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Marketing > Exam 3 > Flashcards

Exam 3 Flashcards

1
Q

Retailing

A

The channel of distribution where the customer meets the product or service and exchange occurs

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2
Q

Value Utilities

A
  • Place utility (meeting the customer where they are)
  • Time utility (saving time)
  • Form utility (customization)
  • Possession utility (saving consumer info to make it easier for them to repurchase)
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3
Q

How do we classify retail outlets?

A
  1. Form of Ownership
  2. Level of Service
  3. Type of Merchandise Line
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4
Q

Form of Ownership

A
  • Independent retailer: one outlet w/ individual owners
  • Corporate chain: multi outlets under common ownership
  • Contractual Systems: independently owned stores that brand together to act like a chain (Franchise)
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5
Q

Level of Service

A
  • Self Service: customer performs most traditional retailing functions (ie IKEA)
  • Limited Service: customers are responsible for shopping activities, but assistance is avail. (ie Target)
  • Full Service: many services provided to customers (ie Nordstrom)
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6
Q

Type of Merchandise Line

A
  • Depth of product line: store carries a large assortment of specific products (specialty outlets)
  • Breadth of product line: store carries a wide variety of different product items (general/scrambled merchandise stores)
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7
Q

Various methods of nonstore retailing

A
  • automatic vending
  • direct mail and catalogs
  • television home shopping
  • online retailing
  • telemarketing
  • direct selling
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8
Q

Retail positioning matrix

A
  • breadth of product line (broad vs narrow)

- value added (low vs high)

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9
Q

Retail Mixing

A

Activities related to managing the store and the merchandise in the store

  • retail pricing
  • store location
  • retail communication
  • merchandise
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10
Q

Retail pricing

A
  • markup
  • markdown
  • EDLP
  • factory outlet stores
  • single price or extreme value stores
  • loss prevention
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11
Q

Store location

A
  1. Choosing where to locate each store
    - central business district
    - regional shopping centers
    - community shopping center
    - strip mall
    - power center
  2. Deciding how many stores to have
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12
Q

Retail communication

A
  • store image (atmospherics)

- shopper marketing

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13
Q

Merchandise

A
  • category management (manage the assortment of products)

- marketing metrics (customer, store, product, and financial measures)

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14
Q

Integrated marketing communications (IMC)

A

Coordinating all promotional mix activities to provide a consistent message across all audiences

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15
Q

Promotional mix

A

The combination of communication tools use to inform, persuade, and remind

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16
Q

Communications process

A

Source —> encode —> noise —> (channel of communication) message —> noise —> decode —> receiver —> response —> feedback —> source

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17
Q

Elements of the promotional mix

A
  • advertising: paid, nonpersonal communication
  • personal selling: personal two-way communication b/t buyer & seller
  • public relations: communication management, news coverage and damage control
  • sales promotion: short term values incentives
  • direct marketing: direct communication for immediate response
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18
Q

Selection criteria for IMC Promotions

A
  • target audience
  • product life cycle
  • product characteristics
  • decision stage of the buyer
  • distribution channel
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19
Q

Target audience

A

Ultimate consumers or trade channel

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20
Q

Stage of product life cycle

A

Introduction - to inform
Growth - to persuade
Maturity - to remind
Decline - to phase out

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21
Q

Product Characteristics

A
  • complexity: technical sophistication
  • purchase risk to the buyer: social, financial, or physical risk
  • ancillary services: support services required
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22
Q

Decision stage of the buyer

A
  • Prepurchase stage: inform, trial
  • Purchase stage: persuade, close deal
  • Postpurchase stage: reduce regret, build loyalty
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23
Q

Distribution channel

A
  • Push strategy: directed to channel members

- Pull strategy: directed to consumers

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24
Q

IMC process

A
  • Planning: developing the promotion program
  • Implementation: executing the promotion program
  • Evaluation: assessing the promotion program
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25
Q

Four W’s of Planning

A
  1. Who is the target audience?
  2. What are the objectives, budget, and tools
  3. Where should the campaign run?
  4. When should the campaign run?
26
Q

Product advertisements

A

Focus on selling a specific product or service

-informational, persuasive, comparative, reminder, reinforcement

27
Q

Institutional advertisements

A

Build goodwill or an image for an org rather than a specific product

28
Q

Types of advertisements

A
  • television
  • radio
  • magazines
  • newspapers
  • yellow pages
  • internet
  • outdoor
  • direct mail
29
Q

Types of appeals

A
  • fear appeals
  • sex appeals
  • humor appeals
30
Q

Public relations

A
  • purpose: seeks to influence the image of an org and its products, promoting good things, doing damage control, hoping for unpaid media
  • publicity: free PR such as news releases/conference, and PSAs
31
Q

Consumer oriented sales promotions

A

Sales tools directed to ultimate consumers, quickly or more in quantity
-coupons, deals, premiums, contests, samples, loyalty programs, product placements

