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.
2
Q
Front: Marketing Concept
A
Back: Organizations should aim to satisfy customers’ needs through coordinated activities that also help achieve their own goals.
3
Q
Front: Target Market
A
Back: A specific group of people that marketers focus their efforts on to meet specific needs.
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.
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.
6
Q
Front: Gatekeepers
A
Back: Individuals who control information flow or make decisions about product adoption but aren’t the end users.
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.
8
Q
Front: Environmental Forces (STEEPLE + C)
A
- Sociocultural,
- Technological,
- Economic,
- Ecological,
- Political,
- Legal,
- Ethical,
- Competitive environments that affect business.
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.
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.
11
Q
Front: Corporate Strategy
A
Back: A long-term plan aimed at gaining competitive advantage and creating customer value.
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,
13
Q
Front: Marketing Plan
A
Back: A written document outlining the activities to implement and control marketing strategies.
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.
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.
16
Q
Front: Core Competencies
A
Back: Activities that differentiate a company from its competitors, creating a competitive advantage.
17
Q
Front: Competitive Advantage
A
Back: Attributes that allow a firm to outperform its competitors, focusing on sustainable advantages.
18
Q
Front: SWOT Analysis
A
Back: A strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats related to business competition.
19
Q
Front: Market Opportunity
A
Back: Circumstances and timing that allow an organization to reach a particular target market effectively.
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.
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.
22
Q
Front: Performance Standards
A
Back: Expected levels of performance that allow for comparison against actual outcomes.
23
Q
Front: Implementation Tactics
A
Back: Specific day-to-day activities and detailed instructions necessary to execute the marketing plan.
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.
25
Front: Environmental Analysis
Back: Assessing and interpreting the data collected through environmental scanning.
26
Front: STEEPLE + C Forces
Back: Factors impacting the marketing environment: Sociocultural, Technological, Economic, Ecological, Political, Legal, Ethical, and Competitive.
27
Front: Types of Competitors - Brand Competitors
Back: Offer products with similar features and benefits at similar prices, where the brand is the primary differentiator.
28
Front: Types of Competitors - Product Competitors
Back: Belong to the same product class but differ in features, benefits, and prices.
29
Front: Types of Competitors - Generic Competitors
Back: Different products that satisfy the same basic customer need.
30
Front: Types of Competitors - Total Budget Competitors
Back: Compete for the limited financial resources of the same customers.
31
Front: Buying Power
Back: Represents resources like money, goods, and services that can be traded in an exchange.
32
Front: Willingness to Spend
Back: The inclination to purchase, influenced by the ability to buy and various psychological and social forces.
33
Front: Sociocultural Forces
Back: Influences from society and culture that shape attitudes, beliefs, norms, and lifestyles.
34
Front: Technological Forces
Back: Relates to the application of knowledge and tools to solve problems and perform tasks more efficiently.
35
Front: Economic Forces
Back: Factors such as economic conditions that affect consumer and business buying power and willingness to spend.
36
Front: Ecological Forces
Back: Influences related to the natural environment that affect business and consumer decisions and behaviors.
37
Front: Political and Legal Forces
Back: Include legislation, legal decisions, regulatory agencies, and self-regulatory bodies that create rules which businesses must follow.
38
Front: Ethical Forces
Back: Based on individual, societal, and corporate perceptions of what is the "right" thing to do.
39
Front: Ethical Issues in Marketing
Back: Situations involving moral conflicts that need to be addressed, where ethical behavior involves numerous perspectives on what is considered right or wrong.
40
Front: Social Responsibility
Back: An organization’s duty to maximize its positive impact and minimize its negative effects on society, the environment, and the economy.
41
Front: Triple Bottom Line (TBL) Framework
Back: A framework that incorporates three dimensions of performance: social, environmental, and financial.
42
Front: Dimensions of Social Responsibility - Strategic Philanthropy
Back: Using organizational core competencies and resources to address stakeholder interests for mutual organizational and social benefits.
43
Front: Dimensions of Social Responsibility - Cause-Related Marketing
Back: Partnerships between for-profit firms and social causes, either ongoing or short-term, to market products while supporting social issues.
