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mktg 21st century > mcq 20% > Flashcards

mcq 20% Flashcards

1
Q

What is mktg

A

companies create value for cust, build strong cust relationship to capture value from cust in return

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2
Q

How do calculate value?

A

benefit divide cost

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3
Q

What are the 5 ‘not’ for our cust?

A
  • not an interruption of our work (they are the purpose of it)
  • not someone to argue with ( they brings us their wants; if we have insufficient imagination, we will endeavour to handle them profitably)
  • not dependent upon us (we depend on them)
  • not a rank to our business (they are part of us)
  • not a statistic (human being equipped with biases, prejudices, emotions)
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4
Q

What are the 5 steps marketing process?

A
  1. understand the marketplace and cust needs and wants
  2. design a cust value driven mktg strategy
  3. construct an integrated mktg program that delivers superior value
  4. build profitable relationships and create cust delight
  5. capture value from cust to create profits and cust equity
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5
Q

What are consider cust needs? (4)

A

States of deprivation

Physical

Social

Indiv

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6
Q

What does physical cust needs include? (4)

A

food, clothing, warmth, safety

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7
Q

What does individual cust needs include? (2)

A

knowledge and self affection

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8
Q

What does social cust needs include? (2)

A

belonging and affection

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9
Q

What’s cust wants?

A

form that needs take as shaped by culture and indiv personality

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10
Q

What is cust demands

A

wants backed by buying power

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11
Q

What is market offerings?

A

Combination of products, services, info, offered to market to satisfy need or want

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12
Q

How does marketers meet cust value / satisfaction

A

need to set the right lvl of expectations, not too high / low

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13
Q

How to define markets?

A

Set of actual and potential buyers of a product

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14
Q

What are the 2 major envir forces?

A

suppliers, consumers

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15
Q

What is marketing management?

A

Choosing target markets and building profitable relationships with them

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16
Q

How to select cust to serve? (2)

A

Marketing segmentation
Dividing the markets into segments of cust

Target marketing
Choose which segments

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17
Q

What’s value proposition?

A

Set of benefits or values a company promises to deliver to cust to satisfy their needs

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18
Q

What should company consider in order to achieve societal marketing? (4)

A

A company should make good marketing decisions by considering :
Consumer’s wants

Company’s requirements

Consumer’s long term interests

Society’s long run interests

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19
Q

How is the marketing landscape changing? (4)

A

Not for profit mktg growth
Sustainable marketing
Rapid globalisation
Digital marketing

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20
Q

What are the social criticisms of mktg? (7)

A

Acquisition of competitors
Decreases competition
Detrimental to consumer choice = acquisition will not go thru

barriers to entry

Unfair competitive mktg prac

Deceptive prac

High-pressure selling

Planned obsolescence

Profiteering

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21
Q

What is sustainable mktg?

A

Meeting needs of cust while preserving the ability of future gen to meet their needs

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22
Q

What is consumerism?

A

Organised movement of citizens and gov agencies to improve the rights and power of buyers in relation to sellers

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23
Q

What is environmentalism?

A

Organised movement of concerned citizens, business, gov agencies to protect and improve people’s living envir

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24
Q

What is envir sustainability?

A

seeking profit while planning to help the planet

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25
Q

What are the 5 factors of envir sustainability?

A

Pollution prevention
Product stewardship
Design for envir (DFE)
New clean tech
Sustainability vision

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26
Q

What is product stewardship?

A

Involves minimising the pollution from production and all envir impact throughout the full product life cycle

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27
Q

What does it mean to have sustainability vision?

A

Guide to the future that shows how the company’s products and services, processes, policies must evolve and what is needed to get there

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28
Q

How to be a sustainable company?

A

Goes beyond caring for the needs of tdy cust and has concern for tmr cust and the broader world

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29
Q

What are the 4 sustainable mktg principles?

