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mktg 351 > final exam > Flashcards

final exam Flashcards

1
Q

marketing communications

A

primary way for companies to convince customers to buy their products

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2
Q

integrated marketing communications (IMC)

A

planning process to make sure all brand contacts are relevant and consistent over time; get all promotional mix elements to work together

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3
Q

promotional strategy

A

a plan for optimal use of all elements of promotion to get a particular response; convince ppl that the product is the best option in the market

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4
Q

advertising

A

openly sponsored, one way message to promote a product (like superbowl ads)

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5
Q

public relations

A

communicating with customers, supplier, and employees to create a favorable image

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6
Q

sales promotions

A

short term incentive to initiate trial/purchase

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7
Q

personal selling

A

2 way flow of communication between a buyer and seller thats designed to influence the buyers purchase decisions; useful in B2b

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8
Q

social media

A

websites and application that allow users to create/share content

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9
Q

promotional goals

A
  • informing: introducing features
  • persuading: emphasize superiority
  • reminding: getting customers to buy again
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10
Q

AIDA

A
  • attention: customers are aware of product
  • interest: consumer is interested in benefits
  • desire: consumer likes brand
  • action: consumer has intention to buy
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11
Q

nature of the product

A

business vs consumer, customized vs mass produced

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12
Q

promotion through the PLC

A
  1. introduce the product early
  2. grow the awareness
  3. maturity
  4. decline
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13
Q

types of buying decisions

A
  • simple: buy without thought (gum)
  • elaborate: buyers put more though (cars)
  • push and pull:

push=gets company to sell more;
pull=appeal to customers directly

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14
Q

s curve of ad effectiveness

A

advertising to achieve long term goals

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15
Q

what are the major types of advertising

A

institutional & product

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16
Q

institutional advertising

A

promotes the entire company, can also be for PR

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17
Q

product adverstiing

A

pioneer, competitive, and comparative advertising

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18
Q

pioneer advertising

A

for primary demand, informative, prominent when introducing product

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19
Q

competitive advertising

A

focused on persuasion, appeals to emotion, prominent in growth stage

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20
Q

comparative advertising

A

comparing 2 or more brands, beneficial to lesser brands, prominent in highly competitive markets

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21
Q

advertising budget

A
  • competitive parity: matching competitors prices when advertising
  • percentage of sales
  • DAGMAR
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22
Q

DAGMAR

A

Defining Advertising Goals for Measured Advertising Results & AIDA

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23
Q

process of developing an advertising campaign

A
  1. identifying focus product
  2. developing advertising appeals
  3. executive the message
  4. post-campaign evaluation
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24
Q

what are the types of advertising appeals?

A

savings, fear, admiration, fun, and more

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25
Q

executing the message

A

testimonials, slice of life, humor, scientific, fantasy

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26
Q

media types

A

newpapers, magazines, tv, radio, internet

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27
Q

media mix selection

A

cost, reach, frequency, longevity, speed, audience selectivity

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28
Q

media scheduling

A
  • continuous
  • flighted (important periods)
  • pulsing (promote throughout the year and high sales periods)
    -seasonal
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29
Q

new product publicity

A
  • product review
  • press release
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30
Q

product placement

A

products/brands featured during shows

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31
Q

consumer education

A

seminars, webinars, live demonstrations

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32
Q

sponsorship

A

company provides funding for event

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33
Q

websites and social media

A

comanies can use social media to communicate with customers

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34
Q

sales promotions

A

short-term incentives to initiate trial or purchase

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35
Q

consumer promotion

A

directed at consumers ( coupons, premiums, loyalty programs, sampling)

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36
Q

trade promotino

A

directed at intermediaries (trade allowances, push money, training)

37
Q

face to face communication

A

expensive, but useful if it has high transaction or complex

38
Q

relationship selling

A

focsued on long term, working with customers

39
Q

customer relationship management (CRM)

A

business puts the customer on center stage and fulfill all their needs

40
Q

steps in customer relationship management (CRM)

A
  1. identify customer relationship
  2. understand interactions with current customers
  3. capture customer data
  4. leverage customer information
41
Q

data collection plan for CRM

A

start with first interaction with customers and continue to sell products effectively

42
Q

data warehouse

A

data management used to create centralized database that can be shared w everyone in the organization

43
Q

data mining

A

using company data to identify trends and relationships between marketing variables

44
Q

steps in personal selling

A
  1. general leads or prospecting (find ppl interested in product)
  2. qualifying leads (assess buying power)
  3. approaching the customers
  4. developing and proposing solutions
  5. handling objections
  6. closing the sale and following up
45
Q

sales managment responsibilities

A
  1. defining sales goals
  2. determining sales force structure
  3. recruiting and training the sales force
  4. compensating and motivating the sales force
  5. evaluating the sales force
46
Q

social media

A

internet service to interact with consumers

47
Q

control in social media

A

control shifts from markets to consumers; crowdsourcing

48
Q

who pays for social media?