44
Front: Organizational Culture
Back: The shared beliefs, values, traditions, and behaviors within an organization that influence actions and decisions.
45
Front: Codes of Conduct
Back: Formal rules and standards that outline expected behaviors for employees and management within the organization.
46
Front: Stakeholders
Back: Individuals, groups, or entities that are affected by or can affect the outcomes of an organization’s actions.
47
Front: Misconduct and Non-Reporting
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.
48
Front: Definition of Consumer Behavior
Back: The decision processes and actions of people who purchase products for personal or household use.
49
Front: Consumer Buying Decision Process - Problem Recognition
Back: Identifying a gap between the current state and the desired state.
50
Front: Consumer Buying Decision Process - Information Search
Internal Search
External Search
Back: Internal Search: Retrieving information from memory. External Search: Seeking information from external sources.
51
Front: Consumer Buying Decision Process - Evaluation of Alternatives
Back: Assessing different products based on set criteria and the consideration set.
52
Front: Consumer Buying Decision Process - Purchase Decision
Back: Choosing among alternatives.
53
Front: Consumer Buying Decision Process - Post-Purchase Behavior
Back: Experiences after the purchase, including satisfaction or buyer's remorse (Cognitive Dissonance).
54
Front: Types of Buying Processes - Routinized Response Behavior
Back: Used for frequent, low-cost purchases with minimal decision effort.
55
Front: Types of Buying Processes - Limited Problem Solving
Back: Occurs with occasional purchases or unfamiliar brands in a familiar category.
56
Front: Types of Buying Processes - Extended Problem Solving
Back: Used for purchases that are expensive, infrequent, or high risk.
57
Front: Types of Buying Processes - Impulse Buying
Back: Unplanned purchases due to a sudden, strong urge.
58
Front: Level of Involvement
Back: The intensity of interest in a product and its importance to the consumer, which can be either enduring or situational.
59
Front: Influences on Buying Behavior - Situational Influences
Back: Effects of time, location, and circumstances on consumer decisions.
60
Front: Influences on Buying Behavior - Psychological Influences
Back: Include motives, attitudes, personality, self-concept, and lifestyle that affect consumer behavior.
61
Front: Influences on Buying Behavior - Social Influences
Back: Effects of society on consumer behavior, including roles, consumer socialization, reference groups, opinion leaders, and cultural factors.
62
Front: Consumer Misbehavior
Back: Actions like fraud, identity theft, shoplifting, piracy, and abuse, reflecting unethical consumer practices.
63
Front: Marketing Research
Back: Systematic process of designing, collecting, interpreting, and reporting information to solve specific marketing problems or capitalize on opportunities.
64
Front: Benefits of Market Research
Back: Supports strategic planning, assesses opportunities and threats, and helps determine the potential for success and feasibility of marketing initiatives.
65
Front: Marketing Research Process - Defining the Problem
Back: Identify what needs to be understood, what the research will explore, and how the findings will be used.
66
Front: Marketing Research Process - Designing the Research Project
Back: Develop a plan for obtaining necessary information, including hypotheses formulation.
67
Front: Marketing Research Process - Data Collection
Back: Primary Data: Directly collected from respondents. Secondary Data: Previously compiled data used for other purposes.
68
Front: Sources of Data - Primary
Back: Interviews, surveys, experiments, and observations.
69
Front: Sources of Data - Secondary
Back: Organization’s databases, government sources, competitive information, trade associations, and online databases.
70
Front: Sampling Methods - Probability Sampling
Back: Each element has a known chance of selection; includes random sampling.
71
Front: Sampling Methods - Nonprobability Sampling
Back: Subjective sampling includes convenience sampling where respondents are chosen based on accessibility.
72
Front: Survey Methods
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.
73
Front: Research Validity and Reliability
Back: Reliability: Consistency of the research method. Validity: Accuracy of the research in measuring what it is intended to measure.
74
Front: Reporting Research Findings
Back: Present findings clearly and objectively, highlight deficiencies, and prepare formal documentation starting with a summary and recommendations.
