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Marketing Management > Exam 3 review > Flashcards

Exam 3 review Flashcards

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1
Q

What is communication?

A

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

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2
Q

What is a promotional Mix?

A

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

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3
Q

What is paid media?

A

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

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4
Q

What is owned media?

A

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

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5
Q

what is earned media?

A

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

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6
Q

What is reach?

A

the number of target consumers exposed to a commercial at least once during a specific period, usually four weeks

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7
Q

What is frequency?

A

the number of times an individual is exposed to a given message during a specific period

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8
Q

What is public relations?

A

The element in the promotional mix that evaluates public attitudes, identifies issues that may elicit public concern, and executes programs to gain public understanding and acceptance

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9
Q

What is publicity?

A

an effort to capture media attention, often initiated through press releases that further a corporation’s public relations plans

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10
Q

What is sales promotion?

A

marketing communication activities other than advertising, personal 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

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11
Q

What is social commerce?

A

a subset of e-commerce that involves the interaction and user contribution aspects of social online media to assist online buying

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12
Q

What is social media monitoring?

A

the process of identifying and assessing what is being said about a company, individual, product, or brand

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13
Q

What is a microblog?

A

blogs with strict post length limits

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14
Q

What is social media news site?

A

websites that allow users to decide which content is promoted on a given website by voting that content up or down

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15
Q

What are review sites?

A

websites that allow consumers to post, read, rate, and comment on opinions regarding all kinds of products and services

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16
Q

What is price?

A

that which is given up in an exchange to acquire a good or service

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17
Q

What is demand?

A

the quantity of a product that will be sold in the market at various prices for a specified period

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18
Q

What is supply?

A

the quantity of a product that will be offered in the market by a supplier

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19
Q

What is variable costs?

A

a cost that varies with changes in the level of output

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20
Q

What is fixed costs?

A

a cost that does not change as output is increased or decreased

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21
Q

what is the communication process?

A
  • sender and encoding.
  • message transmission
  • the receiver and decoding
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22
Q

What is the sender?

A

The sender is the orignator of the message.

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23
Q

what is encoding?

A

is the conversion of the sender’s ideas and thoughts into a message.

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24
Q

What is message transmission?

A

The message transmission needs a channel or voice to get the message across. Then the message enters the persons frame of reference. Reception is high when listening is present and there is no clutter by noise.

