Chapter 17 Packet Notes Flashcards Preview

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Flashcards in Chapter 17 Packet Notes Deck (44):
1

Marketing communications that inform and persuade consumers.

  • Personal selling
  • Advertising
  • Sales promotional tools

Marketing Communications: Getting the Message Across

2

  • Source
  • Message
  • Channel
  • Receiver

Communication Process Components

3

The message sender.

Source

4

The content being sent.

Message

5

The path the message travels.

Channel

6

The recipient of the message.

Receiver

7

  • Nonpersonal advertising- advertising
  • Personal- personal selling
  • Special forms- sales promotion

Forms of Promotional Communication

8

A blend of nonpersonal, personal, and special forms for communication techniques aimed at a target market.

Promotional Mix

9

  • Geographical nature of target market
  • Size of promotional budget
  • Product's characteristics

Makeup of the Promotional Mix is Determined by:

10

  • Allocating a percentage of sales.
  • Deciding how much can be spared.
  • Spending as much as the competition.
  • Determining what it takes to do the job.

How Much Should a Small Business Spend on Promotion?

11

  • WTDJ: What it takes to do the job
  • APS: A Percentage of sales
  • WCS: What can be spared
  • ACS: As much as the competition spends

Key Terms

12

A sales presentation (promotion) delivered in a one-on-one manner.

Personal Selling

13

  • Product knowledge
  • Well-prepared sales presentation
  • Ability to build good will

Personal Selling Requires:

14

  • Successfully educate customers about the product's advantages, uses, and limitations.
  • Answer customer questions and counter customer objections.

Salespersons use Product Knowlege to:

15

Personal selling becomes order-taking when a salesperson lacks ____ ______.

Product Knowledge

16

A systematic process of continually looking for new customers.

Prospecting

17

  • Personal referrals 
  • Impersonal referrals
  • Marketer-initiated contacts
  • Customer-initiated contacts

Prospecting Techniques

18

Salesperson initiates customer contact through referral by another party known to the customer.

Personal Referrals

19

Information on potential new customers developed from public records and published sources.

Impersonal Referrals

20

Market surveys are used to identify prospects.

Marketer-Initiated Contacts

21

Potential customers are identified through their contacts with the firm.

Customer-Initiated Contacts

22

  • Nonfinancial rewards
  • Financial rewards

Compensation for Salespeople

23

  • Personal recognition of employees by the firm.
    • Plaques and "Employee of the Month" awards
    • Providing "perks" to superior performers
  • Personal satisfaction drawn by salespersons from doing their work well.

Nonfinancial Rewards

24

  • Commissions 
  • Straight salary
  • Combination of commissions and salary

Financial Rewards

25

  • Compensation paid as precentage of sales productivity.
  • Strong sales motivator

Commissions

26

Compensation paid regardless of sales made.

Straight Salary

27

Balance of two compensation forms is adjusted to provide an increasing proportion of commission as salesperson gains experience.

Combination of Commissions and Salary

28

The impersonal presentation of a business idea through mass media.

Advertising

29

  • To sell by informing, persuading, and reminding.
  • To serve as complement to product quality and efficient service.
  • To properly reflect changes in customer needs and preferences.

Advertising Objectives

30

  1. Product advertising
  2. Institutional advertising

Two Basic Types of Advertising

31

The presentation of a business idea designed to make potential customers aware of a specific product or service and create a desire for it.

Product Advertising

32

The presentation fo information about a particular firm, designed to enhance the firm's image.

Institutional Advertising

33

  • Frequency of advertising
  • Where to advertise

Advertising Decision Factors

34

With regularity for effectiveness and continuity.

  • Introduction of new uses for established products.
  • Introduction of new products and services.

Frequency of Advertising

35

Appropriate media mix determined by:

  • Geographical area for target market coverage
  • Customer type targeted by advertising campaign
  • Advertising media customarily used by industry
  • Type of business
  • Advertising on the World Wide Web (Internet)

Where to Advertise

36

  • Sales promotion
  • Specialties
  • Trade show exhibits
  • Publicity
  • When to use sales promotion

Sales Promotional Tools

37

An inclusive term for any promotional techniques that are neither personal selling or advertising.

  • Used in combination with personal selling and advertising.

Sales Promotion

38

Tangible and enduring functional items of worth distributed personally to recipients that serve as reminders of the firm.

  • Pens, key chains, magnets, and clothing imprinted with the name, logo, or slogan of hte firm.

Specialties

39

  • Provide hands-on experience with products.
  • Are less costly than personal selling.

Trade Show Exhibits

40

Information about a firm and its products or services that appears as a news item, usually free of charge.

  • Provides visibility for the firm
  • Requires regular contacts with the news media

Publicity

41

  • For manufacturers
  • For wholesalers
  • For retailers

When to use Sales Promotion

42

To stimulate channel members- retailers and wholesalers- to market a firm's products.

For Manufacturers

43

To induce retailers to buy inventories earlier than they normally would.

For Wholesalers

44

To persuade customers to make a purchase.

For Retailers