75
Front: Ethical and International Considerations in Marketing Research
Back: Adherence to professional standards and ethical practices. Consider regional differences in international markets using secondary and primary information.
76
Front: Market Definition
Back: A group of people seeking products in a specific product category.
77
Front: Market Requirements
Back: Consumers must need or desire the product, have the ability and authority to purchase, and be willing to use their buying power.
78
Front: Target Market Selection Process - Step 1: Identify Targeting Strategy
Back: Undifferentiated Strategy (no segmentation), Differentiated Strategy (multiple segments), Concentrated (Niche) Strategy (one segment).
79
Front: Target Market Selection Process - Step 2: Determine Segmentation Variables
Back: Characteristics used to divide a market into segments, such as demographic, geographic, psychographic, and behavioristic variables.
80
Front: Target Market Selection Process - Step 3: Develop Market Segment Profiles
Back: Analyze similarities and differences among potential customers within segments.
81
Front: Target Market Selection Process - Step 4: Evaluate Market Segments
Back: Assess segments based on sales potential, costs, profits, and competitive environment.
82
Front: Target Market Selection Process - Step 5: Select Specific Target Markets
Back: Decide on targeting one or multiple segments, confirm segment requirements, and evaluate resources and potential for growth.
83
Front: Market Segmentation
Back: The process of dividing a total market into groups with similar product needs.
84
Front: Conditions for Successful Market Segmentation
Back: Segments must have heterogeneous needs, be identifiable and divisible, and at least one segment must justify the marketing effort.
85
Front: Segmentation Variables - Demographic
Back: Family life cycle stages.
86
Front: Segmentation Variables - Geographic
Back: Market density, geodemographic segmentation.
87
Front: Segmentation Variables - Psychographic
Back: VALS types.
88
Front: Segmentation Variables - Behavioristic
Back: Benefit segmentation, based on the benefits consumers seek from products.
89
Front: Sales Forecast
Back: Predicting the amount of product a company expects to sell during a specific period based on the level of marketing activities.
90
Front: Business Markets Overview
Back: B2B marketing involves transactions between businesses rather than individual consumers, focusing on understanding customer needs, developing relationships, and providing value-added exchanges.
91
Front: Purposes of B2B Markets
Back: Direct use in production of other products, use in general daily operations, and resale by other businesses.
92
Front: Major Types of B2B Markets
Back: Producer Markets, Reseller Markets, Government Markets, and Institutional Markets.
93
Front: Characteristics of B2B Transactions
Back: Larger order sizes, lengthy negotiations, and emphasis on providing better value than competitors.
94
Front: Attributes of Business Customers
Back: Well-informed with a need for detailed product information, personal goals influencing decisions, focus on long-term partnerships.
95
Front: Concerns of Business Customers
Back: Price impacts on operating costs, product quality and specifications, service needs, and ethics in supplier relationships.
96
Front: Types of Business Purchases
Back: New-task Purchase, Straight Rebuy Purchase, and Modified Rebuy Purchase.
97
Front: Technological Influences on B2B
Back: Business customers increasingly use the internet to research products and suppliers, leveraging online reviews and technical specifications.
98
Front: Overview of Global Marketing
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
Front: Levels of Involvement in Global Marketing - Born Global Firms
Back: Start-ups designed to scale quickly into international markets.
100
Front: Levels of Involvement in Global Marketing - Import/Export
Back: Importing: Purchasing products from foreign sources. Exporting: Selling products to foreign markets with the aid of intermediaries.
101
Front: Levels of Involvement in Global Marketing - Trading Companies
Back: Link buyers and sellers across different countries without directly engaging in manufacturing.
102
Front: Levels of Involvement in Global Marketing - Licensing and Franchising
Back: Licensing allows using licensor's property for fees. Franchising extends brand presence globally while controlling operations.
103
Front: Levels of Involvement in Global Marketing - Partnerships
Back: Joint Ventures and Strategic Alliances aim at building competitive advantages globally.
