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Marketing Final Flash Cards

1
Q

Front: Marketing

A

Back: The process of exploring, developing, and delivering value to satisfy the needs of a target market, with a focus on people as the core of marketing efforts.

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2
Q

Front: Marketing Concept

A

Back: Organizations should aim to satisfy customers’ needs through coordinated activities that also help achieve their own goals.

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3
Q

Front: Target Market

A

Back: A specific group of people that marketers focus their efforts on to meet specific needs.

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4
Q

Front: Exchanges and Value Creation

A

Back: Marketing involves exchanges that create value for both parties involved, aiming to produce highly valued products for customers.

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5
Q

Front: Product Orientation vs. Market Orientation

A

Product Orientation assumes a technically superior product will sell itself, which is risky.

Market Orientation focuses on responding to consumer needs and creating value.

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6
Q

Front: Gatekeepers

A

Back: Individuals who control information flow or make decisions about product adoption but aren’t the end users.

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7
Q

Front: The Marketing Mix (The 4 Ps)

A

Back: Product, Place (Distribution), Promotion, and Pricing strategies designed to meet consumer needs and are competitive.

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8
Q

Front: Environmental Forces (STEEPLE + C)

A
  1. Sociocultural,
  2. Technological,
  3. Economic,
  4. Ecological,
  5. Political,
  6. Legal,
  7. Ethical,
  8. Competitive environments that affect business.
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9
Q

Front: Integrated Marketing Communication (IMC)

A

Back: Uses various promotional tools in a coordinated approach to inform and persuade audiences, aiming to build lasting relationships.

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10
Q

Front: Strategic Planning

A

Back: Developing a company’s vision for the future and organizational objectives, writing a roadmap to guide the company’s long-term plans.

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11
Q

Front: Corporate Strategy

A

Back: A long-term plan aimed at gaining competitive advantage and creating customer value.

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12
Q

Front: Marketing Strategy

A

Back: A detailed plan for identifying and analyzing a target market and developing a marketing mix to meet its needs,

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13
Q

Front: Marketing Plan

A

Back: A written document outlining the activities to implement and control marketing strategies.

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14
Q

Front: Market

A

Back: A group of individuals or organizations with needs for products in a specific class who have the ability, willingness, and authority to purchase those products.

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15
Q

Front: Purpose Statements (Mission and Vision)

A

Back: Answers key questions like why the company exists, who are the customers, what are their needs, and the company’s future directions.

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16
Q

Front: Core Competencies

A

Back: Activities that differentiate a company from its competitors, creating a competitive advantage.

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17
Q

Front: Competitive Advantage

A

Back: Attributes that allow a firm to outperform its competitors, focusing on sustainable advantages.

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18
Q

Front: SWOT Analysis

A

Back: A strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats related to business competition.

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19
Q

Front: Market Opportunity

A

Back: Circumstances and timing that allow an organization to reach a particular target market effectively.

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20
Q

Front: Marketing Objectives (Goals)

A

Back: Statements defining what is to be accomplished through marketing activities, ideally set as S.M.A.R.T (Specific, Measurable, Achievable, Relevant, Time-bound) goals.

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21
Q

Front: Strategic Window

A

Back: Temporary periods when the key requirements of a market match the capabilities of the company, providing optimal conditions for success.

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22
Q

Front: Performance Standards

A

Back: Expected levels of performance that allow for comparison against actual outcomes.

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23
Q

Front: Implementation Tactics

A

Back: Specific day-to-day activities and detailed instructions necessary to execute the marketing plan.

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24
Q

Front: Environmental Scanning

A

Back: The process of collecting data from various sources such as observations, secondary sources, business and trade publications, government and general-interest publications, and existing marketing research.

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25
Q

Front: Environmental Analysis

A

Back: Assessing and interpreting the data collected through environmental scanning.

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26
Q

Front: STEEPLE + C Forces

A

Back: Factors impacting the marketing environment: Sociocultural, Technological, Economic, Ecological, Political, Legal, Ethical, and Competitive.

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27
Q

Front: Types of Competitors - Brand Competitors

A

Back: Offer products with similar features and benefits at similar prices, where the brand is the primary differentiator.

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28
Q

Front: Types of Competitors - Product Competitors

A

Back: Belong to the same product class but differ in features, benefits, and prices.

