MKTG 301 Exam 3 Flashcards
(125 cards)
1
Q
What is the goal of the promotion mix?
A
communicate customer value and build customer relationship
2
Q
What is owned media?
A
a company’s social media/website
3
Q
What is shared media?
A
a company has a social media account, and someone shares it
4
Q
What is earned media?
A
third party mentions like Today Show picking up a story
5
Q
What are the characteristics of advertising?
A
Paid
Nonpersonal communication
Identified sponsor
6
Q
What is narrowcasting?
A
being very narrow and targeting specific markets
7
Q
What is informative advertising?
A
Build primary demand
Good for introducing a new product category
8
Q
What is persuasive advertising?
A
Build secondary demand (preference)
Good for direct or indirect brand comparisons
9
Q
What is reminder advertising?
A
Increase frequency of purchase
Good for mature products
10
Q
With setting the advertising budget, what is the affordable method?
A
company starts with total revenues, deducts operating expenses and capital outlays, and then devotes some portion of the remaining funds to advertising
11
Q
With setting the advertising budget, what is the percentage of sales method?
A
business owner decides on a fixed percentage and then allocate that amount to the advertising budget
12
Q
With setting the advertising budget, what is the competitive parity method?
A
company spends the same amount of money on advertising and marketing as its competitors
13
Q
With setting the advertising budget, what is the objective and task method?
A
marketer decides the objective to be accomplished and the tasks necessary to achieve the objective, estimates cost
14
Q
What is the Big Idea in an ad?
A
compelling creative concept
15
Q
With ad execution styles, what is Slice of life
A
Showing a typical person using a product in a normal setting
16
Q
With ad execution styles, what is Lifestyle
A
Showing how products fit with particular lifestyle
17
Q
With ad execution styles, what is Fantasy?
A
Creates a fantasy around the product or its use
18
Q
With ad execution styles, what is Mood/Image?
A
Build mood or image around product
19
Q
With ad execution styles, what is Musical?
A
Shows someone singing about the product
20
Q
With ad execution styles, what is Personality Symbol?
A
Character that represents the product
21
Q
With ad execution styles, what is Technical Expertise
A
Show company expertise at making the product
22
Q
With ad execution styles, what is Scientific Evidence?
A
Present survey or scientific data showing that the brand is better than other brands
23
Q
With ad execution styles, what is Testimonial
A
Highly believable or likeable source endorsing the product
24
Q
What are media vehicles?
A
Places where ads can be put
Magazines n shit
25
What is media scheduling?
Continuity, flighting (holidays), pulsing (somewhat random)
26
What is reach?
Percentage of target market exposed to ad during a given period
27
What is frequency?
Number of times a person in the target market is exposed to ad
28
What is media impact?
Qualitative value of an exposure through a given medium
29
When evaluating advertising effectiveness, what are the communication effects?
recall ability for ads
Attitude changes over the course of an ad
30
When evaluating advertising effectiveness, what are the Sales and Profit effects?
Experiments (price changes, limiting factors)
31
Exam Question: What media scheduling strategy do snowboots follow?
flighting
32
Exam Question: What media scheduling strategy does toothpaste follow?
continuity
33
know maslows social needs
34
What does having good public relations do for a company
Obtain favorable publicity
Build up a good corporate image
Handling unfavorable rumors, stories, and events
35
What is undercover marketing?
Marketing to people who do not know that they are being marketed to, stealth marketing
36
What is personal selling?
Salesperson covers a wide range of positions from order takers to order getters
37
A step in the selling process, Prospecting and Qualifying , is...
Obtain leads and scout out qualified prospects, Referrals, Directories, Cold calling
38
A step in the selling process, Preapproach , is...
Learn as much as possible about a prospective customer before making a sales call, established an objective and way of approach
39
A step in the selling process, Approach , is...
Salesperson meets the customer for the first time, opening line, key questions, attention to questions
40
A step in the selling process, Presentation and Demonstration , is...
Salesperson tells the product story, highlighting customer benefits
41
A step in the selling process, Handling Objections , is...
Salesperson seeks out, clarifies, and overcomes customer objections to buying
seek out hidden objections, refer to core values and emotions
42
A step in the selling process, Closing , is...
