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Chapter 15 Flashcards

1
Q

Objectives Guide Implementation

A

Awareness => Internet => Evaluation and Trial => Decision -> confirmation

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2
Q

2 types of advertising

A

Product advertising

Institutional advertising

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3
Q

3 types of product advertising

A

Pioneer advertising

Cometitive advertising

reminder advertising

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4
Q

3 types of competitive advertising

A

Direct

Indirect

Comparative

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5
Q

Life Cycle Stages

A

Market Introduction

Market Growth

Market Maturity

Sales Decline

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6
Q

Risks of comparative advertising

A

Annoy your consumer

Tarnish your image

Illegal in some countries

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7
Q

Measuring Advertising is Not easy

A

Awareness

trial

Preference

Use

New media metrics

perceptions

mesage/ ad content

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8
Q

Research Assessment

A

Success depends on the total marketing mix, not just promotion

  • the effectiveness of promotion is hard to seperate from the effects of the other elements of the mix
    ex. a great advertisement cannot be faulted for failing to sell a poorly deisnged product
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9
Q

Advertising Regulation

A

Federal Trade Commission controls unfair or deceptive advertising

  • can require corrective advertising
  • focus is on what is deceptive, instead of what is subjectively defined as unfair

Comparative advertising claims may need to be sustained

  • rules are not always clear
  • hard to define exactly what research is needed
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10
Q

Puffery

A

Puffery protects marketers whose claims are either so excessive they are clearly not expected to be believe, or so generic they have no substantive meaning

“Better, best, greatest, finest”

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11
Q

Weasel words

A

Used in advertising to make a claim look legitimate to the casual listener or reader

Proves to be empty and meaningless

help control acne

helps, acts, works, can be, up to, as much as, refreshes, comforts, fights

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12
Q

Deception

A

Causes consumers to have a false belief about the advertiser’s or competitor’s product

Deception is material

Someone has been or is likely to be hurt

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13
Q

Generation Y

A

Millenials

Digital natives

text preference

1-3 talk about a brand online monthly

2/3 say they participate in one or more content creating activities on the internet

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14
Q

Gen Y more characteristics

A

Ad savy/skeptics

Multi taskers

Open to new ideas and trying new products

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15
Q

PR

A

More cost effective

Greater longevity

Has a far wider audience

Credability

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16
Q

Extend your marketing tactics with a PR plan

A

Social networking

Crowd power

Guerilla Marketing

Viral marketing

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17
Q

Sales Promotion

A

Other than advertising that stimulate interest, trial, or purchase

May be targeted at channel members, final customers or users, or employees

Sales promotion spending is increasing

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18
Q

Key problems in managing sales promotions

A

Erodes brand loyalty

not for amateurs

need for alternatives

hard to manage

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19
Q

Advertising objectives

A

Specific

measurable

attainable

relevant to the target

timely

link to marketing strategy

link to promotion

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20
Q

Ad agencies

A

Specialists in planning and handling mass selling details for advertisers

15% is not required, but still common

Some services are provided on a fee basis

increased use of performance-based pay

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21
Q

Product advertising

A

Tries to sell a product

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22
Q

Institutional advertising

A

which promotes an organization’s image, reputation, or ideas rather than a specific product

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23
Q

Pioneer advertising

A

Tries to develop primary demand for a product category rather than demand for a specific product

