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Marketing > Final > Flashcards

Final Flashcards

1
Q

Situation Analysis (5Cs):

A

Company
Context
Customers
Collaborators
Competitors

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2
Q

SWOT Analysis

A

An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.

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3
Q

Market Research

A

The process of answering “why” and “what now”

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4
Q

Primary Research

A

Your own research

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5
Q

Secondary Research

A

3rd party research, already done

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6
Q

Insights

A

A deep truth, relevant to your brand and audience, that if solved has the power to move the customer to a desired future state.

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7
Q

Segmentation

A

Grouping customers based on similar needs/Profiling each segment

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8
Q

Geographic Segmentation

A

Segmentation by location

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9
Q

Demographic Segmentation

A

Segmentation by demographics (Age, Gender, Race)

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10
Q

Psychographic Segmentation

A

Most important segmentation. Segmentation by beliefs (Interests, Values, Goals)

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11
Q

Behavioral Segmentation

A

Segmentation by purchasing habits, customer loyalty, brand interactions.

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12
Q

Targeting

A

Assess attractiveness of each segment/Select segments to target

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13
Q

Positioning

A

Define value proposition for target segment/Develop an action plan

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14
Q

Positioning Statement and components

A

A strategic document that communicates the unique value the brand offers to a particular target segment.

-For who/when/where
-Relative to whom
-What benefit
-Reasons to believe (Why and how)

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15
Q

Perceptual Maps

A

A positioning tool that visualizes how consumers perceive brands across key attributes

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16
Q

Marketing Channel

A

Consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users.

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17
Q

Agent or Broker

A

An intermediary with legal authority to act on behalf of the manufacturer

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18
Q

Wholesaler

A

An intermediary who sells to other intermediaries, usually to retailers; term usually applies to consumer markets.

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19
Q

Transactional Functions

A

Buying or Selling products or services while also assuming business risks in the ownership of inventory.

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20
Q

Logistical Functions

A

Gathering, sorting, and dispersing products.

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21
Q

Facilitating Functions

A

Make a transaction easier for buyers through financing, grading, and providing information to customers and suppliers.

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22
Q

Direct Channel

A

The producer and the ultimate consumer deal directly with each other

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23
Q

Indirect Channel

A

Intermediaries are inserted between the producer and consumers and perform numerous channel functions.

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24
Q

Direct to Consumer Marketing Channels

A

Allow consumers to buy products by interacting with various print or electronic media without a face-to-face meeting with a salesperson.

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25
Q

Multichannel/Omnichannel Marketing

A

The blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online.

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26
Q

Vertical Marketing Systems

A

Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact.

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27
Q

Corporate vertical marketing system

A

The combination of successive stages of production and distribution under a single ownership

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28
Q

Intensive Distribution

A

A level of distribution density whereby a firm tries to place its products and services in as many outlets as possible.

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29
Q

Exclusive Distribution

A

A level of distribution density whereby only one retailer in a specific geographic area carries the firm’s products.

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30
Q

Selective Distribution

A

A level of distribution density whereby a firm selects a few retailers in a specific geographic area to carry its products.

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31
Q

Buyer Requirements (four categories):

A

-Information
-Convenience
-Variety
-Pre- or postsale services

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32
Q

Channel Conflict

A

Arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals.

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33
Q

Vertical Marketing System

A

Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact.

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34
Q

Vertical Conflict

A

Occurs between different levels in a marketing channel

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35
Q

Disintermediation

A

A source of channel conflict that occurs when a channel member bypasses another member and sells or buys products direct.

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36
Q

Horizontal Conflict

A

Occurs between intermediaries at the same level in a marketing channel

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37
Q

Channel Captain

A

A channel member that coordinates, directs, and supports other channel members.

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38
Q

Consumer Utilities:

A

Time Utility
Place Utility
Form Utility
Possession Utility

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39
Q

Form of Ownership

A

Distinguishes retail outlets based on whether independent retailers, corporate chains, or contractual systems own the outlet.

