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CLEP > Marketing > Flashcards

Marketing Flashcards

1
Q

Unsought Goods

A

good that has no demand

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2
Q

Promotion Objectives

A

to inform both intermediaries and end-users about new products, persuade buyers to buy the products, reminds buyers about the availability of very well-established products

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3
Q

Integrated Marketing Communications

A 
refers to the concept of planning a comprehensive program that coordinates all promotional activities
Who is the target market?
What are the objectives?
When should the promotions be run?
Which media should be used?
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4
Q

Store’s Atmosphere

A

comprised of characteristics that contribute to consumers’ general impression of the store, includes the exterior appearance, interior design, product display, and store layout

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5
Q

Wheel of Retailing

A

an evolutionary process by which stores that feature low prices gradually upgrade until they no longer appeal to price-sensitive shoppers and are replaced by a new generation of leaner, low-price competitors

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6
Q

Marketing Concept

A

a customer-oriented business philosophy that stresses customer satisfaction as the key to achieving organizational goals

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7
Q

Direct Marketing

A

direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships

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8
Q

Promotion Mix

A

elements that contribute to the firm’s overall communications program, includes advertising, personal selling, publicity, public relations, and sales promotions

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9
Q

Independent Stores

A

Single retail units that are not affiliated with a corporate chain or cooperative. They tend to have higher prices than affiliated stores, less market power, and rely more heavily on customer services for a competitive edge.

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10
Q

Retail Store Location

A

function of target market, location of competitors and site costs. Location options include planned shopping centers, unplanned business/shopping districts and isolated store locators

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11
Q

Franchise System

A

a specific type of VMS where the parent company provides franchisees with the legal right to use company trademarks, the franchisor may also provide franchisees with assistance in site selection, personnel training, inventory management, and promotional strategy.

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12
Q

Non-store Retailing

A

retail transactions that occur outside of traditional store setting, techniques include direct selling, direct marketing, and vending sales

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13
Q

Product Development

A

the stage at which viable ideas are first produced in tangible form and the initial marketing strategy is created

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14
Q

Product Adoption Process

A

describes the stages that consumers go through in learning about new products

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15
Q

Product Adoption

A

takes place when the buyer decides to continue using the product regularly

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16
Q

Diffusion Process

A

the typical rate of adoption exhibited by consumers in response to new products

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17
Q

Innovators

A

the first to buy a new product, 3% of the relevant market, younger, more affluent

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18
Q

Early Adopters

A

the next to buy behind innovators, 13% of the relevant market, locally oriented, well respected within their communities, opinion leaders who influence others’ buying patterns

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19
Q

Early Majority

A

34% of the target market, slightly above average in both social and economic standing, influenced by advertising and sales people as well as early adopters

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20
Q

Late Majority

A

34% of the market, more resistant to change and risk taking than previous groups, middle aged or older and somewhat less well of than average socioeconomic terms

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21
Q

Ideal Points

A

consumers’ perception of the perfect bundle or combination of attributes

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22
Q

Mix Expansion

A

provides the firm with new opportunities for growth

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23
Q

Contracting

A

reducing

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24
Q

Laggards

A

16% of the market and are the last to buy, tend to be price conscious, low income consumers, by the time this group purchases the product it has reached the maturity stage of the product life cycle

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25
Q

Wide Product Mix

A

a diversification strategy, enables the firm to meet several different types of customers need

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26
Q

Deep Product Mix

A

focuses the firm’s resources on a smaller number of product lines, enables the firm to target several segments within the same market

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27
Q

Product Life Cyle

A

describes a pattern of changes that is characteristic of most products from their inception to the their eventual departure from the market (introduction, growth, maturity, and decline)

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28
Q

Introduction (Product Life Cycle)

A

stage of the PLC that corresponds to the commercialization of a new product, the rate of new product failures during this stage remain high, sales increase steadily throughout but profits remain negative, innovators are the initial buyers of the product, very little direct competition

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29
Q

Growth (Product Life Cycle)