A

social media companies generate income through ad revenue

49
Q

categories of media

A
  1. owned: online content is owned by company
  2. earned: PR but online
  3. paid: similar to paid ads
50
Q

crowding in social media

A

increased popularity of social media has led to crowding; need to cut through noise to be noticed

51
Q

content marketing

A

create interesting content to promote the product/brand

52
Q

influencer marketing

A

like a celebrity endorsement; influencers get paid to create content w brands product

53
Q

social listening

A

text mining to analyze conversations in social media, esp popular posts

54
Q

what are the performance metrics for social media?

A

reach
engagement
acquisition
conversion
retention
SEO and SEM

55
Q

reach metrics

A

how many people see posts related to the brand

56
Q

engagement metrics

A

how many people interact with posts (engagement & amplification)

57
Q

acquisition metrics

A

how many ppl visit a link posted

58
Q

conversion metrics

A

transition from seeing a brand content then purchasing it

59
Q

retention metrics

A

how many ppl are loyal to the brand

60
Q

SEO and SEM

A

SEO = search engine optimization
SEM= search engine marketing

61
Q

ethical issues in social media marketing

A
  • privacy: using knowledge without consent
  • microtargeting: entice customers w/o them noticing
  • undisclosed advertising: sponsored
  • content driven by algorithms:
  • mental health: social media bad
  • great firewall of China: china doesn’t allow a lot of popular apps
62
Q

basic pricing concepts

A

price is how companies capture value; value = benefits/costs

63
Q

company costs and marketing

A

sales and marking need to know abt company costs bc of profit and costs

64
Q

revenue formula

A

revenue = price x units sold

65
Q

profits formula

A

profits = revenue- costs

66
Q

what are the two types of costs?

A

fixed costs-doesn’t change as level of output changes

variable costs-varies with changes in level of output

67
Q

profit oriented pricing

A

focus on the interplay of revenue and costs

( profit max, breakeven price, targeted return on investment, markup pricing)

68
Q

sales oriented pricing

A

focus is on revenue generation, units sold, or market share

69
Q

sales oriented pricing

A

focus is on revenue generation, units sold, or market share

70
Q

status quo pricing

A

focus on maintaining current market conditions

71
Q

value based pricing

A

focus on customers perception of value

72
Q

in a perfectly competitive market…?

A

as price goes up–> demand goes down

as price goes up–> supply goes up

equilibrium=supply and demand meet

73
Q

elasticity

A

how customers react to changes in price

74
Q

elastic demand

A

consumer demand is sensitive to price changes

75
Q

inelastic demand

A

consumer demand is insensitive to price changes ( will buy no matter what)

76
Q

what effects elasticity?

A

availability of substitutes, purchasing power, prestige priciing

77
Q

market structure

A

pricing is heavily influenced by market structure ( monopoly, oligopoly, monopolistic competition, pure competition)

78
Q

market entry pricing

A
  • price skimming: higher at first
  • penetration pricing: lower at first
79
Q

types of discounts

A

quantity discounts, cash discounts, seasonal discounts, promotional/trade allowances, rebates, dynamic pricing, reduced rates for certain groups

80
Q

geographic pricing

A

esp important w shipping costs
- FOB: price doesn’t include shipping
- uniformed: sellers cover shipping
- zonal pricing: divide by regions

81
Q

commonly used pricing tactics

A

loss leader pricing (sold at unprofitable level), psychological, two part pricing, price bundling, versioning

82
Q

what are the 3 legal isssues in pricing?

A
  1. price fixing- agreement btwn competitors to avoid price based competition
  2. price discrimination- legal way to lower costs to certain ppl
  3. predatory pricing- illegal if cutting price to kill competition
83
Q

marketing metrics

A

indicator needed to measure business performance from a marketing perspective

84
Q

unit margin vs mark up

A

unit margin- based on firms selling price

unit mark up- based on firms acquisition cost

85
Q

breakeven point

A

level where total revenue=total cost

86
Q

customer lifetime value (CLV)

A

measures how much profit a firm expects to make from a single customer throughout their relationship

87
Q

non financial metrics

A

many of the marketing metrics are non financial (like image, preference, attitude)

88
Q

measuring customer sentiment

A

must rely on self report, needs reliable measures

89
Q
A

mktg 351 (3 decks)

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