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Fall 23 > MKTG 301 Exam 3 > Flashcards

MKTG 301 Exam 3 Flashcards

1
Q

What is the goal of the promotion mix?

A

communicate customer value and build customer relationship

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2
Q

What is owned media?

A

a company’s social media/website

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3
Q

What is shared media?

A

a company has a social media account, and someone shares it

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4
Q

What is earned media?

A

third party mentions like Today Show picking up a story

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5
Q

What are the characteristics of advertising?

A

Paid

Nonpersonal communication

Identified sponsor

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6
Q

What is narrowcasting?

A

being very narrow and targeting specific markets

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7
Q

What is informative advertising?

A

Build primary demand

Good for introducing a new product category

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8
Q

What is persuasive advertising?

A

Build secondary demand (preference)

Good for direct or indirect brand comparisons

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9
Q

What is reminder advertising?

A

Increase frequency of purchase

Good for mature products

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10
Q

With setting the advertising budget, what is the affordable method?

A

company starts with total revenues, deducts operating expenses and capital outlays, and then devotes some portion of the remaining funds to advertising

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11
Q

With setting the advertising budget, what is the percentage of sales method?

A

business owner decides on a fixed percentage and then allocate that amount to the advertising budget

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12
Q

With setting the advertising budget, what is the competitive parity method?

A

company spends the same amount of money on advertising and marketing as its competitors

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13
Q

With setting the advertising budget, what is the objective and task method?

A

marketer decides the objective to be accomplished and the tasks necessary to achieve the objective, estimates cost

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14
Q

What is the Big Idea in an ad?

A

compelling creative concept

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15
Q

With ad execution styles, what is Slice of life

A

Showing a typical person using a product in a normal setting

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16
Q

With ad execution styles, what is Lifestyle

A

Showing how products fit with particular lifestyle

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17
Q

With ad execution styles, what is Fantasy?

A

Creates a fantasy around the product or its use

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18
Q

With ad execution styles, what is Mood/Image?

A

Build mood or image around product

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19
Q

With ad execution styles, what is Musical?

A

Shows someone singing about the product

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20
Q

With ad execution styles, what is Personality Symbol?

A

Character that represents the product

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21
Q

With ad execution styles, what is Technical Expertise

A

Show company expertise at making the product

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22
Q

With ad execution styles, what is Scientific Evidence?

A

Present survey or scientific data showing that the brand is better than other brands

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23
Q

With ad execution styles, what is Testimonial

A

Highly believable or likeable source endorsing the product

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24
Q

What are media vehicles?

A

Places where ads can be put

Magazines n shit

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25
Q

What is media scheduling?

A

Continuity, flighting (holidays), pulsing (somewhat random)

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26
Q

What is reach?

A

Percentage of target market exposed to ad during a given period

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27
Q

What is frequency?

A

Number of times a person in the target market is exposed to ad

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28
Q

What is media impact?

A

Qualitative value of an exposure through a given medium

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29
Q

When evaluating advertising effectiveness, what are the communication effects?

A

recall ability for ads

Attitude changes over the course of an ad

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30
Q

When evaluating advertising effectiveness, what are the Sales and Profit effects?

A

Experiments (price changes, limiting factors)

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31
Q

Exam Question: What media scheduling strategy do snowboots follow?

A

flighting

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32
Q

Exam Question: What media scheduling strategy does toothpaste follow?

A

continuity

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33
Q

know maslows social needs

A
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34
Q

What does having good public relations do for a company

A

Obtain favorable publicity

Build up a good corporate image

Handling unfavorable rumors, stories, and events

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35
Q

What is undercover marketing?

A

Marketing to people who do not know that they are being marketed to, stealth marketing

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36
Q

What is personal selling?

A

Salesperson covers a wide range of positions from order takers to order getters

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37
Q

A step in the selling process, Prospecting and Qualifying , is…

A

Obtain leads and scout out qualified prospects, Referrals, Directories, Cold calling

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38
Q

A step in the selling process, Preapproach , is…

A

Learn as much as possible about a prospective customer before making a sales call, established an objective and way of approach

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39
Q

A step in the selling process, Approach , is…

A

Salesperson meets the customer for the first time, opening line, key questions, attention to questions

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40
Q

A step in the selling process, Presentation and Demonstration , is…

A

Salesperson tells the product story, highlighting customer benefits

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41
Q

A step in the selling process, Handling Objections , is…

A

Salesperson seeks out, clarifies, and overcomes customer objections to buying

seek out hidden objections, refer to core values and emotions

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42
Q

A step in the selling process, Closing , is…

A

The salesperson asks the customer for the order, must recognize closing signals

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43
Q

A step in the selling process, Follow Up , is…

A

Follow up after the sale to ensure customer satisfaction and repeat business

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44
Q

What is the “magic wand step” in the selling process?