A

stage of the PLC that is marked by the point at which profitability becomes positive, sales growth continues at an increasing rate, new firms enter the market

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30
Q

Maturity (Product Life Cycle)

A

stage of the PLC that is characterized by slowing sales, industry sales level off as the market becomes saturated, consumer demand peaks, price competition is greater, total industry profits decrease

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31
Q

Decline (Product Life Cycle)

A

stage of the PLC where industry sales decline, many firms leave the market, industry profits continue to decline, remaining firm exit the market

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32
Q

Brand Insistence

A

when consumers are absolutely brand loyal and will accept no substitutes

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33
Q

Brand Recognition

A

when consumers remember the brand name

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34
Q

Brand Preference

A

target consumers will usually choose one specific brand over others

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35
Q

Brand Rejection

A

when consumers recognize, but refuse to buy, specific brands

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36
Q

Individual Brand

A

when there is significant variation in product type and quality

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37
Q

Family Brand

A

used when the same brand is applied to several products, most appropriate when all of the products are of comparable type and quality

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38
Q

Brand Non-Recognition

A

consumers do not recall the brand name

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39
Q

Trademarks

A

brand names, marks, or characters used to identify products

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40
Q

Licensed Brand

A

a well-established brand name that other sellers pay to use

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41
Q

Primary Functions of Product Packaging

A

Protection, Promotion, and Information

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42
Q

Inseparability

A

the fact that the service cannot be separated from the person providing it.

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43
Q

Perishable

A

cannot be inventoried, returned, or resold

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44
Q

Accumulation

A

the process of assembling and pooling relatively small individual shipments so that they can be transported more economically

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45
Q

Sorting

A

the process of separating goods by quality, color, or size

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46
Q

Assorting

A

the process of acquiring a wide variety of merchandise to meet the diverse preferences of consumers

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47
Q

Direct Channels

A

the movement of goods from the producer to the final consumer without using independent intermediaries or “middlemen”

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48
Q

Indirect Channels

A

the movement of goods with the cooperation and assistance of independent intermediaries

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49
Q

Channel Width

A

the number of independent members at on e level of the distribution channel (e.g., producer, wholesaler, retailer, final consumer)

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50
Q

Channel length

A

the number of levels used to create a distribution channel

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51
Q

Intensive Distribution Strategy

A

when a firm sells through every potential outlet that will reach its target market

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52
Q

Selective Distribution Strategy

A

when a firm will sell through many, but not all, potential wholesalers and retailers

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53
Q

Exclusive Distribution Strategy

A

when a firm limits the number of outlets employed to one or two intermediaries within each market

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54
Q

Contractual Arrangements

A

written mutual agreements, enforceable by law, between two or more parties that something shall be done by one or both

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55
Q

Vertical Integration

A

the process of acquiring firms that operate at different channel levels

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56
Q

Horizontal Integration

A

the process of acquiring firms that operate at the same channel level

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57
Q

Multiple Channels

A

when a firm develops two or more separate and distinct distribution channels

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58
Q

Dealer Brands

A

created by intermediaries (e.g., retailers), also called “Private Brands”

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59
Q

Manufacturer Brands

A

created by product manufacturers, also called “National Brands”

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60
Q

Brand

A

a name or symbol that is used to identify the products of a specific firm

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61
Q

Characteristics of Good Brand Names

A

suggests something about the product’s benefits
short and simple
easy to spell, read, and pronounce
pleasant sounding
distinctive and memorable
appropriate to new products that may be added to the line at a later date
legally available for use

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62
Q

Channel Conflict

A

when disagreements arise between members over channel practices and policies

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63
Q

Channel Control

A

the ability to influence the actions of other channel members

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64
Q

Pushing Strategy examples

A

Sales Promotions, Personal Selling, and Advertising of the Product

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65
Q

Pulling Strategy

A

generates consumer demand for the product as a means of securing support within the channel, initially directed toward the final consumer, most appropriate for new products seeking to gain access to an existing channel

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66
Q

Brainstorming

A

a small group technique that encourages participants to voice creatives ideas on a specified topic