A

Consumer oriented
Consumer value mktg
Innovative mktg
Sense of mission mktg

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30
Q

What is sense of mission mktg?

A

Define mission in broad social terms rather than narrow product terms

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31
Q

What are the 4 mktg ethics?

A

Broad guidelines
Cover distributor relations, ads, standards, cust service, pricing, product dev, general ethics standards
Everyone must flw
Relationship w corporate sustainability (Balance among profit, planet, people)

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32
Q

How does the international trade system works? (4)

A

tariffs, quotas, exchange controls, nontariff trade barriers

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33
Q

What is quotas?

A

limits on the amount of foreign imports (to protect domestic industry and employment)

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34
Q

What is exchange controls?

A

limit on the amount of foreign exchange and exchange rate against other countries

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35
Q

What is nontariff trade barriers

A

biases against bids or restrictive product standards

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36
Q

How does economic factors reflect country’s attractiveness?

A

Industrial structure
Income distribution

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37
Q

Why does fcmg target low income households?

A

More profit margin, low purchasing power but large base of customer

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38
Q

What are the factors within political legal environment? (5)

A

Country attitude toward int bullying

Gov bureaucracy

Political stability

Monetary reg

Countertrade is non-cash payment

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39
Q

What are the activities involve in countertrade? (3)

A

Barter = exchange of goods and services

Compensation / buyback = sale of a plant or equipment and the payment in resulting products

Counter Purchases = when seller receives payment and agrees to spend some money in other country

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40
Q

What are the factors when companies decide to go global? (6)

A

Can the company understand the consumers

Has management considered reg and political envir of other countries

Can it offer competitively attractive products

Will it be able to adapt to local culture

Do the company managers have the experience

Can they deal w foreign nationals

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41
Q

What are the factors to consider when companies decide which market to enter? (4)

A

Define int mktg obj and policies

Foreign sales volume

How many countries to market to

Types of countries to market to based on

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42
Q

How to decide which countries to market? (3)

A

Geo

Income and population

Political climate

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43
Q

How to rank potential global market? (5)

A

Market size
Risk level
Market growth
Comp adv
Cost of doing business

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44
Q

From low to high, rank the amount of commitment, risk, control, profit potential of entering a market

A

Exporting, joint venturing, direct investment

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45
Q

What are the types of joint venturing? (4)

A

licensing, contract manufacturing, management contracting, joint ownership

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46
Q

What is strategic planning?

A

Maintaining a strategic fit between the org goals and capabilities and its changing market opp

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47
Q

What are the current global consumer trend ? (4)

A

AI
Greenwashed out
Wellness pragmatists
Value hackers

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48
Q

What are the 4 steps in strategic planning?

A

corporate level
1. defining company mission
2. setting company obj and goals
3. designing business portfolio
Business unit, product, market level
4. planning marketing and other functional strategies

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49
Q

What is a market oriented mission statement?

A

defines the business in terms of satisfying basic cust needs

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50
Q

How to set business obj? (3)

A

Build profitable cust relationship
Invest in research
Improve profits

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51
Q

How to set market objectives? (3)

A

Increase market share
Create local partnership
Increase promotion

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52
Q

How to analyse current business portfolio? (3)

A
  1. identify key businesses that make up the firm
  2. assess the attractiveness of its various SBUs
  3. decide how much support each SBU deserves
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53
Q

What is the product/market expansion grid used for?

A

identifying company growth opp through market penetration, market dev, product dev, diversification
(can be achieved through acquisition)

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54
Q

How does a business downsize? (3)

A

eliminating products

business units that aren’t profitable

no longer fit company’s overall strategy

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55
Q

What are the 4 types of cust value driven mktg strategy?

A

segmentation, targeting, differentiation, positioning

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56
Q

What is market segmentation?

A

Understand people have distinct needs, characteristics, or bhv and who might require separate products or mktg mix

Division of market of people into diff groups

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57
Q

What does threats stand for?