32
Q

Direct marketing

A
  • w/ tech: holds info in a database to send to them
  • consumer benefits: 24/7, online, easy, private costumer service, delivery, comparison
  • corporate benefits: direct orders are easy and direct, lead generation means new customers, traffic generation draws people in
33
Q

Social media

A

Online media where users submit comments, photos, and videos - often accompanied by a feedback process to identify a popular topics

  • genuine online conversations about common interests
  • shares personal thoughts and experiences
  • consumer generated media
34
Q

Social network

A

A social medium site

-Facebook, insta, snap, twitter, YouTube, etc

35
Q

Classifying social media

A
  • media richness: degree of acoustic, visual, and personal contact b/t users
  • self disclosure: degree to which users reveal thoughts, feelings, and attitudes
36
Q

Social media vs traditional media

A
  • social media: all-way communication and goal is consumer engagement and influence, less expensive, immediate delivery, no privacy
  • traditional media: one-way communication and goal is consumer purchasing, more expensive, takes a bit longer, can read/watch behind closed doors
37
Q

Selection Criteria for choosing social media

A
  • number of daily visitors
  • characteristics or visitors
  • demographic information
  • IMC is key
  • features of the network
38
Q

Performance measures linked to inputs or costs

A
  • costs per thousand (impressions)
  • cost per click
  • cost per action
39
Q

Performance measures linked to outputs or revenues

A
  • users/members
  • fans
  • visitors
40
Q

Mobile marketing

A

Marketing activity through the Internet where consumers or continuously connected using personal mobile devices

41
Q

Market place vs space

A
  • Marketplace: face to face, physical environment

- Marketspace: face to screen, digital environment

42
Q

Interactive marketing

A

Two-way buyer-seller electronic communication in a computer mediated environment in which the buyer controls the kind in the amount of information received from the seller
-time, place, possession, and form utility

43
Q

Choice board

A

Allows customers to design their own products and services

44
Q

Collaborative filtering

A

Makes recommendations based on previous purchases/behaviors

45
Q

Personalization

A

Custom-tailoring interactive website

46
Q

Permission marketing

A

Allows consumers to “opt-in” to marketing communications

47
Q

Motives for online shopping

A
  1. Convenience
  2. Choice
  3. Customization
  4. Communication
  5. Cost (showrooming and dynamic pricing)
  6. Control
48
Q

Viral vs Buzz marketing

A
  • Viral: spread online

- Buzz: spread from person to person

49
Q

Multichannel Marketing

A

Interacting with customers across communication channels and enabling them to take action in response - preferably to buy your product or service - using the channel of their choice

50
Q

Three types of global companies

A
  1. International firm: extension of home marketing (existing product)
  2. Multinational firm: multi domestic marketing (diff product)
  3. Transnational firm: global marketing (global brands)
51
Q

Global brands

A

Brands marketed under the same name in multiple countries with similar marketing programs

52
Q

Global marketing strategy

A
  • product extension strategy: same product, same promotion
  • product adaptation strategy: adapt product, same promotion
  • communication adaptation strategy: same product, adapt promotion
  • dual adaptation strategy: adapt product and strategy
53
Q

Approaches to entering global markets

A
  • exporting: sells product in another country
  • licensing: offers the right to a brand in return for a royalty
  • joint venture: foreign and local firm invest together
  • direct investment: domestic firm invests in and owns a foreign subsidiary or division
54
Q

Cultural aspects of global marketing

A
  • values
  • customs
  • symbols
  • language
55
Q

Economic aspects of Global marketing

A
  • Stage of economic development (developed countries verses developing countries)
  • Infrastructure (communications, transportation, financial systems, distribution systems)
56
Q

Political-legal aspects of global marketing

A
  • Political stability (Brexit and the refugee crisis)

- trade regulations (NAFTA)

57
Q

Ethics vs Laws

A
  • Ethics = the moral principles and values that govern the actions and decisions of an individual or group (guidelines in moral dilemmas, personal values)
  • Laws = society‘s values and standards that are enforceable in the courts (society dependent, slow to change)
58
Q

Role of societal culture and norms in ethics

A
  • Culture = the set of values, ideas, and attitudes that are learned and shared among the members
  • moral standards are learned, differ by culture, and reflect laws and regulations
59
Q

Rule of business culture and industry practices in ethics

A
  • Business culture = effective rules of the game, boundaries between competitive and unethical behavior, code of conduct in business dealings
  • ethics of exchange: consumer bill of rights protects consumers rights to saftey, choose, be informed, and heard
  • ethics of competition: espionage, bribes, and kickbacks
60
Q

Roll of corporate culture and expectations in ethics

A
  • Corporate culture = the set of values, ideas, and attitudes that is learned and shared among the members of an organization
  • demonstrated through the code of ethics & behaviors of managers and colleagues
61
Q

Roll of personal morals in ethics

A

A person’s moral philosophy is learned through experience with other people and with the market place

  • moral idealism: selfish motives
  • utilitarianism: greatest good

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