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67
Q

New Product Opportunities

A

stem from modification of existing products or the development of wholly new product innovations

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68
Q

Idea Generation

A

the process of searching for new product opportunities

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69
Q

Product Screening

A

the phase in which potential products are sorted relative to their strengths and weaknesses

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70
Q

Concept Testing

A

potential customers for the new product are asked to evaluate the concept

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71
Q

Business Analysis

A

a detailed evaluation of the concept’s commercial feasibility, criteria examined at this stage include product costs, competitors’ strengths in relevant markets, projected market demand, needed investment, and potential profitability

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72
Q

Unit Loading

A

the grouping of boxes on a pallet or skid

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73
Q

Materials Handling

A

the physical handling of goods in both warehouse and transportation functions

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74
Q

Warehousing

A

the process of designing and operating facilities for both storing, sorting, and dispatching goods

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75
Q

Containerization

A

the process of consolidating many items into one container

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76
Q

Types of Warehouses

A

Private and Public Warehouses
Distribution Centers
Bonded Storage

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77
Q

Marketing Myopia

A

short sighted views of the needs of the company

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78
Q

Distribution Center

A

a type of warehouse planned in relation to specific markets

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79
Q

Total-Cost Concept

A

minimizing costs and satisfying customer demands can represent conflicting objectives

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80
Q

Reorder Point

A

the inventory level at which new orders need to be placed to avoid a stockout

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81
Q

Stockout

A

a shortage of product resulting from carrying too few in inventory

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82
Q

Order Leadtime

A

the average length of time between the customer placing an order and receiving it

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83
Q

Short-term forecasts

A

typically predict sales for the next month or quarter and are used for production scheduling and evaluating the impact of short-term promotions

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84
Q

Geographic Demographics

A

the identifiable characteristics of towns, cities, states, regions, and countries

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85
Q

Personal Demographics

A

the identifiable characteristics of individuals and groups of people

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86
Q

Long-term forecasts

A

typically done for a five-year period and play a significant role in strategic planning

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87
Q

Medium-term forecasts

A

typically done annually and provide input to annual marketing plan review and revision

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88
Q

Electronic Data Interchange (EDI)

A

allows a company to integrate order processing, production, inventory planning, and transportation into a single system

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89
Q

Order Processing

A

the receipt and transmission of sales order information

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90
Q

Customer Service Standard

A

different customers requiring different levels of service

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91
Q

Five Levels of Brand Familiarity

A 
Brand Insistence
Brand Preference
Brand Recognition
Brand Non-Recognition
Brand Rejection
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92
Q

Megacarriers

A

freight transport companies that provide several shipment modes

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93
Q

Transportation Modes

A

the means of moving goods from one location to another

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94
Q

Intermodal Transportation

A

two or more transportation modes used in combination

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95
Q

Freight Forwarders

A

specialized agencies that provide alternate forms of transportation coordination

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96
Q

Wholesaling

A

all of the activities related to the resale of products to organizational buyers, other wholesalers, retailers

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97
Q

Usage Rate

A

the rate at which inventory is sold per time period

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98
Q

Just-In-Time (JIT)

A

making products and materials available just as needed for production or resale

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99
Q

Safety Stock

A

the amount of extra inventory kept on hand to avoid stockouts

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100
Q

Economic Order Quantity (EOQ)

A

the order size that minimizes the total cost of ordering and carrying inventory

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101
Q

Behavior Dimensions

A

include purchase occasion, user status, and brand loyalty

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102
Q

Psychographics

A

refer to factors that influence consumers’ patterns of living or lifestyle

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103
Q

Hetrogeneous

A

when a product is too diverse to be treated as a single target market

104
Q

Segmenting

A

the process in which

  1. segmentation variables are chosen and market is divided along these dimensions
  2. profile the resulting segments
105
Q

Market Targeting

A

the phase after the segmentation process is completed when each resulting segment is evaluated in terms of its attractiveness for the firm

106
Q

Single-Variable Segmentation

A

one segmentation variable (seldomly used)

