Marketing 3401 Final Exam Notes – Flashcards
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According to John Camp, what are the 4 actions that a person must have in order to be successful?
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1. Market Yourself 2. Sell Yourself 3. Know People (Networking) 4. Maintain Contact
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What are the 5 traits that help a person market themselves? Companies look for these traits
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1. Creative 2. Aggressive 3. Enthusiastic 4. Smart 5. Honest
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What do companies look for?
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Professional Advancement
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What is the most crippling trait of the 5 traits that help a person market themselves?
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Honesty
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In the Wall Street Journal, what are the 4 characteristics that Ivy League Colleges look for in potential students?
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1. Interpersonal Communication Skills 2. Teamwork 3. Honesty 4. Core Competency
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What is the most important characteristic that Ivy League Colleges will look for in a potential student?
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Interpersonal Communication Skills
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A critical element to selling yourself is your __________
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Personal Brand
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This is the emotional impact you have on somebody else
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Likeability
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__________% of the emotional impact you have on an audience is judged based on your vocal delivery
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38%
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What is the most critical element of a person's vocal delivery?
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Tone
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This is the idea that a person has to be good at something
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Core Competency
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What are the 3 different types of tones?
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1. Bitter 2. Boring 3. Arrogant
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__________% of the emotional impact you have on an audience is judged based on your visual delivery
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55%
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__________% of the emotional impact you have on an audience is judged based on your verbal arrangement
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7%
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The heart and soul of business is __________
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Being a Good Presenter
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People who speak fast are __________ persuasive than people who speak slow
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More
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What is the number 1 visual element?
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Facial Expression
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Which 2 NFL players have accomplished a good visual delivery?
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Peyton Manning; Drew Brees
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Likeability leads to...
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Persuasion
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In 10 seconds, you can predict with __________% accuracy who someone is as though you spent an hour with them
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70%
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When is comes to visual delivery, this is overrated
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Eye Contact
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Who coined the term, "Likeability"?
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Al Morabian
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In 10 seconds, you can predict with 70% accuracy who someone is as though you spent an hour with them
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The Thin Slice
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What are the 3 different types of presenters?
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1. Show-Runners 2. Neophytes 3. Artists
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These types of presenters are considered excellent and there are typically only a few of them in a class. They are poised, wonderful, and collected
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Show-Runners
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These types of presenters are not perfect, but they are typically good, average presenters
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Neophytes
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These types of presenters do weird things on purpose; they see past their brand
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Artists
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What is the formula for Personal Branding?
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Personal Branding = Performance + Personality + Visibility + Trust
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This is what makes you believable and trustworthy
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Credibility
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What is the formula for Credibility?
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Credibility = Knowledge + Confidence + Connection
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What are the 4 elements of credibility?
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1. Trust/Honesty 2. Expertise 3. Position/Status 4. Charisma
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What are the 2 different types of credibility?
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Corporate and Personal
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What are the 3 Marketing Concepts/Objectives?
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1. Customer Value 2. Customer Satisfaction 3 Develop Long-Term Relationships
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What is the formula for Customer Value?
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Customer Value = Benefits - Cost
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What are the 3 components of customer satisfaction?
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1. Service 2. Quality 3. Delivery
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What is the most critical element of customer satisfaction?
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Customer Service
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__________% of people will change a purchase decision based upon the indifference of one person
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63%
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__________% of people who have had a bad experience will tell at least one person and embellish the story to make it more sensational
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77%
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__________% of people who have had a good experience will tell the service provider
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7%
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More than anything else, what is the main reason that customers will switch companies or products?
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Customer Service
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What are the 4 reasons that a customer will switch to a different company or user?
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1. Core Service Failure 2. Service Encounter Failure 3. Price 4. Inconvenience (not location)
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What are the 2 different types of dissatisfied customers?
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Angry and Silent
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Which type of dissatisfied customer should a company fear the most?
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Silent
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These are people that pose as shoppers and go into stores and evaluate workers and their ability to provide adequate customer service
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Mystery Shoppers
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What are 3 results of good customer service?
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1. Referrals 2. Reduced Effort to Sell 3. Premium Pricing
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What are the 2 concepts behind customer service?
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1. Ante 2. Moment of Truth
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This is everyday, decent service that customers expect; good behavior
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Ante
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This is when something terrible happens and it is your chance to make it right
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Moment of Truth
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What are the 3 relationships that public relations should maintain?
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1. Customer 2. Media 3. Community
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What are the 4 elements of the Marketing Analysis?
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1. Company 2. Competition 3. Customer 4. Conditions
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When analyzing your customers, it is important to take note of their __________
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Demographics
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What are 7 examples of demographics that can be related to a company's customers?
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1. Age 2. Race 3. Gender 4. Income 5. Education 6. Religion 7. Geographical
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This is ever-changing
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External Environment
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What are the 4 factors that are involved in the Conditions of the Marketing Analysis?
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1. Social Factors 2. Technological 3. Legal/Political 4. Economic Factors
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What 3 things help make up your life-style decisions?
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1. Activities 2. Interests 3. Opinions
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What are the 3 stages of Strategy Development?
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1. Segmentation 2. Targeting 3. Positioning
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This is Level-One
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Marketing Analysis
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This is Level-Two
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Strategy Development
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What are the 4 criteria for effective Segmentation within Strategy Development?
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1. Identification 2. Accessible 3. Responsive 4. Substantial
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What are the 3 strategies of Target Marketing?
