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Mos 1023A exam > Mos 1021 test 3 > Flashcards

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

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2
Q

Motivation

A

energizing force that stimulates behavior to satisfy a need
starts with the identification of unmet needs

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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

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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

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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

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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

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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)

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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18
Q

need

A

A state of deprivation or
the absence of something
useful.

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19
Q

motives

A

The conditions that
prompt the action necessary
to satisfy a need.

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20
Q

hierarchy of needs

A

The classification of consumers’ needs is an ascending order from lower-level needs to higher-level needs

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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

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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.

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23
Q

attitudes

A

An individual ’s
feelings, favourable or
unfavourable, toward an idea
or object.

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24
Q

perception

A

How individuals
receive and interpret
messages.

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25
Q

lifestyle

A

A person’s pattern of
living as expressed in his or
her activities, interests,
opinions, and values.

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26
Q

double targeting

A

Devising a
single marketing strategy for
both sexes

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27
Q

social class

A

The division of
people into ordered groups on
the basis of similar values,
lifestyles, and social history.

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28
Q

culture

A

Behaviour learned
from external sources that
infuences the formation of
value systems that hold strong
sway over every individual.

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29
Q

subculture

A

A subgroup of a
culture that has a distinctive
mode of behaviour.

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30
Q

Marketing

A

creating, communicating, and delivering goods or services to meet consumer and organizational objectives.

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30
Q

Introduction to Market Research

A

process of collecting and analyzing information in order to recommend actions to improve marketing activities

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31
Q

Market Research: Research Classification

A

Exploratory Research Descriptive Research Causal Research

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32
Q

Exploratory Research

A

preliminary research conducted to clarify the scope/nature of a marketing problem

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33
Q

Descriptive Research and Casual Research

A

Descriptive Research - research designed to describe basic characteristics of variables
Causal Research - research designed to identify cause-and-effect relationships among variables

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34
Q

The Market Research Process

A

problem awareness, exploratory research. Quantitative research, analyze and interpret, recommend and implement

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35
Q

Problem awareness

A

pinpoint challenge, issue, opportunity that needs further understanding * identify research objectives (clarify what the research process is trying to achieve)

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36
Q

Types of Data

A

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

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36
Q

Exploratory Research

A

obtain richer information * identify key variables * inform research strategy

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37
Q

Primary Data: Focus Groups

A

-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

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38
Q

Primary Data: Online Bulletin Boards

A

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.

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39
Q

Primary Data: Social Listening

A

monitor social media channels for mentions of your brand,
analyze/organize online conversation and information (metrics and analytics and social media sentiment)

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40
Q

Sample Design

A

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

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40
Q

The Market Research Process: Quantitative Research

A

refine objectives to form research question
identification of hypotheses
collection of numerical data from larger samples using structured formats

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41
Q

Sampling

A

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

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42
Q

Data Collection: Observational

A

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

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43
Q

Data Collection: Survey

A

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

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44
Q

Data Collection: Survey Panel

A

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

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45
Q

Data Collection: Experiments

A

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

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46
Q

The Market Research Process: Analyze & Interpret

A

statistically analyze the collected data * synthesize and simplify * address the guiding hypothesis

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47
Q

The Market Research Process: Recommend & Implement

A

prepare a report to communicate the research findings * include recommendations that address the marketing problem and research objectives * continue to monitor

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48
Q

Segmentation & Targeting

A
  • 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
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49
Q

Demographic Segmentation

A

people grouped based on demographics
Age
ender
ethnic
background
religion
income
occupation
education
marital status
household formation

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49
Q

Geographic Segmentation

A

people grouped based on geographics
Country
province
city/town
region
population density (urban, suburban, rural)
climate zone (cold warmer)

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50
Q

Psychographic Segmentation

A

people grouped based on psychographics
personality traits
values
interests/hobbies
lifestyle

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51
Q

Behaviour Response Segmentation

A

people grouped based on behaviouristics
benefits sought
frequency of use
occasions for use
loyalty response

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52
Q

Target Market Profile

A

specific group of customers that marketers want to reach. Geographic, Demographic, Psychographic, Behaviourstic

