Mos 1021 test 3 Flashcards
1
Q
Psychological influences
A
pertain to the workings of the mind
individual processes that affect behaviors
include: motivation, self-concept, perception, learning, attitudes
2
Q
Motivation
A
energizing force that stimulates behavior to satisfy a need
starts with the identification of unmet needs
3
Q
Maslow’s Hierarchy of needs
A
people are motivated to meet needs
needs are classified in a hierarchy( certain needs take precedence over others)
largely subconscious
Maslow’s Hierarchy of needs(Psychological) - basic physical requirement for human survival
Universal
Maslow’s Hierarchy of needs(Safety)freedom from harm and fear
sense of security, stability, comfort
Maslow’s Hierarchy of needs(Social) - *need to connect with others and form meaningful relationships
Maslow’s Hierarchy of needs(Esteem) - *(lower) need for recognition from others
*(higher) need for positive self-image
Maslow’s Hierarchy of needs(Self-Actualization) - *need to reach full potential
desire for personal growth
expressed in differing ways
Suggest for socially responsible organization
Maslow’s Hierarchy of needs, Criticism - ★theory developed using restricted samples
needs are dynamic
need priorities differ across lifespan
need priorities differ across cultures
4
Q
Psychological Influences( Perception)
A
*process by which an individual selects, organizes, interprets, responds to information to create a meaningful picture of the world
Neuromarketing - *use of neuroimaging tools (e.g., fMRI) and physiological measures (e.g., eye tracking, heart rate) to understand consumer behaviour
examine brain and physiological responses to marketing stimuli
Consumer behavior can be predicted based on brain activity or psychological change
5
Q
Psychological Influences( Self-Concept)
A
collection of ideas and beliefs about oneself
-liable to change as we grow. Real Self, Self-Image, Looking-Glass Self, Ideal Self
6
Q
Coke vs Pepsi
A
*chemical compositions are very similar
blind taste tests show that most people don’t have the sensory ability to discriminate between the two
most have a strong preference for one vs. the other and perceive differences to exist
7
Q
Behavioral Learning
A
*behaviors as learned habits acquired through association between a stimulus and a response
Drive (condition that impels a person to act), Cues(stimulus that tells you how to respond), Response( reaction to cue), Reinforcement (evaluate the response, desired effect vs learning dilemma)
8
Q
Stimulus Generalization
A
*occurs when a learned response to one cue is evoked by another similar cue
increases with cue similarity
Relevant to introduction of new products and copycat brands
9
Q
Stimulus Discrimination
A
one’s ability to perceive differences among similar products or brands
brands use unique packaging and messaging in an effort to stand out
10
Q
Cognitive Learning
A
*Learning is immersive and active process
we acquire information through our senses
we store information and retrieve it through our own effort
we use rational thought to inform actions
Attitudes (Negative, Neutral, Positive) - (Beliefs) assumptions we believe to be true based on past experience and available information, (Values) principles, standards, or qualities that are held in high regard
11
Q
Socio-Cultural Influences
A
*influences that stem from one’s relationships with others
includes social influences and cultural influences
reference group - group of people with common interests who influence an individual’s attitudes and behaviors
12
Q
Consumer socialization
A
*socialization = process through which people are taught to be proficient members of a society
*consumer socialization = process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers
*Occurs through direct discussion and modeling/observing
*Peers more impactful in adolescent
13
Q
Family Life Cycle
A
*family’s progression from formation to retirement
each phase bringing distinct needs and purchasing behaviors
Bachelor - *personal appearance, basic furniture and kitchen appliances, Impulsive purchases
Newly Married - *financial stability, durable goods, vacations, gifts, Joint decision making
Full nest - numerous stages, home necessities, child needs, Savings(education,retirement)
Empty Nest -retirement, vacations and hobbies, Medical needs
Solidarity Survivor - *reduction in income, downgrade property, security, medical costs
14
Q
Culture
A
*set of values, ideas, and attitudes that are learned and shared among the members of a group
*consumers’ purchasing decisions are often aligned with their culture
15
Q
Individualistic Cultures(e,g U.S.A)
A
★prioritization of individual needs over group needs
key values: individuality, freedom, ambition
(reflected in promotional materials)
preference for products that express individual style and customization
Variety and choices are highly preferred
16
Q
Collectivist Cultures (e.g Japan)
A
★prioritization of group needs over individual needs
key values: cooperation, tradition, belongingness
(reflected in promotional materials)
More open to product recommendations from close others
Greater degree of brand loyalty
17
Q
Communication in Promotion: Welch’s Study (Briley & Aaker, 2006)
A
( Individualistic,Promotional, benefits gained) energized, great-tasting, fun to drink
(Collectivist, preventative, problems avoided) reduce risk of heart disease, avoid thirst
18
Q
need
A
A state of deprivation or
the absence of something
useful.