A

current and emerging external factors that may challenge the company’s perf

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58
Q

What is cust relationship management?

A

Overall process of building and maintaining profitable cust relationship by delivering superior cust value and satisfaction

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59
Q

What are the 3 levels of cust relationship?

A

Basic relationships (low margin cust)

Full partnerships (high margin cust)

Frequency mktg prog (reward cust)

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60
Q

What is customer engagement marketing? (3)

A

Makes the brand a meaningful part of consumer’s convo and lives

Create direct and continuous cust involvement

Shapes brand convo, experiences and community

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61
Q

What is consumer generated mktg?

A

Brand exchanges created by cust themselves (whether invited or not)

Shape own brand experiences

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62
Q

What is a value chain?

A

partners inside the company that carry out value creating activities to design, produce, market, deliver, support a firm’s product

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63
Q

What is a value delivery network?

A

Partners outside the company, how marketers connect w their suppliers channels and competitors

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64
Q

What does customer lifetime value equivalent to?

A

value of the entire stream of purchases that one would make over a lifetime of patronage

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65
Q

What is customer equity? (3)

A

Total combined of cust lifetime value of all of the company’s cust

Gives potential rev stream and profitability

To see how our business is doing

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66
Q

What does the suppliers do? (2)

A

Prov resources to produce goods and services

Treated as partners to prov cust values

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67
Q

What does marketing intermediaries do?

A

Firms that help company to promote, sell, distribute final products to final buyers

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68
Q

What are the categories for the demographic envir? (4)

A

baby boomers
gen x
millennials
net gen (gen z)

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69
Q

What are the characteristics of gen x? (6)

A

High parental divorce rate

Cautious economic outlook

Less materialistic

Fam comes first

Lags on retirement savings

Born between 1965-1976

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70
Q

What is generational marketing?

A

Segmenting people through lifestyle, life stage, common value instead of age

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71
Q

What are the trends in the current demographic envir? (7)

A

divorcing / separating
Choosing not to marry
Marry at a later age
Marrying w no intention to have kids
Increased no. of working women
Stay at home dads
Move from rural to city

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72
Q

What does value mktg involves? (2)

A

ways to offer financially cautious buyers greater value

Right combination of quality and service at a fair price

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73
Q

What are the trends in natural envir? (6)

A

Shortage of raw materials
Increased pollution
Increased gov
Intervention
Envir sustainable strategies
Pandemics

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74
Q

What are the 3 characteristics of tech envir?

A

Most dramatic force
Creates new products and opp
Concern for safety of new products

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75
Q

What are the 2 characteristics in social / political envir?

A

Legislation regulating business project
increased emphasis on ethics

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76
Q

What are the 2 characteristics in cultural envir?

A

Institutions / other forces that affect a society’s basic values, perceptions, bhv
Language complexities

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77
Q

What is buyer’s black box?

A

variety of factors that exist inside the person’s mind which influences their buying decisions

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78
Q

What is a subculture?

A

Grps of ppl within a culture w shared value system

Based on common life experiences / situations
eg, Fans of kpop, pop, etc

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79
Q

What are the two social characteristics affecting consumer bhv

A

family
social roles and status

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80
Q

What are the 6 different groups and social network

A

online social networks
buzz mktg
influencers / bloggers
virtual worlds
word of mouth
opinion leaders

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81
Q

What are the 4 psychological factors that determines customer purchase intention?

A

motivation, perception, learning, attitudes & beliefs

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82
Q

What is perception? How is it formed? (3)

A

Process which people select, organise, interpret info to form a meaningful pic of the world thru
Selective attention
Selective distortion
Selective retention

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83
Q

Why do we need customer insight teams? (4)

A

Incl all company functional areas
Collect info from wide variety of sources
To generate more value for cust
Incorporate AI

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84
Q

When will be the 7 times where customer and management will touch?

A

cust purchases

service / support calls

market research studies

satisfaction surveys

web / social media sites

sales force contacts

credit / payment interactions

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85
Q

What are the 4 types of buying behaviour?

