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MKTG 351 > Exam 3 (Ch 15-20) > Flashcards

Exam 3 (Ch 15-20) Flashcards

1
Q

What is marketing communications?

A

get all promotional mix elements to work together

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2
Q

What is promotion?

A

all communication that informs and persuades buyers

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3
Q

What is a promotional strategy?

A

plan for optimal use of all elements of promotion to elicit a particular response?

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4
Q

What is the main focus of a promotional strategy?

A

convince the buyers that the companies’ products offer a competitive advantage, a set of features and benefits over others’ offerings

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5
Q

What are the 5 elements of the promotional mix?

A

Advertising
Public Relations
Sales Promotions
Personal Selling
Social Media

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6
Q

What is the difference between advertising and public relations?

A

Advertising: paid and marketers have complete control over message
Public Relations: not paid and media outlets have control over message

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7
Q

T or F:
Sales Promotions include advertising and public relations.

A

False

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8
Q

How do consumers have some control over social media?

A

control what information they see
create content they can share with other consumers and marketers

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9
Q

What is integrated marketing communications (IMC)?

A

aligning all elements of the promotional mix to get the best results

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10
Q

What is the point of promotional goals?

A

impress the value their products offer

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11
Q

What are the 3 tasks of marketing communication?

A

Informing
Persuading
Reminding

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12
Q

What is the point of informing?

A

market isnt aware of what the brand has to offer

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13
Q

What is the emphasis on persuading?

A

superiority of their products over competitors in an effort to convince their product is superior

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14
Q

Why remind the customer?

A

make sure brand is in a high priority in their mind

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15
Q

What is connecting?

A

creating ongoing relationships with the customers

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16
Q

What does AIDA stand for?

A

Attention
Interest
Desire
Action

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17
Q

What is AIDA used for?

A

guide their communication strategy

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18
Q

T or F:
Companies have to follow AIDA in order.

A

True

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19
Q

What is the goal of Attention in AIDA?

A

create awareness

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20
Q

What is the goal of Desire in AIDA?

A

create customer preference

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21
Q

What are the 4 factors that affect promotional mix?

A

Nature of the Product
Stages of the Product Life Cycle
Types of Buying Decisions
Push and Pull Strategies

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22
Q

What is the difference between the promotional mix for a mass-produced product and a business product?

A

Mass produced: advertising
Business product: personal selling

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23
Q

How do the stages of the product life cycle affect the promotional mix?

A

Early:
-Advertising and public relations → build awareness
-Sales promotion→induce trial
-Personal Selling→obtaining distribution
Growth:
-Advertising and public relations→product’s differential
advantage
-Sales promotion can be ↓
Maturity:
-Persuasive and reminder advertising continues
-Sales promotion→increase sales
Decline:
-Advertising ↓ significantly
-Personal selling stays the same

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24
Q

How do the types of buying decisions affect the promotional mix?

A

Simple Decisions/Routine Purchases:
-Reminder advertising effective
-Sales promotions: ↑ sales
High Involvement/Shopping Goods:
-Personal selling helpful
Business Markets:
-early stages: advertising cheaper
-later stages: personal selling

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25
Q

What is the push strategy?

A

force products through channel

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26
Q

What is used in the push strategy?

A

personal selling and trade/sales promotion

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27
Q

What is the pull strategy?

A

appeal to end consumers and they ask retailers for product

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28
Q

What is used in the pull strategy?

A

advertising

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29
Q

T or F:
Push strategy is widely used and is market practice.

A

False

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30
Q

What is advertising?

A

impersonal, one way mass communication paid for by a marketer, to increase sales in the long run

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31
Q

What letter does the advertising response function look like?

A

Letter “S”

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32
Q

T or F:
Companies tend to operate in the zone of high effectiveness in the advertising response function

A

True

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33
Q

What are the two major types of advertising?

A

Institutional (Corporate)
Product

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34
Q

What is institutional/corporate advertising?

A

promoting the corporation as a whole

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35
Q

When is institutional/corporate advertising used?

A

used for parent brand name
advocacy ad

Advocacy ad is used to promote a positive image or overcome negative perceptions

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36
Q

What is product advertising?

A

promoting individual products

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37
Q

What are the three types of product advertising?

A

Pioneering
Competitive
Comparative

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38
Q

What are the traits of pioneering advertising?

A

used in early stages of PLC
focus: explaining benefits

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39
Q

What are the traits of competitive advertising?

A

used in growth stage
competitors enter market
focus: convince customers to buy their own brand

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40
Q

What are the traits of comparative advertising?