107
Q

Multi-Variable Segmentation

A

two or more segmentation variables

108
Q

Single-segment

A

the decision to focus on one segment as a target market also know as concentration strategy

109
Q

Multiple Segmentation Strategy

A

the choice to pursue more than one target market with corresponding marketing mixes also know as differentiated marketing

110
Q

Undifferentiated Marketing

A

treating the total potential market as a whole- one vast target market also know as mass marketing

111
Q

Involvement

A

the primary determinant of how consumers reach purchase decisions

112
Q

High Involvement

A

product is perceived to be personally important
product is relatively expensive or high-priced
consumer lacks relevant information about the product
risks associated with making a bad decision are high
product offers potentially great benefits to the buyer

113
Q

Low Involvement

A

product is frequently purchased by consumer

product is relatively low-priced

114
Q

High Involvement Decision-Making

A

Need or Problem Recognition -> Search for Relevant Information -> Identification and Evaluation of Alternatives -> Purchase Decision -> Post Purchase Behavior

115
Q

Cognitive Dissonance

A

the state of mental anxiety that can be caused by a consumer’s uncertainty about a purchase

116
Q

Customer Types

A

includes manufactures, wholesalers, retailers, government agencies, and nonprofit institutions

117
Q

Low Involvement Decision- Making

A

Need or Problem Recognition -> Purchase Decision -> Post Purchase Behavior

118
Q

Customer Size

A

the purchasing power of buyers rather than the number of buyers

119
Q

Buying Situation

A

characterized as one of three types New-Task Buying, Straight Rebuy, Modified Rebuy

120
Q

New- Task Buying

A

the most complex of the three buy classes, the task requires greater effort in gathering information and evaluating alternatives.

121
Q

Accessory Equipment and Installations

A

capital good that are used in the production process

122
Q

Operating Supplies

A

low-cost items that aid in the production process

123
Q

Services

A

tasks performed by one individual or firm for another, usually intangible, perishable, frequently inseparable

124
Q

Tangible Product

A

consists of features that can be precisely specified (e.g., color, size, weight)

125
Q

Product Line

A

a group or set of closely related items

126
Q

Product Mix

A

all of the product lines offered at a specific firm

127
Q

Raw Material, Component Materials, and Fabricated Parts

A

goods used in the production of finished goods or become part of them

128
Q

Threats

A

competitive conditions or other barriers that might prevent the firm from reaching its goals

129
Q

Opportunities

A

favorable environmental conditions that could bring the firm rewards if exploited

130
Q

Boston Consulting Group Matrix

A

a framework that classifies each product or product line within a firm’s “product portfolio”

131
Q

Stars

A

generate large profits, but also consume substantial resources to finance their continued growth

132
Q

Cash Cows

A

generate large profits

133
Q

Dogs

A

low profitability and little opportunity for sales growth

134
Q

Differential Advantage

A

the unique qualities of product that encourage customer purchase and loyalty

135
Q

Sampling

A

the process of gathering data from a selected subgroup (sample) chosen from the population of interest

136
Q

Probability samples

A

select persons from the designated population at random

137
Q

Non-probability samples

A

nonrandom samples

138
Q

Research Design

A

the plan for collecting and analyzing data

139
Q

Sample size

A

size of the sample group

140
Q

Primary Data

A

information collected specifically for the current research study

141
Q

Observation

A

unobtrusive data collection procedure

142
Q

Secondary Data

A

information that has already been collected for reasons not directly related to the current study

143
Q

Survey Research

A

means of systematically acquiring information from individuals by communicating directly with them

144
Q

Focus Group

A

in-person data collection procedure in which the interviewer meets with five to ten persons at the same time

145
Q

Strategy Development

A

questioned addressed by marketing research include:
What business should we be in?
How will we compete?
What are the goals for the business?