A

complex
variety seeking
dissonance reducing
habitual

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86
Q

What are the 5 steps a buyer will go through for a decision to buy something?

A

Need recognition
Info search
Evaluation of alter
Purchase decision
Post purchase bhv

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87
Q

What does cust satisfaction do? (3)

A

key to build profitable relationship
retaining and growing consumers
reaping cust lifetime value

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88
Q

How to identify different adopters for new product?

A

innovators, early adopters, early majority, late majority, laggards

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89
Q

How to reach out to customer? 5

A

industry events, search, search engine optimisation (SEO), content mktg, linkedin campaigns

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90
Q

How to act after customer has made their 1st purchase? 3

A

remarketing
website home page / product page / linkedin page
influencer out reach

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91
Q

How to convert indecisive customer or make customer repeat their purchase? (4)

A

personalised email (account based marketing ABM), refundables, webinars, ROI calculator online

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92
Q

How to gain loyal cust? 3

A

cust onboarding, newsletter, user group

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93
Q

What is market segmentation?

A

Process that companies use to divide large heterogeneous market into small ones

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94
Q

Why do we segment our market?

A

To reach cust more efficiently / effectively w products and services that match their unique needs

95
Q

What are the ways to segment consumer market? (4)

A

Geographic, demographic, psychographic, behavioural

96
Q

What is intermarket segmentation?

A

Divides consumers into grps w similar needs and buying bhv even if located in diff countries

97
Q

How to evaluate market segments? (4)

A

Segment size and growth

Segment structural attractiveness

Long run attractiveness (competitors, substitute products, power of buyers and sellers)

Company obj and resources

98
Q

What is market targeting?

A

A set of buyers who spare common needs / characteristics that company decides to serve

99
Q

What are the 4 target market strategies?

A

Undifferentiated (mass) mktg, differentiated (segmented) mktg, concentrated (niche) mktg, micromktg (local / indiv)

100
Q

What is undifferentiated mktg?

A

Targets whole market w one offer

Focuses on common needs rather than whats diff

101
Q

What is differentiated mktg? (3)

A

Target several diff market segments and designs separate offers for each

Goal: achieve higher sales and stronger position

More expensive

102
Q

What is concentrated mktg? (4)

A

Targets small share (niches) of a large market

Limited company resources

Knowledge of the market

More effective

103
Q

What is micromktg?

A

Prac of tailoring products and mktg programs to suit taste of specific inidv and locations

104
Q

What does choosing a target market depends on? (5)

A

Company resources

Product viability

Product life cycle stage

Market variability

competitors’ mktg strategies

105
Q

What are the 5 types of differentiation?

A

product, service, channel, people, image

106
Q

What is product position?

A

Way the product is defined by consumers on important attributes - place the product occupies in consumers’ minds relative to competing products

107
Q

What is value proposition?

A

Full mix of benefits upon which a brand is positioned

108
Q

What are the 3 steps of competitor analysis?

A

Identifying
Company competitors

Assessing
Competitors obj, strategies, strengths, weaknesses, reaction patterns

Selecting key competitors
Which to attack / avoid

109
Q

What are the 4 ways to assess competitors?

A

Competitors obj

Competitor’s strength

Competitors weaknesses

Estimating competitors reaction

110
Q

What does competitors objectives include? (5)

A

Profitability
Market share growth
Cash flow
Technological leadership
Service leadership

111
Q

What is blue ocean strategy

A

Finding uncontested market spaces

112
Q

What are the 3 competitive strategies?

A

cost leadership, differentiation, focus

113
Q

What does Michael treacy and fred wiersema value disciplines states?

A

Companies gain leadership positions by delivering superior value to their cust

114
Q

How are companies gaining leadership positions by delivering superior value to their cust? (3)

A

operational excellence,
product leadership,
customer intimacy

115
Q

What is product leadership? (2)

A

Prov superior value through continuous stream of leading-edge products or services

Product leaders are open to new ideas and solutions, bring them quickly to market

116
Q

What is customer intimacy?

