Chp 1

Question 1

Marketing

Answer 1

Use of activities to create and sustain relationships with customers

Question 2

What does marketing require?

Answer 2

1) Two or more parties with something of value to one another
2) A desire and ability to give up that something to the other party
3) A way to communicate with one another

Question 3

Communicating product involves…

Answer 3

1) Product type
2) Product attributes/benefits
3) Brand identity
4) Brand equity

Question 4

Product type

Answer 4

Organization exists because it offers a product to consumers, generally in exchange for money. The heart of the marketing mix.

Question 5

Product attributes/benefits

Answer 5

Products are a bundle of benefits. Product symbolism is developed and maintained by marketing communication.

Question 6

Brand identity

Answer 6

Marketing communication presents the brand and its identification in situation that will allow the consumer to view the brand positively.
- Reinforced by tagline or slogan

Question 7

Brand equity

Answer 7

Intangible asset, added value or goodwill

- A source of competitive advantage

Question 8

Communicating price involves…

Answer 8

Reinforcing consumer’s belief that the product’s benefits or quality accurately indicates the price decsion

Question 9

Communicating distribution involves…

Answer 9

Providing information as to where a product can be purchased or what kids of service might be available in various locations

Question 10

Communicating value involves…

Answer 10

The relative balance of what consumers receive for what they give

Question 11

Promotion

Answer 11

Coordination of all seller-initiated efforts to set up channels of information and persuasion to sell goods and services or to promote an idea

Question 12

The promotional mix

Answer 12

• Advertising
• Direct marketing
• Internet marketing
• Sales promotion
• Public relations
• Personal selling

Question 13

Advertising

Answer 13

Non-personal communication. Used to create brand images and symbolic appeals for a brand
- Best known, most widely discussed

Question 14

Sales promotion

Answer 14

Activities providing extra value or incentive to sales force, distributor, or consumer

Question 15

Types of sales promotion

Answer 15

1) Consumer sales promotion (coupons, rebates)

2) Trade sales promotion (trade shows, sales contests)

Question 16

Public relations

Answer 16

• Evaluating public attitudes
• Identifying policies and procedures of individuals or organizations
• Executing a program of action to gain public understanding and acceptance

Question 17

Publicity

Answer 17

Non-personal communications regarding an organization, product, service, or idea

• Most credible form of promotion
• Low cost, not directly paid by the company

Question 18

Direct marketing

Answer 18

Communication directly with target consumers to generate a response or transaction
- Used for direct distribution

Question 19

Internet/interactive marketing

Answer 19

Allow for a back-and-forth flow of information whereby users can participate in and modify the form and content of the information they receive in real time

Question 20

Personal selling

Answer 20

P2P communication in which a seller attempts to persuade prospective buyers to purchase the company’s product/service

Question 21

Participants of the promotional process

Answer 21

1) Advertiser (client)
2) Advertising agency
3) Media organizations
4) Specialized marketing communication agencies
5) Collateral services

Question 22

Collateral services

Answer 22

Companies that provides companies with specialized services like package design

Question 23

Integrated marketing communications (IMC)

Answer 23

Strategic business process used to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs with consumers, customers, prospects, employees, and other relevant external and internal audiences

Question 24

Importance of IMC

Answer 24

1) Audience contact
2) Customer’s POV
3) Relationship marketing
4) Consumer adoption of technology and media
5) Planning efficiency and effectiveness

Question 25

Types of audience contact tools

Answer 25

• Broadcast media
• Print media
• PR
• Internet/interactive
• Events and sponsorship
• Word of mouth
• Point of purchase

Question 26

IMC management

Answer 26

Process of planning, executing, evaluating, and controlling the use of promotional mix elements to communicate effectively with target audiences
- Results in the IMC plan

Question 27

IMC planning

Answer 27

1) Review marketing plan
2) Assess the marketing communications situation
3) Determine IMC plan objectives
4) Develop IMC programs
5) Implement and control the plan