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Marketing Final Exam > Marketing Final Exam > Flashcards

Marketing Final Exam Flashcards

1
Q

What are the 4 levels of retail service?

A

Self-service, self selection, limited service, full service.

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2
Q

It is the cornerstone of all discount operations. Many customers are willing to carry out their own “locate-compare-select” process to save money

A

Self-service

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3
Q

Customers find their own goods, although they can ask for assistance

A

Self Selection

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4
Q

Retailers carry more shopping goods and services such as credit and merchandise-return privileges

A

Limited Service

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5
Q

Salespeople are ready to assist in every phase of the “locate-compare-select” process. Customers who like to be waited on prefer this type of store.

A

Full Service

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6
Q

Nonstore retailing falls into four major categories

A

direct selling, direct marketing, automatic vending

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7
Q

Also called multilevel selling and network marketing, is a multibillion-dollar industry, with hundreds of companies selling door-to-door or at home sales parties.

A

Direct selling

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8
Q

This type of nonstore retailing has roots in direct-mail and catalog marketing (Lands’ End, L.L.Bean). It includes telemarketing (1-800-FLOWERS), television direct-response marketing (HSN, QVC), and electronic shopping (Amazon.com, Autobytel.com).

A

Direct marketing

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9
Q

Offers a variety of merchandise, including impulse goods such as cigarettes, soft drinks, and more.

A

Automatic vending

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10
Q

Storeless retailer serving a specific clientele—usually employees of large organizations—who are entitled to buy from a list of retailers that have agreed to give discounts in return for membership.

A

Buying service

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11
Q 
New retail forms and combinations
Competition between store-based and non-store-based retailing
Growth of giant retailers
Decline of middle market retailers
Growing investment in technology
Global profile of major retailers
Growth of shopper marketing
A

Changes in the retail environment`

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12
Q 
Walls
Lighting
Signage
Product placement
Floors
Surface space
Music
People 
Aroma
A

Store atmosphere

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13
Q 
Keep shoppers in the store
Honor the transition zone
Don’t make them hunt
Make merchandise available to the reach and touch
Note that men do not ask questions
Remember women need space
Make checkout easy
A

Tips for Increasing Sales in Retail Space

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14
Q

(also called a reseller, store, house, or distributor brand) is a brand that retailers and wholesalers develop.

A

Private label brand

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15
Q

Private label brands

A

Private labels are ubiquitous
Consumer accepts private labels
Private-label buyers come from all socioeconomic strata
Private labels are not a recessionary phenomenon
Consumer loyalty shifts from manufacturers to retailers

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16
Q 
Selling and promoting
Buying and assortment building
Bulk breaking
Warehousing
Transportation
Financing
Risk bearing
Market information
Management services and counseling
A

Wholesaling functions

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17
Q

starts before physical distribution and means strategically procuring the right inputs (raw materials, components, and capital equipment); converting them efficiently into finished products; and dispatching them to the final destinations.

A

Supply chain management

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18
Q

The firm must make four major decisions about its market logistics

A

(1) How should we handle orders (order processing)? (2) Where should we locate our stock (warehousing)? (3) How much stock should we hold (inventory)? and (4) How should we ship goods (transportation)?

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19
Q

Transportation Factors

A 
Speed
Frequency
Dependability
Capability
Availability
Traceability
Cost
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20
Q

wholesaler’s sales forces help manufacturerers reach many small business customers at a low cost

A

selling and promoting

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21
Q

Wholesalers are able to selct items and build the assortment their customers need, saving them considerable work

A

buying and assotrment building

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22
Q

wholsalers achieve savings for their customers by buying large carload lots and breaking the bulk into smaller units

A

bulk breaking

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23
Q

wholesalers hold inventories, thereby reducing inventory costs and risks to suppliers and customers

A

warehousing

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24
Q

wholesalers hold inventories, thereby reducing inventory costs

A

transportation

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25
Q

wholesalers finance customers by granting credit, and finance suppliers by ordering early

A

financing

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26
Q

wholesalers absorb some risk by taking title and bearing the cost of theft, damage, and spoiling

A

Risk bearing

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27
Q

wholesalers supply information to suppliers and customers regarding competitor’s activities, new products, price developments, and so on

A

Market information

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28
Q

Marketing Communications Mix

A 
Advertising
Sales promotion
Events and experiences
Public relations and publicity
Direct marketing
Interactive marketing
Word-of-mouth marketing
Personal selling
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29
Q

Communication process (macro model)

A

nine key factors in effective communication. Two represent the major parties— sender and receiver. Two represent the major tools—message and media. Four represent major communication functions—encoding, decoding, response, and feedback. The last element in the system is noise, random and competing messages that may interfere with the intended communication.

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30
Q

What are the steps in developing effective communications

A 
identify target audience
determine objectives
design communications
select channels
establish budget
decide on media mix
measure/results/manage IMC
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31
Q

Establish budget

A

affordable, percentage of sales, competitive parity, objective-and task

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32
Q

What are the 5 Ms of advertising?

