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Marketing > Promotion (9.1, 9.2, 10.1, 10.2) > Flashcards

Promotion (9.1, 9.2, 10.1, 10.2) Flashcards

1
Q

Promotion

A

Using all elements of the 4ps to communicate with customers

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2
Q

4 Parts of Promotion (IRPB)

A

Inform, Remind, Persuade, Build Relationships

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3
Q

Integrated Marketing Communications (IMC)

A

A Promotional communications strategy should coordinate diverse forms of marketing to deliver a consistent message

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4
Q

The One to many Advertising Model

A

Advertising, Sales, PR

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5
Q

One to one model

A

Database marketing, direct marketing, personal selling

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6
Q

Many to Many Model

A

Buzz Building, Social media

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7
Q

5 Elements of Promotional Mix

A

Advertising
Sales Promotion
Personal Selling
PR
Direct Marketing

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8
Q

IMC Step 1

A

Identify Target Audience

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9
Q

IMC Step 2

A

Establish Communication Objectives
- Create Awareness
- Inform market
- Create Desire
- Encourage trial
-Build Loyalty

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10
Q

IMC Step 3

A

Determine and allocate budget

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11
Q

Top-Down budgeting techniques

A

Management decides on how much (focused on sales)

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12
Q

Bottom-up budgeting techniques

A

Management identifies promotional goals first

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13
Q

Push Strategy

A

Push product through retailers

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14
Q

Pull Strategy

A

Pull consumers to product and convinces retailers to invest

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15
Q

IMC Step 4

A

Designing the promotional Mix

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16
Q

IMC Step 5

A

Evaluate the effectiveness of the plan

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17
Q

Developing an AD campaign

A

Understand target market
Establish

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18
Q

3 typed of Digital Media Advertising

A

Owned (Socials run by the company) ,
Paid (Ads on websites),
Earned (Other people posting)

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19
Q

Branded entertainment

A

Putting and hiding brands in entertainment

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20
Q

Native Advertising

A

Trying to make ad not look like an ad

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21
Q

Pro active PR

A

Part of a plan

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22
Q

Reactive PR

A

Responding

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23
Q

Merchandising allowance

A

Reimbursing retailer for in store support

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24
Q

Case Allowance

A

Discounts for retailers based on volume

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25
Q

Issues with Price Breaks

A

Forward buying - Retailers only buy during discounted promotional offers

Diverting -Retailers selling extra stack to other retaielrs

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26
Q

Sales Promotions towards customer downsides

A

Too many promotions may hurt brand image

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27
Q

Personal Selling (Push)

A

advertising for retailers (large order or highly technical)

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28
Q

Transactional Selling

A

Short term relationships with customer often making them feel manipulated

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29
Q

Relationship Selling

A

Long-term to maintain a relationship

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30
Q

Price Elasticity of demand

A

Percentage change in demand over price

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31
Q

Elastic

A

Change in price will hurt demand

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32
Q

Inelastic

A

Change in price wont hurt demand r

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33
Q

Average Fixed costs

A

More items you produce will lower this average fixed costs

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34
Q

Break even anaylsis

A

Produce enough to cover costs

35
Q

Cost Based price

A

Setting a price to generate profit

36
Q

Demand Based Price

A

Find a pleasing pricce and considering how much retailers will mark up

37
Q

Yield Management pricing

A

Different price for different people

38
Q

Competition based pricing

A

Near the industry standard

39
Q

Needs based pricing

A

everyday low pricing with no promos

40
Q

Skimming pricing

A

Starting with high prices and slowley dropping

-apple

41
Q

Penetration Pricing

A

Low price to dominate the market

42
Q

Trial Pricing

A

Low price so consumers try the product

43
Q

Price segmentation

A

Student discounts

44
Q

Payment Pricing

A

Monthly installments to make more accessible

45
Q

Price bundling

A

Putting together products and maik9ng them cheaper

46
Q

Captive pricing

A

Selling products that only work together

47
Q

Distribution based pricing

A

Depending on costs of transport

48
Q

Discounting for channel members

A

Quanitity discount, cash discount, seasonal discounts

49
Q

Internal reference price

A

Customers ideal price range for a product

50
Q

Assimilation

A

Customer will buy cheaper product if next to a more expensive

51
Q

Contrast effect

A

Customer will buy more expensive product if next to a cheaper

52
Q

Price lining

A

Iphone tiers

53
Q

Prestige pricing

A

Artificially high

54
Q

Disintermediation

A

Reducing layers of intermediation (Online

55
Q

Independant Wholesale intermedieries

A

Manufacturer to retail

56
Q

Full service merchant whole salers

A

transport included

57
Q

Rack Jobber

A

Supply retailers with specialty items and often restock

58
Q

Merchandise agents and brokers

A

Selling agent to help with the process

59
Q

Direct to consumer pros/cons

A

+ price is set by you
- a lot to manage

60
Q

Indirect to consumer pros/cons

A

+ Efficiency to target market
+ includes delivery to customer
+ increases market coverage

61
Q

B2B

A

Large orders

62
Q

Dual Channel

A

Most common

63
Q

Step 1 Distribution strat

A

Objectives

64
Q

Step 2 Distribution strat

A

Evaluate external/ Internal

65
Q

Step 3 Distribution strat

A

Choose a distribution strat

66
Q

Conventional distribution strat

A

Manufactuer -> Wholesale -> Retail -> consumer

67
Q

Vertical Marketing system

A

Same but manufacturing, wholesale, and retail are 1

68
Q

Administered VMS

A

Big brands being powerful and controlling among retailers

OR Big retailers being powerful and controlling product in store

69
Q

Corperate VMS

A

Single firm owning manufacturer, wholesale, and retailing

70
Q

Contractual VMS

A

Wholesale sponsor cooperating with retailer

Group of retailers creating a wholesale operation

71
Q

Franchise VMS

A

Finding entrepreneurs to take over

72
Q

Horizontal Marketing System

A

Star alliance

73
Q

Intensive distribution

A

Maximizing market coverage by selling everywhere

74
Q

Exclusive distribution

A

Luxury stores at specific places

75
Q

Selective Distribution

A

Mix of exclusive and intensive for investment goods

76
Q

Selecting channel partners based on…

A

Will they contribute to profit?
how much controll you need?
How much service does the customer want?
What are competitors doing?

77
Q

Wheel of retailing hypothesis

A

Vulnerability (high prices great service)

Entry Phase (Low margin no services)

Trading up phase (Moderate prices some services

78
Q

When does the wheel not apply?

A

Luxury stores, Recession,

79
Q

Intangibility of services

A

Reveiws, certificates

80
Q

Perishability of services

A

Impossible to store for later consumption (encourage demand during low periods )

81
Q

Inseperibility Services

A

Employee and customer must be connected

82
Q

The service encounter

A

Social and physical

83
Q

SERVQUAL

A

angibles, reliability,
responsiveness, assurance, empathy

Marketing (8 decks)

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