19
Q
motives
A
The conditions that
prompt the action necessary
to satisfy a need.
20
Q
hierarchy of needs
A
The classification of consumers’ needs is an ascending order from lower-level needs to higher-level needs
21
Q
Personality
A
Distinguishing psychological characteristics of a person that produce relatively consistent and enduring responses to the environment in which that person lives
22
Q
self-concept theory
A
self-concept theory States that
the self has four components:
real self, self-image, looking-glass self, and ideal self.
23
Q
attitudes
A
An individual ’s
feelings, favourable or
unfavourable, toward an idea
or object.
24
Q
perception
A
How individuals
receive and interpret
messages.
25
lifestyle
A person’s pattern of
living as expressed in his or
her activities, interests,
opinions, and values.
26
double targeting
Devising a
single marketing strategy for
both sexes
27
social class
The division of
people into ordered groups on
the basis of similar values,
lifestyles, and social history.
28
culture
Behaviour learned
from external sources that
infuences the formation of
value systems that hold strong
sway over every individual.
29
subculture
A subgroup of a
culture that has a distinctive
mode of behaviour.
30
Marketing
creating, communicating, and delivering goods or services to meet consumer and organizational objectives.
30
Introduction to Market Research
process of collecting and analyzing information in order to recommend actions to improve marketing activities
31
Market Research: Research Classification
Exploratory Research Descriptive Research Causal Research
32
Exploratory Research
preliminary research conducted to clarify the scope/nature of a marketing problem
33
Descriptive Research and Casual Research
Descriptive Research - research designed to describe basic characteristics of variables
Causal Research - research designed to identify cause-and-effect relationships among variables
34
The Market Research Process
problem awareness, exploratory research. Quantitative research, analyze and interpret, recommend and implement
35
Problem awareness
pinpoint challenge, issue, opportunity that needs further understanding * identify research objectives (clarify what the research process is trying to achieve)
36
Types of Data
Secondary Data - previously collected/compiled and available to researcher
Internal data source - available within the organization * e.g., sales reports, inventory analysis, marketing budgets
External data resources - available within the organization * e.g., sales reports, inventory analysis, marketing budgets
Primary Data - data are largely qualitative in nature * data collected by researcher to address specific objectives * specific but time-consuming
36
Exploratory Research
obtain richer information * identify key variables * inform research strategy
37
Primary Data: Focus Groups
-small group of participants with common characteristics(usually 8 to 10) * meet with a trained moderator * interactive discussion of predetermined topics (often recorded) , taxing on time and resources
38
Primary Data: Online Bulletin Boards
private online forums * participants log on at own convenience and respond to questions posed by researchers (usually 15-30=) * convenient and anonymous, may exclude participants who are not tech savvy.
