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IS 378 > Mkt 301 - final exam > Flashcards

Mkt 301 - final exam Flashcards

1
Q

Relation to consumers and real estate

A
  • all retailing is apart or real Estate development
  • retail is curious about the location
  • marketing what anyway want to shop in that type or store
  • Located near profitable areas
  • Shopping goods
  • Population impacts income is a factor
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2
Q

understored/overstored

A

Not enough retailers vs too many retailers

Not enough people to support the stores

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3
Q

undermailed/overmalled

A

Same concept-> few shopping malls, too many shopping malls

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4
Q

Industry structure

A
  • Around 2 million retailers in the united states
  • Heavy food and auto component
  • About 2/3 are involved with food
  • About 1/3 are involved with auto
  • Total industry sales: $4 Trillion
  • Originally have retailers in every city/region/area
  • 1980s major consolidation amongst retailers
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5
Q

Evolution in the U.S

A

1850: Department Store (Macy’s)
1880: Direct Mall (Sears)
1915: Chains (Walgreens)
1930: Grocery Supermarkets, Classic Strip Malls (A&P)
1950: Discounters, Classic Regional Malls
1962: Wal-Mart, K-Mart, Target
1975?: Membership Warehouses
1985: Off Pricers, Outlets
1990: New Discounters and Mall
1995: Online Retailing

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6
Q

Five general trends across all forms

A
  1. Non-Store and Multi-Channel Strategies
    -Door to door selling
  2. Increased Private Branding
    -All retailers are doing this
  3. Hybrid Concepts
    -Start with a model and then corporate another model
    half discount and half market
  4. New store Formats and Prototypes
    -supermarket and regular
  5. Ongoing Industry Consolidation
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7
Q

hyper market

A

offers everything under one roof

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8
Q

Video: Mall of America

A

-Unique shopping experience + amazing entertainment
4.2 million square feet
-520 stores (something for everyone)
-Legoland
-Retail store
-Entertainment theme park
-Mix of retail, entertainment
-$1.8 billion dollars in sales
-Leasing department looking out for new stores and trends to bring it back to the mall
–Entrepreneurial program to launch new stores
400 million customers each year 40% are tourist 6% international
-150 mile radius customer coverage
-1/3 of visitors are outside their trade radius
-5 minutes from an international airport
-Partners with southwest airlines
-Stage two
-Includes hotels, spas, restaurants
-Accommodations to tourist

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9
Q

_____ is communication and one of the 4P’s

A

Promotion

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10
Q

The promotional mix: also 4 parts

A
  1. Advertising
  2. Public Relations
  3. Personal Selling
  4. Sales Promotions
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11
Q

(2) Sales Promotions

A
  1. Consumer

2. Trade of “Channel Members”

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12
Q

IMC definition

A

Integrated Marketing Communication

-Mix and match sales and promotion techniques to form an integrated plan

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13
Q

Push Aimed

A

Promotes intermediaries to carry the product

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14
Q

Pull Aimed

A

Generates end user demand to get intermediaries to carry the product

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15
Q

5 step process in promotion

A 
1. Specify Objectives
Goals
2. Budget Methods and Allocation (Budgeting)
Naive
Percentage of Sales
Parity
Objective and Task
3. Campaign issues
4. Various Details (Schedules)
The specifics on what, when, and how to do it 
5. Assessment
Evaluate it
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16
Q

(5) Budgeting methods

A 
Naïve
%Sales
Parity
Objective
Task
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17
Q

Possible ad objectives

A
  1. New Product Introduction
  2. Open 50 Accounts
  3. Build Channel Relationships
  4. Improve awareness
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18
Q

Message strategies (4 major)

A
  1. Humor
    - problem with humor it isn’t funny anymore after you watch it
  2. Fear
    - scare you
    - gets into social marketing
    - offer a resolution
  3. Sex
    - carl jr
  4. Emotion
    - guilt
    - babies
    - dogs
    - grandparents
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19
Q 
Media choices (pros/cons)
Old
A 
Television
Radio
Print
Outdoor
Yellow pages
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20
Q 
Media choices (pros/cons)
New
A 
Direct TV
Sirius
Online Versions
Out-or-home
Internet 
Social Media
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21
Q

What is the major media choice?

A

TV

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22
Q

Push

A

Manufactures/Distribution

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23
Q

Pull

A

Consumers

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24
Q

(4) Various sales promotion objectives

A
  1. Trial
  2. Brand Switching
  3. Inoculation
  4. Inventory Shifts
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25
Q

Consumer promotion methods:

product related

A 
Product related
Samples
Packaging 
Premiums
Contests/Sweepstakes
Placements
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26
Q

Consumer promotion methods:

Price related

A

Rebate
Coupons
Cents off Deals
Continuity plan

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27
Q

Rebate abuses

A

Most consumers don’t turn in rebates

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28
Q

Continuity plans/rewards programs

A
  • Frequent flyer programs
  • Reward programs
  • Lock consumers in with a promotion so they always use your product
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29
Q

“Side effects” from promotions

A

Company’s get hooked on these methods and continually increase the amount or discounts of sale promotion

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30
Q

Statistic of all spending on consumer sales promotion

A

2/3 of all spending on consumer sales promotion

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31
Q

Statistics on couponing

A

Grown by 450% over the past few years

90% of consumers redeem at least 1 coupon a year

32
Q

Distribution: Free standing inserts (FSI’s)

A

Coupons stuffed in your mailbox or in newspapers

33
Q

Redeems about ____ % are redeemed

A

1-2%

34
Q

Misredemption and Fraud

A
  1. Retailers don’t want to offend customers so they accept coupons regardless of expiration dates.
    a. Some stores accept all coupons, even competitors
  2. Fraudulent coupons coupons were stolen and redirected distribution and funneled to a store to redeem for money.
35
Q

Who uses the coupons the most

A

Middle class soccer moms with higher education

36
Q

trade promotion

A

a lot of money is invested in this
short-term
most people like since of promotion and short-term results

37
Q 
Trade discounts (margins)
Discount to other channels
A

Cheaper price to push product through the channel downwards to the consumers
Allows larger margins for retailers and wholesalers

38
Q

Promo Allowance

A
  1. Scheme that manufacturers pitch to the middleman

2. Cooperative promotional program

39
Q

Cash/Seasonal

A

During slow selling seasons.