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29
Q

Front: Types of Competitors - Generic Competitors

A

Back: Different products that satisfy the same basic customer need.

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30
Q

Front: Types of Competitors - Total Budget Competitors

A

Back: Compete for the limited financial resources of the same customers.

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31
Q

Front: Buying Power

A

Back: Represents resources like money, goods, and services that can be traded in an exchange.

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32
Q

Front: Willingness to Spend

A

Back: The inclination to purchase, influenced by the ability to buy and various psychological and social forces.

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33
Q

Front: Sociocultural Forces

A

Back: Influences from society and culture that shape attitudes, beliefs, norms, and lifestyles.

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34
Q

Front: Technological Forces

A

Back: Relates to the application of knowledge and tools to solve problems and perform tasks more efficiently.

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35
Q

Front: Economic Forces

A

Back: Factors such as economic conditions that affect consumer and business buying power and willingness to spend.

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36
Q

Front: Ecological Forces

A

Back: Influences related to the natural environment that affect business and consumer decisions and behaviors.

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37
Q

Front: Political and Legal Forces

A

Back: Include legislation, legal decisions, regulatory agencies, and self-regulatory bodies that create rules which businesses must follow.

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38
Q

Front: Ethical Forces

A

Back: Based on individual, societal, and corporate perceptions of what is the “right” thing to do.

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39
Q

Front: Ethical Issues in Marketing

A

Back: Situations involving moral conflicts that need to be addressed, where ethical behavior involves numerous perspectives on what is considered right or wrong.

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40
Q

Front: Social Responsibility

A

Back: An organization’s duty to maximize its positive impact and minimize its negative effects on society, the environment, and the economy.

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41
Q

Front: Triple Bottom Line (TBL) Framework

A

Back: A framework that incorporates three dimensions of performance: social, environmental, and financial.

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42
Q

Front: Dimensions of Social Responsibility - Strategic Philanthropy

A

Back: Using organizational core competencies and resources to address stakeholder interests for mutual organizational and social benefits.

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43
Q

Front: Dimensions of Social Responsibility - Cause-Related Marketing

A

Back: Partnerships between for-profit firms and social causes, either ongoing or short-term, to market products while supporting social issues.

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44
Q

Front: Organizational Culture

A

Back: The shared beliefs, values, traditions, and behaviors within an organization that influence actions and decisions.

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45
Q

Front: Codes of Conduct

A

Back: Formal rules and standards that outline expected behaviors for employees and management within the organization.

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46
Q

Front: Stakeholders

A

Back: Individuals, groups, or entities that are affected by or can affect the outcomes of an organization’s actions.

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47
Q

Front: Misconduct and Non-Reporting

A

Back: Reasons why ethical misconduct is not reported include fear of retaliation, belief that no corrective action will be taken, and lack of awareness or misunderstanding of ethical guidelines.

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48
Q

Front: Definition of Consumer Behavior

A

Back: The decision processes and actions of people who purchase products for personal or household use.

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49
Q

Front: Consumer Buying Decision Process - Problem Recognition

A

Back: Identifying a gap between the current state and the desired state.

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50
Q

Front: Consumer Buying Decision Process - Information Search

Internal Search
External Search

A

Back: Internal Search: Retrieving information from memory. External Search: Seeking information from external sources.

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51
Q

Front: Consumer Buying Decision Process - Evaluation of Alternatives

A

Back: Assessing different products based on set criteria and the consideration set.

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52
Q

Front: Consumer Buying Decision Process - Purchase Decision

A

Back: Choosing among alternatives.

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53
Q

Front: Consumer Buying Decision Process - Post-Purchase Behavior

A

Back: Experiences after the purchase, including satisfaction or buyer’s remorse (Cognitive Dissonance).

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54
Q

Front: Types of Buying Processes - Routinized Response Behavior

A

Back: Used for frequent, low-cost purchases with minimal decision effort.

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55
Q

Front: Types of Buying Processes - Limited Problem Solving

A

Back: Occurs with occasional purchases or unfamiliar brands in a familiar category.

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56
Q

Front: Types of Buying Processes - Extended Problem Solving

A

Back: Used for purchases that are expensive, infrequent, or high risk.