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53
Q

Target Market Profile

A

Geographic - * international, urban living
Demographic - female, 18 and 45 years old, higher education
Psychographic - social responsibility, freshness
Behaviouristic - repurchasing , brand loyalty

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54
Q

Niche Marketing

A

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

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55
Q

Mass Marketing

A

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

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56
Q

Individual Marketing

A

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

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57
Q

Product Positioning

A

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

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58
Q

Positioning Statement

A
  • clear, focused, concise * how you want your brand/product to be perceived * name, category, target market, benefits, differentiation
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59
Q

Positioning Map

A
  • 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
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60
Q

reliability

A

Refers to similar
results being achieved if
another research study were
undertaken under similar
circumstances

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61
Q

validity

A

Refers to a research
procedure’s ability to actually
measure what it is intended to
measure

62
Q

exploratory research

A

A preliminary form of research
that clarifes the nature of a
problem.

63
Q

decision support system
(DSS)

A

An interactive
information system that
marketers can use to obtain
and manipulate information
that will assist them in the
decision-making process

64
Q

funneling

A

Dividing a subject
into manageable variables so
that specifically directed
research can be conducted.

65
Q

situation analysis

A

Collecting
information from
knowledgeable people inside
and outside the organization
and from secondary sources

66
Q

Data that have
been compiled and published
for purposes other than that
of solving the specifc problem
under investigation

A

Data that have
been compiled and published
for purposes other than that
of solving the specifc problem
under investigation

67
Q

online databases

A

A public
information database
accessible to anyone with
proper communications
facilities.

68
Q

directory databases

A

A commercial database that
provides quick information
about a company (e.g., size,
sales, location, and number of
employees).

69
Q

primary research

A

Data
collected and recorded for the
frst time to resolve a specifc
problem.

70
Q

research objectives

A

Statements that outline what
the research is to accomplish.

71
Q

sample

A

A representative
portion of an entire
population used to obtain
information about that
population.

72
Q

population

A

A group of people
with certain age, gender, or
other demographic
characteristics.

73
Q

fixed-response questioning

A

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
Q

sampling

A

A listing that
can be used for reaching a
population

74
Q

ethnographic research

A

The
study of human behaviour in
a natural setting.

74
Q

structured survey

A

Follows a
planned format: screening
questions at the beginning,
central-issue questions in the
middle, and classifcation
questions at the end.

74
Q

unstructured survey

A

Gives
researcher some leeway in
determining how the questions
are asked; questions may be of
an open-ended nature.

75
Q

concept test

A

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
Q

experimental research

A

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
Q

test marketing

A

Placing a
product for sale in one or
more representative markets
to observe performance under
a proposed marketing plan.

78
Q

editing

A

In marketing research,
a stage when completed
questionnaires are reviewed
for consistency and
completeness.

79
Q

data transfer

A

A process
whereby data from a marketing
research questionnaire are
transferred to a computer.

80
Q

market segmentation

A

The
division of a large market
(mass market) into smaller
homogeneous markets
(targets) on the basis of
common needs and/or similar
lifestyles

81
Q

direct segmentation

A

(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
Q

behavioral targeting

A

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
Q

geo-targeting

A

The practice of
customizing an advertisement
for a product or service to a
specifc market based on the
geographic location of
potential buyers.

84
Q

location-based targeting

A

An, effort to integrate consumers’
location information into a
marketing strategy.

85
Q

mass customization

A

The creation of systems that can
produce products and
personalize messages to a
target audience of one.

86
Q

brand democratization

A

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
Q

demographic segmentation

A

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
Q

psychographic segmentation

A

Market segmentation based
on the activities, interests, and
opinions of consumers.

89
Q

geographic segmentation

A

The
division of a large geographic
market into smaller geographic
or regional units.

90
Q

geodemographic segmentation

A

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
Q

micro-marketing

A

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
Q

behaviour response
segmentation

A

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
Q

positioning

A

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
Q

head-on positioning

A

A marketing strategy in which
one brand is presented as an
equal or better alternative to a
competing brand.

95
Q

repositioning

A

Changing the place a product occupies in
the consumer ’s mind, relative
to competitive products.

