Final Exam Flashcards
It provides two-way dialogue between supplier-customer
It provides for a uniform message delivered through all company media
(Advertising, selling effort, direct mail, trade shows)
It focuses on meeting the information needs of the buyer
Integrated Marketing Communications (IMC)
Integrated Marketing Communication (IMC) Strategy Requirements
1) Determine how we will communicate with our customer
2) Determine how our customer wants to communicate with us
3) Measure communication and feedback and make changes where necessary
IMC Planning Process (6)
1) Set goals
2) Determine roles for each communication element
3) Create messages
4) Place messages in appropriate media
5) Measure results
6) Make adjustments in messages and/or media
Describes the mental stages through which the target must progress prior to reasoned action
Hierarchy-of-effects model
Layers in Hierarchy-of-effects model (4)
1) Awareness
2) Interest
3) Desire
4) Action
Directed to a general audience, primarily through trade publications, the web, television, radio, billboards
Advertising
Directed to a specific audience to generate leads and generate sales through the mail, by fax or Internet and catalogs
Direct Marketing
Focuses on relationships to create goodwill and support relationships
Public Relations
Website information and support and e-mail for communicating
Internet
Exhibits and demonstrates products and services in a public venue with personal interaction
Trade Shows
Inbound and outbound electronic communication allowing greater feedback opportunities
Telemarketing
Adaptable selling method established by one-on-one contact
Personal Selling
Capturing information that will enable stronger customer relationships
Marketing Research
Four roles of Advertising
1) Create or strengthen image
2) Create favorable climate for Salespeople
3) Generate Sales Leads
4) Close Sales
How to achieve customer retention through communication (3)
1) Communicate proactively and regularly to your customers
2) Make dialogue easy to initiate by your customers
3) Make it easy to respond to your communication efforts
Reasons to Advertise (4)
1) Advertising creates awareness - Communicates to any group, including customers
2) Advertising strengthens attitudes - With customers, in financial markets, with potential suppliers, with government officials
3) Advertising leads to Action – Leads prospects through decision process
4) Advertising influences financial performance – Has a positive effect on business performance
Two Elements of Advertising
1) Creative Plan
2) Media Plan
Determining what the content of the message will be (encoding)
Creative Plan
Choosing the channel of communication
Media Plan
Steps in Advertising Strategy (4)
1) Determine advertising objectives
2) Determine the creative plan
3) Select Media
4) Measure advertising performance
Four Advertising Objectives
1) Positioning
2) Action
3) Audience
4) Performance
Positioning Objectives (7)
1) Develop the brand personality
2) Create climate for personal sales calls
3) Support other communication channels
4) Stimulate derived demand
5) Project financially healthy image
6) Support distributors or other sellers
7) Create favorable image among difficult-to-match influencers.
Action Objectives (5)
1) Generate leads for field or telemarketing salespeople
2) Increase attendance at a trade show
3) Increase distribution of catalogs
4) Secure investment in company through sale of equities
5) Generate sale
The primary roles of professional salespeople is? (4)
The Selling Function, Creating Value, Manage Relationships, and Gather Information
Type of selling used when all customers’ needs are similar
Script Based Selling
Process of selling that involves identifying the buyer’s needs and tailoring the sales pitch to fit those needs
Needs Satisfaction Selling
Bringing specialized expertise into a complex problem in order to create a somewhat customized solution
Consultive Selling
Both parties share expertise and resources to create customized solutions, and there is a commitment to joint planning for mutual benefit
Strategic Partner Selling
Five Stages in Relationship Building
1) Awareness
2) Exploration
3) Expansion
4) Commitment
5) Dissolution
- Set correct expectations
- Ensure proper initial use
- Follow up
- Make personal visits
- Handle complaints
- Achieve customer satisfaction
Exploration in Relationship Building
- Generate reorders
- Upgrade
- Full-line sell
Expansion in Relationship Building
- Secure complete commitment from both companies
- Manage change
Commitment in Relationship Building
- Limited relationships
- Failure to monitor competitors or industry
- Complacency
Dissolution in Relationship Building
Three Sales Organization Options
1) Geographic Salespeople
2) Product Specialist
3) Sales Teams
Sales Force Control mechanisms (2)
1) Quotas
2) Compensation Plans
Represent a quantitative minimum level of acceptable performance for a specific time period
Quota
5 steps to evaluate sales performance
1) Review specific sales objectives
2) Obtain appropriate performance data (outcomes and effort)
3) Evaluate what was beyond the salesperson’s control
4) Identify problems and opportunities
5) Create a strategy that resolves problems and seizes opportunities
System that measures actual performance against planned performance; measures productivity and profit by the types of products, customers, and territories; and measures other key marketing variables such as customer satisfaction
Marketing Control System
Three Common Sense Principles of Control
1) Measure Whats Important
2) Assumption and Goals determine measures
3) What gets measured is what gets done
When the total organization is undergoing evaluation
Macro control
Involves monitoring the progress of a subset of the overall marketing strategy
Micro control
4 causes of variance
1) Tinkering
2) Systematic Sources
3) External Causes
4) Random Causes
Making changes within a process in order to make the process more productive, by either reducing defects or increasing volume
Tinkering Variance
Changing systems and creating new tolerance
Systematic Sources of Variance
Identified uncontrollable causes, like the economy
External Causes of Variance
Variance caused by uncontrollable and unidentified causes
Random Variance
Output and Input Tools of Control (3)
1) Benchmarking
2) Quota and Targets
3) Budgets and Pricing Plans
Comprehensive and systematic evaluation of the firm’s marketing operation and the environment in which it operates
Marketing Audit
6 Keys to Marketing Audit
1) External Environment
2) Marketing Strategy
3) Level of Marketing Orientation
4) Marketing Systems and Processes
5) Marketing Functionality
6) Marketing Productivity
