final Flashcards
Integrated marketing communications
The communications model is shifting from broadcasting to narrowcasting
what is Advertising
Reaches geographically dispersed buyers
Public relations and what are the 4 elements
Building good relations with the various publics.
elements are press relations, public affairs, lobbying, and development
what is personal selling
Personal presentation by the firm’s sales force for the purpose of making sales and building customer realtionships
what are the advantages of personal selling?
detailed explanation
variable sales message
Effective at obtaining sale
gaining customer satisfaction and controlled adjustments
What is relationship selling and how is it different from traditional selling?
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.
what are the steps in the selling process
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
What are sales promotions?
Short term incentives to encourage purchase or sales of a product
what are the types of sales promotions
- samples: trial, expensive
- coupons: promote trial of new brand
- cash refund: price reduction after sale
- Price packs: market directly on package
- premiums: free or low cost goods
- Advertising specialties: include useful articles w advertisers name
- Point of purchase: displays and demonstration
- Contensts/ sweepstakes/ games: chance to win
What is a product
the material you are selling
whats a brand
Your name, logo
classification of consumer products
products bought by final consumer for personal consumption.
Convenience
a. Frequent purchace, little planning, low costomer involvement
b. Low price
c. mass promotion by producer
d. Toothpaste, magazines
Shopping
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
Specialty
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
Unsought
a. little product awareness, knowledge
b. varies
c. varies
d. Aggressive advertising and personal selling
e. life insurance, red cross blood donations
What are some of the product and service decision that a marketer has to take for product and brand development?
Product attributes, branding, packaging, labeling, product support services
what is a product line?
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
product mix?
Consists of all the product lines and items that a particular seller offers for sale.
the components of service: intangibility?
service cannot be seen, tasted, felt, heard or smelled before purchase
the components of service: Variability?
quality of services depends on who provides them and when, where, and how
the components of service: inseparability?
Services cannot be separated from their providers
the components of service: perishability?
Services cannot be stored for later sale or use
Service profit chain
the chain that links service firm profits with employee and customer satisfaction
Internal marketing
Occurs between the company and its employees
Interactive marketing
Occurs between the employees and the customers
New product development process?
Development of original products
Product improvements
Modifications
Test marketing
The stage of new product development which the product and marketing program are tested in realistic market setting
Standard test markets
Natural environments
Controlled test markets
retail stores
Simulated test markets
Online, surveys
Commercialization
Introducing a new product to the market
Product development strategies
Product development, introduction, growth, maturity, and decline
Product life cycle: Introduction
Low sales, high cost per customer, negative profits, few competitors
Product life cycle: Growth
Sales rapidly rising, average cost, rising profits, early adaptors, growing competitors
Product life cycle: Maturity
Peak sales, low cost per customer, declining profits, random customer, declining in competitors
Differences between fad, fashion and style
Style: is timeless
Fashion: is high for awhile then simmers out
Fad; A failed market
