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Principles of Marketing > Exam 4 > Flashcards

Exam 4 Flashcards

1
Q

Promotion

A

Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response

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2
Q

Promotional Strategy

A

A plan for the optimal use of the elements of promotion (promotional mix)

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3
Q

Competitive Advantage

A

The set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition

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4
Q

Communication

A

The process by which meanings are exchanged or shared through a common set of symbols

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5
Q

Interpersonal communication

A

Direct, face-to-face communication between 2 or more people

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6
Q

Mass communication

A

Communicating a concept or message to large audiences

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7
Q

Main goals of promotion

A

Informing
Persuading
Reminding
Connecting

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8
Q

Informing and its PLC stage

A

Seeks to convert an existing need into a want OR to stimulate interest in a new product
Introduction

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9
Q

Persuading and its PLC stage

A

Designed to stimulate a purchase or action
Growth

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10
Q

Reminding and its PLC stage

A

Used to keep the product and brand name in the public’s mind
Maturity

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11
Q

Connecting

A

Form relationships with customers and potential customers
Goal – lead customer engagement with products, and ultimately lead to purchases

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12
Q

The Promotional Mix and its 5 elements

A

The combination of promotional tools used to reach the target market and fulfill the organization’s overall goals

Advertising
Public relations
Personal selling
Sales promotion
Digital & social media

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13
Q

Advertising and its advantages

A

Any form of impersonal paid communication in which the sponsor or company is identified

Advantages:
- Ability to communicate to a large number of people at one time
- Cost/contact low, total cost normally high
- Can be microtargeted to small groups of potential customers

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14
Q

Public relations and its advantages

A

Marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance

Advantages:
- Maintain positive image
- Educate public about company’s goals/objectives
- Introduce new products
- Support sales effort
- Increasingly respond to customer-generated communications

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15
Q

Publicity

A

Public information about a company, product, service, or issue appearing in the mass media as a news item

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16
Q

Sales Promotion and its advantages

A

Consists of all marketing activities that stimulate consumer purchasing and dealer effectiveness (other than personal selling, advertising, and PR)
Short-run tool used to stimulate immediate increases in demand

  • Improve effectiveness of other promo mix elements, especially advertising and personal selling
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17
Q

Personal selling

A

A purchase situation involving a personal, paid-for communication between 2 people in an attempt to influence each other

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18
Q

Content Marketing

A

Developing valuable content for interested audience members, then using digital marketing, search engine optimization, paid search, and display advertising to pull customers to the company’s website or social media channel so that audiences can learn about the brand or make a purchase

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19
Q

Social Media

A

Promotion tools used to facilitate conversations and create engagement and other interactions among people online

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20
Q

AIDA Concept

A

Attention (Gaining attention of customers by using a friendly greeting, loud volume, bold headlines, movement, bright colors, etc.)

Interest (Illustrated how the product’s features will satisfy the consumer’s needs)

Desire (Convince customers that their company is the best solution to the customer’s problem)

Action (Used after desire to motivate purchase)

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21
Q

Integrated Marketing Communication

A

The careful coordination of all promotional messages for a product or service to ensure the consistency of messages at every point at which a company has contact with the consumer

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22
Q

Factors affecting the promotional mix:

A

Nature of the product
Stage in PLC
Target market characteristics
Type of buying decision
Available funds
Push/Pull strategy

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23
Q

Push strategy

A

Marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or retailer to carry and sell particular merchandise
Producer –> Retailer

24
Q

Pull strategy

A

A marketing strategy that stimulates consumer demand to obtain product distribution
Producer –> Consumer

25
Q

Advertising

A

An impersonal, mass communication about a product or organization that is paid for by a marketer

26
Q

Institutional advertising

A

A form of advertising designed to enhance a company’s image rather than promote a particular product
Designed to establish, change, or promote the corporation’s identity as a whole

27
Q

Advocacy advertising

A

A form of institutional advertising in which an organization expresses its views on controversial issues or responds to media attacks

28
Q

Product advertising

A

A form of advertising that touts the benefits of a specific good or service

29
Q

Pioneering advertising and its stage of PLC

A

A form of product advertising designed to stimulate primary demand for a new product or product category

