Marketing Final (PowerPoint Notes) Flashcards
1
Q
What does the sales force focus on?
A
building long-term customer relationships, building customer loyalty, identifying new opportunities with existing customers.
2
Q
What is are 2 benefits of personal sales?
A
- ) Salespeople provide information and advice
2. ) Salespeople save time and simplify buying
3
Q
3 Main Salespeople Duties
A
- ) Order Getter
- ) Order Taker
- ) Sales Support Personnel
4
Q
What are the 5 steps in the Personal Selling Process?
A
- ) Generate and Qualify Leads
- ) Preapproach
- ) Sales Presentation and Overcoming Reservations
- ) Closing the Sale
- ) Follow-up
5
Q
What happens in the Generate and Qualify Leads step of the Personal Selling Process?
A
Cold Calls and Telemarketing
6
Q
What are the 4 Sources of Leads?
A
- ) Current Customers
- ) Trade Shows
- ) The Internet
- ) Networking Events
7
Q
What happens in the Preapproach step of the Personal Selling Process?
A
- ) Do your homework
2. ) Set goals for what is to be accomplished
8
Q
What happens in the Sales Presentation and Overcoming Reservations steps of the Personal Selling Process?
A
- ) The Presentation
2. ) Handling Reservations
9
Q
What happens in the Closing the Sale step of the Personal Selling Process?
A
- ) Get the Order
2. ) A “no” may one day turn into a “yes”
10
Q
What are the ABCs of selling?
A
Always Be Closing
11
Q
What happens in the Follow-Up step of the Personal Selling Process?
A
1.) Focus on Building the relationship
12
Q
What are the 5 Service Quality Dimensions?
A
- ) Reliability
- ) Responsiveness
- ) Assurance
- ) Empathy
- ) Tangibles
13
Q
Why is personal selling so important to an Integrated Marketed Strategy?
A
Adds value to their product or service mix
14
Q
What are Salespeople trained for?
A
- ) Selling and negotiation techniques
- ) Products and Service Knowledge
- ) Technologies used in the selling process
- ) Time and Territory Management
- ) Company policies and procedures
15
Q
What are the 2 types of rewards for salespeople?
A
- ) Financial Rewards
- ) Nonfinancial Rewards
* *Best is a combination of both**
16
Q
What are the 3 Broad categories of Ethical and Legal Issues in Personal Selling?
A
- ) The Sales Manager and the Sales Force
- ) The Sales Force and Corporate Policy
- ) The salesperson and the Customer
17
Q
What are the 4 P’s?
A
- ) Product
- ) Price
- ) Promotion
- ) Place
18
Q
Product
A
Goods, Services or Ideas
19
Q
Price
A
Can be cost based or market based
20
Q
Promotion
A
Communicates, Persuades, and Informs
21
Q
In Price Elasticity of Demand, what does elastic mean?
A
Price Sensitive
22
Q
In Price Elasticity of Demand, what does inelastic mean?
A
Price Insensitive
23
Q
Variable Costs
A
Vary with Production Volume
24
Q
Fixed Costs
A
Unaffected by Production Volume
25
Total Cost
Sum of Variable and fixed costs
26
Break-Even formula
Fixed Costs / Contribution per unit
27
Monopoly
Less Competition. Fewer Firms. One firm controls the market
28
Monopolistic Competition
Less Competition. Many Firms. Many firms selling differentiated products at different prices
29
Oligopoly
More Competition. Fewer Firms. A handful of firms control the market
30
Pure Competition
More Competition. Many Firms. Many firms selling commodities for the same prices
31
What are the 4 Economic Factors that Impact Pricing Decisions?
1. ) Local Economic Conditions
2. ) Increasing Disposable Income
3. ) Increasing Status Consciousness
4. ) Increasing Globalization
32
What are the 3 methods that firms use to set their prices?
1. ) Cost Based
2. ) Competition Based
3. ) Value Based
* *Most companies use a combination of these methods**
33
Cost Based Pricing
Final price charges are based on the cost of the product. Does not take into consideration competition prices and consumers. May not reflect the value of product
34
Competition Based Methods
Price based upon strategy vs. competition
35
Value-Based Pricing Methods
Prices focus on overall value of product offering as perceived by consumer
36
What does EDLP Stand for?
Everyday Low Price
37
Benefit of High/Low Pricing
Provides the thrill of the chase for the lowest price
38
Benefit of EDLP
Saves search costs of finding lowest overall prices
39
What is a Benefit of Odd Prices?