146
Q

Sustainable Competitive Advantage

A

an enduring differential advantage held over competitors by offering buyers superior value either through lower prices or other elements of the marketing mix

147
Q

Marketing Research Process

A 
Step 1: Define the Research Objective
Step 2: Determine Research Type
Step 3: Determine Research Approach
Step 4: Select Data Collection Method
Step 5: Analyze the Results
Step 6: Report the Findings
148
Q

Situation Analysis examines…

A 
Economic environment
Technological developments 
Social changes, changes in buying behavior
Legal and political developments
Size of the existing market and the potential market
Rate of market growth
Buyer behavior
Competitive Behavior
Market share trends
149
Q

Marketing Plan Development

A

focus on how the elements of the marketing mix can be most effectively used

150
Q

Marketing Research

A

the systematic process of planning, collecting, analyzing, and communicating information that is relevant to making better marketing decisions

151
Q

Experimental Research

A

compares the impact of marketing variables on individuals’ responses in a controlled setting

152
Q

Monitoring the Performance

A

plans following implementation may require the collection of either qualitative or quantitative information

153
Q

Simulation

A

a technique that utilizes computer-based programs to assess the impact of alternative marketing strategies

154
Q

Marketing Information System

A

made up of the people equipment and procedures to gather, sort, analyze, evaluate, and distribute accurate information to marketing decision makers.

155
Q

Forecasting

A

estimating the demand for a brand or product category

156
Q

Users

A

people within the firm who will use the product

157
Q

Influences

A

those individuals who establish product requirements and specifications based on their technical expertise or authority within the organization

158
Q

Gatekeepers

A

people within the organization who control the flow of relevant purchase-related information

159
Q

Deciders

A

the individuals who makes the final purchase decision

160
Q

Buyers

A

individuals who identify suppliers, arrange terms of sale, and carry out the purchasing procedures

161
Q

Buying Center

A

entity comprised of all the people who participate in or influence the decision-making process

162
Q

Consumer Products

A

products that are targeted toward individuals and household for final consumption
Industrial Products products typically purchased for resale, operational needs, or use in further production

163
Q

Convenience Goods

A

goods purchased frequently and with minimum of shopping effort (low involvement decision-making)

164
Q

Straight Rebuy

A

process used to purchase inexpensive, low-risk products, in most instances previous purchases are simply reordered to replace depleted inventory, alternative products or suppliers are not typically considered or evaluated

165
Q

Modified Rebuy

A

process used when the purchase situation is less complex than new-task buying and more involved that a straight rebuy, some information is required to reach decisions and a limited number of alternatives may be evaluated

166
Q

Shopping Goods

A

good for which consumers typically make price-quality comparisons at several stores before buying (high involvement decision-making)

167
Q

Specialty Goods

A

goods for which buyers have strong brand loyalty

168
Q

Product/ Market Opportunity Matrix

A 
the four fundamental alternative marketing strategies available to the firm 
Market Penetration
Market Development
Product Development
Diversification
169
Q

Marketing Strategy

A

the way in which the marketing mix is used to satisfy the needs of the target market and achieve organizational goals

170
Q

Macroenvironmental Factors

A 
external forces that impact all firms within an industry 
Demographics or Demography
Economic Conditions
Competition
Social and Cultural Factors
Political and Legal Factors(Government)
Technological Factors
171
Q

Marketing Objective

A

the goals of the firm on both quantitative (sales, profit, market share) and qualitative(market leadership, corporate image) terms

172
Q

Marketing Environment

A

composed of two types of factors: those that the organization can control and those that it cannot control

173
Q

Market Penetration Strategy

A

attempts to increase sales of the firm’s existing products to its current markets

174
Q

Microenvironmental Factors

A

external forces that impact each specific company uniquely
Suppliers
Marketing Intermediaries
Target Market

175
Q

Market Development Strategy

A

attempts to increase sales by introducing existing products to new markets

176
Q

Product Development Strategy

A

entails offering new products to the firm’s current markets

177
Q

Diversification Strategy

A

aims new products at new market

178
Q

SWOT Matrix

A

a tool used to assess the potential value and fit of new opportunities

179
Q

Strengths

A

competitive advantages or distinctive competencies that give the firm a superior ability to meet the need of its target markets

180
Q

Product Positioning

A

the decisions involved in shaping the product’s image in the customer’s mind

181
Q

Target Market

A

one particular group of potential customers that the organization seeks to satisfy with a product.