Introductory stage

30
Q

Competitive advertising and its stage of PLC

A

A form of product advertising designed to influence demand for a specific brand

Growth stage of PLC

31
Q

Comparative advertising and its PLC stage

A

A form of product advertising that compares 2 or more specifically named or shown competing brands on one or more specific attributes

Products with slow growth or strong competition

32
Q

Advertising objective

A

A specific communication task that a campaign should accomplish for a specified target audience during a specific period

33
Q

Advertising appeal

A

a reason for a person to buy a product

34
Q

Unique Selling Proposition

A

A desirable, exclusive, and believable advertising appeal selected as the theme for a campaign

35
Q

Major types of media and their relative advantages & disadvantages

A

Newspaper
Advantages:
- Geographic flexibility
- Timeliness
Disadvantages:
- Distractions from competing ads and news stories

Magazine
Advantages:
- Traditional medium that continues to be successful
Disadvantages:
- Cost/contact high relative to other media

Radio
Advantages:
- Selectivity & audience segmentation
- Large out-of-home audience
- Low unit & production costs
- Timeliness
- Geographic flexibility

TV
Advantages:
- Wide/diverse market reach
- Can narrowcast to target markets
Disadvantages
- Can be very expensive, especially for network & popular cable channels

Internet
Advantages:
- All kinds of different advertisements
- Programming advertising
- Using technology to match audiences and websites with marketers seeking to purchase advertising

Advergaming
Placing advertising messages in web-based, mobile, console, or handheld video games to advertise or promote a product, service, organization, or issue

Outdoor
- Flexible and low-cost

36
Q

Main media considerations

A

Cost/contact
Cost/click
Reach
Gross Ratings Points (GRP)
Frequency
Audience selectivity
Flexibility
Noise level
Life span
Media fragmentation

37
Q

Public relations

A

The element in the promotional mix that evaluates public attitudes, identifies issues that may elicit public concern, and executes programs to gain public understanding and acceptance

38
Q

Public relations tools

A

New product publicity
Product placement
Consumer education
Sponsorship
Experiential marketing
Company websites

39
Q

Crisis management

A

The coordinated effort to handle the effects of unfavorable publicity, ensuring fast and accurate communication in times of emergency

40
Q

Sales Promotion

A

Marketing communication activities in which a short-term incentive motivates consumers or members of the distribution channel to purchase a good or service immediately, either by lowering the price or by adding value

41
Q

Trade sales promotion

A

Promotion activities directed to members of the marketing channel, such as wholesalers/retailers

42
Q

Consumer sales promotion

A

Promotion activities targeted to the ultimate consumer market

43
Q

Trade sales promotion tools

A

Trade allowance
Push money

44
Q

Consumer sales promotion tools

A

Coupons
Rebates
Premiums
Loyalty marketing programs
Contests & sweepstakes
Sampling
Point of Purchase Promotion

45
Q

Personal selling

A

A purchase situation involving a personal, paid-for communication between 2 people in an attempt to influence each other

46
Q

Relationship/consultative selling

A

A sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships

47
Q

Steps in the sales process

A
  1. Generating leads
  2. Qualifying leads
  3. Approaching the customer and probing needs
  4. Developing and proposing solutions
  5. Handling objections
  6. Closing the sale
  7. Following up
48
Q

Lead generation

A

Identification of the firms and people most likely to buy the seller’s offerings

49
Q

Price

A

That which is given up in an exchange to acquire a good or service

50
Q

3 main price objectives:

A

Profit-oriented
Sales-oriented
Status Quo

51
Q

Profit maximization

A

Setting prices so that total revenue is as large as possible relative to total costs

52
Q

Satisfactory profits

A

A reasonable level of profits, consistent with the level of risk an organization faces

53
Q

Target Return on Investment (ROI)

A

Measures management’s overall effectiveness in generating profits with available assets

54
Q

Market share

A

A company’s product sales as a percentage of total sales for that industry

55
Q

Volume/Sales Maximization

A

Rather than strive for market share, companies try to maximize sales and ignores profits, competition, and marketing environment as long as sales are rising

56
Q

Status Quo

A

Seeks to maintain existing prices or to meet the competition’s prices

57
Q

Elasticity of demand

A

Consumer’s responsiveness or sensitivity to changes in price

Principles of Marketing (7 decks)

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