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25
What is the reciever?
the person who decodes a message
26
What is decoding?
interpretation of the language and symbols sent by the source through a channel
27
What are the four goals of promotion?
- informing - perssuading - reminding - connecting
28
what is informing?
People will not want to buy a product until they know its purpose and benefits. This is usually a strategy for a product early on in the life cycle.
29
What is persuading?
persuaing customers to buy from them rather than a customer. This ussually takes place in the growth product life cycle.
30
What is reminding?
used to keep the product and brand name in the publics mind.
31
What is connecting?
using social media or other platforms to form relationships with customers. This occurs through the transparent exchange of information.
32
What is a push promotional strategy?
a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise
33
What is pull promotional strategy?
a marketing strategy that stimulates consumer demand to obtain product distribution
34
What is institutional advertising?
a form of advertising designed to enhance a company’s image rather than promote a particular product
35
What is product advertising?
a form of advertising that touts the benefits of a specific good or servic
36
What is an attribute?
An attribute is simply a feature of the product such as its easy-open package, special formulation, or new lower price.
37
What is a benefit?
A benefit is what consumers will receive or achieve by using the product, such as convenience or ease of use
38
What is scientific executional style?
Uses research or scientific evidence to give a brand superiority over competitors. Pain relievers like Advil, Bayer, and Excedrin use scientific evidence in their ads.
39
What is slice of life executional style?
Depicts people in normal settings, such as at the dinner table or in their car. McDonald’s often uses slice-of-life styles showing youngsters munching on french fries from Happy Meals on family outings.
40
What are the media scheduling types?
- continuous - flighted - pulsing
41
What is continous media schedule?
ad runs steadily thorughout the advertising period.
42
what is flighted media scheduling?
Advertisers may schedule the ads heavily every other month or every two weeks to achieve a greater impact with an increased frequency and reach.
43
What is a pulsing media scheudling?
a media scheduling strategy that uses continuous scheduling throughout the year coupled with a flighted schedule during the best sales periods
44
What is a seasonal media schedule?
a media scheduling strategy that runs advertising only during times of the year when the product is most likely to be used
45
what are the three alternative pricing objectives?
- profit-oriented - sales oriented - status quo
46
what is status quo pricing objective?
a pricing objective that maintains existing prices or meets the competitions price.
47
What are the profit oriented pricing objectives?
- profit maximization - satisfactory profits - target return on investment
48
What is the profit maximization pricing objective?
Profit maximization means setting prices so that total revenue is as large as possible relative to total costs.
49
What is satisfactory profits pricing objective?
Satisfactory profits are a reasonable level of profits. Rather than maximizing profits, many organizations strive for profits that are satisfactory to the stockholders and management—in other words, a level of profits consistent with the level of risk an organization faces.
50
What is return on investment pricing objective?
The most common profit objective is a target return on investment (ROI), sometimes called the firm’s return on total assets. ROI measures management’s overall effectiveness in generating profits with the available assets.
51
What are the sales oriented pricing objectives?
- market share | - sales maximization
52
What is market share pricing objective?
pricing to obtain a large segment of the market.
53
What is sales maximization pricing obejctive?
Rather than strive for market share, sometimes companies try to maximize sales. A firm with the objective of maximizing sales ignores profits, competition, and the marketing environment as long as sales are rising.
54
What is dynamic pricing?
the ability to change prices very quickly, often in real time using software programs
55
Why do companies use dymanic pricing?
it matches demand by updating the prices in real-time based on how many people are buying the service or product.
56
What is quantity discount?
When buyers get a lower price for buying in multiple units or above a specified dollar amount
57
What is cash discount?
a price reduction offered to a consumer, an industrial user, or a marketing intermediary in return for prompt payment of a bill
58
What is function discount?
a discount to wholesalers and retailers for performing channel functions
59
What is promotional allowance or trade allowance?
a payment to a dealer for promoting the manufacturer’s products
60
What is price skimming?
charges highest price at the beginning and begins to lower the price over time.
61
What is penetration pricing?
Is the opposite of price skimming, companies charge the lowest price when the product is first revealed and then raises it later.
62
What is predatory pricing?
the practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market
63
What is price fixing?
an agreement between two or more firms on the price they will charge for a product
64
what is price discrimination?
The Robinson–Patman Act of 1936 prohibits any firm from selling to two or more different buyers, within a reasonably short time, commodities (not services) of like grade and quality at different prices where the result would be to substantially lessen competition.
65
What are the three defenses to sellers from the Robison-Patman act?
- cost - market conditions - competition
66
What is the cost defense for sellers?
A firm can charge different prices to different customers if the prices represent manufacturing or quantity discount savings.
67
What is the market conditions defense for sellers?
Price variations are justified if designed to meet fluid product or market conditions. Examples include the deterioration of perishable goods, the obsolescence of seasonal products, a distress sale under court order, and a legitimate going-out-of-business sale.
68
What is the competition defense for sellers?
A reduction in price may be necessary to stay even with the competition. Specifically, if a competitor undercuts the price quoted by a seller to a buyer, the law authorizes the seller to lower the price charged to the buyer for the product in question.
69
What is the single-price tactic?
a price tactic that offers all goods and services at the same price (or perhaps two or three prices). Example smiths .99
70
What is a flexible-price tactic?
a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities
71
What is price lining?
the practice of offering a product line with several items at specific price points. Example different iPhone lines.
72
What is bait pricing?
a price tactic that tries to get consumers into a store through false or misleading price advertising and then uses high-pressure selling to persuade consumers to buy more expensive merchandise
73
What are the alternative geographic pricing methods?
- FOB orgin pricing - uniformed delivered pricing - zone pricing - Freight absorption pricing
74
What is FOB origin pricing?
a price tactic that requires the buyer to absorb the freight costs from the shipping point (“free on board”)
75
What is uniform delivered pricing?
a price tactic in which the seller pays the actual freight charges and bills every purchaser an identical, flat freight charge
76
What is zone pricing?
a modification of uniform delivered pricing that divides the United States (or the total market) into segments or zones and charges a flat freight rate to all customers in a given zone
77
What is freight absorption pricing?
a price tactic in which the seller pays all or part of the actual freight charges and does not pass them on to the buyer
78
What is basing point pricing?
a price tactic where there is a start or base point. Buyers are then charged based on how far away they are from base point.
79
What are the media planning types?
- newspapers - magazines - radio - television - interntet - outdoor media
80
What are the advantages of newspapers?
- gives creditability - geographic selectivity - short term ad commitments and lead times
81
What are the disadvantages of Newspapers
- little demographic selectivity - low pass along rate - expensive
82
What are the advantages of Magazines?
- demographic selectivity - relatively long advertising life - high pass along rate
83
What are the advantages of Radio?
- low cost - immediacy of the message - can be scheduled on short notice
84
What are the disadvantages to radio?
- short ad life - high frequency for retention - distractions from background
85
What are the advantages of Television?
- ability to reach a wide diverse audience - low cost per thousand - creative oppurtunties for demos
86
What are the disadvantages of television?
- short life of message - some consumer skepticism about claims - high campaign cost
87
what are the advantages of the internet?
- fast growing medium - ability to reach narrow target audience - short lead time
88
What are the disadvantages to the internet?
- most ad exposure relies on click through - measurement for social media needs improvement - not all consumers have access to internet
89
What is the benefit of outdoor media?
- repetition - moderate cost - geographic selectivity
90
What are the disadvantages to outdoor media?
- short message - lack of demographic selectivity - high noise level from distracted audience
91
What are the common advertising appeals?
- profit - health - fear - admiration - convenience - fun and pleasure - vanity and egotism - environmental concisous
92
What is profit appeal?
lets consumers know that the product will make them money save them money or prevent them from losing money.
93
what is the heatlh appeal?
appeals to those who are body consicous or who want to be health. Love and romance is often used in perfumes
94
what is the fear approach?
center around social embrasssment, growing old, losing ones health.
95
What is the admiration approach?
highlights celebrity spokes people
96
What is convience?
is often used for fast food restraunts and microwaveable foods.
97
What is fun and pleasure?
are the keys to adverising vacations beer and amusement parks.
98
What is vanity and egotism?
are most often used for expensive items such as cars and clothing
99
What is environmental consciousness?
centers around protecting the enivronment and being considerate of others in the community.

Marketing Management (4 decks)

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