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40
Q

Level of Service

A

Describes the degree of service provided to the customer from three types of retailers: self-, limited-, and full-service.

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41
Q

Merchandise Line

A

Describes how many different types of products a store carries and in what assortment.

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42
Q

Independent Retailer

A

An independent business owned by an individual

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43
Q

Corporate Chain

A

Multiple outlets under common ownership

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44
Q

Franchising

A

An individual or firm contracts with a franchisor to set up a business or retail outlet.

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45
Q

Self Service

A

Requires that customers perform many functions during the purchase process.

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46
Q

Limited Service

A

Some services are provided but the rest are left up to the customer.

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47
Q

Full Service

A

Provide many services to their customers.

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48
Q

Depth of Product Line

A

The store carries a large assortment of each product item.

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49
Q

Breadth of Product Line

A

The variety of different product items a store carries.

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50
Q

Supercenter

A

Combines a typical merchandise store with a full-sized grocery store.

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51
Q

Automatic Vending

A

A form of nonstore retailing in which an electronic device or technology dispenses, without direct human intervention in the process, commodity items such as stamps, combs, soft-drinks, chocolates and potato chips.

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52
Q

Direct Mail and Catalogs

A

A form of non store retailing through advertising sent through the mail to existing customers and prospects

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53
Q

Television Home Shopping

A

A form of non store retailing through offering products for sale through cable and broadcast television

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54
Q

Online Retailing

A

A form of non-store retailing through allowing consumers to search for, evaluate, and order products through the Internet.

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55
Q

Telemarketing

A

Using the telephone to interact with and sell directly to consumers.

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56
Q

Direct Selling

A

Direct sales of products and services to consumers through personal interactions and demonstrations in their home or office.

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57
Q

Retail Positioning Matrix

A

A matrix that positions retail outlets on two dimensions: breadth of product line and value added, such as location, product reliability, or prestige.

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58
Q

Retailing Mix

A

The activities related to managing the store and the merchandise in the store, which include retail pricing, store location, retail communication, and merchandise.

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59
Q

Markup

A

How much should be added to the cost the retailer paid for a product to reach the final selling price.

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60
Q

Markdown

A

When the product does not sell at the original price and an adjustment is necessary.

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61
Q

Everyday Low Pricing (EDLP)

A

Emphasizes consistently low prices and eliminates most markdowns.

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62
Q

Off-Price Retailing

A

Selling brand-name merchandise at lower than regular prices.

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63
Q

Retail Image

A

The way in which the store is defined in the shopper’s mind, partly by its functional qualities and partly by an aura of psychological attributes.

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64
Q

Shopper Marketing

A

The use of displays, coupons, product samples, and other brand communications to influence shopping behavior in a store.

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65
Q

Category Management

A

An approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category.

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66
Q

Retail Life Cycle

A

The process of growth and decline that retail outlets, like products, experience, consisting of the early growth, accelerated development, maturity, and decline stages.

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67
Q

Marketplace

A

Buyers and sellers engage in face-to-face exchange relationships in a material environment characterized by physical facilities and mostly tangible objects.

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68
Q

Digital Marketspace

A

A digitally enabled environment characterized by face-to-screen exchange relationships and electronic images and offerings.

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69
Q

Interactive Marketing

A

Two-way buyer–seller electronic communication in which the buyer controls the kind and amount of information received from the seller.

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70
Q

Choiceboards

A

An interactive, digitally enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes (or components), prices, and delivery options.

71
Q

Personalization

A

The consumer-initiated practice of generating content on a marketer’s website that is custom tailored to an individual’s specific needs and preferences.

72
Q

Permission Marketing

A

The solicitation of a consumer’s consent (called “opt-in”) to receive e-mail and advertising based on personal data supplied by the consumer.

73
Q

Customer Experience

A

The sum total of interactions that a customer has with a company’s website, from the initial look at a home page through the entire purchase decision process.

74
Q

Eight-Second Rule

A

A view that customers will abandon their efforts to enter and navigate a website if download time exceeds eight seconds.