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24
Q

Competitive advertising

A

Tries to develop selective demand for a specific brand

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25
Direct type
aims for immediate buying action
26
Indirect type
points out product advantages to affect future buying decisions
27
Comparative advertising
Means making specific brand comparrisons using actual product names
28
Reminder advertising
Tries to keep the product's name before the public
29
Advertising allowances
price reductions to firms further along in the channel to encourage them to advertise or otherwise promote the firm's products locally
30
Cooperative advertising
Involves producers sharing in the cost of ads with wholesalers or retailers
31
Copy thrust
What the words and illustrations should communicate
32
Advertising agencies
Specialists in planning and handling mass-selling details for advertisers
33
Corrective advertising
ads to correct deceptive advertising
34
4 critical advertising and promtion decisions a marketing manager must make:
1. advertising objectives and what they want to achieve 2. who the target audience 3. what kind of advertising to use 4. which media to use to reach target customers 5. what to say (copy thrust) 6. who will do the work - the firm's own marketing or advertisnig people our otuside agnecies
35
Why is it important for advertising objective be specific?
Every ad campaign should have clearly defined objectives The marketing manager must decide exactly what advertising should do
36
Advantages of advertising allowances and cooperative advertising
coordination and integration of messages in the channel allowances dont ensure coorporation
37
Vertical coordination examples
advertising allowances cooperative advertising
38
Criteria when deciding the best advertising medium to use?
depends on: 1. your promotion objectives 2. what target markets you want to reach 3. the funds available for advertising 4. the natuer of the media - icnluding who they reachm, with what frequency, with what impact, and at what cost
39
AIDA model
getting attention holding interst arousing desire obtaining action
40
Supply Chain
The complete set of firms, facilities, and logistics activities involved in procuring materials, transforming them into intermediate and finished products, and distributing them to customers. Focus on information flows
41
Goal of Supply Chain
Right Product. Right Quantity. Right Place, Right Time
42
Rankings based on:
Peer opinion Gartner Opinion 3-year weighted ROA Inventory Turns 3- year weighted revenue growth
43
Takeaway of supply chain rankings:
Takeaway: leading global brands are leaders in supply chain management
44
Supply Chain is Good for the World
Source Sustainable Materials transport efficiently recycle via reverse logistics create what people will buy "reduce waste" supply chain = sustainability
45
What does a supply chain look like?
supplier - manufactuer - wholesaler/distributor - retailer - consumer
46
supply chain is all about tradeoffs
cost - speed- quality
47
Operations Research
The academic discipline of studying how analytical methods can be used to make better decisions
48
Linear Optimization
A widely used technique to find an optimal solution using aset of algebraic equations
49
ERP Enterprise Resource Planning
Provides a real time view of core business processes using common databases track business resources - cash, faw materials, production - and the status of business commitments: orders, purchase orders and payroll in one single application
50
A systems Approach
1. Know your Target Market 2. focus on total cost
51
5 major transportation modes
rail truck water pipelines air
52
Why do we have inventory?
needed when production doesnt match consumption keep prices steady achieves production economies of scale builds channel flexibility
53
Total Inventory Cost
Cost of storage facilities handilng costs cost of damage while in inventory cost of risks cost of inventory becoming obsolete interest expense & opportounity cost cost of storage facilities
54
Place
Making goods and services available in the right quanties and locations, when customers want them
55
Channel of distribution
any series of firms or individuals who participate in the flow of products from producer to final user or consumer
56
Direct marketing
direct communication between a seller and an individual customer using a promotion mehtod other than face to face seling
57
disrepancy of quantity
difference between the quantity of products it is economical for a producer to make and the quantity final users or consumers normally want
58
Discrepancy of assortment
The difference between the ilnes a typical producer makes and the assortment final consumers or users want
59
Regrouping activities
Adjust the quantities or assortments of products handled at each level in a channel of distribution
60
Accumulating
Involves collecting products from many small producers
61
Bulk breaking
involves dividing larger quantities into smaller quantities as products get closer to the final market
62
Sorting
Seperating products into grades and qualities desired by different target markets
63
Assorting
Putting together a variety of products to give a target market what it wanst
64
Traditonal channel systems
The various channel members make little or no effort to cooperate with each other
65
Channel captain
A manager who helps direct the activities of a whole channel and tries to avoid or solve channel conflcts
66
Vertical marketing systems
Channel systems in which the whole channel focuses on the same target market at the end of the channel
67
Corporate channel systems
corporate ownership all along the channel
68
Vertical integration
acquiring firms at different levels of channel activity
69
Administered channel systems
the channel members informally agree to cooperate with each other
70
contractual channel systems
the channel members agree by contract to cooperate with each other
71
ideal market exposure
Make a product available widely enough to satisfy target customers needs but not exceed them
72
Intensive distribution
selling a product through all responsible and suitable wholesales or retailers who will stock or sell the product
73
Selective distribution
selling through only those intermediairies who will give the product special attention
74
Exclusive distribution
selling through only one intermediary in a particualr geographic area
75
multichannel distribution
occurs when a producer uses several competing channels to reach the same target market - perhaps using several intermediaires in addition to selling directly
76
reverse channels
channels used to retrieve products that customers no longer want
77
exporting
selling some of what the firm produces to foreing markets
78
Licensing
selilng the right to use some process, trademark, patent, or other right for a fee or royalty
79
Management contracting
means that the seller provides only management and marketing skills - others own the production and distribution facilities
80
joint venture
a domestic firm enters into a partnership with a foreign firm
81
direct investment
means that a parent firm has a division in a foreign market
82
Logistics
The transporting, storing, and handling of goods in ways that match target customers' needs with a firm's marketing mix - both within individual firms and along a channel of distribution
83
Physical distribution (PD)
Another common name for logistics
84
Customer service level
How rapidly and dependably a firm can deliver what they, the customers, want
85
Physical distribution conept
Says that all transporting, storing, and product-handling activities of a business and a whole channel system should be coordinated as one system that seeks to minimize the cost of distribution for a given customer service level
86
Total cost approach
evaluating each possible PD system and identifying all of the costs of each alternative
87
supply chain
the complete set of firms and facilities and logistics activiteis that are involved in procuing materials, transforming them into finished products, and distributing them to customers
88
Electronic data interchange (EDI)
an approach that puts information in a stnadardized format easily shared between different comuter systems
89
Transporting
The marketing function of moving goods
90
Containerization
grouping individual items into an economical shipping quanity and selling them in protective containers for transit to the final destination
91
piggyback service
means loading truck trailers, or flatbed trailers carryiing containers, on railcars to provide both speed and flexibility
92
private warehouses
storing facilities owned or leased by companies for their own use
93
public warehouses
independent storing facilities
94
distribution center
a special kind of warehouse designed to speed the flow of goods and avoid unnecessary storing costs
95

Marketing (15 decks)

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