of a whole channel and tries to avoid or solve channel conflcts

66
Q

Vertical marketing systems

A

Channel systems in which the whole channel focuses on the same target market at the end of the channel

67
Q

Corporate channel systems

A

corporate ownership all along the channel

68
Q

Vertical integration

A

acquiring firms at different levels of channel activity

69
Q

Administered channel systems

A

the channel members informally agree to cooperate with each other

70
Q

contractual channel systems

A

the channel members agree by contract to cooperate with each other

71
Q

ideal market exposure

A

Make a product available widely enough to satisfy target customers needs but not exceed them

72
Q

Intensive distribution

A

selling a product through all responsible and suitable wholesales or retailers who will stock or sell the product

73
Q

Selective distribution

A

selling through only those intermediairies who will give the product special attention

74
Q

Exclusive distribution

A

selling through only one intermediary in a particualr geographic area

75
Q

multichannel distribution

A

occurs when a producer uses several competing channels to reach the same target market - perhaps using several intermediaires in addition to selling directly

76
Q

reverse channels

A

channels used to retrieve products that customers no longer want

77
Q

exporting

A

selling some of what the firm produces to foreing markets

78
Q

Licensing

A

selilng the right to use some process, trademark, patent, or other right for a fee or royalty

79
Q

Management contracting

A

means that the seller provides only management and marketing skills - others own the production and distribution facilities

80
Q

joint venture

A

a domestic firm enters into a partnership with a foreign firm

81
Q

direct investment

A

means that a parent firm has a division in a foreign market

82
Q

Logistics

A

The transporting, storing, and handling of goods in ways that match target customers’ needs with a firm’s marketing mix - both within individual firms and along a channel of distribution

83
Q

Physical distribution (PD)

A

Another common name for logistics

84
Q

Customer service level

A

How rapidly and dependably a firm can deliver what they, the customers, want

85
Q

Physical distribution conept

A

Says that all transporting, storing, and product-handling activities of a business and a whole channel system should be coordinated as one system that seeks to minimize the cost of distribution for a given customer service level

86
Q

Total cost approach

A

evaluating each possible PD system and identifying all of the costs of each alternative

87
Q

supply chain

A

the complete set of firms and facilities and logistics activiteis that are involved in procuing materials, transforming them into finished products, and distributing them to customers

88
Q

Electronic data interchange (EDI)

A

an approach that puts information in a stnadardized format easily shared between different comuter systems

89
Q

Transporting

A

The marketing function of moving goods

90
Q

Containerization

A

grouping individual items into an economical shipping quanity and selling them in protective containers for transit to the final destination

91
Q

piggyback service

A

means loading truck trailers, or flatbed trailers carryiing containers, on railcars to provide both speed and flexibility

92
Q

private warehouses

A

storing facilities owned or leased by companies for their own use

93
Q

public warehouses

A

independent storing facilities

94
Q

distribution center

A

a special kind of warehouse designed to speed the flow of goods and avoid unnecessary storing costs

95
Q
A