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mktg final Flashcards

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1
Q

What is promotion?

A

Informs, persuades, and reminds potential buyers of a product to influence opinion or elicit a response

Promotion plays a crucial role in marketing by creating awareness and interest among consumers.

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2
Q

Define promotional strategy.

A

Plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, sales promotion, and social media

A well-defined promotional strategy is essential for effectively reaching target audiences.

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3
Q

What is competitive advantage?

A

One or more unique aspects of an organization that cause target consumers to patronize that firm rather than a competitor

Competitive advantage can stem from various factors, including product quality, brand reputation, and customer service.

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4
Q

What is interpersonal communication?

A

Direct, face-to-face communication between two or more people

Examples include a salesperson speaking directly to a customer.

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5
Q

What is mass communication?

A

Communication of a concept or message to a large audience through a mass medium

Mass communication is often used in advertising to reach broad demographics.

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6
Q

Who are the senders in the communication process?

A

Inform, persuade, and remind the target market to take actions favorable to the purchase of the product

Senders play a critical role in shaping the message conveyed to the audience.

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7
Q

What is encoding in the communication process?

A

Conversion of the sender’s ideas and thoughts into a message, usually in the form of words or signs

Effective encoding is essential for clear communication.

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8
Q

What is noise in the context of communication?

A

Anything that interferes with, distorts, or slows down the transmission of information

Noise can significantly impact the effectiveness of the communication process.

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9
Q

What is decoding?

A

Interpretation of the language and symbols sent by the source through a channel

Decoding is a critical step for receivers to understand the sender’s message.

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10
Q

What are the four types of promotion?

A
  • Informative promotion
  • Persuading promotion
  • Reminder promotion
  • Connect promotion

Each type serves a different purpose in marketing strategies.

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11
Q

What does the acronym AIDA stand for?

A
  • Attention
  • Interest
  • Desire
  • Action

AIDA outlines the stages of consumer involvement with a promotional message.

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12
Q

What is the primary goal of promotion?

A

To inform the target audience that the product is available

Promotion aims to create awareness and stimulate interest among potential customers.

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13
Q

What is advocacy advertising?

A

Advertising in which an organization expresses its views on controversial issues or responds to media attacks

Advocacy advertising aims to shape public perception and opinion.

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14
Q

What is pioneering advertising?

A

Designed to stimulate primary demand for a new product or product category

This type of advertising is crucial during the introductory stage of a product’s life cycle.

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15
Q

What is comparative advertising?

A

Compares two or more specifically named or shown competing brands on one or more specific attributes

This strategy is often used when competition is strong in the market.

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16
Q

What is the purpose of a media plan?

A

Series of decisions advertisers make regarding the selection and use of media

A good media plan ensures effective communication with the target audience.

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17
Q

What is a coupon?

A

Certificate that entitles consumers to an immediate price reduction when the product is purchased

Coupons are a common form of consumer sales promotion.

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18
Q

What is a rebate?

A

Cash refund given for the purchase of a product during a specific period

Rebates encourage immediate purchases and can enhance customer loyalty.

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19
Q

What is sampling in promotions?

A

Promotional program that allows the consumer the opportunity to try a product or service for free

Sampling can effectively introduce new products to potential customers.

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20
Q

What is the difference between contests and sweepstakes?

A
  • Contests: Participants use skill or ability to compete for prizes
  • Sweepstakes: Participants win based on chance

Contests typically require more engagement from participants than sweepstakes.

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21
Q

What are contests in marketing?

A

Promotions in which participants use some skill or ability to compete for prizes

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22
Q

What defines sweepstakes?

A

Promotions in which participants are able to win depending on chance

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23
Q

What is a promotional program that allows consumers to try a product for free called?