39
Primary Data: Social Listening
monitor social media channels for mentions of your brand,
analyze/organize online conversation and information (metrics and analytics and social media sentiment)
40
Sample Design
population -all individuals making up a group of interest
sample -subset of individuals making up a group of interest (ideally representative)
sampling -process through which a subset of individuals is taken from a larger population
40
The Market Research Process: Quantitative Research
refine objectives to form research question
identification of hypotheses
collection of numerical data from larger samples using structured formats
41
Sampling
Probability sampling - * participants are randomly selected from the population * all participants have equal probability of being selected
Non-probability sampling - * participants are selected based on non-scientific criteria * participants do not have equal probability of being selected
42
Data Collection: Observational
obtained by watching how people behave either in person or by electronic means * multiple observers ideal * scoring system in place to track key behaviors * can observe product selection, product use, reaction to marketing strategy * natural or contrived settings
43
Data Collection: Survey
posing standardized questions to participants
In-person - non-verbal cues can be monitored, interviewer bias possible
Telephone - geographic flexibility, considered by some to be intrusive
Mail - low pressure, can lead to lengthy study
Online - * convenient and inexpensive, careless responding possible
44
Data Collection: Survey Panel
large sample of respondents (panel) that voluntarily complete questionnaires on a regular basis
can assess changes in behavior and attitudes
longitudinal data collection (versus cross-sectional)
Retention of respondents can be difficult
45
Data Collection: Experiments
assessing whether one variable(IV) has a causal effect on another variable(DV)
* participants are randomly assigned to a test group
* each test group receives a different treatment representing a level of the IV
* all participants are measured on the same DV
* DVs are compared across test groups
46
The Market Research Process: Analyze & Interpret
statistically analyze the collected data * synthesize and simplify * address the guiding hypothesis
47
The Market Research Process: Recommend & Implement
prepare a report to communicate the research findings * include recommendations that address the marketing problem and research objectives * continue to monitor
48
Segmentation & Targeting
* process of dividing potential customers into groups based on shared characteristics * groups composed of individuals who will respond similarly to marketing strategies and who have common needs * want to identify high yield segments
49
Demographic Segmentation
people grouped based on demographics
Age
ender
ethnic
background
religion
income
occupation
education
marital status
household formation
49
Geographic Segmentation
people grouped based on geographics
Country
province
city/town
region
population density (urban, suburban, rural)
climate zone (cold warmer)
50
Psychographic Segmentation
people grouped based on psychographics
personality traits
values
interests/hobbies
lifestyle
51
Behaviour Response Segmentation
people grouped based on behaviouristics
benefits sought
frequency of use
occasions for use
loyalty response
52
Target Market Profile
specific group of customers that marketers want to reach. Geographic, Demographic, Psychographic, Behaviourstic
53
Target Market Profile
Geographic - * international, urban living
Demographic - female, 18 and 45 years old, higher education
Psychographic - social responsibility, freshness
Behaviouristic - repurchasing , brand loyalty
54
Niche Marketing
a.k.a sub marketing, intended for a small subset of a larger segment with specific needs * often little competition * customers may be willing to pay more
55
Mass Marketing
a.k.a unidentified marketing/shotgun marketing, one marketing strategy intended to appeal to all customers * aiming to reach largest audience possible * building brand image and recognition
56
Individual Marketing
a.k.a direct segmentation, marketing strategy intended for a segment of one * deliver individualized messages and product offerings to customers * creates more personal relationship between customer and the brand
57
Product Positioning
impression of the product you want to establish in customers’ minds * clarification of how product/brand stands apart from competitors * emphasize the distinguishing features of product/brand
58
Positioning Statement
* clear, focused, concise * how you want your brand/product to be perceived * name, category, target market, benefits, differentiation
59
Positioning Map
* visual representation of the place that a product occupies within a category * axes represent two key attributes * product is plotted in relation to competitors * created on the basis of customer perceptions ( perception maps) * beneficial for identification of gaps in market, clarifying competition
60
reliability
Refers to similar
results being achieved if
another research study were
undertaken under similar
circumstances
61
validity
Refers to a research
procedure’s ability to actually
measure what it is intended to
measure
62
exploratory research
A preliminary form of research
that clarifes the nature of a
problem.
