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Exploring Marketing > exam 4 > Flashcards

exam 4 Flashcards

1
Q

informing customers and persuading them to purchase products through personal communication in an exchange situation

A

personal selling

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2
Q

first step in the personal selling process

A

Prospecting

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3
Q

name of a person that you are targeting for a sale

A

lead

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4
Q

type of lead that doesn’t have any money

A

suspect

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5
Q

type of lead that does have mone

A

prospect

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6
Q

name 5 different places you can get leads

A

bird dogs, newspaper leads, directories, old accounts and observation through trade shows and the internet

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7
Q

second step in the personal selling process where you prepare the sales presentation

A

pre-approach

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8
Q

what should be done in the pre-approach (4 things)

A

have objective
prospect profile
develop prospect benifit plan
rehearse

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9
Q

what does fab stand for

A

features, advantages, and benifits

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10
Q

third step in the personal selling process in which the first few minutes are crucial

A

approach

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11
Q

things to remember in the approach stage (12)

A 
wear business clothing
well groomed
refrain from smoking and gum chewing
good posture
keep coat and umbrella outside
ask for seat 
be positive
always be polite 
don't apologize for taking time 
keep eye contact
shake hands firmly 
pronounce name correctly
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12
Q

the fourth step to the personall selling process

A

make the presentation

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13
Q

things to include in the making presentation stage of the personal selling process (7)

A

logical reasoning
personalize relationship through flattery and being honest
build trust
use body language
control presentation
be a diplomat
use Paul Harvey dialogue to build suspense

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14
Q

fifth step to the personal selling process where you ask the prospect if they like the product

A

trial close

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15
Q

sixth step of the personal selling process where you ask what the prospect doesn’t like about the product and attempt to overcome them by being positive and not treating people with hostility

A

objections

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16
Q

eight step in the personal selling process where you ask the prospect to by the product and then ask again after 30 seconds

A

close close

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17
Q

ninth step to the personal selling process

A

follow up

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18
Q

consists of a wide variety of promotional tools designed to stimulate earlier and or stronger market response

A

sales promotion

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19
Q

what are the tools to sales promotion

A 
coupons
demonstrations
frequent user incentives 
point of purchase displays 
free samples
money refunds 
premiums 
cents off offers
consumer contest
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20
Q

sales promotion tool that rewards present users, wins back previous users, and encourages purchases in large quantities

A

coupons

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21
Q

sales promotion tool where it rewards repeat users

A

frequent user incentives

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22
Q

sales promotion tool that consists of outside signs window displays counter pieces and display racks

A

point of purchase displays

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23
Q

sales promotion tool that consists of things like a buy one get one promotion

A

premiums

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24
Q

name the six benefits of Advertising

A 
promote products and organizations
stimulate primary and selective demand
offset competitive advertising
aid salespeople
remind people our product still exists 
reinforce we made the right decision
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25
Q

type of advertising used when introducing a new product with no competition also known as pioneer advertising

A

primary advertising

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26
Q

new product with competition

A

selective advertising

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27
Q

selective advertising where you mention the name of the competitor

A

comparative advertising

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28
Q

selective advertising where you don’t mention the name of the competitor

A

competitive advertising

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29
Q

what are the steps to creating an advertising campaign

A 
identify and analyze advertising target market
define advertising objectives
create advertising platform
determining advertising appropriation
develop media plan
create advertising message
evaluate advertisement offer
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30
Q

what should define advertising objectives be

A

clear
precise
measurable

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31
Q

in creating an advertising message what should be emphasized

A

the most important issues

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32
Q

what should be don when determining advertising appropriation

A

objective and task example increase sales by 10% by increasing amount of commercials

33
Q

managers decide advertising amount

A

arbitrary

34
Q

executing a n advertising campaign is done through

A

media firms
printers
artists
photographers

35
Q

securing editorial space as divorced from paid space in all media red viewed or heard by a company’s customers or prospects for the specific purpose of meeting sales goals

A

publicity

36
Q

kind of publicity that is a single page and less than 300 words

A

news release

37
Q

king of publicity with a longer manuscript and is specific publication

A

feature article

38
Q

kind of publicity with a breif description and photo

A

caption photo

39
Q

kind of publicity where a meeting is called to announce an event

A

press conference

40
Q

value placed on that which is exchanged

A

price

41
Q

why is price important (2)

A

determines profit

can change quickly

42
Q

how does price relate to product

A

price will go up if product is of high quality price will go down if product is of low quality

43
Q

how does price relate to distribution

A

high price means exclusive distribution low price means intensive distribution

44
Q

how does price relate to promotion

A

high prices are not mentioned in advertising low prices are mentioned in advertising

45
Q

name other words for price

A

primium fair wage interest tuition etc.

46
Q

middle man agrees to do something then it will have a discount

A

trade discount

47
Q

buy more and have a lower price

A

quantity

48
Q

discount by paying early 2%/10 net 30

A

cash discount

49
Q

buying out of season

A

seasonal discount

50
Q

price not included in shipping

A

FOB factory transportation

51
Q

transportation cost is included in price

A

FOB destination

52
Q

same price regardless of distance

A

uniform geographic pricing

53
Q

group customers into zones and charge each zone a price

A

zone pricing

54
Q

formula for calculating elasticity

A

change in quantity divided by the change in price times the price of Q1 divided by Q2

55
Q

how is a price elastic

A

if the absolute value is less than 1

56
Q

how is a price inelastic

A

if the absolute value is greater than one

57
Q

how is a price unitary

A

if the absolute value is equal to one

58
Q

formula for total cost

A

total fixed cost plus total variable cost

59
Q

formula for AFC

A

TFC/Q

60
Q

formula for AVC

A

TVC/Q

61
Q

extra cost to produce one more unit

A

marginal cost

62
Q

extra revenue to produce one more unit

A

marginal revenue

63
Q

how to you calculate MR and MC

A

take the derivative of TC and TR

64
Q

how to you maximize total revenue

A

set marginal revenue equal to 0

65
Q

how do you maximize profit

A

set marginal revenue equal to marginal cost

66
Q

how do you calculate break-even point

A

fixed cost divided by price minus average variable cost

67
Q

how do you calculate break-even point with a fixed profit

A

fixed cost plus profit divided by price minus average variable cost

68
Q

new products can also be called

A

pioneer products

69
Q

new product charging a high price with no similar products

A

price skimming

70
Q

new product and charging less than competitor with similar product

A

penetrating price

71
Q

pricing policy for people who have great skill

A

professional pricing

72
Q

psychological pricing policy where you make people think that they are paying less by charging prices like 19.99

A

odd price

73
Q

psychological pricing policy where you make people think they are getting a good quality because you charged prices like 12.50

A

even pricing

74
Q

psychological pricing policy where you make people think that the price doesn’t change with the time when they really just change the size

A

customary pricing

75
Q

psychological pricing policy where you make people think the price is high because the product is unique

A

prestige

76
Q

psychological pricing policy where retailers charge a certain price for a product line

A

price lining

77
Q

Promotional pricing where prices change for one time only

A

special event

78
Q

Promotional pricing where the change is at or below the cost of the product

A

price leader

79
Q

promotional pricing where you was/is pricing is used

A

superficial pricing

Exploring Marketing (4 decks)

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