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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
type of advertising used when introducing a new product with no competition also known as pioneer advertising
primary advertising
26
new product with competition
selective advertising
27
selective advertising where you mention the name of the competitor
comparative advertising
28
selective advertising where you don't mention the name of the competitor
competitive advertising
29
what are the steps to creating an advertising campaign
``` identify and analyze advertising target market define advertising objectives create advertising platform determining advertising appropriation develop media plan create advertising message evaluate advertisement offer ```
30
what should define advertising objectives be
clear precise measurable
31
in creating an advertising message what should be emphasized
the most important issues
32
what should be don when determining advertising appropriation
objective and task example increase sales by 10% by increasing amount of commercials
33
managers decide advertising amount
arbitrary
34
executing a n advertising campaign is done through
media firms printers artists photographers
35
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
publicity
36
kind of publicity that is a single page and less than 300 words
news release
37
king of publicity with a longer manuscript and is specific publication
feature article
38
kind of publicity with a breif description and photo
caption photo
39
kind of publicity where a meeting is called to announce an event
press conference
40
value placed on that which is exchanged
price
41
why is price important (2)
determines profit | can change quickly
42
how does price relate to product
price will go up if product is of high quality price will go down if product is of low quality
43
how does price relate to distribution
high price means exclusive distribution low price means intensive distribution
44
how does price relate to promotion
high prices are not mentioned in advertising low prices are mentioned in advertising
45
name other words for price
primium fair wage interest tuition etc.
46
middle man agrees to do something then it will have a discount
trade discount
47
buy more and have a lower price
quantity
48
discount by paying early 2%/10 net 30
cash discount
49
buying out of season
seasonal discount
50
price not included in shipping
FOB factory transportation
51
transportation cost is included in price
FOB destination
52
same price regardless of distance
uniform geographic pricing
53
group customers into zones and charge each zone a price
zone pricing
54
formula for calculating elasticity
change in quantity divided by the change in price times the price of Q1 divided by Q2
55
how is a price elastic
if the absolute value is less than 1
56
how is a price inelastic
if the absolute value is greater than one
57
how is a price unitary
if the absolute value is equal to one
58
formula for total cost
total fixed cost plus total variable cost
59
formula for AFC
TFC/Q
60
formula for AVC
TVC/Q
61
extra cost to produce one more unit
marginal cost
62
extra revenue to produce one more unit
marginal revenue
63
how to you calculate MR and MC
take the derivative of TC and TR
64
how to you maximize total revenue
set marginal revenue equal to 0
65
how do you maximize profit
set marginal revenue equal to marginal cost
66
how do you calculate break-even point
fixed cost divided by price minus average variable cost
67
how do you calculate break-even point with a fixed profit
fixed cost plus profit divided by price minus average variable cost
68
new products can also be called
pioneer products
69
new product charging a high price with no similar products
price skimming
70
new product and charging less than competitor with similar product
penetrating price
71
pricing policy for people who have great skill
professional pricing
72
psychological pricing policy where you make people think that they are paying less by charging prices like 19.99
odd price
73
psychological pricing policy where you make people think they are getting a good quality because you charged prices like 12.50
even pricing
74
psychological pricing policy where you make people think that the price doesn't change with the time when they really just change the size
customary pricing
75
psychological pricing policy where you make people think the price is high because the product is unique
prestige
76
psychological pricing policy where retailers charge a certain price for a product line
price lining
77
Promotional pricing where prices change for one time only
special event
78
Promotional pricing where the change is at or below the cost of the product
price leader
79
promotional pricing where you was/is pricing is used
superficial pricing

Exploring Marketing (4 decks)

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