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57
Q

Front: Types of Buying Processes - Impulse Buying

A

Back: Unplanned purchases due to a sudden, strong urge.

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58
Q

Front: Level of Involvement

A

Back: The intensity of interest in a product and its importance to the consumer, which can be either enduring or situational.

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59
Q

Front: Influences on Buying Behavior - Situational Influences

A

Back: Effects of time, location, and circumstances on consumer decisions.

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60
Q

Front: Influences on Buying Behavior - Psychological Influences

A

Back: Include motives, attitudes, personality, self-concept, and lifestyle that affect consumer behavior.

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61
Q

Front: Influences on Buying Behavior - Social Influences

A

Back: Effects of society on consumer behavior, including roles, consumer socialization, reference groups, opinion leaders, and cultural factors.

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62
Q

Front: Consumer Misbehavior

A

Back: Actions like fraud, identity theft, shoplifting, piracy, and abuse, reflecting unethical consumer practices.

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63
Q

Front: Marketing Research

A

Back: Systematic process of designing, collecting, interpreting, and reporting information to solve specific marketing problems or capitalize on opportunities.

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64
Q

Front: Benefits of Market Research

A

Back: Supports strategic planning, assesses opportunities and threats, and helps determine the potential for success and feasibility of marketing initiatives.

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65
Q

Front: Marketing Research Process - Defining the Problem

A

Back: Identify what needs to be understood, what the research will explore, and how the findings will be used.

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66
Q

Front: Marketing Research Process - Designing the Research Project

A

Back: Develop a plan for obtaining necessary information, including hypotheses formulation.

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67
Q

Front: Marketing Research Process - Data Collection

A

Back: Primary Data: Directly collected from respondents. Secondary Data: Previously compiled data used for other purposes.

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68
Q

Front: Sources of Data - Primary

A

Back: Interviews, surveys, experiments, and observations.

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69
Q

Front: Sources of Data - Secondary

A

Back: Organization’s databases, government sources, competitive information, trade associations, and online databases.

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70
Q

Front: Sampling Methods - Probability Sampling

A

Back: Each element has a known chance of selection; includes random sampling.

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71
Q

Front: Sampling Methods - Nonprobability Sampling

A

Back: Subjective sampling includes convenience sampling where respondents are chosen based on accessibility.

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72
Q

Front: Survey Methods

A

Back: Questions can be open-ended, dichotomous (yes/no), or multiple-choice. Personal interviews include in-home, telephone depth, shopping mall intercepts, and focus groups.

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73
Q

Front: Research Validity and Reliability

A

Back: Reliability: Consistency of the research method. Validity: Accuracy of the research in measuring what it is intended to measure.

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74
Q

Front: Reporting Research Findings

A

Back: Present findings clearly and objectively, highlight deficiencies, and prepare formal documentation starting with a summary and recommendations.

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75
Q

Front: Ethical and International Considerations in Marketing Research

A

Back: Adherence to professional standards and ethical practices. Consider regional differences in international markets using secondary and primary information.

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76
Q

Front: Market Definition

A

Back: A group of people seeking products in a specific product category.

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77
Q

Front: Market Requirements

A

Back: Consumers must need or desire the product, have the ability and authority to purchase, and be willing to use their buying power.

78
Q

Front: Target Market Selection Process - Step 1: Identify Targeting Strategy

A

Back: Undifferentiated Strategy (no segmentation), Differentiated Strategy (multiple segments), Concentrated (Niche) Strategy (one segment).

79
Q

Front: Target Market Selection Process - Step 2: Determine Segmentation Variables

A

Back: Characteristics used to divide a market into segments, such as demographic, geographic, psychographic, and behavioristic variables.

80
Q

Front: Target Market Selection Process - Step 3: Develop Market Segment Profiles

A

Back: Analyze similarities and differences among potential customers within segments.

81
Q

Front: Target Market Selection Process - Step 4: Evaluate Market Segments

A

Back: Assess segments based on sales potential, costs, profits, and competitive environment.

82
Q

Front: Target Market Selection Process - Step 5: Select Specific Target Markets

A

Back: Decide on targeting one or multiple segments, confirm segment requirements, and evaluate resources and potential for growth.

83
Q

Front: Market Segmentation

A

Back: The process of dividing a total market into groups with similar product needs.

