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mktg (fall 2024) > final exam > Flashcards

final exam Flashcards

1
Q

hidden services

A

services that go into the production of physical products

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2
Q

everything is a…

A

service

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3
Q

labor provides…

A

services

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4
Q

physical product

A

collection of individual services plus raw material

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5
Q

service

A

the application of specialized competencies through deeds, processes, & performances for the benefit of another entity or the entity itself

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6
Q

ihip characteristics

A

intangible
heterogeneous (intangible)
inseparable
perishable

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7
Q

services are…

A

intangible
heterogeneous
inseparable
perishable

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8
Q

service is a…

A

performance

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9
Q

service characteristics

A

intangibility
inseparability
variability
perishability

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10
Q

intangibility

A

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

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11
Q

insepaarbility

A

services cannot be separated from their providers

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12
Q

variability

A

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

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13
Q

perishability

A

services cannot be stored for later sale or use

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14
Q

people processing

A

services directed at people’s bodies
e.g. healthcare

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15
Q

possessions processing

A

services directed at physical possessions
e.g. lawn care

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16
Q

mental stimulus processing

A

services directed at people’s minds

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17
Q

information processing

A

directed at intangible assets

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18
Q

what is the process

A

flow of activities involved in providing goods, services, & ideas to the customer

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19
Q

people

A

are the human actors who provide goods, services, & ideas to the customers

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20
Q

service blueprint

A

diagram that depicts the process of interaction between a customer & the service system

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21
Q

a service blueprint depicts

A

process of service delivery
roles of customers
roles of service employees
visible elements of service
potential failure points

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22
Q

organizational frontline

A

All points of contact between an organization and its customers.

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23
Q

frontline interactions

A

Actions and processes that occur during the points of contact between the customer and organization.

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24
Q

frontline interfaces

A

The people and/or equipment
involved in frontline interactions.

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25
Q

Retailing

A

Selling goods & services to consumers for their own personal or household use

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26
Q

Wholesaling

A

Selling goods & services to companies and organizations who resell them or use them in running their own business

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27
Q

Why Retailers?

A

they add value

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28
Q

Adjust Discrepancy of quantity

A

ACCUMULATION:
bring large quantities from sources to one location
+
BREAKING BULK:
divide large quantities into smaller lots for many buyers

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29
Q

Adjust Discrepancy of assortment

A

ASSORTING:
bring wide variety of different products together in one location
+
SORTING:
divide a set of products into separate categories of like products

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30
Q

value =

A

adjusting discepancies

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31
Q

retail channels

A

chapter 11, slide 26

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32
Q

Customer Orientation

A

The degree to which an individual
possesses an enduring belief in
the importance of customer
satisfaction

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33
Q

four dimensions of customer orientation

A

social skills
technical skills
motivation
decision-making authority

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34
Q

technical skills

A

The employee’s technical skills refer to the knowledge and those technical or motor skills which a service employee must possess in order to fulfill the customer’s needs during the personal interaction process

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35
Q

social skills

A

The concept of social skills
focuses on the service
employee’s ability to take the
customer’s perspective during
interactions

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36
Q

motivation

A

Motivation is essential for
the employee’s
transformation of social and
technical skills into
customer-oriented behavior.

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37
Q

decision-making authority

A

The extent to which service
employees feel authorized to
decide on issues that concern
customers’ interests and needs

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38
Q

retail store layout

A

Describes how retailers set up their merchandise, product
displays and fixtures in a store. Because the way customers
interact with products affects their purchase behaviors, a retail
store layout involves strategically using the space available to
influence the customer experience.
Displays, furniture, fixtures, signage and lighting.

39
Q

customer flow

A

The way that a customer navigates a store’s aisles is the
customer flow. Understanding customer flow and the common patterns of buyer behavior associated with the way customers interact with
merchandise is an essential part of retail management

40
Q

Grid store layout

A

Pros:
* Great for large retailers
* Great use of space
* Freedom of movement
* Customers can easily find things
Cons:
* Not experiential
* Less visuals

41
Q

Forced Path

A

Pros:
* Flow control
* Guide customer to popular items
Cons:
* Can feel restrictive
* Frustrating for those who know what they want

42
Q

Geometrics Design

A

Pros:
* Unique design and atmosphere
* Freedom to browse
* Can feel luxury
Cons:
* Does not maximize space

43
Q

Diagonal

A

Pros:
* Better security (entire store is visible)
* Opportunities for using signage & visuals
* Better customer circulation and freedom
Cons:
* Less space for wall displays

44
Q

Price

A

What is exchanged for the product, service or idea.

45
Q

Value is not about…

A

what we put into our product, it’s
what our customers get out of it.

46
Q

Fewer than 5% of Fortune 500 companies have

A

a full-time function dedicated to pricing.

