Chapter 18 Flashcards Preview

Marketing 300 - Principles of Marketing > Chapter 18 > Flashcards

Flashcards in Chapter 18 Deck (25):
1

Marketing communication activities other than advertising, person selling, and public relations, in which a short-term incentive motivates consumers or members of the distribution channel to purchase a good or service immediately, either by lowering the price or by adding value. An incentive to buy.

Sales Promotion

2

Sales promotion activities targeting the ultimate consumer

Consumer sales promotion

3

Sales promotion activity directed to members of the marketing channel, such as wholesalers and retailers

Trade Sales promotion

4

A certificate that entitles consumers to an immediate price reduction when the product is purchased and used to encourage product trial and repurchase.

Coupon

5

A cash refund given for the purchase of a product, usually in the form of a mail-in rebate form with some proof of purchase.

Rebate

6

An extra item offered to the consumer, usually in exchange for some proof that the promoted product has been purchased.

Premium

7

A program to build long-term, mutually beneficial relationships between a company and its key customers

Loyalty Marketing Program

8

A loyalty program in which loyal consumers are rewarded for making multiple purchases of a particular good or service.

Frequent buyer program

9

A promotional program that allows a consumer to try a product or service risk-free

Sampling

10

A promotional display set up at the retailer's location to build traffic, advertise the product, or induce impulse buying.

Point of purchase

11

A price reduction offered by manufacturers to intermediaries and retailers.

Trade Allowance

12

Bonus for pushing the manufacturers brand through the distribution channel.

Push Money

13

Direct communication between a sales rep and the buyer(s)

Personal Selling

14

A sales practice that involves building, maintaining and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial relationships. (FedEx + PeopleSoft)

Relationship selling

15

The set of steps a salesperson goes through to sell a particular product or service

Sales Process (Cycle)

16

Identification of those firms and people most likely to buy the seller's offering.

Lead generation (prospecting)

17

A recommendation to a sales person from a customer or business associate.

Referral

18

A process of finding out about potential clients through friends, coworkers, etc.

Networking

19

"determination if prospect has:
(1) a recognized need;
(2) buying power; and
(3) willingness to see a salesperson"

Lead Qualification

20

"Homework."

Pre-approach

21

Find out as much as possible about the prospect's situation

Needs assessment

22

A written doc or professional presentation that outlines how the product will meet the client's needs

Sales proposal

23

Formal meeting to present the sales proposal

Sales presentation

24

Offering of concessions to make the sale

Negotiation

25

Sales goal

Quota