63
decision support system
(DSS)
An interactive
information system that
marketers can use to obtain
and manipulate information
that will assist them in the
decision-making process
64
funneling
Dividing a subject
into manageable variables so
that specifically directed
research can be conducted.
65
situation analysis
Collecting
information from
knowledgeable people inside
and outside the organization
and from secondary sources
66
Data that have
been compiled and published
for purposes other than that
of solving the specifc problem
under investigation
Data that have
been compiled and published
for purposes other than that
of solving the specifc problem
under investigation
67
online databases
A public
information database
accessible to anyone with
proper communications
facilities.
68
directory databases
A commercial database that
provides quick information
about a company (e.g., size,
sales, location, and number of
employees).
69
primary research
Data
collected and recorded for the
frst time to resolve a specifc
problem.
70
research objectives
Statements that outline what
the research is to accomplish.
71
sample
A representative
portion of an entire
population used to obtain
information about that
population.
72
population
A group of people
with certain age, gender, or
other demographic
characteristics.
73
fixed-response questioning
Questionnaire used for a large
sample that contains
predetermined questions and
a choice of answers that are
easily flled in by the
respondent or interviewer.
73
sampling
A listing that
can be used for reaching a
population
74
ethnographic research
The
study of human behaviour in
a natural setting.
74
structured survey
Follows a
planned format: screening
questions at the beginning,
central-issue questions in the
middle, and classifcation
questions at the end.
74
unstructured survey
Gives
researcher some leeway in
determining how the questions
are asked; questions may be of
an open-ended nature.
75
concept test
The presentation
of a product idea in some
visual form, with a
description of the basic
product characteristics and
benefts, in order to get
customers’ reactions to it.
76
experimental research
Research in which one or
more factors are manipulated
under controlled conditions,
while other elements remain
constant, so that respondents’
reactions can be evaluated.
77
test marketing
Placing a
product for sale in one or
more representative markets
to observe performance under
a proposed marketing plan.
78
editing
In marketing research,
a stage when completed
questionnaires are reviewed
for consistency and
completeness.
79
data transfer
A process
whereby data from a marketing
research questionnaire are
transferred to a computer.
80
market segmentation
The
division of a large market
(mass market) into smaller
homogeneous markets
(targets) on the basis of
common needs and/or similar
lifestyles
81
direct segmentation
(or one-to-one marketing or
individual marketing) A
situation in which unique
marketing programs are
designed specifcally to meet
the needs and preferences of
individual customers.
82
behavioral targeting
A database-driven marketing
system that tracks a
consumer ’s behaviour to
determine his or her interests
and then serves ads to that
person relevant to those
interests.
83
geo-targeting
The practice of
customizing an advertisement
for a product or service to a
specifc market based on the
geographic location of
potential buyers.
84
location-based targeting
An, effort to integrate consumers’
location information into a
marketing strategy.
85
mass customization
The creation of systems that can
produce products and
personalize messages to a
target audience of one.
86
brand democratization
A
situation in which the customer
can interact with a brand,
giving the customer some
control over the marketing of a
brand (as in online user-generated content).
87
demographic segmentation
The division of a large market
into smaller segments based
on combinations of age,
gender, income, occupation,
education, marital status,
household formation, and
ethnic background
88
psychographic segmentation
Market segmentation based
on the activities, interests, and
opinions of consumers.
89
geographic segmentation
The
division of a large geographic
market into smaller geographic
or regional units.
90
geodemographic segmentation
The isolation of dwelling areas
through a combination of
geographic and demographic
information, based on the
assumption that people seek
out residential neighbourhoods
in which to cluster with their
lifestyle peers.
91
micro-marketing
The
development of marketing
strategies on a regional or
local basis, giving
consideration to the unique
needs of a small group of
highly targeted customers.