A

Segmenting markets and tailoring products or services to match the needs of targeted customers

117
Q

How are market leaders leading the market? (4)

A

price changes
Product innov
Distribution coverage
Promo spending

118
Q

How to protect market share? (4)

A

Fixing / preventing weaknesses that prov opp to competitors

Maintain consistent prices that prov value

Keep strong cust relationships

Cont innov

119
Q

How to expand market share? (4)

A

Increasing market share in served markets - growth

Produce high quality products

Build close relationship

Create good service experiences

120
Q

How can market challenger challenge market leader? (2)

A

Full frontal attack on rival’s strength

Indirect attack on rivals weakness / gaps in the market coverage (flanking attack)

121
Q

What does market follower do? (4)

A

Firms want to hold onto their market share

Plays along w competitors

Challenges w firms like its own size / smaller

Second mover adv

122
Q

What is second mover advantage?

A

when a market follower observes what has made the leader successful and improves on it

123
Q

What is ideal for a market nicher?

A

big enough to be profitable with high growth potential and lil interest from competitors

124
Q

What is the key for market nicher?

A

specialisation

125
Q

What does experiences stand for?

A

represent what buying the product or service will do for cust

126
Q

What does augmented product include? (4)

A

delivery and credit, product support, warranty, after sales service

127
Q

What are the 3 levels of product and services?

A

core, actual, augmented

128
Q

What are the 4 classifications of products?

A

convenience, shopping, specialty, unsought

129
Q

What is shopping products? What are some examples?

A

Consumer products and services that the cust compares carefully on suitability, quality, P and style

(furniture, appliances, hotel stays)

130
Q

What is specialty product?

A

Unique characteristics / brand identification for which a significant grp of buyer is willing to make a special purchase effort

131
Q

What is unsought products?

A

Consumer does not know about / knows about but does not normally think of buying

132
Q

Which type of product suits in complex buying behaviour?

A

specialty

133
Q

Which type of product suits in dissonance reducing buying behaviour?

A

unsought

134
Q

What could be purchased for further processing or for use in conducting a business? (industrial product) (3)

A

capital, materials and parts, supplies and services

135
Q

What are the 4 factors in service mktg?

A

intangibility, inseparability, variability, perishability

136
Q

What is perishability? (3)

A

Services cannot be stored for later sale or use
Overbooking
Demand pattern

137
Q

Aside from traditional mktg strategies, what other strategies (3) does service firms often require?

A

Service profit chain
Internal mktg
Interactive mktg

138
Q

What are the 3 types of service marketing?

A

internal marketing
employees
interactive marketing

139
Q

What are the 3 factors within interactive marketing?

A

Service differentiation: offer, delivery, image
Service quality: recovery
Service productivity: cost considerations

140
Q

What is the mktg strategy for service firms?

A

Service profit chain links service firm profits w employee n cust satisfaction

141
Q

What are the 5 factors when indiv make product and service decisions?

A

product attributes, branding, packaging, labeling, product support services

142
Q

What are the 9 factors in indiv product and service decisions?

A

quality level,
product features,
style,
design,
product attributes,
brand,
brand equity,
packaging,
labels

143
Q

What are the 4 factors within international product and service marketing?

A

Determining what products and services to introduce in which countries
Standardisation vs customisation
Packaging and labelling
Customs, values, laws

144
Q

What are the 2 ways to obtain new products?

A

acquisition, new product development

145
Q

How to build a branding strategy? (4)

A

Brand positioning

Brand name selection

Brand sponsorship

Brand development

146
Q

What are the 8 major stages in new product development?