The salesperson asks the customer for the order, must recognize closing signals
43
A step in the selling process, Follow Up , is...
Follow up after the sale to ensure customer satisfaction and repeat business
44
What is the "magic wand step" in the selling process?
How does the customer feel about something?
45
What is outside sales force?
outside physical office looking for new leads
46
What is inside sales force?
pursuing existing leads
47
What is territorial sales force?
salesperson assigned to exclusive area and sells full line of products
48
What is product in the sales force?
sales force sells only certain product lines
49
What is the customer sales force?
sales force organized by customer or industry
50
What is the complex sales force?
combination of several of the above is most common for nationwide companies
51
With sales promotion techniques, what is sampling?
provides samples to introduce new product or create new excitement for existing product
52
With sales promotion techniques, what is couponing?
Promotes early trial of new brand or stimulates sales of mature brand
Redemption rate has declined; coupons targeted more carefully
53
What is geofencing?
Companie uses your location and gives you a coupon to try to draw you into their business
54
what is geoconquesting?
Purchasing sneakers within 90 seconds when at competitors stores
55
With sales promotion techniques, what is premiums?
Free toy in McDonalds meal
56
With sales promotion techniques, what is advertising specialities?
Promotional products
57
With sales promotion techniques, what is Promotional products?
Rewards from eating out, reward for frequent purchases
58
With sales promotion techniques, what is Point of Purchase Promotions?
Want quick consumer response
One time discount/coupon for right now
59
Exam Question: What type of media is Nike’s Instagram accounts, Facebook accounts?
owned media
60
Explain digital marketing
fastest growing form of marketing, over half of all advertising in U.S
61
What is the purpose of companies creating a digital marketing persona?
to find out...
What does someone want
What brands does someone like
What would make their life easier
Life concerns/life goals
Who/what influences them
62
What is consumer omni-channel behavior?
Create a seamless cross-channel experience that integrates in-store, online, and mobile shopping
63
What is omni channel retailing?
Creates a seamless cross-channel experience that integrates in-store, online, and mobile shopping
automates key tasks
64
What is the point of marketing websites?
engages consumers to move them closer to a direct purchase or other marketing outcome
65
What do brand community websites do?
presents brand content that engages consumers and creates customer-brand community
66
What are thumb breakers in advertising?
makes you stop scrolling (insane headline)
67
What are search related ads?
paid search and organic search, top of google results
68
What is above the scroll?
idea area where product gets seen more
69
What is email marketing?
track your data, high return on investment
back to school emails, holiday emails
70
What is viral marketing?
ideos, ads, and other marketing content that marketers seek out and pass along to friends
71
What are blogs?
online journals of narrowly defined topics where people and companies post their thoughts and other content
72
What is mobile marketing?
promotional content delivered to consumers through their mobile devices
73
What is social media marketing?
independent and commercial online communities where people congregate to socialize and share
74
What are the advantages of social media marketing?
targeted and personal
Interactive
Immediate and timely
Cost effective
Engagement and social sharing capabilities
75
What are the advantages of social media marketing?
Effective usage uncertain
Difficult to measure results
Largely user controlled
76
What are micro moments?
I want to know moments
I want to go moments
I want to do moments
I want to buy moments
77
What is direct marketing?
Direct communications with carefully targeted individual consumers to obtain an immediate response
78
What is direct mail and catalog marketing?
sending an offer, reminder, announcement, or booklet to a person at a particular address
79
What is direct response TV?
direct marketing via television, which elicits an instant response (order the product), used by small and big companies
80
B2C marketing
Business to consumer, initiated by a business, targeted to a consumer
Dicks Sporting Goods
81
B2B marketing
Business to business, initiated by a business, targeted to a business
Amazon Business
82
C2C marketing
Consumer to consumer, initiated by a consumer, targeted to a consumer
ETSY
83
C2B marketing
consumer to business, initiated by consumer, targeted to a business
Consumer submit ideas to starbucks
84
Exam Question: When considering pricing strategies, marketers are most in favor of what?
85
What are the 7 C's of website design?
Context: layout and design
Context: text, pictures, video
Customization: users can customize site
Communication: user-site communication
Community: user-user (Amazon reviews)
Connection: site is linked to other sites
Commerce: site enables transactions
86
What is cost based pricing?
