Exam 3 (ch. 16, 17, 18, 19, 20 & 21) Flashcards Preview

Marketing > Exam 3 (ch. 16, 17, 18, 19, 20 & 21) > Flashcards

Flashcards in Exam 3 (ch. 16, 17, 18, 19, 20 & 21) Deck (144)
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1

communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response

promotion

2

a plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, sales promotion, and social media

promotional strategy

3

one or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors

competitive advantage

4

the process by which we exchange or share meaning through a common set of symbols

communication

5

direct, face-to-face communication between two or more people

interpersonal communication

6

the communication of a concept or message to large audiences

mass communication

7

the originator of the message in the communication process

sender

8

the conversion of a sender's ideas and thoughts into a message, usually in the form of words or signs

encoding

9

a medium of communication-such as a voice, radio, or newspaper-for transmitting a message

channel

10

anything that interferes with, distorts, or slows down the transmission of information

noise

11

the person who decodes a message

receiver

12

interpretation of the language and symbols sent by the source through a channel

decoding

13

the receiver's response to a message

feedback

14

the combination of promotional tools-including advertising, public relations, personal selling, sales promotion, and social media-used to reach the target market and fulfill the organization's overall goals

promotional mix

15

impersonal, one-way mass communication about a product or organization that is paid for by a marketer

advertising

16

the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance

public relations

17

public information about a company, product, service, or issue appearing in the mass media as a news item

publicity

18

marketing activities-other than personal selling, advertising, and public relations-that stimulate consumer buying and dealer effectiveness

sales promotion

19

a purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other

personal selling

20

a category of promotional tactic based on the traditional advertising model, whereby a brand pays for media space

paid media

21

a category of promotional tactic based on a public relations or publicity model that gets customers talking about products or services

earned media

22

a new category of promotional tactic based on brands becoming publishers of their own content in order to maximize the brands' value to customers

owned media

23

a model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for attention, interest, desire, and action

AIDA concept

24

the careful coordination of all promotional message for a product or a service to ensure the consistency of messages at every contact point at which a company meets the consumer

integrated marketing communications (IMC)

25

a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise

push strategy

26

a marketing strategy that stimulates consumer demand to obtain product distribution

pull strategy

27

a basic, long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product life cycle

price strategy

28

a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion

price skimming

29

a pricing policy whereby a firm charges a relatively low price for a product when it is first rolled out as a way to reach the mass market

penetration pricing

30

charging a price identical to or very close to the competition's price

status quo pricing