104
Front: Levels of Involvement in Global Marketing - Direct Ownership and Contract Manufacturing
Back: Owning facilities or outsourcing production to foreign firms.
105
Front: Multinational Enterprises
Back: Companies that operate in multiple countries, often with significant global influence.
106
Front: Key International Operations - Outsourcing and Offshoring
Back: Outsourcing: Contracting operations to outside firms. Offshoring: Relocating business processes to a foreign country.
107
Front: Global Political and Legal Environment
Back: Includes tariffs, quotas, and embargoes that regulate international trade and impact global marketing strategies.
108
Front: Ethics and Social Responsibility in Global Marketing
Back: Navigating ethical standards and challenges such as payoffs, bribes, and intellectual property issues across different markets.
109
Front: Cultural Considerations in Global Marketing
Back: The importance of understanding self-reference criterion (SRC) and cultural relativism to adapt marketing strategies to local norms and ethical standards.
110
Front: Characteristics of Online Media
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
Front: Benefits of Digital Marketing
Back: Facilitates interactive relationships, precise targeting, search engine optimization (SEO), enhanced communication, and direct incorporation of consumer feedback.
112
Front: Consumer-Generated Marketing (CGM)
Back: Involves consumer-generated content that is trusted more than corporate messaging, providing authentic feedback and free publicity.
113
Front: Social Networks in Marketing
Back: Platforms for product promotion, customer service, and decision-making assistance, offering broad advertising reach and generating revenue for network owners.
114
Front: Gaming and Mobile Marketing
Back: Online games and mobile apps engage consumers, particularly younger demographics, with marketing strategies that often include incentives.
115
Front: Strategic Implications of Digital Media
Back: Provides insights into consumer behaviors, allowing for targeted marketing and measurable ROI.
116
Front: Product Considerations in Digital Media
Back: Digital platforms facilitate business innovation, service additions, and the development of new product categories.
117
Front: Supply Chain Considerations in Digital Medi
Back: Increases speed in design, production, communication, and transportation, reducing costs and inefficiencies.
118
Front: Pricing Considerations in Digital Media
Back: Enables instant price comparisons, pressuring sellers to remain competitive and focus on product differentiation beyond price.
119
Front: Privacy and Intellectual Property Concerns
Back: Challenges include addressing the collection of personal information without consent, and combating issues like intellectual property piracy and rationalized piracy.
120
Front: Definitions of Product Types
Back: Goods: Tangible physical entities. Services: Intangible results from human and mechanical efforts. Ideas: Concepts, philosophies, or images.
121
Front: Product Classifications
Back: Convenience Products, Shopping Products, Specialty Products, Unsought Products.
122
Front: Product Line and Mix
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
Front: Product Life Cycle Stages
Back: Introduction: Market entry. Growth: Rapid sales increase. Maturity: Sales peak and decline. Decline: Sales and profits fall.
124
Front: Product Adoption Process Stages
Back: Awareness, Interest, Evaluation, Trial, Adoption.
125
Front: Branding, Packaging, and Labeling
Back: Branding: Creates identity. Packaging: Protects and communicates. Labeling: Provides product information.
126
Front: Types of Brands
Back: Manufacturer Brands, Private Distributor Brands, Generic Brands.
127
Front: Branding Policies
Back: Individual Branding, Family Branding, Brand Extension.
128
Front: Co-Branding and Brand Licensing
Back: Co-Branding: Multiple brands on one product. Brand Licensing: Use of brand name for a fee.
129
Front: Brand Loyalty and Brand Equity
Back: Brand Loyalty: Levels of recognition, preference, and insistence. Brand Equity: Marketing and financial value associated with a brand.
130
Front: Managing Existing Products - Line Extensions
Back: Developing products closely related to existing ones for different customer needs, keeping the original product available.
131
Front: Managing Existing Products - Product Modifications
Back: Altering a product to meet firm and customer needs, often replacing the original. Types include Quality, Functional, and Aesthetic Modifications.
132
Front: Managing Existing Products - Product Deletion
Back: Removing a product from the product line due to factors like declining sales or lack of fit with the portfolio.