Selling seasonal product during the off-season.

40
Q

Various PM’s

A
  1. “Promotional Money”, “Push Money”, “Free Money”

2. Push Money

41
Q

(4)Quantity discounts: savings vs. inventory costs

A
  1. Buy a large amount to get a discount
  2. Forward Buying: Buying into the future
  3. Hand to Mouth Buying: Buying from day to day
  4. “Diversion” when retailers can’t sell a product, they sell to another retailer
42
Q

Slotting

A

Pay money to get your product onto the shelves. (Like extortion)i.
-Safeway earns about 5% of income from these fees

43
Q

Missionary selling: not trying to get orders

A

Spreading the word/Information
Informing other companies about a product
Not necessarily selling

44
Q

Trade shows: aimed at channel members, communication, importance to Las Vegas

A

a. Sharing information/ revealing products/ networking/ latest news
b. Who? people in the businessi. Not open to the public
c. Examples:i. World of concrete?ii. CESiii. MAGIC

45
Q

2 way communication

A

1.

2.

46
Q

Benefits or a sales force

A

Some industries have Sales Forces, some don’t
Depending how effective they are
Some sales forces at 10,000 people, and very diverse
Pharmaceutical companies spend a large amount or personal selling

47
Q

Agents

A

Represents a variety or manufactures, Independent

48
Q

Salesforce

A

Company hires employee to

49
Q

Sales force organization:

A 
1. Geography
Cheapest and simplest
2. Markets
Specialize to your customers
Sales people to better understand the customers/businesses and truly understand their business
Higher cost
3. Products
Does the salesmen know enough about the product to sell it 
4. Key accounts/Teams
Call on key customers
Costly
50
Q

What is the cheapest and simplest sales force organization

A

Geography

51
Q

Specialists

A

Certain markets require intelligent salesmen such as educated people
Pros
Get a better message across to educated people
Cons
Cost a lot more

52
Q

Sales turnover and hidden costs

A 
A company with 10,000 people…. Employees constantly leaving of are being hired
Replacing workers
Types or cost
1. Recruiting
2. Other
53
Q

“Similarities” idea; women/minorities in sales force

A

They can’t handle
Rejection
They aren’t tough enough

54
Q

Motivation and training

A

Motivation and training is expensive

It’s good to steal the people who are trained from your competitors

55
Q

Compensation:

A

Usually it’s 25% sales commission and 75% salary

56
Q

E-commerce definition

A

-

57
Q

B2C -

A

business to consumer

Online retailing

58
Q

B2b

A
  • Business to Business
    Organizational retailing
    Electronic retailing
59
Q

(2) Public policy issues: regulation and taxation, current events

A

Privacy issues
Regulation and taxation
-No regulation for taxation on e-commerce

60
Q

Scope of B2B and business models

A

B2b is a lot bigger than b2c

61
Q

Zones (4) of social media

A
  1. Community
  2. Publishing
  3. Entertainment
  4. Commerce
62
Q

Business focus of social media

A

Technology has enabled this

63
Q

Social media participation

A 
Creators
Conversationalist
Critics
Collectors
Joiners
Spectators
Inactives
64
Q

Rationale for Marketing Planning

A

What is the reasoning for planning

Planning is like planning for anything else

65
Q

Audits

A

Static

-What is the current situation

66
Q

Plans “Move” and look Forward

A

What should we do in the short/long term

it looks forwards

67
Q

Issues in the planning process

A

9/11 was a huge problem
no planes
that means no tourist for Las Vegas
every business has something that can blow them out or the water
contgiencey plan
-you do it ahead or time so when it comes to present you know what to do

68
Q

Actual content of the plan

A
  1. Environment What is happening around you? Political, Industry
  2. Products What does your company offer? What is it that you do?
  3. Markets Your market and your potential or current market share of it
  4. Competition Who are your competitors? What are they doing?
  5. Promotion (Sales force) What are you going to do?
69
Q

Grids

A

Product/Market Grids Products on one axis and markets on the other axis
very useful
what product fits in the market

70
Q

portfolio models (BCG and GE),

A 
Portfolio Models (BCG, GE)  What is the stage of your product/company? 
BCG  Market Growth Rate vs. Market Share (Star, Cashcow, Question Mark, Dogs)
71
Q

Stars

A

Fast Growth, High market Share (Huge Potential and can turn into a cashcow) (Needs a bunch of money but shows results)

72
Q

Cashcow

A

Low Growth and High Market Share (The Money Maker) (Needs less money but returns a lot of money).

73
Q

Question Mark

A

High Growth, Low Market Share (Unknown potential (Needs a bunch of money, can flop and turn into a dog or become a Star)

74
Q

Dogs

A

Low Growth, Low Market Share (A barely surviving survivor… Failures…) (Doesn’t require much money, but wont return much money either)

75
Q

PIMS

A

Profit Impact of Marketing Strategies.
1. Housed at the Harvard Business School
2. Attempts to mimic medical models and apply to marketing situations
A. Cause vs Effects / Action Results
3. Survey a bunch of businesses on their marketing strategies and also collect the results of these strategies to see what works and what doesn’t

IS 378 (13 decks)

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