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Cluster > Marketing Final (PowerPoint Notes) > Flashcards

Marketing Final (PowerPoint Notes) Flashcards

1
Q

What does the sales force focus on?

A

building long-term customer relationships, building customer loyalty, identifying new opportunities with existing customers.

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2
Q

What is are 2 benefits of personal sales?

A
  1. ) Salespeople provide information and advice

2. ) Salespeople save time and simplify buying

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3
Q

3 Main Salespeople Duties

A
  1. ) Order Getter
  2. ) Order Taker
  3. ) Sales Support Personnel
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4
Q

What are the 5 steps in the Personal Selling Process?

A
  1. ) Generate and Qualify Leads
  2. ) Preapproach
  3. ) Sales Presentation and Overcoming Reservations
  4. ) Closing the Sale
  5. ) Follow-up
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5
Q

What happens in the Generate and Qualify Leads step of the Personal Selling Process?

A

Cold Calls and Telemarketing

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6
Q

What are the 4 Sources of Leads?

A
  1. ) Current Customers
  2. ) Trade Shows
  3. ) The Internet
  4. ) Networking Events
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7
Q

What happens in the Preapproach step of the Personal Selling Process?

A
  1. ) Do your homework

2. ) Set goals for what is to be accomplished

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8
Q

What happens in the Sales Presentation and Overcoming Reservations steps of the Personal Selling Process?

A
  1. ) The Presentation

2. ) Handling Reservations

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9
Q

What happens in the Closing the Sale step of the Personal Selling Process?

A
  1. ) Get the Order

2. ) A “no” may one day turn into a “yes”

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10
Q

What are the ABCs of selling?

A

Always Be Closing

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11
Q

What happens in the Follow-Up step of the Personal Selling Process?

A

1.) Focus on Building the relationship

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12
Q

What are the 5 Service Quality Dimensions?

A
  1. ) Reliability
  2. ) Responsiveness
  3. ) Assurance
  4. ) Empathy
  5. ) Tangibles
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13
Q

Why is personal selling so important to an Integrated Marketed Strategy?

A

Adds value to their product or service mix

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14
Q

What are Salespeople trained for?

A
  1. ) Selling and negotiation techniques
  2. ) Products and Service Knowledge
  3. ) Technologies used in the selling process
  4. ) Time and Territory Management
  5. ) Company policies and procedures
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15
Q

What are the 2 types of rewards for salespeople?

A
  1. ) Financial Rewards
  2. ) Nonfinancial Rewards
    * *Best is a combination of both**
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16
Q

What are the 3 Broad categories of Ethical and Legal Issues in Personal Selling?

A
  1. ) The Sales Manager and the Sales Force
  2. ) The Sales Force and Corporate Policy
  3. ) The salesperson and the Customer
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17
Q

What are the 4 P’s?

A
  1. ) Product
  2. ) Price
  3. ) Promotion
  4. ) Place
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18
Q

Product

A

Goods, Services or Ideas

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19
Q

Price

A

Can be cost based or market based

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20
Q

Promotion

A

Communicates, Persuades, and Informs

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21
Q

In Price Elasticity of Demand, what does elastic mean?

A

Price Sensitive

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22
Q

In Price Elasticity of Demand, what does inelastic mean?

A

Price Insensitive

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23
Q

Variable Costs

A

Vary with Production Volume

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24
Q

Fixed Costs

A

Unaffected by Production Volume

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25
Q

Total Cost

A

Sum of Variable and fixed costs

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26
Q

Break-Even formula

A

Fixed Costs / Contribution per unit

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27
Q

Monopoly

A

Less Competition. Fewer Firms. One firm controls the market

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28
Q

Monopolistic Competition

A

Less Competition. Many Firms. Many firms selling differentiated products at different prices

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29
Q

Oligopoly

A

More Competition. Fewer Firms. A handful of firms control the market

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30
Q

Pure Competition

A

More Competition. Many Firms. Many firms selling commodities for the same prices

31
Q

What are the 4 Economic Factors that Impact Pricing Decisions?

A
  1. ) Local Economic Conditions
  2. ) Increasing Disposable Income
  3. ) Increasing Status Consciousness
  4. ) Increasing Globalization
32
Q

What are the 3 methods that firms use to set their prices?

A
  1. ) Cost Based
  2. ) Competition Based
  3. ) Value Based
    * *Most companies use a combination of these methods**
33
Q

Cost Based Pricing

A

Final price charges are based on the cost of the product. Does not take into consideration competition prices and consumers. May not reflect the value of product

34
Q

Competition Based Methods

A

Price based upon strategy vs. competition

35
Q

Value-Based Pricing Methods

A

Prices focus on overall value of product offering as perceived by consumer

36
Q

What does EDLP Stand for?

A

Everyday Low Price

37
Q

Benefit of High/Low Pricing

A

Provides the thrill of the chase for the lowest price

38
Q

Benefit of EDLP

A

Saves search costs of finding lowest overall prices

39
Q

What is a Benefit of Odd Prices?