47
Q

Studies have shown that small variations in price…

A

can raise or lower Profitability by as much as 20% to 50%.

48
Q

The first step in strategic pricing is…

A

knowing how your industry behaves.

49
Q

cost-based pricing

A

module 12, slide 18

50
Q

value-based pricing

A

module 12, slide 19

51
Q

Value Based Pricing More Difficult, but

A

More Profitable…Always

52
Q

price skimming

A

module 12, slide 21

53
Q

market penetration

A

module 12, slide 22

54
Q

dynamic pricing

A

module 12, slide 23

55
Q

flat-rate pricing

A

module 12, slide 24

56
Q

ala-carte pricing

A

module 12, slide 25

57
Q

peak load/congestion pricing

A

module 12, slide 26

58
Q

Price Elasticity

A

Responsiveness of demand to changes in price.

59
Q

Customer Lifetime Value (CLV)

A

The total worth of a customer during their relationship with a company

60
Q

customer acquisition cost =

A

new customer

salary
overhead
paid acts tools
————————-
# new customers

61
Q

what is marketing promotion? (Refers to)

A

Refers to the strategic activities and communication efforts undertaken by businesses to promote their products, services, or brand to their target audience

62
Q

what is marketing promotion? (aims to)

A

communicate the value and benefits of offerings effectively, persuade customers to purchase or take a specific action, and ultimately drive business growth.

63
Q

Communication

A

is defined as the process of understanding and sharing meaning

64
Q

Elements of communication process

A

module 13, slide 6

65
Q

NOISE

A

is anything that interferes with the ability of the receiver to understand the intended message from the sender

66
Q

The message put in place by the Sender is NOT

A

always identical to the message received by the Receiver

67
Q

Physical noise:

A

Background noise

68
Q

Physiological noise:

A

Relates to listeners’ body

69
Q

Cultural noise:

A

Language barriers, body language differences

70
Q

Semantic noise:

A

Misspelling, incorrect grammar

71
Q

Integrated marketing communications (imc)

A

the process of unifying a brand’s messaging to make it consistent across all media that the brand uses to reach its target audience.
It’s a strategic approach that guides communication and tactics used across all marketing channels.

72
Q

why imc is important

A

1.Need for consistency throughout the entire customer journey
2.IMC helps with brand-building
3.Properly using right mix of marketing channels helps boost campaign effectiveness

73
Q

the buyer’s journey

A

awareness - consideration - decision

74
Q

advertising

A

Any paid form of presenting ideas, goods, or services by an identified sponsor.

75
Q

Advertising goals

A
  1. Increasing Awareness
  2. Positioning
  3. Increase revenue
76
Q

success model

A

simple
unexpected
concrete
credible
emotional
stories

77
Q

Sales Promotion

A

Activities that aim to temporarily boost sales of a product or service

78
Q

types of sales promotions

A

free samples
coupons
price promotions
frequent user programs

79
Q

public relations definition

A

a strategic communication process that builds mutually beneficial relationships between
organizations and their publics

80
Q

purpose of public relations

A

create goodwill between an organization (or the things it
promotes) and the “public” or target segments it is trying to reach

81
Q

common types of public relations

A

press release
speaking engagements
event sponsorship
philanthropy

82
Q

why is PR effective

A

people believe them
they are seen as objective & sincere

83
Q

Digital Marketing

A

All methods in which digital technologies are used to market, products, services, ideas, and experiences.

84
Q

What Is Digital Marketing?

A

the use of digital or social channels to promote a brand or reach consumers

85
Q

marketing definition

A

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

86
Q

examples of digital marketing

A

Engaging with their audience: #justdoit
Social listening
Sharing product updates
Collaborating with public figures
Offering customer support

87
Q

E-commerce accounts for more than

A

40% of the industry’s sales by 2025

88
Q

types of digital marketing

A

website marketing
search engine optimization
smart-environment marketing
mobile marketing
email marketing
social media / community

89
Q

aida model

A

awareness
interest
desire
action
(module 14, slide 15)

90
Q

search engine optimization (SEO)

A

Designing a website to optimize its use by ranking high on search engine webpages where results are displayed

91
Q

two parts of seo

A

on-side
off-site

92
Q

What is a crawler?

A

sometimes called a spider or spiderbot and often shortened
to crawler, is an Internet bot that
systematically browses the World Wide Web and that is typically operated by search engines for the purpose of Web indexing

93
Q

What is indexing?

A

A page is indexed by Google if it has been visited by the Google crawler (“Googlebot”), analyzed for content and meaning, and stored in the Google index. Indexed pages can be shown in Google Search results

94
Q

How to write a title tag?

A

keyword
include modifiers (best, top, etc)
keep it short
look into competitors title tags

mktg (fall 2024) (1 decks)

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