Exam 3 Flashcards
Consists of Individuals and firms (intermediaries) involved in the process of making a product or service available for use or consumption by consumers or industrial users.
Marketing Channel
Refers to the overall process of managing how resources are acquired, stored, and transported to their final destination. Getting the right thing to the right place at the right time
Logistics
Consists of all activities involved in selling, renting, and providing products and services for the purpose of resale or business use.
Wholesaler
Consists of all activities involved in selling, renting, and providing products/services and utility to ultimate consumers for personal, family, or household use
Retailer
A level of distribution density whereby a firm tries to place its products and services in as many outlets as possible.
Intensive distribution
A level of distribution density whereby a firm selects a few retailers in a specific geographical area to carry its products.
Selective distribution
A level of distribution density whereby only one retailer in a specific geographical area carries the firm’s products.
Exclusive distribution
Channel conflict that arises when a channel member bypasses another member and sells or buys products direct.
Disintermediation
The two-way buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller.
Interactive Marketing
Electronic shopping agent (robot) that combs websites to compare prices, products or services
Bot
An interactive, Internet-enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product attributes, prices, and delivery options.
Choiceboard
A process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases.
Collaborative Filtering
Consumer initiated practice of generating content on a website that is consumer specific
Personlization
The solicitation of a consumer’s consent (called “opt-in”) to receive e-mail and advertising based on personal data supplied by the consumer.
Permission Marketing
Computer files that a marketer can download onto the computer or mobile phone of an online shopper who visits the marketer’s website.
Cookies/Behavioral Targeting
The practice of changing prices for products and services in real time in response to supply and demand conditions.
Dynamic Pricing
Internet enabled promotional strategy that encourages individuals to forward marketer initiated messages to others through e-mail, social networking, websites, and blogs.
Viral Marketing
Consists of communications that take the form of electronic junk mail or unsolicited e-mail.
Spam
Occurs when a shopper visits a retail store to inspect merchandise but then goes online to compare prices from other retail and online sellers to attempt to make the best purchase.
Showrooming
Occurs when an online consumer researches offerings online and then purchases them at a retail store.
Webrooming
Convenience – Choice – Customization – Control – Cost - Communication
The (6) Cs of Online Shopping
Context –Content –Customization –Connection –Commerce –Community -Communication
The (7) Cs of Website Design
Name the 4 Utilities
Form – Time – Place – Possession
The process of conveying a message to others and requires six elements: a source, a message, a channel, a receiver, and the processes of encoding and decoding.
Communication
A mutually shared understanding and knowledge by the sender and receiver, which is necessary for the message to be communicated effectively.
Field of Experience
Includes extraneous factors that can work against effective communication by distorting a message or the feedback received.
Noise
Includes extraneous factors that can work against effective communication by distorting a message or the feedback received.
Feedback Loop
The combination of one or more of the promotional elements it chooses to use.
Promotional Mix
directs the promotional mix to channel members to gain their cooperation in ordering and stocking the product
Push Strategy
directs the promotional mix at ultimate consumers to encourage them to ask the retailer for the product
Pull Strategy
Identified through market research and market segmentation, it is the group of prospective buyers toward which a promotion program is directed.
Target Audience
The sequence of stages a prospective buyer goes thru from initial awareness of a product to eventual action, either trial or adoption of the product.
Hierarchy of Effect
The number of different people or households exposed to an advertisement
Reach
The percentage of households in a market that tune into a TV show or radio station.
Ratings
The average number of times a person in the target audience is exposed to a message or ad.
Frequency
Cost per Thousand - Cost of reaching 1,000 individuals or households with the advertising message in a given medium.
CPM
Name the 5 Promotional Mix Elements
Sales Promotions, Advertising, Public Relations, Direct Marketing, and Personal Selling
Percentage of Sales, Competitive Parity, All You Can Afford, and Objective and Task are types of
Promotion Budget
Uses direct communication with consumers to generate a response in the form of a request for further information, a visit to a retail outlet, or an order.
Direct Marketing
The result of an offer designed to generate interest in a product or service and a request for additional information.
Lead Generation
The outcome of an offer designed to motivate people to visit a business.
Traffic Generation
The result of offers that contain all information necessary for a buyer to decide to purchase.
Order
Any paid form of nonpersonal communication about an organization, good, service, or idea by an identified sponsor.
Advertising
Also known as PRODUCT PLACEMENT, it is a form of advertising in which branded products and services are noticeable within a production or show.
Embedded Marketing
Methods of obtaining nonpersonal presentation of an organization, good, or service without direct cost, usually in the form of a news release or a public service announcement.
Publicity
Sales tools used to support a company’s advertising and personal selling directed at ultimate consumers.
Consumer Oriented Promotions
Sales tools (allowances & discounts) used to support a company’s advertising and personal selling directed to wholesalers, retailers, or distributors.
