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Marketing 100 > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

Vendor Management Inventory

A

the customer shares real-time data on sales and current inventory levels with the supplier. The supplier then takes full responsibility for managing inventories and deliveries. Some retailers even go so far as to shift inventory and delivery costs to the supplier

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2
Q

Modes of Transport

A

truck, rail, water, pipeline, and air, along with an alternative mode for digital products—the Internet

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3
Q

Reverse Supply Chain

A

Returns

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4
Q

Direct Marketing

A

Engagement is direct to specific person. No intermediaries.

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5
Q

Digital Marketing

A

Occurring online

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6
Q

Warehouse

A

Stores items for moderate to long period of time.

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7
Q

Distribution centers

A

Designed to move goods not store.

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8
Q

Just In Time Logistics

A

aligns raw-material orders from suppliers directly with production schedules. Companies use this inventory strategy to increase efficiency and decrease waste by receiving goods only as they need

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9
Q

Radio Frequency Identification RFID

A

Tracking device for locating product, scanned in and out of shipping stops

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10
Q

Enterprise Resource Planning

A

Integrates all forms of business and sales for forecasting, inventory.

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11
Q

Utilized Loads

A

where a product is packed in the most efficient way to be put into one unit

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12
Q

Containerization

A

Putting utilized loads in a container to ship

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13
Q

Common Carriers

A

Companies like fed ex and ups which are public

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14
Q

Contact Carriers

A

Long term contracts with a carrier company to ship product

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15
Q

Private Carriers

A

Shipping is done by private party. Usually by manufacturer who creates product.

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16
Q

What does supply chain management do?

A

Figures out cheapest and fastest way to transport a product.

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17
Q

Paid Media

A

Traditional Ads

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18
Q

Owned Media

A

Company owned websites like social media that promotes product for free. EX) Spotify

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19
Q

Earned Media

A

Word of mouth advertising

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20
Q

Shared Media

A

Sharing of ads such as a viral video

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21
Q

Push Strategy

A

Manufacturer markets to intermediaries to sell product which they in term market to final consumer.

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22
Q

Pull Strategy

A

Manufacturer markets to consumer who then requests stores to carry creating a pull.

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23
Q

Comparative Ads

A

Company directly or indirectly compares brands.

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24
Q

Reminder Advertising

A

Used for mature products

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25
Corporate Advertising
Raising awareness for corporation as a whole and not a specific product
26
Advocacy Advertising
Trying to change public opinion but not to buy anything | EX) Wells Fargo after scandal
27
Pretest
Evaluating ad communication | EX) suppling a couple of stores to see if ads are effective
28
Post test evaluations
Double blind studies. Unaided/ aided recall.
29
Product Placement
Products location in ads, movies, and tv shows.
30
Gorilla Marketing
Creative ads on street or public places for little or no money.
31
Major Functions of PR: Press Relations
Creating and placing newsworthy information in the news media to attract attention to a person, product, or service
32
Major Functions of PR: Public Affairs
Building and maintaining national or local community relationships
33
Major Functions of PR: Publicity
Publicizing specific products
34
Major Functions of PR: Invested Relations
Maintaining relationships with shareholders and others in the financial community
35
Major Functions of PR: Development
Working with donors or members of nonprofit organizations to gain financial or volunteer support.
36
Major Functions of PR: Lobbying
Building and maintaining relationships with legislators and government officials to influence legislation and regulation
37
Affordable Method of Advertising Budget
Ad campaign based on set budget. Usually small companies use this method. Use net funds.
38
Percentage of Profits Budget
A percentage of current or foretasted sales profits will be used for campaign.
39
Comparative-Parity Method of Budget
Spending what competitors spend on an ad campaign.
40
Taste and Objective Budget
Sets budget based on tasks needed to be done to reach goals.
41
Order Takers
Counter Sales
42
Order Getters
People who go out in the field to get orders. Personal selling, relationship building, social media, etc.
43
Territorial Sales Force
Sales people assigned to regions and sells full line of product.
44
Product Sales Force
Seller specializes in one section of sales. EX) Companies has many areas of specialty and one person cant specialize in ever area.
45
Workload Approach
A way to determine sales force size. A-level accounts require 36 calls per year, and B-level accounts require 12 calls per year. In this case, the sales force’s workload—the number of calls it must make per year—is 60,000 calls [(1,000 × 36) + (2,000 × 12) = 36,000 + 24,000 = 60,000]. Suppose our average salesperson can make 1,000 calls a year. Thus, we need 60 salespeople (60,000 ÷ 1,000).
46
Major Account
An account that orders high volume
47
Team Selling
Where multiple people assist in sale. Teams based on different levels to answer all questions in selling process one person cant possibly know for a large sale.
48
Data Mining
Identifying patterns in a large set of data.
49
Data Warehouse
Used to store data about consumer
50
Call Reports
Sales people track info gained like what was talked about and preferences
51
Personal Selling: Prospecting
Prospecting is identifying potential customers
52
Personal Selling: Preapproach
Preapproach is researching the customer. Potential needs, wants and buying style.
53
Personal Selling: Approach
Approaching customer
54
Personal Selling: Presentation
Presentation of product and how it will help consumer
55
Personal Selling: Handling Objections
How to handle any objections to product
56
Personal Selling: Closing
Closing the deal
57
Personal Selling: Follow Up
Following up with consumer to make sure they are satisfied.
58
Consumer Promotions
Coupons, discounts, ect
59
Event Marketing
Event sponsorship
60
Trade Promotion
Giving discounts, free products, and buy back guarantee in exchange for shelf space
61
Mobile Marketing
Ads set to be seen on mobile phones
62
QR Code
2D bar code that is used to provide easy access to information through a smartphone

Marketing 100 (4 decks)

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