A

Sampling

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24
Q

List methods of sampling

A
  • Mail to the customer directly
  • Door-to-door delivery
  • Package with another product
  • Demonstrations at a retail store or service outlet
  • Online sampling
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25
What is a promotional display?
Any promotional display set up at the retailer’s location to build traffic, advertise the product, or induce impulse buying
26
What advantage do promotional displays offer manufacturers?
Offers manufacturers a captive audience in retail stores
27
What strategies can increase sales?
* Adding cards to the top of displays * Changing messages on signs of displays * Adding inflatable or mobile displays * Using signs that advertise brand tie-ins
28
What is the major goal of retailers regarding customer databases?
Add potential customers to databases and expand marketing touch points
29
What is social media?
Any tool or service that uses the Internet to facilitate conversations
30
How do social media change the way marketers interact with customers?
They allow marketers to have direct and meaningful conversations with customers
31
What do social media consumers want?
* Exchange information * Collaborate with others * Have conversations
32
What is owned media?
Brand's presence on social platforms such as Facebook, YouTube, and Twitter
33
Define earned media
Word of mouth or online buzz about a brand, including viral videos and customer feedback
34
What is paid media?
Use of traditional media including display advertising and paid search words
35
What is social media monitoring?
Identifying and assessing what is being said about a company, individual, product, or brand
36
What are key performance indicators (KPIs)?
Metrics used to gauge the effectiveness of a social media effort
37
What does the term 'buzz' refer to?
Volume of consumer-created buzz for a brand based on posts and impressions
38
What is the difference between elastic and inelastic demand?
Elastic demand is sensitive to price changes, while inelastic demand is not significantly affected by price changes
39
What is dynamic pricing?
Ability to change prices very quickly in real time
40
What is break-even analysis?
Determines what sales volume must be reached before total revenue equals total costs
41
What are the stages of the product life cycle?
* Introductory stage * Growth stage * Maturity stage * Decline stage
42
What is status quo pricing?
Maintains existing prices or meets the competition’s prices
43
What are shopping bots?
Searches the web for the best prices for a particular item
44
What are some types of social media users?
* Creators * Critics * Collectors * Joiners * Spectators * Inactives * Conversationalists
45
What is the purpose of apps in marketing?
Perform platform-specific tasks or convert existing content to mobile-ready format
46
What role do widgets play in online marketing?
Allow customers to display company information on their own websites or smartphone home screens
47
What is the importance of customer feedback in social media?
Enables marketers to respond directly to customers and improve business perception
48
What contributes to a high price image?
Factors include upscale ambiance, expensive specialty offerings, premier locations, a high level of service, and a lack of price matching.
49
What do manufacturers often face from large customers like department stores?
Specific pricing demands that the suppliers must agree to.
50
What recent policy was instituted regarding environmental costs?
Suppliers must evaluate and disclose the full environmental costs of their products.
51
How do consumers perceive high prices?
As a predictor of good quality when a purchase decision involves uncertainty.
52
What effect do higher prices have on consumer expectations?
They increase expectation and set a reference point for evaluating consumption experiences.
53
What is the first step in setting the right price?
Establishing pricing goals.
54
What can a good understanding of the marketplace indicate?
Whether a pricing goal is realistic.
55
What may a profit maximization objective require?
A bigger initial investment than the firm can commit to.
56
What does elasticity depend on?
The perceived value to the buyer relative to the price.
57
What should managers estimate after establishing pricing goals?
Total revenue at a variety of prices.
58
What does price strategy define?
The initial price and direction for price movements over the product life cycle.
59
What is price skimming?
Charging a high introductory price, coupled with heavy promotion.
60
What conditions favor successful price skimming?
* Strong demand for a good or service * Product is legally protected or a technological breakthrough * Blocked entry to competitors
61
What is penetration pricing?
Charging a relatively low price for a product when it is first rolled out to reach the mass market.
62
What is status quo pricing?
Charging a price identical to or very close to the competition’s price.
63
What is a disadvantage of status quo pricing?
It ignores demand or cost or both.
64
What constitutes unfair trade practices?
* Price fixing * Price discrimination * Predatory pricing
65
What is price fixing?
An agreement between two or more firms on the price they will charge for a product.
66
What is predatory pricing?
Charging a very low price with the intent to drive competitors out of business.
67
What do unfair trade practice acts prohibit?
Wholesalers and retailers from selling below cost.
68
What defenses exist for a seller charged with price discrimination?
* Cost * Market conditions * Competition
69
What is the Sherman Act related to?
It makes predatory pricing illegal.
70
What are some pricing strategies that can lower a base price?
* Discounts * Allowances * Rebates * Value-based pricing
71
What is quantity discount?
Offered when a customer buys multiple units or above a specified dollar amount.
72
What is a cumulative quantity discount?
Applied to a buyer’s total purchases during a specific period.
73
What is a cash discount?
Offered for prompt payment of a bill.
74
What are functional discounts?
Offered when channel intermediaries perform a service for the manufacturer.
75
What is seasonal discount?
Applied when certain merchandise is bought out of season.
76
What is a gambled price discount?
Based upon the outcome of a probabilistic gamble.
77
What are promotional allowances?
Payments to dealers for promoting the manufacturer’s products.
78
What are rebates?
Cash refunds given for purchasing a product within a specified period.
79
What is zero percent financing?
Offers no interest charge to increase sales.
80
What is value-based pricing?
Sets the price at a level that seems to the customer to be a good price compared to other prices.
81
What is FOB origin pricing?
Buyer absorbs the freight costs from the shipping point.
82
What is uniform delivered pricing?
Seller pays actual freight charges and bills every purchaser an identical, flat freight charge.
83
What is zone pricing?
Divides the U.S. into segments and charges a flat freight rate to all customers in a given zone.
84
What is freight absorption pricing?
Seller pays all or part of the actual freight charges.
85
What is basing-point pricing?
Charging freight from a given point regardless of shipping city.
86
What is single-price tactic?
Offers all goods and services at the same price.
87
What does flexible pricing entail?
Different customers pay different prices for essentially the same merchandise.
88
What is professional services pricing?
Used by people with lengthy experience and certification.
89
What is price lining?
Offering a product line with several items at specific price points.
90
What is leader pricing?
Selling a product near or below cost to encourage purchases of other items.
91
What is bait pricing?
Getting consumers into a store through false price advertising.
92
What is odd–even pricing?
Uses odd-numbered prices for bargains and even-numbered prices for quality.
93
What is price bundling?
Marketing two or more products in a single package for a special price.
94
What is two-part pricing?
Charges two separate amounts to consume a single good or service.
95
What is the 'pay what you want' pricing tactic?
A risky tactic that allows customers to pay what they think a product is worth.
96
What is package content reduction?
Manufacturers keep price and package size the same while reducing the amount of content.
97
What extra fee may be paid by consumers?
For violating the terms of the purchase agreement.
98
When do businesses impose penalties?
* When they suffer an irrevocable revenue loss * When they incur significant additional transaction costs

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