84
Q

Front: Conditions for Successful Market Segmentation

A

Back: Segments must have heterogeneous needs, be identifiable and divisible, and at least one segment must justify the marketing effort.

85
Q

Front: Segmentation Variables - Demographic

A

Back: Family life cycle stages.

86
Q

Front: Segmentation Variables - Geographic

A

Back: Market density, geodemographic segmentation.

87
Q

Front: Segmentation Variables - Psychographic

A

Back: VALS types.

88
Q

Front: Segmentation Variables - Behavioristic

A

Back: Benefit segmentation, based on the benefits consumers seek from products.

89
Q

Front: Sales Forecast

A

Back: Predicting the amount of product a company expects to sell during a specific period based on the level of marketing activities.

90
Q

Front: Business Markets Overview

A

Back: B2B marketing involves transactions between businesses rather than individual consumers, focusing on understanding customer needs, developing relationships, and providing value-added exchanges.

91
Q

Front: Purposes of B2B Markets

A

Back: Direct use in production of other products, use in general daily operations, and resale by other businesses.

92
Q

Front: Major Types of B2B Markets

A

Back: Producer Markets, Reseller Markets, Government Markets, and Institutional Markets.

93
Q

Front: Characteristics of B2B Transactions

A

Back: Larger order sizes, lengthy negotiations, and emphasis on providing better value than competitors.

94
Q

Front: Attributes of Business Customers

A

Back: Well-informed with a need for detailed product information, personal goals influencing decisions, focus on long-term partnerships.

95
Q

Front: Concerns of Business Customers

A

Back: Price impacts on operating costs, product quality and specifications, service needs, and ethics in supplier relationships.

96
Q

Front: Types of Business Purchases

A

Back: New-task Purchase, Straight Rebuy Purchase, and Modified Rebuy Purchase.

97
Q

Front: Technological Influences on B2B

A

Back: Business customers increasingly use the internet to research products and suppliers, leveraging online reviews and technical specifications.

98
Q

Front: Overview of Global Marketing

A

Back: Marketing activities performed across national boundaries, emphasizing the global population and purchasing power outside the U.S., and the standard of international competition.

99
Q

Front: Levels of Involvement in Global Marketing - Born Global Firms

A

Back: Start-ups designed to scale quickly into international markets.

100
Q

Front: Levels of Involvement in Global Marketing - Import/Export

A

Back: Importing: Purchasing products from foreign sources. Exporting: Selling products to foreign markets with the aid of intermediaries.

101
Q

Front: Levels of Involvement in Global Marketing - Trading Companies

A

Back: Link buyers and sellers across different countries without directly engaging in manufacturing.

102
Q

Front: Levels of Involvement in Global Marketing - Licensing and Franchising

A

Back: Licensing allows using licensor’s property for fees. Franchising extends brand presence globally while controlling operations.

103
Q

Front: Levels of Involvement in Global Marketing - Partnerships

A

Back: Joint Ventures and Strategic Alliances aim at building competitive advantages globally.

104
Q

Front: Levels of Involvement in Global Marketing - Direct Ownership and Contract Manufacturing

A

Back: Owning facilities or outsourcing production to foreign firms.

105
Q

Front: Multinational Enterprises

A

Back: Companies that operate in multiple countries, often with significant global influence.

106
Q

Front: Key International Operations - Outsourcing and Offshoring

A

Back: Outsourcing: Contracting operations to outside firms. Offshoring: Relocating business processes to a foreign country.

107
Q

Front: Global Political and Legal Environment

A

Back: Includes tariffs, quotas, and embargoes that regulate international trade and impact global marketing strategies.

108
Q

Front: Ethics and Social Responsibility in Global Marketing

A

Back: Navigating ethical standards and challenges such as payoffs, bribes, and intellectual property issues across different markets.

109
Q

Front: Cultural Considerations in Global Marketing

A

Back: The importance of understanding self-reference criterion (SRC) and cultural relativism to adapt marketing strategies to local norms and ethical standards.

110
Q

Front: Characteristics of Online Media

A

Back: Utilizes digital channels like computers, tablets, and smartphones. Marketers adapt the 4 Ps to a digital context, facing challenges around privacy and consumer data control.

111
Q

Front: Benefits of Digital Marketing

A

Back: Facilitates interactive relationships, precise targeting, search engine optimization (SEO), enhanced communication, and direct incorporation of consumer feedback.