A

comparing them with competitors’ brands
useful for smaller brands

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41
Q

Why do bigger brands rarely use comparative advertising?

A

they have little to gain from comparing themselves to smaller brands and comparative advertising is illegal in many countries

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42
Q

What are the three ways to set an advertising budget?

A

-% of Sales
-Competitive Parity
-Defining Advertising Goals for Measured Advertising Results (DAGMAR)

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43
Q

What is the % of sales method?

A

companies assign a fixed % of sales to advertising budget

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44
Q

What is the problem with % of sales method?

A

decrease in sales = decrease in advertising budget

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45
Q

What is the competitive parity method?

A

spending at a level comparable to competitors

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46
Q

What is the problem with the competitive parity method?

A

each company has different strategies which have varying emphasis on advertising

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47
Q

What does DAGMAR stand for?

A

Defining
Advertising
Goals
for Measured
Advertising
Results

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48
Q

What is the problem with the DAGMAR method?

A

impractical to define specific goals for advertising to achieve

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49
Q

What are the steps for creating advertisements?

A
  1. Identifying Product Benefits and Attributes
  2. Developing Advertising Appeals
  3. Executing the Message
  4. Post Campaign Evaluation
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50
Q

T or F:
In the first step of creating advertisements, its best to focus on the attributes.

A

False

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51
Q

What is USP?

A

unique selling propostion

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52
Q

Which step for creating advertisements is the USP made?

A

Step 2: Developing Advertising Appeals

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53
Q

T or F:
advertisement should move consumers through the AIDA stages.

A

True

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54
Q

How do companies evaluate the success of the campaign?

A

compare pre and post campaign standings on the variable of interest and see which is higher

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55
Q

What is media planning?

A

decisions made for selecting media for advertising

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56
Q

What does media planning involve?

A

choice of appropriate media, media mix, and media schedule

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57
Q

What are the six types of media?

A

Newspaper
Radio
Television
Magazines
Internet
Outdoor Advertising

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58
Q

What are the traits of a newspaper?

A

cheap
offer geographic selectivity

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59
Q

What are the traits of a radio?

A

low cost
highly localized

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60
Q

What are the traits of a television?

A

-high cost and higher impact
-wide coverage
-more engaging
-easier to demonstrate products
-good for nationwide product launches

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61
Q

What are the traits of a magazine?

A

better reproduction
high pass along rates
longer lives for ads
highly targeted

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62
Q

What are the traits of the internet?

A

highly customizable options
ability to monitor performance on a real-time basis

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63
Q

What is media mix?

A

emphasis placed on all media outlets used and the budget allocated to those

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64
Q

What are the five types of criteria for the media mix?

A

Cost
Reach
Frequency
Audience Selectivity
Noise Level

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65
Q

What are the three types of costs for advertising?

A

Cost per contact
Cost per thousand (CPM)
Cost per click

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66
Q

What is the cost per contact?

A

cost of reaching each person in the audience

67
Q

T or F:
Cost per thousand (CPM) is the least used metric

A

False

68
Q

T or F:
Cost per click is a key metric for online media

A

True

69
Q

What is reach in terms of the media mix?

A

the amount of people the medium has access to

70
Q

How is the reach of TV measured?

A

-measured using gross rating points (GRPs)
-GRPs: % of all TV audience at any point of time that is tuned to the specific program

71
Q

What is frequency in terms of the media mix?

A

number of times an individual is exposed to an advertisement

72
Q

What is audience selectivity in terms of the media mix?

A

ability to reach target market

73
Q

What is noise level in terms of the media mix?

A

interference from everything else

74
Q

What are the four types of media scheduling?

A

Continuous
Flighted
Pulsing
Seasonal

75
Q

What are the traits of continuous scheduling?

A

-ads run at a steady pace throughout the campaign
-works well for mature products

76
Q

What are the traits of flighted scheduling?

A

-ads are run heavily in short bursts
-no advertising between bursts
-concentrated = more communication above noise level and get market’s attention

77
Q

What are the traits of pulsing scheduling?

A

-continuous schedule at a lower amount combined with heavier advertising bursts
-used by retail stores

78
Q

What is seasonal scheduling?

A

matches advertising to the seasonality of sales for certain products

79
Q

What is public relations?

A

aim to impact public attitudes and execute programs to gain understanding and acceptance

80
Q

What are the five commonly used tools for public relations?

A

New Product Publicity
Product Placement
Consumer Education
Sponsorships
Company web sites and social media

81
Q

What are the traits of new product publicity?

A

-make appealing stories for the press
-effective and used extensively

82
Q

What are the traits of product placement?