A

How does the customer feel about something?

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45
Q

What is outside sales force?

A

outside physical office looking for new leads

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46
Q

What is inside sales force?

A

pursuing existing leads

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47
Q

What is territorial sales force?

A

salesperson assigned to exclusive area and sells full line of products

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48
Q

What is product in the sales force?

A

sales force sells only certain product lines

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49
Q

What is the customer sales force?

A

sales force organized by customer or industry

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50
Q

What is the complex sales force?

A

combination of several of the above is most common for nationwide companies

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51
Q

With sales promotion techniques, what is sampling?

A

provides samples to introduce new product or create new excitement for existing product

52
Q

With sales promotion techniques, what is couponing?

A

Promotes early trial of new brand or stimulates sales of mature brand

Redemption rate has declined; coupons targeted more carefully

53
Q

What is geofencing?

A

Companie uses your location and gives you a coupon to try to draw you into their business

54
Q

what is geoconquesting?

A

Purchasing sneakers within 90 seconds when at competitors stores

55
Q

With sales promotion techniques, what is premiums?

A

Free toy in McDonalds meal

56
Q

With sales promotion techniques, what is advertising specialities?

A

Promotional products

57
Q

With sales promotion techniques, what is Promotional products?

A

Rewards from eating out, reward for frequent purchases

58
Q

With sales promotion techniques, what is Point of Purchase Promotions?

A

Want quick consumer response

One time discount/coupon for right now

59
Q

Exam Question: What type of media is Nike’s Instagram accounts, Facebook accounts?

A

owned media

60
Q

Explain digital marketing

A

fastest growing form of marketing, over half of all advertising in U.S

61
Q

What is the purpose of companies creating a digital marketing persona?

A

to find out…
What does someone want

What brands does someone like

What would make their life easier

Life concerns/life goals

Who/what influences them

62
Q

What is consumer omni-channel behavior?

A

Create a seamless cross-channel experience that integrates in-store, online, and mobile shopping

63
Q

What is omni channel retailing?

A

Creates a seamless cross-channel experience that integrates in-store, online, and mobile shopping

automates key tasks

64
Q

What is the point of marketing websites?

A

engages consumers to move them closer to a direct purchase or other marketing outcome

65
Q

What do brand community websites do?

A

presents brand content that engages consumers and creates customer-brand community

66
Q

What are thumb breakers in advertising?

A

makes you stop scrolling (insane headline)

67
Q

What are search related ads?

A

paid search and organic search, top of google results

68
Q

What is above the scroll?

A

idea area where product gets seen more

69
Q

What is email marketing?

A

track your data, high return on investment

back to school emails, holiday emails

70
Q

What is viral marketing?

A

ideos, ads, and other marketing content that marketers seek out and pass along to friends

71
Q

What are blogs?

A

online journals of narrowly defined topics where people and companies post their thoughts and other content

72
Q

What is mobile marketing?

A

promotional content delivered to consumers through their mobile devices

73
Q

What is social media marketing?

A

independent and commercial online communities where people congregate to socialize and share

74
Q

What are the advantages of social media marketing?

A

targeted and personal

Interactive

Immediate and timely

Cost effective

Engagement and social sharing capabilities

75
Q

What are the advantages of social media marketing?

A

Effective usage uncertain

Difficult to measure results

Largely user controlled

76
Q

What are micro moments?

A

I want to know moments

I want to go moments

I want to do moments

I want to buy moments

77
Q

What is direct marketing?

A

Direct communications with carefully targeted individual consumers to obtain an immediate response

78
Q

What is direct mail and catalog marketing?

A

sending an offer, reminder, announcement, or booklet to a person at a particular address

79
Q

What is direct response TV?

A

direct marketing via television, which elicits an instant response (order the product), used by small and big companies

80
Q

B2C marketing

A

Business to consumer, initiated by a business, targeted to a consumer

Dicks Sporting Goods

81
Q

B2B marketing

A

Business to business, initiated by a business, targeted to a business

Amazon Business

82
Q

C2C marketing

A

Consumer to consumer, initiated by a consumer, targeted to a consumer

ETSY

83
Q

C2B marketing

A

consumer to business, initiated by consumer, targeted to a business

Consumer submit ideas to starbucks

84
Q

Exam Question: When considering pricing strategies, marketers are most in favor of what?

A
85
Q

What are the 7 C’s of website design?

A

Context: layout and design

Context: text, pictures, video

Customization: users can customize site

Communication: user-site communication

Community: user-user (Amazon reviews)

Connection: site is linked to other sites

Commerce: site enables transactions

86
Q

What is cost based pricing?