112
Q

Front: Consumer-Generated Marketing (CGM)

A

Back: Involves consumer-generated content that is trusted more than corporate messaging, providing authentic feedback and free publicity.

113
Q

Front: Social Networks in Marketing

A

Back: Platforms for product promotion, customer service, and decision-making assistance, offering broad advertising reach and generating revenue for network owners.

114
Q

Front: Gaming and Mobile Marketing

A

Back: Online games and mobile apps engage consumers, particularly younger demographics, with marketing strategies that often include incentives.

115
Q

Front: Strategic Implications of Digital Media

A

Back: Provides insights into consumer behaviors, allowing for targeted marketing and measurable ROI.

116
Q

Front: Product Considerations in Digital Media

A

Back: Digital platforms facilitate business innovation, service additions, and the development of new product categories.

117
Q

Front: Supply Chain Considerations in Digital Medi

A

Back: Increases speed in design, production, communication, and transportation, reducing costs and inefficiencies.

118
Q

Front: Pricing Considerations in Digital Media

A

Back: Enables instant price comparisons, pressuring sellers to remain competitive and focus on product differentiation beyond price.

119
Q

Front: Privacy and Intellectual Property Concerns

A

Back: Challenges include addressing the collection of personal information without consent, and combating issues like intellectual property piracy and rationalized piracy.

120
Q

Front: Definitions of Product Types

A

Back: Goods: Tangible physical entities. Services: Intangible results from human and mechanical efforts. Ideas: Concepts, philosophies, or images.

121
Q

Front: Product Classifications

A

Back: Convenience Products, Shopping Products, Specialty Products, Unsought Products.

122
Q

Front: Product Line and Mix

A

Back: Item: Specific version. Line: Group of related items. Mix: Total products offered. Width of Mix: Number of lines. Depth of Mix: Products within a line.

123
Q

Front: Product Life Cycle Stages

A

Back: Introduction: Market entry. Growth: Rapid sales increase. Maturity: Sales peak and decline. Decline: Sales and profits fall.

124
Q

Front: Product Adoption Process Stages

A

Back: Awareness, Interest, Evaluation, Trial, Adoption.

125
Q

Front: Branding, Packaging, and Labeling

A

Back: Branding: Creates identity. Packaging: Protects and communicates. Labeling: Provides product information.

126
Q

Front: Types of Brands

A

Back: Manufacturer Brands, Private Distributor Brands, Generic Brands.

127
Q

Front: Branding Policies

A

Back: Individual Branding, Family Branding, Brand Extension.

128
Q

Front: Co-Branding and Brand Licensing

A

Back: Co-Branding: Multiple brands on one product. Brand Licensing: Use of brand name for a fee.

129
Q

Front: Brand Loyalty and Brand Equity

A

Back: Brand Loyalty: Levels of recognition, preference, and insistence. Brand Equity: Marketing and financial value associated with a brand.

130
Q

Front: Managing Existing Products - Line Extensions

A

Back: Developing products closely related to existing ones for different customer needs, keeping the original product available.

131
Q

Front: Managing Existing Products - Product Modifications

A

Back: Altering a product to meet firm and customer needs, often replacing the original. Types include Quality, Functional, and Aesthetic Modifications.

132
Q

Front: Managing Existing Products - Product Deletion

A

Back: Removing a product from the product line due to factors like declining sales or lack of fit with the portfolio.

133
Q

Front: New Product Development (NPD) Process - Idea Generation

A

Back: Sourcing ideas from customers, employees, competitors, R&D, consultants, or entrepreneurial creativity.

134
Q

Front: New Product Development (NPD) Process - Screening

A

Back: Filtering out less viable ideas early in the process to focus resources.

135
Q

Front: New Product Development (NPD) Process - Concept Testing

A

Back: Evaluating the feasibility of an idea before prototyping or further development.

136
Q

Front: New Product Development (NPD) Process - Business Analysis

A

Back: Assessing an idea’s demand, costs, sales, and profitability.

137
Q

Front: New Product Development (NPD) Process - Development

A

Back: Creating a prototype, developing the marketing strategy, packaging, branding, and obtaining necessary approvals.