A

-getting the brand to appear in a TV show, movie, radio show, etc as part of the narrative
-main appeal: brands are part of storyline so they will be noticed

83
Q

What is the difference between zipping and zapping a commercial?

A

Zipping: fast forward the commercials
Zapping: change channels during commercial break

84
Q

What is the main trait of consumer education?

A

educating consumers may increase sales

85
Q

What is the main trait of sponsorships?

A

create a strong link between brand and the nature of the event

86
Q

What are the traits of new product publicity?

A

-provide ready access to company news
-get favorable stories to target market

87
Q

What are the traits of sales promotion?

A

-short term orientiation
-intended to induce trail of new products and increase sales of existing products

88
Q

What is the difference between consumer promotions and trade promotions?

A

Consumer: directed towards consumers
Trade: directed at trade members and channel members (intermediaries)

89
Q

What are the four types of consumer promotions?

A

Coupons and Rebates
Premiums
Loyalty Programs
Point of Purchase Promotions

90
Q

What advantage do rebates give to marketers?

A

half of the people of use rebates don’t complete the paperwork so they don’t get the rebate

91
Q

what are premiums?

A

extra items offered as incentives for the purchase of the original items

92
Q

what are loyalty programs?

A

get some reward after purchasing the product several times

93
Q

What are the three types of trade promotions?

A

Trade Allowance
Push/Pull Money
Training

94
Q

What is trade allowance?

A

discount given by manufacturers to wholesalers and retailers for doing something specific that helps the manufacturers

95
Q

What is push/pull money?

A

manufacturers give money because they are emphasizing a push or pull strategy

96
Q

What is training in terms of trade promotions?

A

train retail salespeople

97
Q

T or F:
After training, retail salespeople have no preference over the product.

A

False

98
Q

What is personal selling?

A

paid for, face to face communication, aimed at informing and influencing the customers to increase company sales

99
Q

When is it effective to use personal selling?

A

-high transaction value
-fewer customers
-product is complex or customized
-in later stages of purchasing process

100
Q

What is relationship selling?

A

emphasizes developing relationships with the buyers

101
Q

T or F:
relationship selling is long-term oriented.

A

True

102
Q

What is customer relationship management (CRM)?

A

business put customers at the center and manage every contact with them with an intent of understanding their needs, collecting relevant info, and leveraging this data to better serve the customers and increase sales

103
Q

What are the 4 steps of CRM?

A
  1. Identifying Customer Relationships
  2. Understand Interactions With Current Customers
  3. Capture Customer Data
  4. Leverage Customer Information
104
Q

What happens in the 1st step of CRM?

A

develop their companies’ responses around the needs and wants of their customers

105
Q

What is learning under step 1 of CRM?

A

collecting good data on customers

106
Q

What happens in the 2nd step of CRM?

A

identify all situations where customers can interact with the company

107
Q

What are touchpoints?

A

-personal and online interactions
-exposure to advertising
-point of sale

108
Q

What happens in the 3rd step of CRM?

A

have a data collection plan that starts when the customer makes any interactions and continues with all ongoing interactions

109
Q

What is knowledge management?

A

create a centralized database that can be shared by everyone

110
Q

What happens in the 4th step of CRM?

A

data mining is used to identify trends and relationships between different marketing variables, customers’ behaviors, and sales

111
Q

What are some uses of data?

A

-Campaign Management
-Get and Maintain Customers
-Cross-sell other products and services
-Targeted communication about their products and services

112
Q

What is campaign management?

A

using interaction data to create effective communication campaigns

113
Q

How do companies use data to get and maintain customers?

A

studying their preferences and rewarding them for multiple purchases or support over a longer duration

114
Q

What are the 7 steps in the sales process/cycle?

A
  1. Generating Leads
  2. Qualifying Leads
  3. Approaching the Customers
  4. Developing and Proposing
  5. Handle Objections
  6. Close the Sale
  7. Follow Up
115
Q

What happens in the 1st step in the sales process?

A

creating a list of prospects who may have an interest in purchasing the products

116
Q

What is another name for the first step in the sales process?

A

Prospecting

117
Q

How do you create the list of prospects?

A

-Cold calling (unwanted calls to people) from a list
-referrals from customers or business associates
-networking with business professionals

118
Q

T or F:
Cold calling is better than referrals.

A

False

119
Q

What happens in the 2nd step in the sales process?

A

assessing the prospects’ needs, their buying power, and receptivity towards the company’s products

120
Q

How do they assess the prospects’ needs in 2nd step of the sales process?

A

cold calling and telemarketing

121
Q

What happens in the 3rd step in the sales process?

