Marketing Flashcards
to pass (48 cards)
Acronyms to help complete transactions
PINCM
Acronyms to help fulfill the completed transactions
PFR
4 steps of channel decisions
Analyzing consumer “service needs, Setting channel objective and constraints, identifying major alternatives and Evaluating the major alternatives.
Channel objectives are influenced by
Product characteristics, manufacturing company characteristics, middleman’s channels, competitor’s channels and environmental factor
Acronyms for types of intermediaries
CARDW
The five promotion mix tools
Advertising, Public relations, Direct marketing, Personal selling and Sales promotion
IMC due to factors
Changing customers, changing marketing strategies and advancement in communication technologies
Define push strategy
Calls for using sales force and trade promotion to push the product through channels. The producer promotes the product to channel members, which in turn promote it to final consumers.
Define pull strategy
Calls for spending a lot on consumers advertising and promotion to induce final customers to buy the product, creating a demand vacuum to “pull” the product through demand.
Two pros and cons of Advertising
Pros: reaches large audience and can trigger quick sales. Cons: can be costly and lacks the direct persuasiveness of company salespeople.
Two pros and cons of Public relations
Pros: Image building and has more credibility and is more believable than advertising. Cons: time consuming and difficult to measure effectiveness. Publicity can be negative and you have little or no control of the message
Two pros and cons of direct marketing
Pros: Easy to measure response and success and extremely targeted. Cons: Certain communication tools perceived as junks and spam mails to consumer. It is also time consuming and costly to maintain an accurate customer database.
Two pros and cons of personal selling
Pros: Little distraction and quick adjustment can be made for a more persuasive impact. Cons: Sales force can be costly to maintain and reach a limited number of prospective customers.
Two pros and cons of sales promotion
Pros: Attract customer attention and invites quick response. Cons: Short lived and if it used too often, customers will only purchase during sales promotion.
List 4 steps of Budget decision
Affordable,Percentage of sales, competitive parity and objective and task
List 4 steps of Media decision
Impact and engagement, major media types, specific media vehicles and media timing
list 3 steps of Advertising evaluation
communication impact, sales and profit impact and return on advertising
Acronyms for micro-marketing
STCCMP
Acronyms for Macro-marketing
PTNCED
Three levels of product
Core customer value, actual product and augmented product
product and service classification
Convenience, shopping, specialty and unsought
List the steps when designing a product
Product attributes, branding, packaging, labelling and product service support
explain the concept of direct marketing
Direct connections with targeted consumers to obtain immediate response and build long lasting customer response.
Forms of Direct marketing acronyms
CDDFTK