A

They may suggest a good deal

40
Q

What are negative aspects of Odd Prices?

A
  1. ) Odd prices may be so traditional that sellers are afraid to round them off
  2. ) They may suggest low quality
41
Q

The Price-Quality Relationship

A

Most inexperienced consumers use price as an indicator of quality.

42
Q

Market Penetration

A

Set initial price low for introduction of new product or service, expecting to get many new customers. Unit costs will decrease over time

43
Q

Benefit of Market Penetration

A

Discourages competitors

44
Q

Drawbacks of Market Penetration

A

May imply lower quality

45
Q

Price Skimming

A

Consumers willing to pay higher price to obtain the new product or service.

46
Q

What do you analyze first (4 things) when doing an Economic Analysis of General Economic Environment?

A
  1. ) Gross Domestic Product
  2. ) Purchasing Power Parity
  3. ) Gross National Income
  4. ) Human Development Index
47
Q

What do you Analyze second when doing an Economic Analysis of General Economic Environment?

A

Infrastructure

48
Q

What 4 things are included in Infrastructure?

A
  1. ) Transportation
  2. ) Communication
  3. ) Distribution Channel
  4. ) Commerce
49
Q

What do you analyze third when doing an Economic Analysis of General Economic Environment?

A

Government Actions (& NGOs)

50
Q

What 4 things are included in Government Actions?

A
  1. ) Quota
  2. ) Exchange Control
  3. ) Trade Agreement
  4. ) Tariff
51
Q

What do you analyze fourth when doing an Economic Analysis of General Economic Environment?

A

Culture

52
Q

What are the 5 aspects of Culture?

A
  1. ) Power Distance
  2. ) Uncertainty Avoidance
  3. ) Individualism
  4. ) Masculinity
  5. ) Time Orientation
53
Q

What are the key metrics that can help analyze the economic environment of a country?

A

The general economic environment, the market size and population growth rate, and real income

54
Q

What are the 5 Global Entry Strategies from Least to Most risky

A
  1. ) Export
  2. ) Franchising
  3. ) Strategic Alliance
  4. ) Joint Venture
  5. ) Direct Investment
55
Q

What are the 3 Product strategies in creating a Global Marketing Mix?

A
  1. ) Sell the same product or service in both the home country market and host country
  2. ) Sell a product that is similar to the one sold in home country but its adapted
  3. ) Sell totally new products or services
56
Q

What are the 3 Global Communication Strategies?

A
  1. ) Literacy levels vary by country
  2. ) Firms choose whether to adapt to language differences
  3. ) Cultural and religious differences also matter
57
Q

What are the 3 Phases of a Strategic Plan?

A
  1. ) Planning
  2. ) Implementing
  3. ) Controlling
58
Q

What does a marketing strategy identify?

A
  1. ) A firm’s target market
  2. ) A related Marketing Mix (4 P’s)
  3. ) The basis on which a firm plans to build a sustainable competitive advantage
59
Q

Sustainable Competitive Advantage Definition

A

An advantage over the competition that is not easily copied, and thus can be maintained over a long period of time

60
Q

What are the 4 Strategies to develop a sustainable competitive advantage?

A
  1. ) Customer Excellence
  2. ) Locational Excellence
  3. ) Product Excellence
  4. ) Operational Excellence
61
Q

Customer Excellence

A

Outstanding Customer service and excellent at retaining loyal customers (Nordstrom)

62
Q

Locational Excellence

A

Physical Excellence and internet presence (McDonalds)

63
Q

Operational Excellence

A

Supply Chain Management, Relationship with suppliers - Wal-Mart

64
Q

Product Excellence

A

Apple

65
Q

What are the 5 Steps of a Marketing Strategy?

A
  1. ) Define Business Mission and Establish Objectives
  2. ) Conduct a Situation Analysis
  3. ) Identify and Evaluate Opportunities Using STP
  4. ) Implement Marketing Mix and Allocate Resources
  5. ) Evaluate Performance and Make Adjustments
66
Q

What does SWOT stand for?

A
  1. ) Strengths
  2. ) Weaknesses
  3. ) Opportunities
  4. ) Threats
67
Q

What does STP stand for?

A

Segmentation, Targeting, and Positioning

68
Q

What are the 4 parts of Implementing a Marketing Mix?

A
  1. ) Product Value Creation
  2. ) Price Value Capture
  3. ) Place Value Delivery
  4. ) Promotion Value Communication
69
Q

Star Dog: High Market Growth Rate & High Relative Market Share

A

Star

70
Q

Star Dog: High Market Growth Rate & Low Relative Market Share

A

Question Marks

71
Q

Star Dog: Low Market Growth Rate & High Relative Market Share

A

Cash Cows

72
Q

Star Dog: Low Market Growth Rate & Low Relative Market Share

A

Dogs

73
Q

What type of strategy is growing the business from existing customers?

A

Product Development and Market Penetration

74
Q

Which strategy is the riskiest?

A

Diversification

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