75
Q

Customerization

A

The growing practice of not only customizing a product or service but also personalizing the marketing and overall shopping and buying interaction for each customer.

76
Q

Viral Marketing

A

A digitally enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking websites, and blogs.

77
Q

Cookies

A

Computer files that a marketer can download onto the computer and mobile phone of an online shopper who visits the marketer’s website.

78
Q

Behavioral Targeting

A

Uses information provided by cookies to direct online advertising from marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertising.

79
Q

Social Commerce

A

The use of social networks for browsing and buying.

80
Q

Cross-Channel Consumers

A

An online consumer who shops online but buys offline, or shops offline but buys online.

81
Q

Showrooming

A

The practice of examining products in a store and then buying them online for a cheaper price.

82
Q

Webrooming

A

The practice of examining products online and then buying them in a store.

83
Q

Marketing Attribution

A

The practice and techniques used to credit or value a particular channel and consumer touchpoint.

84
Q

Promotional Mix definition and components

A

The combination of one or more communication tools used to: (1) inform prospective buyers about the benefits of the product, (2) persuade them to try it, and (3) remind them later about the benefits they enjoyed by using the product.

Advertising
Sales Promotion
Public Relations
Direct Marketing
Personal Selling

85
Q

Advertising

A

Any paid form of nonpersonal communication about an organization, product, service, or idea by an identified sponsor.

86
Q

Personal Selling

A

The two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person’s or group’s purchase decision.

87
Q

Public Relations

A

A form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services.

88
Q

Sales Promotion

A

A short-term inducement of value offered to arouse interest in buying a product or service.

89
Q

Direct Marketing

A

A promotional alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet.

90
Q

Product Life Cycle and Promotion Strategy

A

Introduction > Growth > Maturity > Decline

Inform > persuade > Remind > Phase out

91
Q

Product Characteristics

A

Complexity, Risk, and Ancillary Services (Degree of service or support required after the sale)

92
Q

Stages of the Consumer Journey:

A

-Prepurchase stage
-Purchase Stage
-Postpurchase stage

93
Q

Push Strategy

A

Directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product.

94
Q

Pull Strategy

A

Directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product.

95
Q

Promotion Decision Process

A

Process divided into developing, executing. and assessing the promotion program

96
Q

Percentage of Sales Budgeting

A

Allocating funds to promotion as a percentage of past or anticipated sales, in terms of either dollars or units sold.

97
Q

Competitive Parity Budgeting

A

Allocating funds to promotion by matching the competitor’s absolute level of spending or the proportion per point of market share. Also called matching competitors or share of market.

98
Q

All-You-Can-Afford Budgeting

A

Allocating funds to promotion only after all other budget items are covered.

99
Q

Objective and Task Budgeting

A

Allocating funds to promotion whereby the company: (1) determines its promotion objectives; (2) outlines the tasks to accomplish those objectives; and (3) determines the promotion cost of performing those tasks.

100
Q

Direct Orders

A

The result of direct marketing offers that contain all the information necessary for a prospective buyer to make a decision to purchase and complete the transaction.

101
Q

Lead Generation

A

The result of a direct marketing offer designed to generate interest in a product or service and a request for additional information.

102
Q

Traffic Generation

A

The outcome of a direct marketing offer designed to motivate people to visit a business.

103
Q

Product Advertising and forms

A

Advertisements that focus on selling a product or service and which take three forms: (1) pioneering (or informational), (2) competitive (or persuasive), and (3) reminder.

104
Q

Institutional Advertisements

A

Advertisements designed to build goodwill or an image for an organization rather than promote a specific product or service.

105
Q

Message Content

A

Basic information such as the product name, benefits, features, and price presented in a way that tries to attract attention and encourage purchase or use.

106
Q

Message Creativity

A

The originality and appropriateness of the message used to inform and persuade, including visual or auditory presentation.

107
Q

Message Appeals

A

Something that provides a reason for the consumer to act.

108
Q

Reach

A

The number of different people or households exposed to an advertisement.

109
Q

Frequency

A

The average number of times a person in the target audience is exposed to a message or an advertisement.