138
Q

Front: New Product Development (NPD) Process - Test Marketing

A

Back: Introducing the product on a limited basis to measure consumer response and marketing mix effectiveness.

139
Q

Front: New Product Development (NPD) Process - Commercialization

A

Back: Full-scale product launch including manufacturing, distribution, sales training, and promotional activities.

140
Q

Front: Product Differentiation and Positioning

A

Back: Distinguishing a product from competitors through unique quality, features, design, and services; using perceptual mapping to visualize product positioning relative to competitors.

141
Q

Front: Characteristics of Services - Intangibility

A

Back: Services cannot be perceived by the senses or physically possessed, affecting marketing and evaluation methods.

142
Q

Front: Characteristics of Services - Inseparability

A

Back: Services are produced and consumed simultaneously, linking quality directly to the provider.

143
Q

Front: Characteristics of Services - Perishability

A

Back: Unused services cannot be stored for future use, posing challenges for managing supply and demand.

144
Q

Front: Characteristics of Services - Heterogeneity

A

Back: Service quality varies, often depending on the provider’s performance at delivery time.

145
Q

Front: Characteristics of Services - Client-based Relationships

A

Back: Emphasizes the importance of interactions that result in satisfied, repeat customers.

146
Q

Front: Characteristics of Services - Customer Contact

A

Back: The level of interaction needed between the provider and customer to effectively deliver the service.

147
Q

Front: Development of Services - Core and Supplementary Services

A

Back: Core Service: The basic benefit a service provides. Supplementary Service: Enhances core service with additional benefits.

148
Q

Front: Distribution of Services

A

Back: Services are distributed at the provider’s facility, the customer’s location, or through direct marketing channels.

149
Q

Front: Promotion of Services

A

Back: Utilizes tangible cues, personal selling, performance documentation, price guarantees, and customer satisfaction to encourage positive word-of-mouth.

150
Q

Front: Pricing of Services

A

Back: Pricing can be based on performance, tasks, time, demand, or market rates.

151
Q

Front: Service Quality and Dimensions

A

Back: Defined by customer perceptions. Includes Search Qualities (before purchase), Experience Qualities (during consumption), and Credence Qualities (post-consumption).

152
Q

Front: Extended Marketing Mix for Services (7 Ps)

A

Back: People, Process, and Physical Evidence added to Product, Price, Place, and Promotion to address unique aspects of service delivery.

153
Q

Front: Supply Chain Definition

A

Back: The sequence of processes involved in the production and distribution of a commodity, often enhancing product value at each step.

154
Q

Front: Modern Distribution - Pros and Cons

A

Back: Pros: Increases efficiency and reach, beneficial for firms of all sizes. Cons: Complexity can lead to disruptions and breakdowns.

155
Q

Front: Marketing Channels

A

Back: Pathways through which products flow from producers to consumers, involving intermediaries who manage logistics, promotions, and customer satisfaction.

156
Q

Front: Efficiencies Created by Marketing Channels

A

Back: Intermediaries provide quicker, more expert services by handling high volumes, having established relationships, and accessing customers directly.

157
Q

Front: Types of Utility Created by Channels

A

Back: Choosing effective marketing channels based on product specifics, market dynamics, and consumer preferences.

158
Q

Front: Distribution Intensity

A

Back: The level of market coverage, from intensive (widespread coverage) to exclusive (limited outlets).

159
Q

Front: Retailing

A

Back: The sale of goods or services from fixed locations or online to end consumers, focusing on personal or household use.

160
Q

Front: Types of Retailers

A

Back: General Merchandise, Specialty, Category Killers, Off-price Retailers.

161
Q

Front: Nonstore Retailing

A

Back: Selling products outside traditional retail facilities via online retailing, direct marketing, and franchising.

162
Q

Front: Retail Positioning

A

Back: Developing a specific image and identity in consumers’ minds, targeting distinctive strategies to differentiate from competitors.

163
Q

Front: Goals of IMC

A

Back: Maintain consistent messaging, coordinate and synchronize promotional activities for enhanced effectiveness, target promotions using database marketing, and protect consumer privacy.

164
Q

Front: The Communication Process

A

Back: Encoding: Creating signs and symbols from ideas. Channel: Medium that carries the message. Decoding: Interpreting signs back into ideas. Noise: Interference with message clarity. Feedback: Receiver’s response.