182
Q

Product Differentiation

A

when a product or brand is perceived as different from its competitors on any tangible or intangible characteristic

183
Q

Market Segments

A

groups of customers who are similar to each other in a meaningful way and who will respond to a firm’s marketing mix similarly

184
Q

Marketing Plan

A

the organization’s statement of marketing strategy and the specification of the activities required to carry out the strategy

185
Q

Situation Analysis

A

the company’s relative strengths and weaknesses, as well as the opportunities and threats posed b its marketing environment

186
Q

Marketing

A

the process of planning and executing the development, pricing, promotion, and distribution of goods and services to achieve organizational goals

187
Q

Market

A

made up of all the people or organizations who want or need a product and have the willingness and ability to buy

188
Q

Products

A

goods, services, ideas, places, or persons

189
Q

Weaknesses

A

limitations that a company might face in the development or implementation of a specific marketing strategy

190
Q

Retailing

A

all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use

191
Q

Brokers

A

act as temporary wholesalers, bring buyers and sellers together a facilitate the transaction process

192
Q

Agents

A

independent wholesalers that do not take title of the products they handle

193
Q

Derived Demand

A

Business demand that ultimately comes from the demand for consumer goods.

194
Q

Drop Shippers

A

limited-service merchant wholesalers that buy products from manufacturers and arrange for the delivery to retailers

195
Q

Rack Jobbers

A

full-service merchant wholesalers that provide the display racks used to merchandise the product

196
Q

Corporate Chains

A

comprised of several (usually 10 or more) stores that are owned and managed by the same firm. They are typically standardized with respect to product lines, merchandising, and operational policies.

197
Q

Limited Service Merchant Wholesalers

A

may not provide merchandising or market research assistance

198
Q

Full Service Merchant Wholesalers

A

perform the complete range of wholesaling functions

199
Q

Merchant Wholesalers

A

independent firms that take title and possession of the products they sell

200
Q

Manufacturer Wholesaling

A

when the product’s producer performs the wholesaling functions

201
Q

Vertical Marketing Systems

A

This type of marketing system includes the producer, wholesaler(s), and retailer(s) acting as a unified system.

202
Q

Scrambled Merchandising

A

offering several unrelated product lines in a single store

203
Q

Test Marketing

A

provides a series of commercial experiments to test the acceptance of the product and the appropriateness of the proposed marketing strategy.

204
Q

Commercialization

A

marks the start of full-scale production and the implementation of the complete marketing plan

205
Q

Commercialization

A

marks the start of full-scale production and the implementation of the complete marketing plan

206
Q

universal functions of marketing

A

buying, selling, transporting, sorting, standardization and grading, financing, risk taking, market information function

207
Q

Simple Trade Era

A

Pre-Industrial Revolution: selling surplus to distributors

208
Q

Production Era

A

Industrial Revolution-1920s: if we can make it, it will sell

209
Q

Sales Era

A

1930-1950: emphasizing selling because of competition

210
Q

Marketing Department Era

A

1950-1960: marketing activities performed by department

211
Q

Marketing Company Era

A

1960s+: focus on customer

212
Q

Marketing Eras

A

simple trade era, production era, sales era, marketing department era, marketing company era, marketing eras

213
Q

Customer Value

A

consumer benefits minus costs

214
Q

Four Parts of Product Markets

A

what, to meet what, for whom, where

215
Q

Four Rules of Good Segments

A

homogeneous within each segment, heterogeneous between each segment, substantial enough for profit, operational

216
Q

Lanham Act

A

Also called Trademark Act of 1964 - governs unfair competition, service marks and trademarks

