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Principles of Marketing > Exam 4 > Flashcards

Exam 4 Flashcards

(57 cards)

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1
Q

Promotion

A

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

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2
Q

Promotional Strategy

A

A plan for the optimal use of the elements of promotion (promotional mix)

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3
Q

Competitive Advantage

A

The set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition

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4
Q

Communication

A

The process by which meanings are exchanged or shared through a common set of symbols

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5
Q

Interpersonal communication

A

Direct, face-to-face communication between 2 or more people

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6
Q

Mass communication

A

Communicating a concept or message to large audiences

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7
Q

Main goals of promotion

A

Informing
Persuading
Reminding
Connecting

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8
Q

Informing and its PLC stage

A

Seeks to convert an existing need into a want OR to stimulate interest in a new product
Introduction

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9
Q

Persuading and its PLC stage

A

Designed to stimulate a purchase or action
Growth

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10
Q

Reminding and its PLC stage

A

Used to keep the product and brand name in the public’s mind
Maturity

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11
Q

Connecting

A

Form relationships with customers and potential customers
Goal – lead customer engagement with products, and ultimately lead to purchases

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12
Q

The Promotional Mix and its 5 elements

A

The combination of promotional tools used to reach the target market and fulfill the organization’s overall goals

Advertising
Public relations
Personal selling
Sales promotion
Digital & social media

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13
Q

Advertising and its advantages

A

Any form of impersonal paid communication in which the sponsor or company is identified

Advantages:
- Ability to communicate to a large number of people at one time
- Cost/contact low, total cost normally high
- Can be microtargeted to small groups of potential customers

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14
Q

Public relations and its advantages

A

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

Advantages:
- Maintain positive image
- Educate public about company’s goals/objectives
- Introduce new products
- Support sales effort
- Increasingly respond to customer-generated communications

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15
Q

Publicity

A

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

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16
Q

Sales Promotion and its advantages

A

Consists of all marketing activities that stimulate consumer purchasing and dealer effectiveness (other than personal selling, advertising, and PR)
Short-run tool used to stimulate immediate increases in demand

  • Improve effectiveness of other promo mix elements, especially advertising and personal selling
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17
Q

Personal selling

A

A purchase situation involving a personal, paid-for communication between 2 people in an attempt to influence each other

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18
Q

Content Marketing

A

Developing valuable content for interested audience members, then using digital marketing, search engine optimization, paid search, and display advertising to pull customers to the company’s website or social media channel so that audiences can learn about the brand or make a purchase

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19
Q

Social Media

A

Promotion tools used to facilitate conversations and create engagement and other interactions among people online

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20
Q

AIDA Concept

A

Attention (Gaining attention of customers by using a friendly greeting, loud volume, bold headlines, movement, bright colors, etc.)

Interest (Illustrated how the product’s features will satisfy the consumer’s needs)

Desire (Convince customers that their company is the best solution to the customer’s problem)

Action (Used after desire to motivate purchase)

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21
Q

Integrated Marketing Communication

A

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

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22
Q

Factors affecting the promotional mix:

A

Nature of the product
Stage in PLC
Target market characteristics
Type of buying decision
Available funds
Push/Pull strategy

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23
Q

Push strategy

Study These Flashcards
A

Marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or retailer to carry and sell particular merchandise
Producer –> Retailer

24
Q

Pull strategy

Study These Flashcards
A

A marketing strategy that stimulates consumer demand to obtain product distribution
Producer –> Consumer

25
Advertising
An impersonal, mass communication about a product or organization that is paid for by a marketer
26
Institutional advertising
A form of advertising designed to enhance a company’s image rather than promote a particular product Designed to establish, change, or promote the corporation’s identity as a whole
27
Advocacy advertising
A form of institutional advertising in which an organization expresses its views on controversial issues or responds to media attacks
28
Product advertising
A form of advertising that touts the benefits of a specific good or service
29
Pioneering advertising and its stage of PLC
A form of product advertising designed to stimulate primary demand for a new product or product category Introductory stage
30
Competitive advertising and its stage of PLC
A form of product advertising designed to influence demand for a specific brand Growth stage of PLC
31
Comparative advertising and its PLC stage
A form of product advertising that compares 2 or more specifically named or shown competing brands on one or more specific attributes Products with slow growth or strong competition
32
Advertising objective
A specific communication task that a campaign should accomplish for a specified target audience during a specific period
33
Advertising appeal
a reason for a person to buy a product
34
Unique Selling Proposition
A desirable, exclusive, and believable advertising appeal selected as the theme for a campaign
35
Major types of media and their relative advantages & disadvantages
Newspaper Advantages: - Geographic flexibility - Timeliness Disadvantages: - Distractions from competing ads and news stories Magazine Advantages: - Traditional medium that continues to be successful Disadvantages: - Cost/contact high relative to other media Radio Advantages: - Selectivity & audience segmentation - Large out-of-home audience - Low unit & production costs - Timeliness - Geographic flexibility TV Advantages: - Wide/diverse market reach - Can narrowcast to target markets Disadvantages - Can be very expensive, especially for network & popular cable channels Internet Advantages: - All kinds of different advertisements - Programming advertising - Using technology to match audiences and websites with marketers seeking to purchase advertising Advergaming Placing advertising messages in web-based, mobile, console, or handheld video games to advertise or promote a product, service, organization, or issue Outdoor - Flexible and low-cost
36
Main media considerations
Cost/contact Cost/click Reach Gross Ratings Points (GRP) Frequency Audience selectivity Flexibility Noise level Life span Media fragmentation
37
Public relations
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
38
Public relations tools
New product publicity Product placement Consumer education Sponsorship Experiential marketing Company websites
39
Crisis management
The coordinated effort to handle the effects of unfavorable publicity, ensuring fast and accurate communication in times of emergency
40
Sales Promotion
Marketing communication activities 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
41
Trade sales promotion
Promotion activities directed to members of the marketing channel, such as wholesalers/retailers
42
Consumer sales promotion
Promotion activities targeted to the ultimate consumer market
43
Trade sales promotion tools
Trade allowance Push money
44
Consumer sales promotion tools
Coupons Rebates Premiums Loyalty marketing programs Contests & sweepstakes Sampling Point of Purchase Promotion
45
Personal selling
A purchase situation involving a personal, paid-for communication between 2 people in an attempt to influence each other
46
Relationship/consultative selling
A sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships
47
Steps in the sales process
1. Generating leads 2. Qualifying leads 3. Approaching the customer and probing needs 4. Developing and proposing solutions 5. Handling objections 6. Closing the sale 7. Following up
48
Lead generation
Identification of the firms and people most likely to buy the seller’s offerings
49
Price
That which is given up in an exchange to acquire a good or service
50
3 main price objectives:
Profit-oriented Sales-oriented Status Quo
51
Profit maximization
Setting prices so that total revenue is as large as possible relative to total costs
52
Satisfactory profits
A reasonable level of profits, consistent with the level of risk an organization faces
53
Target Return on Investment (ROI)
Measures management’s overall effectiveness in generating profits with available assets
54
Market share
A company’s product sales as a percentage of total sales for that industry
55
Volume/Sales Maximization
Rather than strive for market share, companies try to maximize sales and ignores profits, competition, and marketing environment as long as sales are rising
56
Status Quo
Seeks to maintain existing prices or to meet the competition’s prices
57
Elasticity of demand
Consumer’s responsiveness or sensitivity to changes in price

Principles of Marketing (7 decks)

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