They may suggest a good deal
40
What are negative aspects of Odd Prices?
1. ) Odd prices may be so traditional that sellers are afraid to round them off
2. ) They may suggest low quality
41
The Price-Quality Relationship
Most inexperienced consumers use price as an indicator of quality.
42
Market Penetration
Set initial price low for introduction of new product or service, expecting to get many new customers. Unit costs will decrease over time
43
Benefit of Market Penetration
Discourages competitors
44
Drawbacks of Market Penetration
May imply lower quality
45
Price Skimming
Consumers willing to pay higher price to obtain the new product or service.
46
What do you analyze first (4 things) when doing an Economic Analysis of General Economic Environment?
1. ) Gross Domestic Product
2. ) Purchasing Power Parity
3. ) Gross National Income
4. ) Human Development Index
47
What do you Analyze second when doing an Economic Analysis of General Economic Environment?
Infrastructure
48
What 4 things are included in Infrastructure?
1. ) Transportation
2. ) Communication
3. ) Distribution Channel
4. ) Commerce
49
What do you analyze third when doing an Economic Analysis of General Economic Environment?
Government Actions (& NGOs)
50
What 4 things are included in Government Actions?
1. ) Quota
2. ) Exchange Control
3. ) Trade Agreement
4. ) Tariff
51
What do you analyze fourth when doing an Economic Analysis of General Economic Environment?
Culture
52
What are the 5 aspects of Culture?
1. ) Power Distance
2. ) Uncertainty Avoidance
3. ) Individualism
4. ) Masculinity
5. ) Time Orientation
53
What are the key metrics that can help analyze the economic environment of a country?
The general economic environment, the market size and population growth rate, and real income
54
What are the 5 Global Entry Strategies from Least to Most risky
1. ) Export
2. ) Franchising
3. ) Strategic Alliance
4. ) Joint Venture
5. ) Direct Investment
55
What are the 3 Product strategies in creating a Global Marketing Mix?
1. ) Sell the same product or service in both the home country market and host country
2. ) Sell a product that is similar to the one sold in home country but its adapted
3. ) Sell totally new products or services
56
What are the 3 Global Communication Strategies?
1. ) Literacy levels vary by country
2. ) Firms choose whether to adapt to language differences
3. ) Cultural and religious differences also matter
57
What are the 3 Phases of a Strategic Plan?
1. ) Planning
2. ) Implementing
3. ) Controlling
58
What does a marketing strategy identify?
1. ) A firm's target market
2. ) A related Marketing Mix (4 P's)
3. ) The basis on which a firm plans to build a sustainable competitive advantage
59
Sustainable Competitive Advantage Definition
An advantage over the competition that is not easily copied, and thus can be maintained over a long period of time
60
What are the 4 Strategies to develop a sustainable competitive advantage?
1. ) Customer Excellence
2. ) Locational Excellence
3. ) Product Excellence
4. ) Operational Excellence
61
Customer Excellence
Outstanding Customer service and excellent at retaining loyal customers (Nordstrom)
62
Locational Excellence
Physical Excellence and internet presence (McDonalds)
63
Operational Excellence
Supply Chain Management, Relationship with suppliers - Wal-Mart
64
Product Excellence
Apple
65
What are the 5 Steps of a Marketing Strategy?
1. ) Define Business Mission and Establish Objectives
2. ) Conduct a Situation Analysis
3. ) Identify and Evaluate Opportunities Using STP
4. ) Implement Marketing Mix and Allocate Resources
5. ) Evaluate Performance and Make Adjustments
66
What does SWOT stand for?
1. ) Strengths
2. ) Weaknesses
3. ) Opportunities
4. ) Threats
67
What does STP stand for?
Segmentation, Targeting, and Positioning
68
What are the 4 parts of Implementing a Marketing Mix?
1. ) Product Value Creation
2. ) Price Value Capture
3. ) Place Value Delivery
4. ) Promotion Value Communication
69
Star Dog: High Market Growth Rate & High Relative Market Share
Star
70
Star Dog: High Market Growth Rate & Low Relative Market Share
Question Marks
71
Star Dog: Low Market Growth Rate & High Relative Market Share
Cash Cows
72
Star Dog: Low Market Growth Rate & Low Relative Market Share
Dogs
73
What type of strategy is growing the business from existing customers?
Product Development and Market Penetration
74
Which strategy is the riskiest?
Diversification