92
behaviour response
segmentation
The division of
buyers into groups according
to their occasions for use of a
product, the benefts they
require in a product, the
frequency with which they
use the product, and their
degree of brand loyalty.
93
positioning
Designing and marketing a product to meet the needs of a target market, and creating the appropriate appeals to make the product stand out from the competition in the minds of the customer
94
head-on positioning
A marketing strategy in which
one brand is presented as an
equal or better alternative to a
competing brand.
95
repositioning
Changing the place a product occupies in
the consumer ’s mind, relative
to competitive products.
96
Product, what is it
good(physical/virtual item capable of being delivered by a purchaser) or service(actions or activities resulting, ina measurable change of sales for the purchaser caused by the provider) that is characterized by tangible (physical characteristics that are discernible by the service, color, taste, smell) and intangible ( symbolic or subjective characteristics, eg. stylish, reliable, comfortable) attributes
97
Durable goods
Non-Durable
Durable goods( lasts over an extended number of uses, purchased in frequently.
Non-Durable (consumed in one or a few issues, repurchased frequently)
98
Price, what is it?
money or other something of value exchanged for the ownership or use of a product
Approaches: Demand oriented- reflected customer demand
Competition oriented - adjust its relation to competitions
Cost oriented - offset production and distribution costs
Profit oriented - make maximum profit
98
Types of products (effort put into purchase, frequency of the purchase) :
Convenience - widely available, inexpensive, purchased frequently, minimal shopping effort, for marketers : packaging, price, availability
Shopping - located in fewer outlets, moderately priced, purchased less frequently, evaluation of alternatives, for marketers: effective messaging, and promotion
Specialty - limited sellers, expensive, purchased rarely, deliberately sought out (brand comparison), for marketers: quality, brand status
Unsought - unknown to customer or not of interest to customer, delay of benefits, for marketers : extensive promotion ( awareness, value, counter negative attitudes)
98
The product mix :
product mix - -total range of products offered for sale by a company, combination of product lines
Product line - -group of similar or related products, marketed under single brand name, offered by the same company
98
Demand Oriented ( Penetration Pricing)
*set a low initial price on a product, then increase the price over time
*typical for mass market products with wide appeal
*generates interest
*Attracts customers from competitors
*May not retain customers
99
Demand Oriented (Skimming)
set the highest initial price that consumers desiring the product are willing to pay, lower the price once demand of these consumers are satisfied
*generates revenue early
*creates perception of high quality
*Can encourage entry of competitors
100
Demand Oriented (Prestige Pricing)
*product price is set high and remains high
*effective for products intended to be status symbols
*creates perception of high quality
*High profile
*Potential for limited customer base
101
Prestige Pricing: Neuromarketing (Plassman et al., 2008)
fMRI scan of brain activity as participants consumed wine
When consuming higher-priced wine:
*higher ratings of enjoyment
*greater activity in regions of brain association with pleasure
*Price capable of changing people's experience with a product
102
Demand Oriented (Odd-Even Pricing)
*set prices a few dollars or cents under a target price
*creates the illusion of a bargain
*promotes impulse and higher-volume purchases
*product may be perceived as being of lower quality
*Pricing can be seen as manipulative
103
Competition Oriented (Below- Market Pricing)
*setting a price lower than that of competitors
*attracts price-conscious shoppers
*allows for larger sales volumes
*Product may be perceived as being of lower quality
104
Competition Oriented (Loss Leader Pricing)
subset or products are priced below cost to stimulate the sales of other profitable goods
*helps to draw traffic away from competitors
*helps to build a customer base
*can attract “cherry picking” buyers
*Can be short term (e.g, Black Friday) or long term (e.g kids meals)
105
Retailing Utility
usefulness of the value provided by a retailer
Place - *making products easily accessible to potential customers *includes: convenient store locations, Numerous purchasing locations, discoverability online
Possession - *increasing ease of ownership *includes: payment plans, numerous payment options
Form - *degree to which product design meets customer needs *includes: customized products, product alterations, wider selection
Time - *making products available when customers need them. includes: extended hours, fast delivery, seasonal items year-around
105
Place: Retailing
sales of product from a point of purchase, directly to a customer who intended to use that product
106
Retailer Classification
categorizing retailers on basis of ownership
Independent Retailer -*owned by individual, family, partnership, owners responsible for decision-making, 1-3 locations, higher prices
Corporate Chain - *multiple outlets under common ownership, largely centralized control, lower prices, larger inventory
Contractual system- *agreement between an individual and a business to operate an outlet, greater independence
107
Promotion, what is it?
