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Intro to Business Management > Marketing II > Flashcards

Flashcards in Marketing II Deck (45)
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1
Q

What is a promotion?

A

The function of informing, persuading, and influencing a purchase decision.

2
Q

What are the 3 customer-focused promotional strategies?

A
  • Highlight product value
  • Differentiate product
  • Provide information
3
Q

What are the 2 firm-focused promotional strategies?

A
  • Increasing sales

- Stabilize sales

4
Q

What is a Promotional mix?

A

The combination of personal and non-personal selling that marketers use to meet the needs of a firm’s target customers and to effectively and efficiently communicate its message to them

5
Q

What is Personal selling?

A

The most basic form of promotion: a direct person-to-person promotional presentation to a potential buyer

6
Q

What is Non-personal selling?

A

Forms of selling such as advertising, sales promotion, direct marketing, and public relations

7
Q

What is Pushing strategy?

A

Promotion of a product to wholesalers and retailers in a company’s distribution channels
• Companies promote the product to members of the marketing channel, not to end users.

8
Q

What is Pulling strategy

A

Promotion of a product by generating consumer demand for it, mainly through advertising and sales promotion appeals
• Potential buyers will request that retailers or local distributors carry the product, thereby pulling it through the distribution channel.

9
Q

What do Most marketing promotional strategies require?

A

A combination of push and pull strategies

10
Q

What is Cooperative advertising?

A

Allowances that marketers provide to share with channel partners the cost of local advertising of their firm’s product or product line

11
Q

What are the 5 elements of the promotional mix?

A
  • Advertising
  • Personal selling
  • Sales promotion
  • Public relations
  • Sponsorships
12
Q

What are the (3) advantages and (2) disadvantages of Advertising?

A

Advantages:

  • Reaches large consumer audience at a low cost per contact
  • Allows strong control of message
  • Message can be modified to suit different audiences

Disadvantages:

  • Difficult to measure effectiveness
  • Limited value for closing sales
13
Q

What are the (3) advantages and (2) disadvantages of Personal selling?

A

Advantages:

  • Message can be tailored for each customer
  • Produces immediate buyer response
  • Effectiveness is easily measured

Disadvantages:

  • High cost per contact
  • High expense and difficulty of attracting and retaining effective salespeople
14
Q

What are the (3) advantages and (2) disadvantages of Sales promotion?

A

Advantages:

  • Attracts attention and creates awareness
  • Effectiveness is easily measured
  • Produces increases in short-term sales

Disadvantages:

  • Difficult to differentiate from similar programs of competitors
  • Nonpersonal appeal
15
Q

What are the (2) advantages and (2) disadvantages of Public relations?

A

Advantages:

  • Improves trust in a product or firm
  • Creates a positive attitude about the product or company

Disadvantages:

  • Difficult to measure effectiveness
  • Often devoted to nonmarketing activities
16
Q

What are the (2) advantages and (1) disadvantage of Sponsorships?

A

Advantages:

  • Viewed positively by consumers
  • Enhances brand awareness

Disadvantages:
-Difficult to control message

17
Q

What are the 6 types of advertising?

A
  • Product advertising
  • Institutional advertising
  • Informative advertising
  • Persuasive advertising
  • Comparative advertising
  • Reminder-oriented advertising
18
Q

What is Product advertising?

A

Messages designed to sell a particular good or service

19
Q

What is Institutional advertising?

A

Messages that promote concepts, ideas, or philosophies. It can also promote goodwill toward industries, companies, organizations, or government entities

20
Q

What is Cause advertising?

A

A form of institutional advertising that promotes a specific viewpoint on a public issue as a way to influence public opinion and the political process

21
Q

What is Informative advertising used for?

A

Informative advertising is used to build initial

demand for a product in its introductory phase

22
Q

What does Persuasive advertising attempt to do?

A

Persuasive advertising attempts to improve the competitive status of a product, institution, or concept, usually in its growth and maturity stages.

23
Q

What is Comparative advertising used for?

A

Comparative advertising compares products directly with their competitors, either by name or by inference.

24
Q

What is Reminder-oriented advertising used for?

A

Reminder-oriented advertising maintains awareness of the importance and usefulness of a product in its late maturity or decline stages.

25
Q

What are the 6 traditional forms of advertising?

A
  • Television
  • Radio
  • Newspapers
  • Magazines
  • Direct mail
  • Outdoor advertising
26
Q

What are other forms of advertising? ()

A
  • Online and interactive advertising

- Sponserships

27
Q

What are 8 types of consumer-oriented promotions?

A
  • Premiums
  • Coupons
  • Rebates
  • Samples
  • Games
  • Contests
  • Sweepstakes
  • Specialty advertising
28
Q

What are Trade-Oriented Promotions?

A

Sales promotion geared to marketing intermediaries, not to final consumers

29
Q

Trade-Oriented Promotions encourage retailers to…(3)

A

-To stock new products
-To continue carrying existing ones
-To promote both new and existing products
effectively to consumers

30
Q

What are two Trade-Oriented Promotions?

A
  • Trade shows

- Point-of-purchase (POP) advertising

31
Q

What is Product placement?

A

A form of promotion where marketers pay placement fees to have their products featured in various media, from newspapers and magazines to television and movies

32
Q

What is Guerilla marketing?

A

Innovative, low-cost marketing efforts designed to get consumers’ attention in unusual ways.

33
Q

Firms focus on personal selling under four conditions:

A
  • Few, geographically concentrated customers
  • Product is technically complex, involves trade-ins, or requires special handling
  • Product carries a relatively high price
  • Product moves through direct-distribution channels
34
Q

What are 4 sales tasks?

A
  • Order processing
  • Creative selling
  • Telemarketing
  • Missionary selling
35
Q

What is Order processing?

A

A form of selling used mostly at the wholesale and retail levels; involves identifying customer needs, pointing out products that meet those needs, and completing orders

36
Q

What is Creative selling?

A

A persuasive type of promotional presentation
– Promotes a good or service whose benefits are not readily apparent or whose purchase decision requires a close analysis of alternatives

37
Q

What is Telemarketing?

A

Personal selling by telephone, which provides a firm’s marketers with a high return on their expenditures, an immediate response, and an opportunity for personalized two-way conversation

38
Q

What is Missionary selling?

A

An indirect form of selling in which the representative promotes goodwill for a company or provides technical or operational assistance to the customer

39
Q

What are the 7 steps of the sales process?

A
  1. Prospecting and qualifying
  2. Approach
  3. Presentation
  4. Demonstration
  5. Handling objections
  6. Closing
  7. Follow-up
40
Q

What is Prospecting and qualifying?

A

Prospecting is identifying potential customers. Qualifying is identifying potential customers who have financial ability and buying authority.
• Done through direct mail responses, personal visits from sales representatives, email, electronic social media

41
Q

What is approaching?

A

Analyzing available data about a prospective customer’s product lines and other pertinent information.

42
Q

What is presentation?

A

Salespeople communicate promotional messages.
They may describe the major features of their products, highlight the advantages, and cite examples of satisfied consumers.

43
Q

What does demonstration do?

A

Reinforces the message that the salesperson has been communicating.

44
Q

What are 3 important aspects about closing?

A
  • Use objections as an opportunity to answer questions and explain how the product will benefit the customer.
  • The closing is the critical point in the sales process;
    asking the customer to buy.
  • Even if the sale is not made, the salesperson should
    regard the interaction as the beginning of a potential
    relationship.
45
Q

What are 2 important aspects about follow-ups?

A
  • An important part of building a long-lasting
    relationship.
  • May determine whether the customer will
    make another purchase.