Final Exam Review Ch 12-21 Flashcards
What are three forms of shopping centers?
1) Neighborhood center
2) Community center (Lifestyle variant)
3) Regional center (Power center)
Typically combine outdoor shopping areas composed of upscale vendors
Community center (lifestyle variant)
Marketing communication activities other than advertising, personal selling, and public relations, in which a short-term incentive motivates consumers or members of the distribution channel to purchase a good or service immediately
Sales promotion
The integration and coordination of the promotion mix to deliver a clear,
consistent, and compelling message about the organization and its product (the careful coordination of all promotional messages for a product or a service to assure the consistency of messages at every contact point where a company meets the consumer)
IMC Concept
“Oral presentation in a conversation with one or more prospective purchasers for the purpose of making a sale” (a purchase situation involving a personal paid-for communication between two people in an attempt to influence each other)
Personal selling
“Any paid form of non-personal presentation and promotion of
ideas, goods or services by an identified sponsor” (impersonal, one-way mass
communication about a product or organization that is paid for by a marketer)
Advertising
“Non-paid forms of non-personal presentation of ideas, goods and services” (public information about a company, product, service, or issue
appearing in the mass media as a news item)
Publicity
“The passing of information by verbal means, especially recommendations, but also general information, in an informal, person-to-person
manner”
Word-of-mouth
“Direct communication with carefully targeted individual consumers to obtain an immediate response” (techniques used to get consumers to make a purchase from their home, office, or another non-retail setting)
Direct marketing
“company/organization sponsored activities and programs designed to create daily or special brand-interactions”
Events and Experiences
Specially promoted price deals to mislead consumers
Deceptive Pricing
An agreement between two or more firms on the price they will charge for the product
Price fixing
The practice of charging a very low price for a product with the intent of driving competitors out of business or out of the market
Predatory pricing
A model that outlines the process fro achieving promotional goals in terms of stages of consumer involvement with the message
AIDA
What doe the acronym AIDA mean?
Attention
Interest
Desire
Action
What are three types of AIDA?
1) Memorized
2) Stimulus response
3) Need satisfaction
The cost of reaching one member of the target market
Cost per contact, cost per thousand (CPM)
What is the objective of promotional advertising?
To shift the demand curve
What are three criteria that your advertising media decision should be based on?
1) Reach
2) Frequency
3) Impact
While Competitive Parity is not a viable promotion budgeting strategy, the Podcast indicated Competitive Parity is an appropriate budgeting tactic for?
Sales promotion
What are the four steps in the selling process?
1) Prospecting and Qualifying
2) Pre-Approach
3) Approach
4) Presentation and Demonstration
What is the formula for Markup % on cost?
(Dollar markup)/(Cost)
What is the formula for Markup % on selling?
(Dollar markup)/(Selling price)
Is a market structure in which there are so many buyers and sellers that none has
a significant influence on price
Pure competition