A

approaching the customers and asking for their needs

122
Q

What is pre approach?

A

groundwork salespeople need to cover before approaching the customers

123
Q

What happens in the 4th step in the sales process?

A

prepare sales proposals

124
Q

What is a sales proposal?

A

formal documents that outline how the company will deliver and the accompanying terms

125
Q

How is the sales proposal done?

A

written report or sales presentation

126
Q

What is the goal of the sales proposal?

A

impress on the buyers the value of their offerings

127
Q

What happens in the 5th step in the sales process?

A

buyers may have concerns or questions about proposals

128
Q

How should objections be seen?

A

opportunities to clarify their offer

129
Q

What happens in the 6th step in the sales process?

A

proactively closing the deal

130
Q

What happens in the 7th step in the sales process?

A

ensure products and services are being delivered as per the terms and to the satisfaction of their buyers

131
Q

T or F:
Following up has a higher chance for repeat business.

A

True

132
Q

What are the five responsibilities of sales managers?

A
  1. Defining sales goals
  2. Determining sales force structure
  3. Recruiting and training the sales force
  4. Compensating and motivating the sales force
  5. Evaluating the sales force
133
Q

What are the traits of sales goals?

A

-clear, precise, and measurable
-combination of revenues and profit margins that need to be generated
-divided among members of the sales force

134
Q

What is a quota?

A

amount a salesperson is expected to sell in a given timeframe

135
Q

How can the sales force structure be determined?

A

-geographical lines
-product line
-industries their customers belong to
-size and type of customers

136
Q

What is the general rule for determining the sales force structure?

A

the factor that has more variation is worth defining the sales force structure to

137
Q

Why should companies put extra effort into choosing and training the right people?

A

-sales performance is clear in a short period of time
-sales people have very high turnover

138
Q

Why should companies compensate their salespeople?

A

retain successful salespeople and keep them motivated

139
Q

What types of compensation are there?

A

Fixed: provide financial security
Commissions: reward strong performance

140
Q

What are the factors of compensation?

A

-revenue generated
-profit margin those sales bring
-buyers satisfaction

141
Q

T or F:
Salespeople are encouraged to heavily discount their prices.

A

False

142
Q

What does evaluating the sales force show?

A

show weak areas of their performace

143
Q

How do companies evaluate the sales force?

A

identifying the weaknesses at each step of the sales cycle

144
Q

What is social media?

A

Internet-based services that facilitate conversations and social interactions

145
Q

What is social media’s main feature?

A

user-generated content

146
Q

T or F:
Social media was not created for marketing.

A

True

147
Q

What is crowdsourcing?

A

create and improve marketing initiatives

148
Q

How do marketers use social media?

A

-listen and communicate with the customers
-create and improve marketing initiatives (crowdsourcing)

149
Q

How does social media help with marketing?

A

-consumers can interact more directly with brands
-brands get more information to use and sort
-consumers get content that is custom-delivered to them

150
Q

What is engagement in terms of social media?

A

amount of time users spend on social media platforms

151
Q

Why does social media have a major privacy rights concern?

A

social media is selling users data to marketers

data includes browsing history, purchase behavior, and demographic/psychographic profiles

152
Q

What opportunities do social media give marketers?

A

-listen and learn about their brands and companies
-build relationships with customers by engaging in conversations
-promote their products and services
-manage their reputation by addressing customers’ and stakeholders’ concerns

153
Q

What are the three types of communication on social media for marketers?

A

Paid
Owned
Earned

154
Q

What is earned communication?

A

coverage that is earned through word of mouth or online buzz

155
Q

T or F:
Social media offers an ability to build brand image on only one platform.

A

False

156
Q

What are the disadvantages of social media for marketers?

A

-more noise for customers
-dedicated resources and effort to keep audience engaged and respond to their concerns

157
Q

What are three strategies for crowded social media?

A

-Content Marketing
-Influencer Marketing
-Social Listening Systems

158
Q

What is content marketing?

A

marketers use their platforms not just to sell their products but also to distribute content their customers may find valuable

159
Q

What is influencer marketing?

A

companies pay influencers to promote products to their social media followers

160
Q

T or F:
Ads by influencers are more credible than paid ads.

A

True

161
Q

What are social listening systems?

A

allow them to automatically access what people are saying about the brand across platforms

162
Q

What is text mining?

A

form of big data analysis where a large quantity of text is automatically analyzed

163
Q

What results come out of text mining?

A

-Sentiment Analysis: how positive or negative people tend to be when they discuss the brand
-Share of Voice: how often the brand is mentioned compared to other competitor brands

MKTG 351 (3 decks)

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