A

Mission, money, message, media, measurement

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33
Q

Mission

A

What are our advertising objectives? Sales goals?

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34
Q

Money

A

How much can we spend and how do we allocate spending across media types? Factors to consider: Stage in product life cycle, market share and consumer base, competition and clutter, advertising frequency, product substitutability

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35
Q

Message

A

What message should be send?

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36
Q

Media

A

What media should we use? Reach, frequency, impact

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37
Q

Measurement

A

How should we evaluate results

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38
Q

advertising objectives

A

informative, persuasive, reminder, reinforcement

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39
Q

informative

A

create brand awareness and knowledge of new products or new features of existing products

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40
Q

persuasive

A

create liking, preference, conviction, and purchase of a product or service.

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41
Q

reminder

A

aims to stimulate repeat purchase of products and services

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42
Q

reinforcement

A

aims to convince current purchasers that they made the right choice.

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43
Q

media selection

A

finding the most cost-effective media to deliver the desired number of exposure to ta target audience

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44
Q

The effect on exposures of audience awareness depends on

A

reach, frequency, and impact

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45
Q

out-of-home advertising, is a broad category including many creative and unexpected forms to grab consumers’ attention.

A

place advertising

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46
Q

consists of a collection of incentive tools, mostly short term, designed to stimulate quicker or greater purchase of particular products or services by consumers or the trade.
Offers incentive to buy and advertising offers reason to buy

A

Sales Promotion

47
Q

Consumer Directed Sales Promotion Tactics

A 
Samples
Coupons
Cash refund offers
Price offs
Premiums
Prizes
Patronage rewards
Free trials
Tie-in promotions
48
Q

Why sponser events?

A

To identify with a particular target market or life style
To increase brand awareness
To create or reinforce consumer perceptions of key brand image associations
To enhance corporate image
To create experiences and evoke feelings
To express commitment to community
To entertain key clients or reward employees
To permit merchandising or promotional opportunities

49
Q

Public Relations Functions

A

press relations, product publicity, corporate communications, lobbying, and couseling

50
Q

press relations

A

Presenting news and information about the organization in the most positive light.

51
Q

product publicity

A

Sponsoring efforts to publicize specific products.

52
Q

corporate communications

A

Promoting understanding of the organization through internal and external communications.

53
Q

lobbying

A

Dealing with legislators and government officials to promote or defeat legislation and regulation.

54
Q

counseling

A

Advising management about public issues, and company positions and image during good times and bad.

55
Q

Tasks aided by public relations

A 
Launching new products
Repositioning a mature product
Building interest in a product category
Influencing specific target groups
Defending products that have encountered public problems
Building corporate image
56
Q

the use of consumer-direct channels to reach and deliver goods and services to customers without using market middlemen.

A

direct marketing

57
Q

direct marketing channels

A

direct mail, catalogs, telemarketing, other direct response

58
Q

Constructing a direct mail campaign

A 
Establish objectives
Select target prospects
Develop offer elements
Test elements
Execute
Measure success
59
Q

Components of direct mail mailings

A

outside envelope, sales letter, circular, reply form , reply envelope

60
Q

Types of telemarketing

A

telesales, telecoverage, teleprospecting, customer service and technical support

61
Q

use of the telephone and call centers to attract prospects, sell to existing customers, and provide service by taking orders and answering questions

A

telemarketing

62
Q

Public issues in direct marketing

A

irritation, unfairness, deception/fraud

63
Q 
Tailored messages possible
Easy to track responsiveness
Contextual ad placement possible
Search engine advertising possible
Subject to click fraud
Consumers develop selective attention
A

interactive marketing

64
Q

Platforms of social media

A

online communities and forums, blogs, social newtorks,

65
Q

How to start buzz

A

Identify influential individuals and companies and devote extra effort to them
Supply key people with product samples
Work through community influentials
Develop word-of-mouth referral channels to build business
Provide compelling information that customers want to pass along

66
Q

generates excitement, creates publicity, and conveys new relevant brand-related information through unexpected or even outrageous means

A

buzz marketing

67
Q

another form of word of mouth, or “word of mouse,” that encourages consumers to pass along company-developed products and services or audio, video, or written information to others online.

