final

Question 1

Integrated marketing communications

Answer 1

The communications model is shifting from broadcasting to narrowcasting

Question 2

what is Advertising

Answer 2

Reaches geographically dispersed buyers

Question 3

Public relations and what are the 4 elements

Answer 3

Building good relations with the various publics.

elements are press relations, public affairs, lobbying, and development

Question 4

what is personal selling

Answer 4

Personal presentation by the firm’s sales force for the purpose of making sales and building customer realtionships

Question 5

what are the advantages of personal selling?

Answer 5

detailed explanation
variable sales message
Effective at obtaining sale
gaining customer satisfaction and controlled adjustments

Question 6

What is relationship selling and how is it different from traditional selling?

Answer 6

Relationship selling is a sales practice that involves building interactions with customers in order to develop long-term satisfaction. traditional selling is just making ads and calling potential customers.

Question 7

what are the steps in the selling process

Answer 7

prospecting: advertising
preapproach: determination of customers needs and wants
Approach: getting the relationship
Presentation & demonstration: elevator pitch
Handling objections: Objections to close the sale
Closing: look for customer signals
Negotiate: follow up make sure the team is ready

Question 8

What are sales promotions?

Answer 8

Short term incentives to encourage purchase or sales of a product

Question 9

what are the types of sales promotions

Answer 9

1. samples: trial, expensive
2. coupons: promote trial of new brand
3. cash refund: price reduction after sale
4. Price packs: market directly on package
5. premiums: free or low cost goods
6. Advertising specialties: include useful articles w advertisers name
7. Point of purchase: displays and demonstration
8. Contensts/ sweepstakes/ games: chance to win

Question 10

What is a product

Answer 10

the material you are selling

Question 11

whats a brand

Answer 11

Your name, logo

Question 12

classification of consumer products

Answer 12

products bought by final consumer for personal consumption.

Question 13

Convenience

Answer 13

a. Frequent purchace, little planning, low costomer involvement
b. Low price
c. mass promotion by producer
d. Toothpaste, magazines

Question 14

Shopping

Answer 14

a. Less frequent purchace, much planning and shopping effort, comparison of brands, style, quality
b. higher price
c. selective distribution
d. advertising and personal selling
e. major appliances, television, clothing

Question 15

Specialty

Answer 15

a. Strong brand preference and loyalty, special purchase effort, little brand comparison
b. high price
c. exclusive distribution in only one or few outlets per market area
d. carefully targeted promotion
e. luxury good, rolex, diomonds

Question 16

Unsought

Answer 16

a. little product awareness, knowledge
b. varies
c. varies
d. Aggressive advertising and personal selling
e. life insurance, red cross blood donations

Question 17

What are some of the product and service decision that a marketer has to take for product and brand development?

Answer 17

Product attributes, branding, packaging, labeling, product support services

Question 18

what is a product line?

Answer 18

Group of products that are closely realted because they function in a similarly manner, are sold to same customer groups, are marketed through same outlets and similar price range

Question 19

product mix?

Answer 19

Consists of all the product lines and items that a particular seller offers for sale.

Question 20

the components of service: intangibility?

Answer 20

service cannot be seen, tasted, felt, heard or smelled before purchase

Question 21

the components of service: Variability?

Answer 21

quality of services depends on who provides them and when, where, and how

Question 22

the components of service: inseparability?

Answer 22

Services cannot be separated from their providers

Question 23

the components of service: perishability?

Answer 23

Services cannot be stored for later sale or use

Question 24

Service profit chain

Answer 24

the chain that links service firm profits with employee and customer satisfaction

Question 25

Internal marketing

Answer 25

Occurs between the company and its employees

Question 26

Interactive marketing

Answer 26

Occurs between the employees and the customers

Question 27

New product development process?

Answer 27

Development of original products
Product improvements
Modifications

Question 28

Test marketing

Answer 28

The stage of new product development which the product and marketing program are tested in realistic market setting

Question 29

Standard test markets

Answer 29

Natural environments

Question 30

Controlled test markets

Answer 30

retail stores

Question 31

Simulated test markets

Answer 31

Online, surveys

Question 32

Commercialization

Answer 32

Introducing a new product to the market

Question 33

Product development strategies

Answer 33

Product development, introduction, growth, maturity, and decline

Question 34

Product life cycle: Introduction

Answer 34

Low sales, high cost per customer, negative profits, few competitors

Question 35

Product life cycle: Growth

Answer 35

Sales rapidly rising, average cost, rising profits, early adaptors, growing competitors

Question 36

Product life cycle: Maturity

Answer 36

Peak sales, low cost per customer, declining profits, random customer, declining in competitors

Question 37

Differences between fad, fashion and style

Answer 37

Style: is timeless
Fashion: is high for awhile then simmers out
Fad; A failed market