MARK 3321 Final Exam Flashcards

(48 cards)

1
Q

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

A

promotion

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2
Q

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

A

promotional strategy

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3
Q

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

A

competitive advantage

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4
Q

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

A

interpersonal communication

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5
Q

involves communicating a concept or message to large audiences

A

mass communication

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6
Q

the careful coordination of all promotional messages—traditional advertising, direct marketing, social media, interactive, public relations, sales promotion, personal selling, event marketing, and other communications—for a product or service to assure the consistency of messages at every contact point where a company meets the consumer

A

integrated marketing communications

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7
Q

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

A

publicity

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8
Q

to influence demand for a specific brand. Often, promotion becomes less informative and appeals more to emotions during this phase. Generally, this is where an emphasis on branding begins

A

competitive advertising

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9
Q

directly or indirectly compares two or more competing brands on one or more specific attributes

A

comparative advertising

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10
Q

is intended to stimulate primary demand for a new product or product category. Heavily used during the introductory stage of the product life cycle

A

pioneering advertising

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11
Q

identifies a reason for a person to buy a product

A

advertising appeals

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12
Q

the series of decisions advertisers make regarding the selection and use of media, enabling the marketer to optimally and cost-effectively communicate the message to the target audience.

A

media planning

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13
Q

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

A

price

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14
Q

refers to consumers’ responsiveness or sensitivity to changes in price

A

elasticity of demand

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15
Q

a situation in which consumer demand is sensitive to price changes

A

elastic demand

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16
Q

an increase or a decrease in price will not significantly affect demand for the product.

A

inelastic demand

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17
Q

an increase in sales exactly offsets a decrease in prices, so total revenue remains the same.

A

unitary elasticity

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18
Q

a cost that varies with changes in the level of output

A

variable cost

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19
Q

does not change as output is increased or decreased. Examples include rent and executives’ salaries.

A

fixed cost

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20
Q

uses the cost of buying the product from the producer, plus amounts for profit and for expenses not otherwise accounted for. The total determines the selling price

A

markup pricing

21
Q

many small retailers mark up merchandise 100 percent over cost. (In other words, they double the cost.)

22
Q

sometimes called a “market-plus” approach to pricing because it denotes a high price relative to the prices of competing products

A

price skimming

23
Q

charging a relatively low price for a product as a way to reach the mass market. The low price is designed to capture a large share of a substantial market, resulting in lower production costs

A

penetration pricing

24
Q

charging a price identical to or very close to the competition’s price.

A

status quo pricing

aka meeting the competition or going rate pricing

25
When buyers get a lower price for buying in multiple units or above a specified dollar amount
quantity discounts
26
a price reduction offered to a consumer, an industrial user, or a marketing intermediary in return for prompt payment of a bill
cash discounts
27
When distribution channel intermediaries, such as wholesalers or retailers, perform a service or function for the manufacturer, they must be compensated. This compensation, typically a percentage discount from the base price
functional discount
28
a price reduction for buying merchandise out of season
seasonal discount
29
a payment to a dealer for promoting the manufacturer's products. It is both a pricing tool and a promotional device
promotional allowances
30
a cash refund given for the purchase of a product during a specific period.
rebates
31
marketing two or more products in a single package for a special price
price bundling
32
any tool or service that uses the Internet to facilitate conversations
social media
33
online content that an organization creates and controls
owned media
34
a PR term connoting free media such as mainstream media coverage
earned media
35
content paid for by the company to be placed online
paid media
36
Blogs, microblogs, social networks, media creation and sharing sites, social news sites, location-based social networking sites, review sites, and virtual worlds and online gaming
social media tools of consumer and corporate-generated content
37
a publicly accessible Web page that functions as an interactive journal, whereby readers can post comments on the author's entries
blog
38
blogs that exchange smaller posts than traditional blogs. Twitter, the most popular
microblogs
39
allow individuals to connect—or network—with friends, peers, and business associates.
social networking sites
40
allow users to upload and distribute multimedia content like videos and photos
media sharing sites
41
allow users to decide which content is promoted on a given Web site by voting that content up or down
social news sites
42
allow consumers to post, read, rate, and comment on opinions regarding all kinds of products and services
review sites
43
creators, critics, collectors, joiners, spectators, and inactives
six categories of social media users
44
Those who produce and share online content like blogs, Web sites, articles, and videos
creators
45
Those who post comments, ratings, and reviews of products and services on blogs and forums
critics
46
Those who use RSS feeds to collect information and vote for Web sites online
collectors
47
Those who maintain a social networking profile and visit other sites
joiners
48
Those who read blogs, listen to podcasts, watch videos, and generally consume media
spectators