A

Idea generation
Idea screening
Concept dev and testing
Mktg strategy dev
Business analysis
Product dev
Test mktg
Commercialisation

147
Q

How to manage new product development? (3)

A

Customer centred
Team centred
Systematic

148
Q

What are the 4 stages in product life cycle?

A

intro, growth, maturity, decline

149
Q

What are the 3 modifying strategies in maturity stage?

A

Market modifying
Product modifying
Mktg mix modifying

150
Q

What is a price?

A

Sum of all values that consumers give up to gain benefits of having or using product or service

151
Q

What are the factors to consider when setting up Price? (4)

A

competitors’ strategies and prices, mktg mix, objectives, nature of market and demand

152
Q

What is benefit make up of?

A

functional + emotional

153
Q

What is value based pricing? (4)

A

Assess cust need and value perception

Set target P to match cust perceived value

Determine cost that can be incurred

Design product to deliver desired value at a target P

154
Q

What does cost based pricing stands for?

A

Setting P based on costs for producing, distributing, selling the product + fair rate of return for its effort and risk

155
Q

What are the steps for setting up price (cost based)? 4

A

Design a good product
Determine product costs
Set price based on cost
Convince buyers of product’s value

156
Q

What is cost plus pricing?

A

Add standard markup to cost of the product

markup percentage is a method of generating a particular desired rate of return

157
Q

What are the benefits (4) & disadv of cost plus pricing?

A

Sellers are certain about costs
P are similar in industry
P comp is minimised
Buyers feel it is fair

Disadv
Ignores demand & competitor P

158
Q

What are the type of costs? (4)

A

fixed, variable, total, average

159
Q

How to calculate unit cost?

A

unit VC + FC / unit sales

160
Q

How to calculate markup sales P?

A

Markup sales P = unit cost / ( 1 - desired return on sales)

161
Q

How to calculate markup cost P?

A

Markup cost P = unit cost x (1 + desired cost markup)

162
Q

What is break even pricing?

A

P at which Total cost = total rev

163
Q

How to calculate breakeven volume?

A

Breakeven volume = FC / (P - VC)

164
Q

What does the slope of total revenue represents?

A

P per unit

165
Q

How to calculate target pricing?

A

(FC + Target profit) / (Price per unit - VC per unit)

166
Q

What are some other internal / external considerations affecting P decisions?

A

Company strategy, obj, mktg mix
Competitors’ strategy, response, P
Market & Demand
Economic conditions
Reseller’s response to p
Gov
Social concerns
Pure comp (transparent situation)
Monopolistic comp (most often seen)
Oligopolistic comp (few players eg petrol)
Pure monopoly

167
Q

What are the 4 solutions to counter Price change?

A

Reduce P to match comp
Maintain P but raise perceived value thru comm
Improve quality and Increase P
Launch a lower P fighting brand

168
Q

How to respond to Price change? (7)

A

Why did competitor change P

Is P cut permanent or temporary

What is the effect on market share and profits

Will competitor respond

Is company trying to grab market share

Is company doing poorly and trying to boost sales

Is it a signal to decrease industry P to stimulate demand

169
Q

How does buyer react to price cut? (4)

A

Better value

Delay purchase to wait for new models

Models not selling well

Quality issues / company facing problems

170
Q

How does buyer react to price increase? (2)

A

Product is ‘hot’
Company is greedy

171
Q

What events may cause price increase? (3)

A

Cost inflation
Increased D
Lack supply

172
Q

What events may cause price cuts? (4)

A

Excess capacity
Falling D from price comp
Desire to increase market share
Increased volume likely to reduce cost

173
Q

What is market skimming pricing? (5)

A

Strategy with high initial P to ‘skim’ rev layers from the market

Product quality & image must support this price

Buyers must want the product at this P

Costs of prod the product in small volume should not cancel the adv of higher P

Competitors shld not be able to enter market easily

174
Q

What are the 6 product mix pricing strategies?

A

Product line pricing

Optional product pricing

Captive product pricing

By-product pricing

product bundle pricing

2 part pricing

175
Q

What is 2 part pricing?

