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intro to business II > chapter 5 > Flashcards

chapter 5 Flashcards

1
Q

what is promotion?

A

telling people about your product or service

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2
Q

what is integrated marketing communications (IMC)?

A

coordinating all of the promotional efforts so they give one unified effort

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3
Q

what is promotional mix?

A

the mix of personal and non personal selling that your doing

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4
Q

what is personal selling?

A

face to face interaction to sell you a good or service

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5
Q

what is an example of personal selling?

A

door to door sales or retail

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6
Q

what is non personal selling?

A

ways to sell you a product that is not face to face

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7
Q

what are the 4 ways of non personal selling?

A

advertising
sales promotions
publicity
direct marketing

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8
Q

what is advertising?

A

paid non personal communication that comes from the company that is usually targeted at large numbers of potential buyers

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9
Q

are social media influencers that are paid by the company, are they considered advertising or publicity?

A

they are considered advertising if they are paid by the company to promote their product

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10
Q

what is product advertising?

A

messages that are used to promote a certain product to you

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11
Q

what is institutional advertising?

A

ads that are used to promote an institution, company or idea to you

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12
Q

what is informative advertising?

A

advertising that is typically used to promote new products and to describe, what they are, how it works and why you need it

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13
Q

what is persuasive advertising?

A

ads that try to convince you to buy their product instead of a competitors product

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14
Q

what is comparative advertising?

A

ads that convince you to buy their product instead of the competitors product but they make specific brand comparisons

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15
Q

what is reminder oriented advertising?

A

ads that are just wanting to maintain awareness for their product

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16
Q

what stage of the product life cycle is reminder oriented advertising done?

A

in the maturity or sales decline stage

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17
Q

where is majority of the advertising done?

A

online or on TV

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18
Q

what are the 7 types of advertising?

A

digital
television
newspapers
radio
magazines
direct mail
outdoor advertising

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19
Q

what are sales promotions?

A

short term incentives to get you to try a product

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20
Q

what are some examples of sales promotion?

A

discounts
promotional products
licensing
samples
loyalty programs
contests/ sweepstakes
coupons
event marketing
point of purchase displays
sponsorships
specialty advertising
flash advertising

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21
Q

what are 3 types of consumer orientated promotions?

A

premiums, coupons, rebates, samples
games, contests, sweepstakes
specialty advertising

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22
Q

how do premiums, coupons, rebates and samples get people to buy products?

A

free/ reduced price premiums are likely to get consumers thinking and caring about a product

coupons attract new customers

rebates increase purchase prices

3 of every 4 consumers who receive a sample will try the product

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23
Q

how do games, contests and sweepstakes get people to buy products?

A

they offer introduction to new products

offer cash, merchandise or travel as prizes

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24
Q

how does specialty advertising get people to buy products?

A

promotional items that prominently display a firms name, logo or business slogan

25
Q

why does face to face selling get people to buy products?

A

many companies consider personal selling the key to marketing effectiveness

a seller matches a firms goods or services to the needs of a particular client or customer

26
Q

what are the 7 steps of selling?

A

1) prospecting & qualifying
2) approach
3) presentation
4) demonstration
5) handeling objections
6) closing
7) follow-up

27
Q

what does a good salesperson vary the sales process based on?

A

the customers needs and responses

28
Q

what is prospecting in sales?

A

finding customers to sell your product to

29
Q

what is qualifying in sales?

A

finding out if the customer has the financial ability to buy their product

30
Q

what is approaching in sales?

A

the initial meeting with the sales person and customer, and the work done prior to the meeting

31
Q

what is presentation in sales?

A

when the sales person tries to sell you a product or service

32
Q

what might the sales person tell you in the sales presentation?

A

they might try to tell you the features of the product why it is better than the competition
why you might need it

33
Q

what is demonstration in sales?

A

the sales person would show you how the product works

34
Q

what is objections in sales?

A

answering any questions that the customer might have

35
Q

what is closing in sales?

A

asking for their final order and closing the deal

36
Q

what is an important part of the sales process?

A

the follow-up

37
Q

why is the follow up such an important part of selling?

A

its important for building a long-lasting relationship and will create repeat customers

38
Q

what is public relations?

A

an organizations communications and relationships with its various public audiences and the organizations ability to handle publicity related request

39
Q

what is publicity?

A

promotion of a product or service from a third party or neutral party

40
Q

what is the difference between publicity and advertising?

A

publicity comes from a third party and advertising comes from the company

41
Q

what is price in business?

A

the amount of money exchanged for a product or service

42
Q

what is profitability objectives?

A

when a company sets goals for making profits when pricing their products

43
Q

what are volume objectives?

A

when a company prices their items to gain a market share

44
Q

what is prestige pricing?

A

when a company sets high prices to develop or maintain an image of quality or exclusiveness

45
Q

what is an example of a company using prestige pricing?

A

rolex

46
Q

what is cost based pricing?

A

when a company calculates goals costs per unit and then adding markups to cover overhead costs and then pricing their items accordingly to generate profits

47
Q

what is a breakeven analysis?

A

an analysis of how much you have to sell to make 0 and break even with your costs

48
Q

what is the formula for break even point in units?

A

break even point (in units)= total fixed cost divided by contribution to fixed cost per unit

49
Q

what is the formula for break even point in dollars?

A

breakeven point in dollars= total fixed cost devided by 1-variable cost per unit/ price

50
Q

what are the 6 pricing strategies?

A

prestige pricing
cost-based pricing
breakeven analysis
skimming pricing
penetration pricing
everyday low pricing (EDLP)

51
Q

what are the 2 objectives when pricing products?

A

profitability objectives
volume objectives

52
Q

what is skimming pricing?

A

pricing a product at an initially high price, to recoup costs of bringing a product to market

53
Q

what is penetration pricing?

A

pricing a product at an initially low price, to try to appeal to a mass market

54
Q

what is everyday low pricing?

A

constantly pricing products at a low price instead of having markdowns

55
Q

what is a company that uses everyday low pricing?

A

Walmart

56
Q

what is price quality relationships?

A

when customers will use price as an indicator of quality

57
Q

what is odd pricing?

A

a pricing method that uses uneven amounts to make prices appear less than they really are

58
Q

what are total costs?

A

the sum of total variable costs and total fixed cost

intro to business II (10 decks)

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