110
Q

Gross Rating Points (GRPs)

A

A reference number used by advertisers that is obtained by multiplying reach (expressed as a percentage of the total market) by frequency.

111
Q

Cost Per Thousand (CPM)

A

The cost of reaching 1,000 individuals or households with the advertising message in a given medium (M is the Roman numeral for 1,000).

112
Q

Media Alternatives Pros and Cons

A

Depends on media (Ex. Television, Magazines, Radio)

113
Q

Infomercials

A

Program-length (30-minute) advertisements that take an educational approach to communication with potential customers.

114
Q

Rich Media

A

Interactive online ads that have drop-down menus, built-in games or search engines to engage viewers.

115
Q

Mobile Marketing

A

The broad set of interactive messaging options that enable organizations to communicate and engage with consumers through any mobile device.

116
Q

Buyer Turnover

A

How often new buyers enter the market to buy the product

117
Q

Purchase Frequency

A

How often a product is purchased.

118
Q

Forgetting Rate

A

The speed with which buyers forget the brand if advertising is not seen.

119
Q

Pretests

A

Tests conducted before an advertisement is placed in any medium to determine whether it communicates the intended message or to select among alternative versions of the advertisement.

120
Q

Full-Service Agency

A

An advertising agency that provides the most complete range of services, including marketing research, media selection, copy development, artwork, and production.

121
Q

Limited-Service Agency

A

An advertising agency that specializes in one aspect of the advertising process, such as providing creative services to develop the advertising copy, buying previously unpurchased media space, or providing Internet services.

122
Q

In-House Agency

A

Consists of the company’s own advertising staff, who may provide full services or a limited range of services.

123
Q

Posttests

A

Tests conducted after an advertisement has been shown to the target audience to determine whether it accomplished its intended purpose.

124
Q

Consumer-Oriented Sales Promotions

A

Sales tools used to support a company’s advertising and personal selling directed to ultimate consumers. Also called consumer promotions.

125
Q

Sales Promotion Pros and Cons

A

Depends on sales promotion (Ex. Coupons, Sweepstakes, Loyalty Program)

126
Q

Trade-Oriented Sales Promotions

A

Sales tools used to support a company’s advertising and personal selling directed to wholesalers, distributors, or retailers. Also called trade promotions.

127
Q

Publicity Tools

A

Methods of obtaining nonpersonal presentation of an organization, product, or service without direct cost, such as news releases, news conferences, and public service announcements (PSAs).

128
Q

New Release

A

An announcement regarding changes in the company or the product line

129
Q

News Conference

A

Representatives of the media are all invited to an informational meeting, and advance materials regarding the content are sent.

130
Q

Public Service Announcements (PSAs)

A

Free space or time donated by the media for nonprofit organizations

131
Q

Sales Management

A

Planning the selling program and implementing and evaluating the personal selling effort of the firm.

132
Q

Relationship Selling

A

The practice of building ties to customers based on a salesperson’s attention and commitment to customer needs over time.

133
Q

Order Taker

A

Processes routine orders or reorders for products that were already sold by the company.

134
Q

Order Getter

A

Sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers’ use of a product or service.

135
Q

Team Selling

A

The practice of using an entire team of professionals in selling to and servicing major customers.

136
Q

Personal Selling Process:

A

Sales activities occurring before, during, and after the sale itself, consisting of six stages: (1) prospecting, (2) preapproach, (3) approach, (4) presentation, (5) close, and (6) follow-up.

137
Q

Lead

A

The name of a person who may be a possible customer

138
Q

Prospect

A

A customer who wants or needs the product

139
Q

Qualified Prospect

A

An individual that wants the product, can afford to buy it, and is the decision maker.

140
Q

Cold Calling

A

A salesperson may open a directory, pick a name, and contact that individual or business.

141
Q

Need-Satisfaction Presentation

A

Emphasizes probing and listening by the salesperson to identify the needs and interests of prospective buyers.