A

consumers are charged both an entry fee (fixed price) and a usage fee (per-unit price)

176
Q

What is market penetration? (4)

A

Low initial p to penetrate market quickly and deeply to attract a large number of buyers quickly to gain market share

P sensitive market

Inverse relationship of production and distribution cost to sales growth

Low P must keep comp out of market

177
Q

What is product line pricing?

A

Takes into acc of cost diff between products in the line

Cust evaluation of their features and rival P

178
Q

What is optional product pricing?

A

Optional or accessory products along with the main product

179
Q

What is captive market pricing?

A

Captive product pricing, pricing strategy where the price of one product is tied to the price of another product (printer and ink)

180
Q

What is by-product pricing?

A

Products w lil or no value produced as a result of the main product

Seek lil or no profit than the cost to cover storage and delivery

181
Q

What is product bundle pricing?

A

Combine several product at a reduced P

182
Q

How to be effective in segmenting prices? (4)

A

Market must be segmentable

Cost incurred cannot exceed the extra rev obtained form P diff

Must be legal

Must show diff degrees of demand or respond to segmented pricing

183
Q

What is segmented pricing? (5)

A

When company sells a product at 2 or more P even though difference is not based on cost

Location based (concert tickets)

Product form (evian water, evian spray)

Time based

Cust segments

184
Q

What is references price?

A

Prices buyers carry in their mind and refer to when looking at a given product

185
Q

How does companies hold promotions? (6)

A

Loss leaders
Special event pricing
Cash rebates
Low interest financing
longer warranties
Free maintenance

186
Q

What are the 5 types of geographical pricing?

A

Fob origin pricing

Uniformed delivered pricing

zone

basing point

freight absorption

187
Q

What is dynamic pricing?

A

Occurs when P are adjusted continually to meet the characteristics and needs of indiv cust and situations

188
Q

What’s fob origin pricing?

A

title and responsibility for goods transfer from the seller to the buyer once the goods are placed on a delivery

189
Q

What’s basing point pricing?

A

companies determine a fee for a good sold, plus an additional freight charge that is calculated based upon the customer’s distance from a starting

190
Q

How does the new marketing communication landscape looks like? (4)

A

More comm

Less mass mktg

Consumers are better informed

Changing comm tech

191
Q

What does integrated marketing communication (IMC) suggests?

A

Company must blend the promo tools carefully into a coordinated promo mix

192
Q

What is IMC?

A

Integration by the company of its many comm channels to deliver a clear, consistent and compelling msg about org and its brand

193
Q

What are the 5 major promotional tools?

A

Personal selling
Ad
Pr
Direct mktg
Sales promo

194
Q

What are the factors in the growth of sales promotion? (5)

A

Product managers are under pressure to increase current sales

Companies face more comp

Competing brands result in less differentiation

Advertising efficiency has declined

Consumers have become more deal oriented

195
Q

What are the 4 major trade sales promotional tools?

A

discount, allowance, free goods, specialty ad items

196
Q

What are the 2 major business sales promotion tools ?

A

sales contests and conventions (trade shows)

197
Q

What is advertising?

A

Any paid form of non personal pre, promo of ideas, goods, services by an identified sponsor

198
Q

How to set advertising objective?

A

informative, persuasive, reminder

199
Q

What are the 3 factors to consider when setting advertising budget?

A

product life cycle, market share, competition

200
Q

When does a firm need larger ad budget? (4)

A

undifferentiated brands, heavy comp, high advertising clutter, plan to build or take market share

201
Q

How to evaluate ad effectiveness? (3)

A

return on ad investment, communication effects, sales and profit effects

202
Q

What are the 4 interpersonal part of promotion mix?

A

Making sales and building cust relationship

F2f comm

Telephone comm

Video or web conferencing

203
Q

What are the 2 most effective method in personal selling?

