MK Short Answer Essay Topics Flashcards
ID, describe, and give an example of the 4 promotions mix elements.
Advertising: A paid non personal communication about an organization and its products transmitted to a target audience through mass media
Personal Selling: A paid personal communication that seeks to inform customers and persuade them to purchase products in an exchange situation
Public Relations: A broad set of communication efforts used to create and maintain favorable relationships between the organization and its stakeholders
Sales Promotion: An activity or material that acts as a direct inducement, offering added value or incentive for the product, to resellers, salespeople, or consumers
How does sales promotion differ from promotion in general?
Promotion: Communication to build and maintain relationships by informing and persuading one or more audiences
Sales Promotion: An activity or material that acts as a direct inducement, offering added value or incentive for the product, to resellers, salespeople, or consumers
What is the difference between a push strategy and a pull strategy – how is each implemented?
Push: promoting a product only to the next institution down the marketing channel
Pull: promoting a product directly to consumers to develop strong consumer demand that pulls products through the marketing channel
Why would a marketer want to measure an advertisement’s effectiveness during a campaign and how would that be done?
A marketer would want to measure an advertisement’s effectiveness during a campaign in order to determine how well/bad the advertisement is doing. Here are the steps the marketer would take in order to evaluate the advertisements effectiveness
- pretest
- consumer jury
- posttest
- recognition test
- unaided recall test
- aided recall test
What is Public Relations? For what purposes is it used? Give an example of a PR tool.
A broad set of communication efforts used to create and maintain favorable relationships between the organization and its stakeholders
Purposes: Maintaining a positive relationship with one or more stakeholders, to create and enhance a positive image.
Example of PR tool: annual reports, brochures, event sponsorship,
List 3 types of sales force compensation methods. What are the advantages, disadvantages of each?
Straight Salary:
-Paying salespeople a specific amount per time
period
-Most useful when compensating new
salesperson, moving into new territories or
customers, sales requiring many services for
customers
-Salary remains the same until pay increase
-Provides salespeople with more security but less
incentive
Straight Commission:
-Paying salespeople according to the amount of
their sales in given time period
-Commission may be based on percentage of
sales or on a sliding scale
-Requires highly aggressive selling and minimal
non selling tasks
-Provides salespeople with maximum incentive but
little financial security
Combination:
-Paying salespeople a fixed salary plus
commission based on sales volume
-Most popular compensation method
-Provides level of security and some incentive
-Can require that salesperson exceeds a certain
sales level before earning a commission
Types of specialty stores (3) – be able to give example
Traditional specialty retailers:
- Also called “limited-line” and “single-line” retailers
- Carry a narrow product mix with deep product lines (e.g., pet supplies)
- Have higher costs and higher margins
- Provide more product selection (first-line brands), product expertise, and high levels of personal service
Off price retailers:
- Buy manufacturers’ seconds, overruns, returns, and off-season merchandise for resale to consumers at deep discounts
- Charge less than department stores for comparable merchandise and offer few customer services
- Have established long-term relationships with suppliers for continuing supplies of reduced-price goods
Category killers:
Concentrate on a major product category and compete on the basis of low prices and product availability
Examples of Category killers
- Toys ‘R’ Us
- Home Depot
- Best Buy
- Office Depot
- PETsMart
- Barnes & Noble