142
Q

Adaptive Selling

A

A need-satisfaction presentation format that involves adjusting the presentation to fit the selling situation, such as knowing when to offer solutions and when to ask for more information.

143
Q

Consultative Selling

A

A need-satisfaction presentation format that focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution.

144
Q

Upselling

A

The practice of introducing a higher-end product solution that the one in question

145
Q

Cross-Selling

A

The practice of proposing related or complementary products and services

146
Q

Objections

A

Excuses for not making a purchase commitment or decision

147
Q

Geographical Sales Organization

A

The United States or the world are divided into regions and each region is divided into districts or territories. Salespeople are assigned to each district with defined geographical boundaries and call on all customers and represent all products sold by the company.

148
Q

Customer Sales Organization

A

A different salesforce calls on each separate type of buyer or marketing channel. Used when different types of buyers have different needs

149
Q

Product Sales Organization

A

Sales organization used when specific knowledge is required to sell certain types of products.

150
Q

Customer Relationship Management (CRM)

A

Consolidate customer and sales information in a single database so that salespeople and sales managers can more easily access, analyze, and manage a company’s relationship with individual customer or accounts.

151
Q

Salesforce Automation (SFA)

A

The use of various technologies to make the sales function more effective and efficient.

152
Q

Marketing Automation

A

Applies systems and technologies, including AI algorithms, to provide insights to salespeople

153
Q

Customer Service and Support Automation

A

Consists of processes and technologies that supply customers with information about postal activities, including installation, repair, replacement, replenishment, and technical expertise pertaining to products.

154
Q

Logistics

A

Those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost.

155
Q

Supply Chain

A

The various firms involved in performing the activities required to create and deliver a product or service to consumers or industrial users.

156
Q

Supply Chain Management

A

The integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering products and services that provide value to the customers.

157
Q

Channel Stewardship

A

How a company designs, manages, and evolves its channel strategy in light of changing competitive and customer environments

158
Q

Distribution Channels

A

The venue a company uses to move its products or services to the world

159
Q

Retailing

A

The final stop in the distribution channel in which organizations sell goods and services to consumers for their personal use

160
Q

Store Retailing Examples

A

Convenience Stores, Supermarkets, Etc.

161
Q

Non-Store Retailing

A

Online, Vending, Catalogs, Etc.

162
Q

Retailing Strategy is the same as ________ but replace the 4Ps with:

A

The same as marketing strategy but replace the 4Ps with:

Pricing
Location
Communication
Merchandise

163
Q

What is rapidly changing the retail environment?

A

Economic, Customer, Technological Evolutions.

164
Q

What is a key tool in developing a seamless omnichannel approach

A

Customer Journey Map

165
Q

Integrated Marketing Communications

A

Designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences.

166
Q

How to Develop an Integrated Marketing Communications Approach:

A

-Planning
-Implementation
-Evaluation

167
Q

The Advertising Process Steps:

A
  1. Client
  2. Creative Brief
  3. Agency
168
Q

Creative Brief definition and components

A

The contract between client and agency

-The Challenge
-The Target Audience
-The Insight
-The Benefit
-The Reasons to Believe
-Relevant Background

169
Q

The SUCCESs Framework definition and components:

A

The framework that advertising that sticks follows

-Simple
-Unexpected
-Concrete
-Credible
-Emotional
-Stories

170
Q

What Sales is:

A

-Encouraging people to buy things that will add value
-Leveraging date to demonstrate the value
-Attentive listening
-Customer focused
-In-Step with marketing

171
Q

Four elements of compensation:

A

Fixed
Variable
Expenses
Fringe Benefits

172
Q

Four Forces Affecting Channel Strategy:

A

Customer / Consumer Needs
Channel Capabilities & Costs
Competitive Postures and Actions
Channel Power & Influence

173
Q

Tabletop Review Process

A

A visual check-in to confirm that the individual advertising tactics both deliver their assigned objective AND communicate a consistent message

174
Q

Four Business Practices that Lead to Success:

A

-Strategy
-Execution
-Structure
-Culture

Marketing (10 decks)

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