Marketing 301 Final exam – Flashcards

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Marketing Channel
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set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user
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Direct channels
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no intermediaries between producer and user - significant in business to business marketing - the internet provides direct channels for B2B & B2C
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Indirect Channel
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one or more intermediaries between producer and user
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Intensive distribution
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distribution of product through all available outlets
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selective distribution
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firm chooses only a limited number of retailers in a market area to handle its products
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exclusive distribution
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producer grants exclusive rights to a retailer to sell its products in a specific geographic region
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Vertical Marketing systems
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Planned channel system designed to improve distribution effectiveness & efficiency
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Horizontal marketing systems
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two or more companies at the same level join together to follow a new marketing opportunit
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Multichannel distribution systems
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hybrid marketing channels, organization sets up two or more marketing channels to reach one or more customer segment
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omnichannel distribution
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seeks to provide the customer with a seamless shopping experience whether the customer is shopping online from a desktop or mobile device, by telephone or in a bricks & mortar store
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Direct marketing
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activities by which the seller directs effort to a target audience using one or more media to solicit a response by phone, mail, the internet, or personal visit from a prospective customer
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Integrated Marketing Communications
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customer centric, data driven method of communicating with customers
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Integrated marketing communications
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refers to integrating and coordinating various communications components to deliver a clear, consistent, and compelling message about the organization and its products
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Marketing Intermediaries
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firm that renders services directly related to the purchase and/or sale of a product as it flows from producer
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wholesalers
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buy from producers and distribute goods to retailers, other distributors, or B2B customers
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Retailers
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sell goods and services to consumers for their personal use
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retail convergence
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a wide variety of retailers sell the same product at similar prices to the same customer
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infrastructure
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a nations system of transportation networks, communication systems and energy facilities
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Unsought product
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products that the consumer either does or doesn't know about but does not think of buying Ex: nursing home, life insurance
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Convenience product
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bought frequently, immediately and with a minimum of comparison and buying efforts Ex: toothpaste
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Integrated marketing communications
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Clear Consistent compelling
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AIDA model
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attention interest desire action
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Inelastic
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Price goes up Total Revenue goes up Like water in the desert
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Elastic
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Price goes up Total Revenue goes down Coke vs diet coke
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prestige objective
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develop and maintain an image of quality and exclusiveness Outback vs Mortons steakhouse
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target costing
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pricing that starts with an ideal selling price and then targets costs that ensure that the price can be met
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How can retailers be classified
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Self service limited service full service
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Product lifestyle
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product development introduction growth maturity decline
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Loss Leader
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"buy one get one" price below the stores cost attracts customers for other things
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Brand equity
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set of assets and liabilities linked to a brand that add or subtract from the value provided by product/service; brands can increase overall revenue
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4 aspects to know how good a brand is
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Brand awareness Perceived value Brand association Brand loyalty
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types of sales promotions
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coupons deals rebates samples sweepstakes contests product placement
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Gross rating point
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reach*frequency how much each ad generates
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push marketing strategy
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merchandise is given to store based on previous forecasting
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pull marketing strategy
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customers pull the product into the channel by demanding it
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personal selling
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personal presentation by the firms sales force for the purpose of making sales and building customer relationshops
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advertising objective
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Inform Persuade remind
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Advertainment
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make the ads so entertaining or useful that people want to watch them
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Branded entertainment
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making the brand an inseparable part of some other form of entertainment
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