133
Front: New Product Development (NPD) Process - Idea Generation
Back: Sourcing ideas from customers, employees, competitors, R&D, consultants, or entrepreneurial creativity.
134
Front: New Product Development (NPD) Process - Screening
Back: Filtering out less viable ideas early in the process to focus resources.
135
Front: New Product Development (NPD) Process - Concept Testing
Back: Evaluating the feasibility of an idea before prototyping or further development.
136
Front: New Product Development (NPD) Process - Business Analysis
Back: Assessing an idea’s demand, costs, sales, and profitability.
137
Front: New Product Development (NPD) Process - Development
Back: Creating a prototype, developing the marketing strategy, packaging, branding, and obtaining necessary approvals.
138
Front: New Product Development (NPD) Process - Test Marketing
Back: Introducing the product on a limited basis to measure consumer response and marketing mix effectiveness.
139
Front: New Product Development (NPD) Process - Commercialization
Back: Full-scale product launch including manufacturing, distribution, sales training, and promotional activities.
140
Front: Product Differentiation and Positioning
Back: Distinguishing a product from competitors through unique quality, features, design, and services; using perceptual mapping to visualize product positioning relative to competitors.
141
Front: Characteristics of Services - Intangibility
Back: Services cannot be perceived by the senses or physically possessed, affecting marketing and evaluation methods.
142
Front: Characteristics of Services - Inseparability
Back: Services are produced and consumed simultaneously, linking quality directly to the provider.
143
Front: Characteristics of Services - Perishability
Back: Unused services cannot be stored for future use, posing challenges for managing supply and demand.
144
Front: Characteristics of Services - Heterogeneity
Back: Service quality varies, often depending on the provider's performance at delivery time.
145
Front: Characteristics of Services - Client-based Relationships
Back: Emphasizes the importance of interactions that result in satisfied, repeat customers.
146
Front: Characteristics of Services - Customer Contact
Back: The level of interaction needed between the provider and customer to effectively deliver the service.
147
Front: Development of Services - Core and Supplementary Services
Back: Core Service: The basic benefit a service provides. Supplementary Service: Enhances core service with additional benefits.
148
Front: Distribution of Services
Back: Services are distributed at the provider’s facility, the customer’s location, or through direct marketing channels.
149
Front: Promotion of Services
Back: Utilizes tangible cues, personal selling, performance documentation, price guarantees, and customer satisfaction to encourage positive word-of-mouth.
150
Front: Pricing of Services
Back: Pricing can be based on performance, tasks, time, demand, or market rates.
151
Front: Service Quality and Dimensions
Back: Defined by customer perceptions. Includes Search Qualities (before purchase), Experience Qualities (during consumption), and Credence Qualities (post-consumption).
152
Front: Extended Marketing Mix for Services (7 Ps)
Back: People, Process, and Physical Evidence added to Product, Price, Place, and Promotion to address unique aspects of service delivery.
153
Front: Supply Chain Definition
Back: The sequence of processes involved in the production and distribution of a commodity, often enhancing product value at each step.
154
Front: Modern Distribution - Pros and Cons
Back: Pros: Increases efficiency and reach, beneficial for firms of all sizes. Cons: Complexity can lead to disruptions and breakdowns.
155
Front: Marketing Channels
Back: Pathways through which products flow from producers to consumers, involving intermediaries who manage logistics, promotions, and customer satisfaction.
156
Front: Efficiencies Created by Marketing Channels
Back: Intermediaries provide quicker, more expert services by handling high volumes, having established relationships, and accessing customers directly.
157
Front: Types of Utility Created by Channels
Back: Choosing effective marketing channels based on product specifics, market dynamics, and consumer preferences.
158
Front: Distribution Intensity
Back: The level of market coverage, from intensive (widespread coverage) to exclusive (limited outlets).
159
Front: Retailing
Back: The sale of goods or services from fixed locations or online to end consumers, focusing on personal or household use.
160
Front: Types of Retailers
Back: General Merchandise, Specialty, Category Killers, Off-price Retailers.