217
Q

Sherman Antitrust Act

A

Outlawed monopolistic business practices

218
Q

Federal Trade Commission

A

Act of 1914 - outlaws unfair acts or practices that affect commerce

219
Q

The Magnuson Moss Warrant Act

A

Governs warranties on consumer products

220
Q

GATT

A

General Agreement on Tarffifs and Trade

221
Q

Federal Fair Packaging and Labeling Act

A

1966-Clearly labeled goods

222
Q

Nutrition Labeling and Education Act

A

1990-Uniform nutrition facts format

223
Q

Magmuson-Moss Act

A

1975: Clear warranties

224
Q

cost focus strategy

A

involves controlling expenses and, in turn, lowering product prices targeted at a NARROW RANGE of market segments

225
Q

diversification analysis

A

search for growth opportunities from among current and new markets as well as current and new products

226
Q

cost leadership strategy

A

focuses on reducing expenses and, in turn, lowers product prices while targeting a BROAD ARRAY of market segments

227
Q

marketing ROI

A

the application of modern measurement technologies to understand, quantify , and optimize marketing spending

228
Q

synergy analysis

A

seeks growth opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies

229
Q

caveat vendor

A

Power tips towards consumer (with things such as legislation or over-supply)

230
Q

caveat emptor

A

The buyer alone is in charge (of checking the quality of goods before purchase is made)

231
Q

value oriented framework

A

analyzing ethical problems on the basis of the values they infringe - honesty, privacy, etc

232
Q

stakeholder oriented framework

A

analyzing ethical problems on the basis of whom they affect - consumers, competitors, society

233
Q

process oriented framework

A

analyzing ethical problems in terms of the categories used by marketers - research, price, promotion, etc

234
Q

descriptive marketing

A

gathering and presenting statements of fact

235
Q

diagnostic marketing

A

data/actions of a target market are explained

236
Q

predictive marketing

A

answers questions

237
Q

attribution

A

the measurement of effectiveness of particular ads in a consumers ultimate decision to purchase (online)

238
Q

personal selling process

A

1- prospecting 2- preapproach 3- approach 4- presentation 5- close 6- follow up

239
Q

interrelated functions of sales management

A

sales plan formulation - sales plan implementation - salesforce evalutation

240
Q

interrelated functions of sales management

A

sales plan formulation - sales plan implementation - salesforce evalutation

241
Q

cooperative advertising

A

Usually done to secure the help of the retailer in promoting a given product

242
Q

segmentation criteria

A

Identifiability, measurability, substantiality, accessibility, and responsiveness

243
Q

Anti Dumping Laws

A

Prevent foreign manufactured goods from selling at below cost

244
Q

Consumer Decision Making Process

A

Need recognition, information search, evaluation of alternatives, purchase, post purchase behavior

245
Q

Types of Marketing Research

A

Exploratory (discovering ideas and insight), descriptive (statistically significant, surveys), and casual (seeks to explain cause and effect, conclusive research)

246
Q

Price Elasticity of Demand

A

If the quality that consumers order changes a lot in response to a change in price the PED is very high

247
Q

AIDA Model

A

Attention/awareness, interest, desire, action - used by marketers and advertisers to develop a marketing communication strategy.

248
Q

STP

A

Segmentation, targeting, positioning

249
Q

Elements of Service Quality

A

Reliability, assurance, tangibles, empathy, responsiveness

250
Q

Ways Services Differ from Products

A

Heterogeneous, intangibility, inseparability, perishable

251
Q

4 P’s of Marketing

A

Product, price, place, promotion

252
Q

IMC

A

Integrated marketing communication - aka promotion. A IMC program plans & executes various marketing activities so total impact > sum of each activity.

253
Q

positioning statement

A

Target segmentation, point of difference, frame of reference.

254
Q

Degree of Vertical Integration

A

Amount to which a retailer manufacturer wants to control the other parts of the channel. Aka corporate system or hierarchical

255
Q

Pull Supply Chain

A

Retailer knows what to buy based on customer base

256
Q

peripheral processing

A

Low involvement, less brain power, weak brand preferences, increased marketing influence

257
Q

Conventional Distrobution

A

producer -> wholesaler -> retailer: all working independently

CLEP (4 decks)

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