Calculate cost, add markup and get the price
87
What is competition based pricing?
Look at what competition is doing, copy, and get the price
88
Market skimming pricing, which is part of value based pricing, is...
Skimming the top of the market to get people who are willing to pay a premium
89
Market penetration pricing, which is part of value based pricing, is...
Pricing just above cost and make profit by selling in high volume, used when consumers are price sensitive (walmart)
90
What is product line pricing?
Making similar products priced differently according to different tiers (Apple iPhone pricing)
91
What is optional product pricing?
Something that has no utility (Fortnite skins)
92
What is discount pricing?
Cash. Quantity, functional, seasonal (Discount for black Friday)
93
What is segmented pricing?
Customer segment, product form, location, time (discount price for kid at movie)
94
What is relative reference price?
Wanting to save 5$ on a phone case but not a laptop
95
What is psychological pricing?
different numbers for ending price, (8 and 9 are bigger bargains, 7 is bad)
96
What is promotional pricing?
loss leader is usually a product that gets consumers into the store
97
What is geographic pricing?
In close is the cheapest and as you go farther out from the store the price goes up (bounce house is more expensive to deliver far away)
98
What is dynamic pricing?
Fluctuations in price based on supply and demand
99
What is financial value?
Cost savings, earnings opportunities
100
What is emotional value?
Status, safety, sense of belonging
101
What does public policy protect competitors from?
price fixing and predatory pricing
102
What is price fixing?
talking with competitors to set prices
103
What is predatory pricing?
selling below cost with the intention of punishing a competitor or putting them out of business
104
What does public policy protect consumer from?
Price discrimination, Price maintenance, Deceptive pricing
105
What is price discrimination?
ensure same price to customers at given level of trade
106
What is price maintenance?
requiring dealers to charge a specified retail price
107
What is deceptive pricing?
seller state price that may mislead customers
108
Why do manufacturers need channels?
going straight to the consumer can be difficult for companies, let others handle process
109
What is a vertical marketing system?
producer, wholesaler, and retailer work together to provide value
110
What is a corporate vertical marketing system?
Corporation owns production and distribution (grocery stores own bakery, ice cream)
111
What is a contractual vertical marketing system?
Individual firms join together through extensive contracts, includes franchises
112
What is administered vertical marketing system?
leadership through the size and power of dominant channel members (channel captains), look at those involved in supply chain (wholesaler, producer) put in charge and makes large decisions, usually most powerful member of supply chain, takes a lot of trust
113
What is a horizontal marketing system?
Two or more companies at one level join together to follow a new marketing opportunity (subway in a walmart), goal is to match supply and demand
114
What is marketing logisitcs?
Suppliers to (inbound logistics) company to (outbound logistics) resellers to customers (can be returned at any point in logistics chain
warehousing, inventory management, transportation
115
What is disintermediation?
Eliminating marketing intermediaries from a channel
Radically new types of intermediaries that displace traditional ones
116
Exam Question: A conventional marketing system is...
best way to distribute products, contains channel members who act as seperate profit making entities, is the same as vertical marketing system
117
AMA statement of ethics
Marketers must do no harm
Marketers must foster trust in the marketing system
Marketers must embrace, communicate and practice the fundamental ethical values that will improve consumer confidence in the integrity of the marketing exchange system
118
Honesty, an AMA ethical value, is
to be truthful and forthright in our dealings with customers and stakeholders
Checkmarks that helped shoppers easily identify smarter food and beverage choices were found to be misleading
119
Responsibility, an AMA ethical value, is
To accept the consequences of our marketing decisions and strategies
When texting came out, texting while driving became an issue, apple added do not disturb
120
Fairness, an AMA ethical value, is
To try to balance justly the needs of the buyer with the interests of the seller
121
Respect, an AMA ethical value, is
To acknowledge the basic human dignity of all stakeholders
122
Openness, an AMA ethical value, is
Create transparency in our marketing operations
123
Citizenship, an AMA ethical value, is
To fulfill the economic, legal, philanthropic, and societal responsibilities that serve stakeholders in a strategic manner
124
What are the 7 C's of website design?
context
content
customization
communication
community
connection
commerce
125