161
Front: Nonstore Retailing
Back: Selling products outside traditional retail facilities via online retailing, direct marketing, and franchising.
162
Front: Retail Positioning
Back: Developing a specific image and identity in consumers' minds, targeting distinctive strategies to differentiate from competitors.
163
Front: Goals of IMC
Back: Maintain consistent messaging, coordinate and synchronize promotional activities for enhanced effectiveness, target promotions using database marketing, and protect consumer privacy.
164
Front: The Communication Process
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
Front: Objectives of Promotion
Back: Create product awareness, stimulate demand, encourage trial, identify prospects, retain customers, facilitate reseller support, and reduce sales fluctuations.
166
Front: Elements of Promotion
Back: Determine the right mix of promotional elements based on resources, objectives, target market, product characteristics, distribution intensity, and cost of promotional methods.
167
Front: Promotion Mix Elements
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
Front: Leveraging Digital Promotion Strategies
Back: Utilize word-of-mouth, buzz marketing, and viral marketing strategies, especially in digital formats, to enhance promotional impact.
169
Front: Types of Product Advertising
Back: Competitive, Reminder, Reinforcement, Comparative.
170
Front: Institutional Advertising
Back: Promotes organizational images, ideas, and political issues, targeting a broad stakeholder audience.
171
Front: Native Advertising
Back: Digital advertising that blends seamlessly with the content in which it is embedded.
172
Front: Developing an Advertising Campaign
Back: Involves creating a series of advertisements to reach a specific target audience, considering lifestyle, geography, and demographics.
173
Front: Advertising Objectives
Back: Should be SMART (Specific, Measurable, Achievable, Relevant, Time-based), focusing on sales and communication goals.
174
Front: Advertising Platform
Back: Involves the basic issues or selling points to be included in the campaign, based on the value proposition.
175
Front: Appropriation Approaches
Back: Objective-and-task, Percent-of-sales, Competition-matching, Arbitrary.
176
Front: Developing the Media Plan
Back: Specifies media vehicles and the schedule for advertisements, influenced by target audience, product attributes, seasonality, customer media behavior, and budget.
177
Front: Media Schedules
Back: Can be continuous, flighted, or pulsing, depending on the campaign needs.
178
Front: Creating the Advertising Message
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
Front: Evaluating Advertising Effectiveness
Back: Use pretests and posttests like focus groups, A/B testing, ROI measurement, and recognition and recall tests.
180
Front: Public Relations
Back: Communication efforts to create and maintain favorable relations between an organization and its stakeholders. Tools include press releases, conferences, and digital content.
181
Front: Advantages of Personal Selling
Back: Allows message adjustments to fit the customer, providing precise promotion.
182
Front: Disadvantages of Personal Selling
Back: Most expensive promotion method due to high resource intensity.
183
Front: General Steps in Personal Selling
Back: Identifying prospects, approaching, presenting the product, handling objections, closing the sale, following up.
184
Front: Types of Salespeople
Back: New-business Sales, Current-customer Sales, Support Salespeople (missionary, trade, technical).
185
Front: Selected Types of Selling
Back: Team Selling (multi-expert collaboration) and Relationship Selling (long-term customer relationships).
186
Front: Managing the Sales Force
Back: Involves setting objectives, recruiting, training, compensating, and motivating salespeople, plus managing territories and performance.
187
Front: Sales Promotions
Back: Short-term activities designed to encourage buying or selling of a product or service.
188
Front: B2B Sales Promotions
Back: Trade allowances, cooperative advertising, premium money, free merchandise, trade show participation.
189
Front: B2C Sales Promotions
Back: Tactics aimed at consumers, including coupons, discounts, rebates, loyalty programs, and contests.
190
Front: Push and Pull Strategies
Back: Push Strategy targets wholesalers and retailers, while Pull Strategy targets final consumers to create demand.
191
Front: Sales Promotion Techniques
Back: Internal sales promotions (contests, bonuses for salespeople) and consumer-oriented promotions (point-of-purchase materials, demos, samples, premiums, contests).