A

Building buyers’ preferences, convictions, actions

Developing cust relationship

204
Q

What are the 6 major activities for managing a sales force?

A

Designing sales force strategy and structure

Recruiting and selecting salespeople

Training salespeople

Compensating salespeople

Supervising salespeople

Evaluating salespeople

205
Q

What are role and impact of PR? (3)

A

Lower cost than ad
Stronger impact on public awareness (More credible)
Has power to engage cust

206
Q

What’s the new direct marketing model? (3)

A

Complete model for doing business

Fastest growing form of mktg

Become more internet-based

207
Q

What is direct and digital mktg? (5)

A

Engaging directly w carefully targeted indiv cust (w/o intermediaries)

Obtain immediate response

Cultivate lasting cust relationship

Non-public, immediate, customised, interactive promotional tool

Utilise cust databases

208
Q

What are the benefits to BUYERS if firm utilises direct and digital marketing? (4)

A

Convenience

Ready access to many products

Interactive and immediate

Access to comparative info about companies, products, rivals

209
Q

What are the benefits to SELLERS if firm utilises direct and digital marketing ? (5)

A

Flexible

Tool to build cust relationship

Low cost efficient

Fast alter to reach market

Access to buyers not reachable thru other channels

210
Q

What are the 2 types of online marketing?

A

email / placing ads and promotion online

211
Q

What are the 5 forms of traditional direct marketing?

A

direct mail, catalog, telemktg, direct response tv, kiosk

212
Q

What are the challenges for web based catalogs?

A

lack emotional appeal, still require marketing

213
Q

What is selective attention?

A

our ability to focus on the most important information when there are other distractions

214
Q

What is selective distortion?

A

interpreting information to fit existing beliefs, even if it alters the original meaning.

215
Q

What is selective retention?

A

Remembering information that aligns with existing beliefs and forgetting contradictory information

216
Q

What are the 4 A?

A

acceptability, affordability, accessibility, awareness

217
Q

What are the 4 E?

A

Experience, Exchange, everywhere, evangelism

218
Q

What are the 4 C?

A

customer solution, customer cost, convenience, communication

219
Q

What is variety seeking buying behaviour?

A

Refers to individuals switching among products, categories, or brands to avoid the decreasing utility due to repeat purchases or consumption of the same product

220
Q

What is dissonance reducing buying behaviour?

A

highly involved in the decisioning process and is unable to differentiate between different options

does not have enough information based on which to make a decision

221
Q

What is operational excellence?

A

firm leading its industry in price and convenience

222
Q

What are the 3 types of vertical marketing systems?

A

Corporate, contractual, administered

223
Q

What is corporate marketing system?

A

integrates successive stages of production and distribution under single ownership

224
Q

What is contractual marketing system?

A

consist of independent firms at different levels of production and distribution who join together through contracts to obtain more economies or sales impact

225
Q

What is administered marketing system? (2)

A

few dominant channel members w/o common ownership

ownership comes from size and power

226
Q

What to analyse when looking at consumer needs?

A

cost and feasibility

227
Q

How to set channel objectives (4 steps)?

A

targeted levels of customer service
what segments to serve
best channels to use
minimising the cost of meeting customer service requirement

228
Q

How to identify major channel alternatives (4)?

A

types of intermediaries

numbers of marketing intermediaries

responsibilities of channel members

intensity of distribution

229
Q

What are the 3 types of distribution?

A

intensive, selective, exclusive

230
Q

How to evaluate channel design decisions (3)?

A

economic criteria, control, adaptive criteria

231
Q

How to classify retailers? 3

A

amount of service, product line, relative price

232
Q

What are the 3 types of wholesalers?

A

merchant, agents and brokers, manufacturers’ sales branches

233
Q

How to set up an online presence? (4)

A

online social networks

website

placing ads / promotion online

using email

234
Q

How to create customer delight?

A

Exceed customer value and satisfaction expectations

mktg 21st century (1 decks)

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