96
Q

Product, what is it

A

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
Q

Durable goods
Non-Durable

A

Durable goods( lasts over an extended number of uses, purchased in frequently.
Non-Durable (consumed in one or a few issues, repurchased frequently)

98
Q

Price, what is it?

A

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
Q

Types of products (effort put into purchase, frequency of the purchase) :

A

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
Q

The product mix :

A

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
Q

Demand Oriented ( Penetration Pricing)

A

*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
Q

Demand Oriented (Skimming)

A

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
Q

Demand Oriented (Prestige Pricing)

A

*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
Q

Prestige Pricing: Neuromarketing (Plassman et al., 2008)

A

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
Q

Demand Oriented (Odd-Even Pricing)

A

*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
Q

Competition Oriented (Below- Market Pricing)

A

*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
Q

Competition Oriented (Loss Leader Pricing)

A

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
Q

Retailing Utility

A

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
Q

Place: Retailing

A

sales of product from a point of purchase, directly to a customer who intended to use that product

106
Q

Retailer Classification

A

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
Q

Promotion, what is it?

A

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
Q

Consumer Promotion -

A

*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
Q

Public Relation

A

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
Q

Experiential Marketing

A

*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
Q

Advertising

A

*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
Q

Shock Appeals in Advertising

A

*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
Q

Dahl et al. (2003)

A

*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
Q

Sexual Appeals in Advertising

A

*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
Q

Meta-Analysis: Wirtz et al. (2017)

A

*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
Q

total product concept

A

The package of benefits a buyer receives when he or she purchases a product

117
Q

product line

A

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
Q

Types of Goods

A

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
Q

capital items

A

Expensive goods with a long life span that are used in the production of another good or service.

120
Q

installations

A

Major capital items used directly in the production of another product

121
Q

accessory equipment

A

Items, such as computers and power tools, that facilitate an
organization’s operations

122
Q

Materials

A

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
Q

component parts

A

Goods that are used in the production of
another product but do not
change form as a result of the
manufacturing process.

124
Q

supplies

A

Standardized products that are routinely
purchased with a minimum of effort

125
Q

Brands/Brand Names, Trademarks/Patents

A

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
Q

individual brand strategy

A

The identification of each product in a company’s product mix with its own name.

127
Q

multibrand strateg

A

The use of a different brand name for each item a company offers in the same product category.

128
Q

family brand

A

The use of the same brand name for a group of related products.

129
Q

co-branding

A

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
Q

generic brand

A

A product without a brand name or identifying features

131
Q

private-label brand

A

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
Q

sweepstakes

A

A type of contest in which large prizes, such as cash, cars, homes, and vacations, are given away to randomly selected participants.

133
Q

game (instant-win contest)

A

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
Q

premium

A

An item offered for free or at a bargain price to customers who buy another specific item or make a minimum purchase

135
Q

loyalty (frequent buyer)
program

A

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
Q

delayed-payment incentive promotion

A

Incentive promotion allowing the consumer a grace period during which no interest or principal is paid for the item purchased.

137
Q

publicity

A

News about a person, product, idea, or service that appears in the print or broadcast media

138
Q

product seeding

A

Placing a new product with a group of trendsetters who in turn influence others to purchase the product.

139
Q

word-of-mouth marketing

A

Recommendations by satisfied consumers to prospective consumers about a good or service

140
Q

press

A

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
Q

experiential marketing

A

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
Q

event marketing

A

The design and development of a live “themed” activity, occasion, display, or exhibit that promotes a product, cause, or organization

143
Q

event sponsorship

A

A situation in which a sponsor agrees to support an event financially
in return for advertising privileges associated with the event.

144
Q

THE STEPS IN THE SELLING PROCESS

A

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
Q

demonstration

A

An opportunity to show a product in action; it helps substantiate the claims that the salesperson is making.

146
Q

objection

A

An obstacle that the salesperson must confront and resolve if the sales transaction is to be completed.

147
Q

closing

A

The point in the sales presentation when the seller asks for the order.

148
Q

trial

A

close An attempt to close that failed

149
Q

follow-up

A

An activity that keeps salespeople in touch with customers after the sale has been made to ensure that the customer is satisfied.

Mos 1023A exam (11 decks)

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