A

viral marketing

68
Q

Designing a sales force

A

In designing the sales force, the company must develop sales force objectives, strategy, structure, size, and compensation

69
Q

Sales Tasks

A 
Prospecting
Targeting
Communicating
Selling
Servicing
Information gathering
Allocating
70
Q

searching for prospects or leads

A

prospecting

71
Q

deciding how to allocate their time among prospects and customers

A

targeting

72
Q

Communicating information about the company’s products and services

A

communicating

73
Q

Approaching, presenting, answering questions, overcoming objections, and closing sales

A

selling

74
Q

Providing various services to the customers—consulting on problems, rendering technical assistance, arranging financing, expediting delivery

A

servicing

75
Q

Conducting market research and doing intelligence work

A

Information gathering

76
Q

Deciding which customers will get scarce products during product shortages

A

allocating

77
Q

Workload Approach to Determining Sales Force Size

A

Customers are grouped into size classes
Desirable call frequencies are established
Number of accounts in each size class multiplied by call frequency
Average number of calls possible per year established
Number of reps equal to total annual calls required divided by number possible

78
Q

Managing the sales force

A

recruiting, selecting, training, supervising, motivating, and evaluating

79
Q

Steps in effective selling

A
  1. Prospecting/qualifying
  2. Preapproach
  3. Approach
  4. Presentation
  5. Overcoming objections
  6. Closing
  7. Follow up
80
Q

Major decisions in international marketing

A

deciding whether to go, which markets to enter, how to enter, markting program, marketing organization

81
Q

Reasons for pursuing global markets

A

Better profit opportunities
Larger customer base to achieve economies of scale
Less dependence on any one market
Desire to counterattack global competitors in their home markets
Customers require international service

82
Q

Risks to going abroad

A

Lack of knowledge of foreign culture
Lack of understanding of foreign needs
Lack of understanding of foreign regulations
Lack of managers with international expertise
Changes in the country environment

83
Q

Four stages of internationalization

A

Stage 1: No regular export activities
Stage 2: Export via independent agents
Stage 3: Establish sales subsidiaries
Stage 4: Establish production facilities abroad

84
Q

Five modes of market entry

A

indirect exporting, direct exporting, licensing, joint ventures, direct investment

85
Q

Direct exporting methods

A

Domestic-based export department
Overseas sales branch or subsidiary
Traveling export sales representatives
Foreign-based distributors or agents

86
Q

A purely service function may evolve into a self-contained export department operating as its own profit center.

A

domestic-based export deparment

87
Q

The sales branch handles sales and distribution and perhaps warehousing and promotion as well. It often serves as a display and customer-service center

A

overseas sales branch or subsidiary

88
Q

home-based sales representatives travel abroad to find business

A

traveling export sales representatives

89
Q

foreign-based distributors or agents

A

these third parties can hold limited or exclusive rights to represent the company in that country

90
Q

Five international product and communication strategies

A

straight extension, product adaptation, communication adaptation, dual adaptation, and product invention

91
Q

levels of product adaptation

A

regional, country, city, and retailer versions

92
Q

Three options to setting prices in different countries

A

set a uniform price everywhere, market-based price in each country, cost-based price in each country

93
Q

categories of service mix

A

pure tangible goods, good with accompanying services, hybrid, service with accompanying goods, pure service

94
Q

distinctive characteristics of services

A

intangibility, inseparability, variability, and perishability

95
Q

intangibility

A

services that cannot be seen, tasted, felt, heard, or smelled before they are bought

96
Q

inseparability

A

services are typically produced and consumed simultaneously

97
Q

variability

A

Because the quality of services depends on who provides them, when and where, and to whom, services are highly variable

98
Q

perishability

A

services cannot be stored, so their perishability can be a problem when demand fluctuates.

99
Q

How to increase quality control

A

invest in good hiring procedures, standardize the service-performance process, monitor customer satisfaction

100
Q

10 things companies can do to improve service quality

A 
Listening
Reliability
Basic service
Service design
Recovery
Surprising customers
Fair play
Teamwork
Employee research
Servant leadership
101
Q

major retailer types

A 
Specialty store
Department store
Supermarket
Convenience store
Discount store
Off-price retailer
Superstore
Catalog showroom
102
Q

specialty store

A

narrow product line. The Limited, The Body Shop

103
Q

Department store

A

several product lines. JCPenney, Bloomingdale’s

104
Q

Convenience store

A

small store in residential area. 7-Eleven

105
Q

Drug store

A

prescription and pharmacies, health and beauty aids, other personal care, small durable, miscellaneous items. CVS, Walgreens

106
Q

Discount store

A

standard or specialty merchandise; low-price, low-margin, high-volume stores. Walmart, KMart

107
Q

Extreme value or hard-discount store

A

a more restricted merchandise mix than discount stores but at even lower prices. Aldi, Dollar General, Family Dollar

108
Q

Off-price retailer

A

leftover goods, overruns, irregular merchandise. TJ Maxx

109
Q

Superstore

A

huge selling space, routinely purchased food and household items, plus services

110
Q

Hypermarket

A

huge stores that combine supermarket, discount, and warehouse retailing

111
Q

The three most identified sources of credibility

A

expertise, trustworthiness, and likability

112
Q

specialized knowledge the communicator possess to back the claim

A

expertise

113
Q

Describes how objective and honest the source is perceived to be

A

trustworthiness

114
Q

describes the source’s attractiveness. Qualities such as candor, humor, and naturalness make a source more likable

A

likability

Marketing Final Exam (1 decks)

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