communication or activity intended to persuade target
market of the merits of a given product
-intended to generate interest, encourage sales, improves brand image
108
Consumer Promotion -
*provides short-term incentives to generate interest in a product
*A.k.a sales promotion
*Includes: coupons, contests, rebates
*encourages immediate purchase
*promotes word-of-mouth marketing
may result in lower revenue
109
Public Relation
activities meant to build and maintain a positive image for a products, brand, or organization
*includes: press release, press conference, content on websites/social media platforms
*reflects a form of earned media (unpaid content generated about a product, brand pr organization)
*messaging can be seen as more objective and trustworthy
*limited control of messaging
110
Experiential Marketing
*create an interactive experience between customers and a product/brand
*consumers not viewed as passive message recipients
*can create emotional connection to product/brand
*A.k.a engagement marketing
*Taxing on time and resources
111
Advertising
*paid form of media used to communicate to consumers about a product/brand
*includes: billboards, print advertisements, television commercials, radio commercials, online advertisements
*controlled messaging
*Can be seen as a nuisance( negative impact on attitudes)
112
Shock Appeals in Advertising
*words, images, and/or actions intended to deliberately startles and offend
*may contain controversial, disturbing, provocative
*intended to capture attention
*may have a negative impact on brand image
113
Dahl et al. (2003)
*role of shock appeals in the promotion of health behaviors. shock , fear, information,
*write down descriptions of posters you remembered seeing
*identify which poster captured your attention the most
*indicate which posters you saw from a list of options
114
Sexual Appeals in Advertising
*words, images, and/or actions intended to deliver a message designed to evoke sexual thoughts, feelings, and/or arousal in a target audience
*may be explicit or subtle
*may be related or unrelated to product
*appear to attract consumer attention
*Appears to distract from processing of advertised message
115
Meta-Analysis: Wirtz et al. (2017)
*over 17,000 participants from 78 studies
*sexual appeals had no significant effect on: brand recognition, brand recall, intention to purchase. Sexual appeals resulted to more negative attitude towards a brand
116
total product concept
The package of benefits a buyer receives when he or she purchases a product
117
product line
A grouping of
product items that have major
attributes in common but that
may difer in size, function,
or style.
product line width - Number
of lines in the mix.
product line depth - Number
of items in the line
118
Types of Goods
consumer goods - Products and services ultimately purchased for personal use.
industrial (business) goods - Products and services purchased to be used directly or indirectly in the production of other goods for resale.
convenience goods -Those goods that consumers purchase frequently, with a minimum of effort and evaluation.
Shopping goods - Goods that the consumer compares on such bases as quality, price, suitability, and style before making a selection.
Specialty goods - Goods that consumers will make an effort to find and purchase because the goods possess some unique or important
characteristic.
119
capital items
Expensive goods with a long life span that are used in the production of another good or service.
120
installations
Major capital items used directly in the production of another product
121
accessory equipment
Items, such as computers and power tools, that facilitate an
organization’s operations
122
Materials
parts and materials- Less expensive goods that directly enter a manufacturer ’s production process.
raw materials -Farm goods and other materials derived directly from natural resources.
processed materials- Materials that are used in the production of another product but that are not readily identifiable with the product.