Trade Promotions
Programs by which a manufacturer pays a percentage of the retailer’s local advertising expense for advertising the manufacturer’s product
Cooperative Advertising
The promotion of a favorable image: the practice or profession of establishing, maintaining, or improving a favorable relationship between an institution or person and the public.
Public Relations
Consists of online media where users submit comments, photos, and videos—often accompanied by a feedback process to identify “popular” topics. It is about disclosure - having conversations with consumers and constituents online; listening, and hopefully, responding to immediate feedback using TOOLS such as Facebook, Instagram, and so on.
Social Media
Content is no longer seen as being created and published in final form exclusively by one author, instead, content can be modified continuously by all users in a participatory fashion.
(UGC) User Generated Content
Found in traditional media, it consists of one-way communication from sender to receiver. Marketers hope consumers will buy what is advertised and the communication is ended.
Passive Receiver
Found in social media, It seeks to ensure that the message does not end with an individual receiver. The goal is to spread favorable messages.
Active Receiver
The practice of focusing on the identification and recruitment of influencers to advocate a company’s products, services, and brands rather than focusing exclusively on prospective buyers.
Influencer Marketing
A contraction of “web log,” it is a web page that serves as a publicly accessible personal journal and online forum for an individual or organization.
Blog
small, downloadable software programs that can run on smartphones and tablets
Apps
Measures the number of times the ad loads and a user might see it, but not whether the user has actually reacted to it.
(CPM) Cost per Thousand
Measures the rate the advertiser pays every time a visitor clicks on the ad and jumps from the page to the advertiser’s website.
(CPC) Cost per Click
Ties the cost of the social media ad to the sales revenue it generates.
(CPA) Cost per Action
possible through a computer-based network (Smart System) that triggers actions by sensing changes in the real or digital world. Smartphones and their apps are speeding up the convergence.
Convergence
Facebook (Meta), Instagram, X (Twitter), YouTube, Pinterest, Tik Tok, LinkedIn
Prominent social media platforms
The degree of acoustic, visual, and personal contact
Media Richness
The degree of disclosed thoughts, feelings, likes and dislikes
Self Disclosure
Involves planning the selling program and implementing and controlling the personal selling effort of the firm.
Sales Management
What are the 2 Salesforce Evaluation & Control Methods
Quantitative and Behavioral
Canvas
Leads
Prospects
Qualified Prospects
4 Levels of Prospecting
involves the two-way flow of communication between a buyer and seller. It consists of six stages: prospecting, pre-approach, approach, presentation, closing, follow up
Personal Selling
What are the 3 Approach Objectives
Get Attention,Stimulate Interest, Build Foundation
What are 3 Closing Methods
Trial, Assumptive, Urgent
What are the 4 Levels of Prospecting
Canvas, Leads, Prospects, and Qualified Prospects
What are 3 Sales Plan Formulation Tasks
Setting Objectives, Organizing the Salesforce, and Develop Account Policies
Stimulus Response, Formula Selling, and Needs Satisfaction (Adaptive and Consultative) are types of
Presentation Types
Objectives, Time, and Money are types of
Pre-Approach Considerations
Name 3 Sales Plan Implementation Tasks
Recruit & Select, Training,and Motivation & Compensation
Acknowledge/convert Postpone Agree/neutralize Accept Deny Ignore – are considered part of
Objection Handling
Uses social networking sites like Facebook and blogs which allows a customer to get involved and be aware of the products.
Digital Marketing
What are the four elements of digital marketing
Excitement
Education
Experience
Engagement
Ability to reach both large and niche audiences
Training and number of people involved
Expense and access
Time to delivery
Permanence
Credibility and social authority
Comparison of Social and Traditional Media
What are the 5 Functions of Logistics?
Warehousing, Order Processing, Material Handling, Inventory, Transportation
What are the 3 Functions of Intermediaries?
Transactional (Buying, Selling, Risk Taking), Facilitating (Financing, Information, Grading), Logistical (Sorting, Assortments)
Form – Time – Place – Possession
4 Retailing Utilities
Wholesaler that does not take title and generally work on commission (Manufacturing Rep, Selling Agent, Brokers)
Agent/Broker
Divisions of the parent organization (Branch Office, Sales Office)
Extensions
Wholesaler that is Independently owned that take title and risk and are either limited or full service (Limited Service: Rack Jobbers, Truck Jobbers, Cash and Carry, Drop Shippers; Full Service: General, Specialty),
Merchant
Form of Ownership (Independent, Corporate, Contractual (Franchise)), Level of Service (Self service, Limited service, Full Service), Merchandise Line (Depth, Breadth), Non-Store Retailers (Direct Sales, Direct Mail, Auto Vending, TV, Telemarketing, Online)
4 Retailer Classifications
What are the Retailing Mix Considerations?
Pricing (Shrinkage, Mark Up/Mark Down, Off Price), Place (location) (Downtown, Malls), Promotion (communication) (Multichannel)
Pretest to allow for modification
Implementing the Promotion
Post testing and evaluation
Controlling the Promotion
