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Marketing 330 > Chapter 17-19 > Flashcards

Chapter 17-19 Flashcards

1
Q

Institutional advertising

A

promotes organizational images, ideas and political issues

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2
Q

Advocacy advertising

A

promotes a company’s position on a public issue

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3
Q

Product advertising

A

promotes the uses, features and benefits of products

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4
Q

Two types of product advertising

A

pioneer advertising: tries to stimulate demand for a product category rather than a specific brand

competitive advertising: tries to stimulate demand for a specific brand

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5
Q

Three types of competitive advertising

A

comparative advertising: compares the sponsored brand with one or more identified brands

reminder advertising: used to remind consumers about a brand’s uses, benefits etc

reinforcement advertising: assures users they chose the right brand

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6
Q

ADVERTISING CAMPAIGN

A

1: find target audience
2: determine advertising objectives
3: determine platform
4: advertising appropriation: budget for a specific time period
5: media plan: specifies media vehicles to be used - reach the largest number of people
6: advertising message
7: execution
8: evaluation

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7
Q

Step 4: Appropriation

A

objective-and-task approach: budgeting by determining objectives and calculating those costs

percent-of-sales: multiplying the firm’s past and expected sales by a standard percent

competition-matching: determining a budget by trying to match competitor’s

arbitrary approach: budgeting for a campaign as specified by a high-level executive in the firm

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8
Q

Step 5: Media plan

A

media schedules:
continuous: ad runs at a constant level

flighting: ad runs for periods of time, alternating with times where the ad stops
pulsing: combines continuous and flighting

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9
Q

Step 8: Evaluation

A

pretest: eval of ads before the campaign begins
consumer jury: panel who pretests ads

posttest: eval after the campaign

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10
Q

PR

A

communication efforts used to create and maintain relations

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11
Q

Consumer-oriented sales promotions

A

sampling: in-store, events, on package

Couponing: most popular sales promo technique

premiums: offering an item either free or at a low price

Contests, sweepstakes, refunds, loyalty programs, event sponsorships

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12
Q

Price

A

value paid for a product

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13
Q

Barter

A

trading of products - oldest form of exchange

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14
Q

cost based methods

A

costs calculated on a per unit basis

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15
Q

competition based methods

A

price is an issue to match or beat competitors

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16
Q

value based methods

A

set prices according to the perceived or estimated value of a product or service

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17
Q

Odd pricing method

A

odd prices may be so traditional that sellers are afraid to round them off

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18
Q

marginal analysis

A

examines what happens to a firm’s costs and revenues when production changes by one unit

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19
Q

Fixed costs

A

costs that do not vary with changes in the number of units sold

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20
Q

average fixed cost

A

the fixed cost per unit produced

21
Q

variable cost

A

costs that vary directly with changes in the number of units produced or sold

22
Q

average variable cost

A

variable cost per unit produced

23
Q

Break-even analysis

A

knowing the number of units necessary to break-even is important in setting the price

24
Q

Internal reference price

A

a price developed in the buyer’s mind through experience with the product

25
Q

External reference price

A

a comparison price provided by others

26
Q

Consumers are characterized according their degree of:

A

value consciousness: concerned about price and quality of a product

price consciousness: striving to pay low prices

prestige sensitivity: drawn to products that signify prominence and status

27
Q

Geographic pricing

A

reductions for the transportation and other costs related to the physical distance between buyer and seller

28
Q

F.O.B factory

A

price of merchandise at the factory before shipment

29
Q

F.O.B destination

A

price indicating the producer is absorbing shipping costs

30
Q

Uniform geographic pricing

A

charging all customers the same price, regardless of geographic location

31
Q

Expressives

A

participate in class, love to hear themselves talk

32
Q

Amiable

A

make a friend, make a sell

33
Q

Analytical

A

tell a story with numbers

34
Q

Drivers

A

do it now, ask for forgiveness later

35
Q

In sales

A

know a little about a lot

36
Q

IMPORTANT DATA

A

35 students at forum, 33 starting a career in sales

for every sales person = their profit supports 13 people in their organization

in a 30 minute sales meeting - 800 visual cues

100:10:3:1

37
Q

Calling on creative directors

A

most common place for salespoeple to be

38
Q

Professional selling step 1

A

Pre approach:

get educated, professional dress, clean car, clean up LinkedIn

39
Q

PS step 2

A

Approach: set appointment, give appropriate handshake

start with small talk, transition into purpose

40
Q

PS Step 3

A

Needs identification:

SPIN QUESTIONING

41
Q

SPIN QUESTIONING

A

S: Situational: what is going on
MAIN QUESTIONS: MAIN DECISION MAKER? BUDGET? TIME?

P: Problem
like a doctor, find out symptoms

I: Implication
throw gasoline on the pain fire - figure out what causes pain

N: Needs ID
summary of what was learned - figure out what is missing

42
Q

PS Step 4

A

Presentation: SMILE!

43
Q

PS Step 5

A

Objection:

Yes, but overcoming technique

44
Q

PS Step 6

A

Trial closes: show proof and get them to say yes

45
Q

keystoning

A

50% margin

46
Q

market penetration pricing

A

Start at low price, good quality to sell lots

47
Q

price skimming

A

how much can I get based on the brand equity? upsell it a ton, lower prices when it’s out of season

48
Q

elastic demand

A

PRICE AFFECTS DEMAND

49
Q

inelastic demand

A

PRICE DOESNT AFFECT DEMAND

Marketing 330 (5 decks)

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