123
component parts
Goods that are used in the production of
another product but do not
change form as a result of the
manufacturing process.
124
supplies
Standardized products that are routinely
purchased with a minimum of effort
125
Brands/Brand Names, Trademarks/Patents
brand name - That part of a brand that can be vocalized.
brandmark (logo) - That part of a brand identified by a symbol or design.
trademarks -That part of a brand granted legal protection so that only the owner can use it.
patent -A provision that gives a manufacturer the sole right to develop and market a new product, process, or material.
licensed brand - Occurs when a brand name or trademark is used by a licensee.
cult brand- A brand that captures the imagination of a small group of devotees who then spread the word, make converts, and help turn a
fringe product into a mainstream name
126
individual brand strategy
The identification of each product in a company’s product mix with its own name.
127
multibrand strateg
The use of a different brand name for each item a company offers in the same product category.
128
family brand
The use of the same brand name for a group of related products.
129
co-branding
Occurs when a company uses the equity in another brand name to help market its own brand-name product or service (two brand names on a product); also applies to two organizations shares common facilities for marketing purposes (e.g., two restaurants in one location).
130
generic brand
A product without a brand name or identifying features
131
private-label brand
A brand produced to the specifications of the distributor, usually by national brand manufacturers that make similar products under their own brand names—also called a store brand
132
sweepstakes
A type of contest in which large prizes, such as cash, cars, homes, and vacations, are given away to randomly selected participants.
133
game (instant-win contest)
Promotion vehicle that includes a number of predetermined, pre-seeded winning tickets in the overall, fixed universe of tickets. Packages containing winning certificates are redeemed for prizes
134
premium
An item offered for free or at a bargain price to customers who buy another specific item or make a minimum purchase
135
loyalty (frequent buyer)
program
Offers the consumer a small bonus, such as points or “play money,” when they make a purchase; the bonus accumulates with each new purchase.
136
delayed-payment incentive promotion
Incentive promotion allowing the consumer a grace period during which no interest or principal is paid for the item purchased.
137
publicity
News about a person, product, idea, or service that appears in the print or broadcast media
138
product seeding
Placing a new product with a group of trendsetters who in turn influence others to purchase the product.
139
word-of-mouth marketing
Recommendations by satisfied consumers to prospective consumers about a good or service
140
press
press release -A document prepared by an organization containing public relations information that is sent to the media for publication or broadcast.
press kit - The assembly of relevant public relations information into a package (e.g., press releases, photographs, schedules) that is distributed to the media for publication or broadcast.
press conference -A gathering of news reporters invited to a location to witness the release of important information.
141
experiential marketing
A type of marketing that creates awareness for a product by having the customer interact directly with the product (e.g., distributing free samples of a product at street level).
142
event marketing
The design and development of a live “themed” activity, occasion, display, or exhibit that promotes a product, cause, or organization
143
event sponsorship
A situation in which a sponsor agrees to support an event financially
in return for advertising privileges associated with the event.
144
THE STEPS IN THE SELLING PROCESS
prospecting -A systematic procedure for developing sales leads.
referral -Occurs when a salesperson secures names of potential customers from satisfied customers and makes an initial contact by telephone to arrange a time for a face-to-face meeting.
pre-approach- Gathering information about potential customers before actually making sales contact.
approach -The initial contact with a prospect, usually a face-to-face selling encounter.
presentation -The persuasive delivery and demonstration of a product’s benefits.
145
demonstration
An opportunity to show a product in action; it helps substantiate the claims that the salesperson is making.
146
objection
An obstacle that the salesperson must confront and resolve if the sales transaction is to be completed.
147
closing
The point in the sales presentation when the seller asks for the order.
148
trial
close An attempt to close that failed
149
follow-up
An activity that keeps salespeople in touch with customers after the sale has been made to ensure that the customer is satisfied.