165
Q

Front: Objectives of Promotion

A

Back: Create product awareness, stimulate demand, encourage trial, identify prospects, retain customers, facilitate reseller support, and reduce sales fluctuations.

166
Q

Front: Elements of Promotion

A

Back: Determine the right mix of promotional elements based on resources, objectives, target market, product characteristics, distribution intensity, and cost of promotional methods.

167
Q

Front: Promotion Mix Elements

A

Back: Consider demographics, psychographics, population density, and market size. Tailor promotion to product type and distribution intensity. Evaluate costs and availability of methods like advertising, sales promotions, and personal selling.

168
Q

Front: Leveraging Digital Promotion Strategies

A

Back: Utilize word-of-mouth, buzz marketing, and viral marketing strategies, especially in digital formats, to enhance promotional impact.

169
Q

Front: Types of Product Advertising

A

Back: Competitive, Reminder, Reinforcement, Comparative.

170
Q

Front: Institutional Advertising

A

Back: Promotes organizational images, ideas, and political issues, targeting a broad stakeholder audience.

171
Q

Front: Native Advertising

A

Back: Digital advertising that blends seamlessly with the content in which it is embedded.

172
Q

Front: Developing an Advertising Campaign

A

Back: Involves creating a series of advertisements to reach a specific target audience, considering lifestyle, geography, and demographics.

173
Q

Front: Advertising Objectives

A

Back: Should be SMART (Specific, Measurable, Achievable, Relevant, Time-based), focusing on sales and communication goals.

174
Q

Front: Advertising Platform

A

Back: Involves the basic issues or selling points to be included in the campaign, based on the value proposition.

175
Q

Front: Appropriation Approaches

A

Back: Objective-and-task, Percent-of-sales, Competition-matching, Arbitrary.

176
Q

Front: Developing the Media Plan

A

Back: Specifies media vehicles and the schedule for advertisements, influenced by target audience, product attributes, seasonality, customer media behavior, and budget.

177
Q

Front: Media Schedules

A

Back: Can be continuous, flighted, or pulsing, depending on the campaign needs.

178
Q

Front: Creating the Advertising Message

A

Back: Focuses on product features, characteristics of the target audience, campaign objectives, and media choice. Includes copy, artwork, logos, value propositions, and calls to action.

179
Q

Front: Evaluating Advertising Effectiveness

A

Back: Use pretests and posttests like focus groups, A/B testing, ROI measurement, and recognition and recall tests.

180
Q

Front: Public Relations

A

Back: Communication efforts to create and maintain favorable relations between an organization and its stakeholders. Tools include press releases, conferences, and digital content.

181
Q

Front: Advantages of Personal Selling

A

Back: Allows message adjustments to fit the customer, providing precise promotion.

182
Q

Front: Disadvantages of Personal Selling

A

Back: Most expensive promotion method due to high resource intensity.

183
Q

Front: General Steps in Personal Selling

A

Back: Identifying prospects, approaching, presenting the product, handling objections, closing the sale, following up.

184
Q

Front: Types of Salespeople

A

Back: New-business Sales, Current-customer Sales, Support Salespeople (missionary, trade, technical).

185
Q

Front: Selected Types of Selling

A

Back: Team Selling (multi-expert collaboration) and Relationship Selling (long-term customer relationships).

186
Q

Front: Managing the Sales Force

A

Back: Involves setting objectives, recruiting, training, compensating, and motivating salespeople, plus managing territories and performance.

187
Q

Front: Sales Promotions

A

Back: Short-term activities designed to encourage buying or selling of a product or service.

188
Q

Front: B2B Sales Promotions

A

Back: Trade allowances, cooperative advertising, premium money, free merchandise, trade show participation.

189
Q

Front: B2C Sales Promotions

A

Back: Tactics aimed at consumers, including coupons, discounts, rebates, loyalty programs, and contests.

190
Q

Front: Push and Pull Strategies

A

Back: Push Strategy targets wholesalers and retailers, while Pull Strategy targets final consumers to create demand.

191
Q

Front: Sales Promotion Techniques

A

Back: Internal sales promotions (contests, bonuses for salespeople) and consumer-oriented promotions (point-of-purchase materials, demos, samples, premiums, contests).

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