A

Calculate cost, add markup and get the price

87
Q

What is competition based pricing?

A

Look at what competition is doing, copy, and get the price

88
Q

Market skimming pricing, which is part of value based pricing, is…

A

Skimming the top of the market to get people who are willing to pay a premium

89
Q

Market penetration pricing, which is part of value based pricing, is…

A

Pricing just above cost and make profit by selling in high volume, used when consumers are price sensitive (walmart)

90
Q

What is product line pricing?

A

Making similar products priced differently according to different tiers (Apple iPhone pricing)

91
Q

What is optional product pricing?

A

Something that has no utility (Fortnite skins)

92
Q

What is discount pricing?

A

Cash. Quantity, functional, seasonal (Discount for black Friday)

93
Q

What is segmented pricing?

A

Customer segment, product form, location, time (discount price for kid at movie)

94
Q

What is relative reference price?

A

Wanting to save 5$ on a phone case but not a laptop

95
Q

What is psychological pricing?

A

different numbers for ending price, (8 and 9 are bigger bargains, 7 is bad)

96
Q

What is promotional pricing?

A

loss leader is usually a product that gets consumers into the store

97
Q

What is geographic pricing?

A

In close is the cheapest and as you go farther out from the store the price goes up (bounce house is more expensive to deliver far away)

98
Q

What is dynamic pricing?

A

Fluctuations in price based on supply and demand

99
Q

What is financial value?

A

Cost savings, earnings opportunities

100
Q

What is emotional value?

A

Status, safety, sense of belonging

101
Q

What does public policy protect competitors from?

A

price fixing and predatory pricing

102
Q

What is price fixing?

A

talking with competitors to set prices

103
Q

What is predatory pricing?

A

selling below cost with the intention of punishing a competitor or putting them out of business

104
Q

What does public policy protect consumer from?

A

Price discrimination, Price maintenance, Deceptive pricing

105
Q

What is price discrimination?

A

ensure same price to customers at given level of trade

106
Q

What is price maintenance?

A

requiring dealers to charge a specified retail price

107
Q

What is deceptive pricing?

A

seller state price that may mislead customers

108
Q

Why do manufacturers need channels?

A

going straight to the consumer can be difficult for companies, let others handle process

109
Q

What is a vertical marketing system?

A

producer, wholesaler, and retailer work together to provide value

110
Q

What is a corporate vertical marketing system?

A

Corporation owns production and distribution (grocery stores own bakery, ice cream)

111
Q

What is a contractual vertical marketing system?

A

Individual firms join together through extensive contracts, includes franchises

112
Q

What is administered vertical marketing system?

A

leadership through the size and power of dominant channel members (channel captains), look at those involved in supply chain (wholesaler, producer) put in charge and makes large decisions, usually most powerful member of supply chain, takes a lot of trust

113
Q

What is a horizontal marketing system?

A

Two or more companies at one level join together to follow a new marketing opportunity (subway in a walmart), goal is to match supply and demand

114
Q

What is marketing logisitcs?

A

Suppliers to (inbound logistics) company to (outbound logistics) resellers to customers (can be returned at any point in logistics chain

warehousing, inventory management, transportation

115
Q

What is disintermediation?

A

Eliminating marketing intermediaries from a channel

Radically new types of intermediaries that displace traditional ones

116
Q

Exam Question: A conventional marketing system is…

A

best way to distribute products, contains channel members who act as seperate profit making entities, is the same as vertical marketing system

117
Q

AMA statement of ethics

A

Marketers must do no harm

Marketers must foster trust in the marketing system

Marketers must embrace, communicate and practice the fundamental ethical values that will improve consumer confidence in the integrity of the marketing exchange system

118
Q

Honesty, an AMA ethical value, is

A

to be truthful and forthright in our dealings with customers and stakeholders

Checkmarks that helped shoppers easily identify smarter food and beverage choices were found to be misleading

119
Q

Responsibility, an AMA ethical value, is

A

To accept the consequences of our marketing decisions and strategies

When texting came out, texting while driving became an issue, apple added do not disturb

120
Q

Fairness, an AMA ethical value, is

A

To try to balance justly the needs of the buyer with the interests of the seller

121
Q

Respect, an AMA ethical value, is

A

To acknowledge the basic human dignity of all stakeholders

122
Q

Openness, an AMA ethical value, is

A

Create transparency in our marketing operations

123
Q

Citizenship, an AMA ethical value, is

A

To fulfill the economic, legal, philanthropic, and societal responsibilities that serve stakeholders in a strategic manner

124
Q

What are the 7 C’s of website design?

A

context
content
customization
communication
community
connection
commerce

125
Q
A

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