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1. Mass Marketing 2. Multi-Segmented 3. Niche
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This is a Target Marketing strategy that appeals to a large population
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Mass Marketing
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This is a Target Marketing strategy that finds multiple segments in a large population
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Multi-Segmented
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What are 3 examples of components that would be part of the multi-segmented Target Marketing strategy?
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1. Low-Income Customers 2. Mid-Class want Decent Name Brand for Little Money 3. People who Need Household Goods (Everyone)
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This is a Target Marketing strategy that refers to an elite, specific market
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Niche
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What are the 3 components of Positioning in Strategy Development?
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1. Attributes 2. Benefits 3. Communication of Value
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What are the 4 components of the Marketing Mix
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1. Product 2. Price 3. Place 4. Promotion
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This is Level-Three
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Marketing Mix
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What are the 4 Product categories in the Marketing Mix?
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1. Convenience 2. Shopping 3. Specialty 4. Unsought
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What are the 3 Product components in the Marketing Mix?
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1. Warranty 2. Service After Sale 3. Brand
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What are the 4 objectives of branding?
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1. Identification 2. Repeat Sales 3. Introduction of New Products 4. Packaging
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What are the 4 functions of Packaging in the Marketing Mix?
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1. Contain/Protect the Product 2. Protect Against Theft 3. Labeling 4. Color
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This serves as a source identifier
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Color
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What are the 5 stages of the Product Life Cycle?
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1. Introduction 2. Growth 3. Maturity 4. Decline 5. Extension
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What are the 3 Pricing strategies in the Marketing Mix?
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1. Penetration Pricing 2. Price Skimming 3. Status Quo
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When a company sets its price as low as it can to get market share, name recognition, and to get people to try the product
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Penetration Pricing
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When a company sets its price as high as it can for as long as possible until the competition catches up
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Price Skimming
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Price match competition; Price matching
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Status Quo
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What are 6 examples of Pricing Tactics used in the Marketing Mix?
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1. Rebates 2. Single Pricing 3. Odd/Even (Psychological Pricing) 4. Dynamic Pricing 5. Professional Pricing 6. Loss Leader
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What are 3 examples of unethical Pricing Tactics that can be used in the Marketing Mix?
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1. Bait and Switch 2. Predatory Pricing 3. Dynamic Pricing
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What are the 4 parts of the Promotional Mix?
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1. Advertising 2. Public Relations 3. Sales Promotions 4. Personal Selling
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This is the part of the Promotional Mix that actually gets customers into the store
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Sales Promotions
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What are the 5 steps of the Consumer Decision-Making Process?
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1. Need Recognition 2. Information Search 3. Evaluate Alternatives 4. Purchase 5. Post-Purchase Behavior
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This is a conscience attempt to modify the thoughts and behavior of you, the consumer, and move you toward a pre-determined goal (action)
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Persuasion
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What are the 2 types of information that can searched in the consumer decision-making process?
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Internal and External
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What are the 3 types of external information?
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1. Personal 2. Commercial 3. Public
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What are 5 examples of Personal External information that can be searched in the consumer decision-making process?
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1. Family/Friends 2. Opinion Leaders 3. Word-of-Mouth 4. Celebrity Endorsement 5. Buzz Marketing
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__________% of consumers get their information from family/friends (__________% from online reviews)
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92%; 7%
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This is when a company chooses to put a product in the hands of an opinion leader for the purposes of them using the product for free and hoping they spread good word-of-mouth
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Buzz Marketing
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What are 7 examples of Personal Commercial information that can be searched and studied in the consumer decision-making process?
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1. Commercials 2. Radio 3. Newspaper 4. Magazine 5. Internet 6. Direct Mail 7. Billboards
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This is the actual action step of the Consumer Decision-Making Process
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Purchase
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What are 4 examples of Personal Public information that can be searched and studied in the consumer decision making process?
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1. Clutter 2. Unique Selling Proposition 3. Involvement 4. Evoked Set
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This is when a company separates itself from the clutter; there is believable advertising appeal. They pull their product out amongst the population
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Unique Selling Proposition
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What are the 3 types of Involvement Decisions?
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1. Routine 2. Moderate 3. Extensive
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This is the final group of choices; Your odds are better if you make it down this group of choices
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Evoked Set
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Cognitive Dissonance is associated with which step of the Consumer Decision-Making Process?
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Post-Purchase Behavior
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When a customer becomes unhappy with their purchase after they spend the money
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Cognitive Dissonance
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What are the 2 different types of advertising?
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1. Consumer 2. Corporate
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This is when a company enters into a contractual agreement with a sports entity, offering them money in exchange for certain benefits
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Sponsorship
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Sponsorship is a form of __________
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Advertising
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What are 5 reasons to get involved in sponsorship?
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1. Visibility 2. Name Recognition 3. Reach a Target Market 4. Drive Sales 5. Image Enhancement
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What are the 2 benefits you can get from sponsorship?
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1. Exclusivity 2. Signage
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What is the greatest benefit you can get from sponsorship?
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Exclusivity
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What is a reason why sponsorships sometimes fail?
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Ambush Marketing
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What are 6 examples of the various forms of advertising?
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1. Sponsorship 2. TV 3. Radio 4. Internet 5. Billboards 6. Newspaper
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This is a commercial or on-air time for a company that lasts about 1-2 seconds
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Adlet
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This is when a company identifies a worth-while cause an lends support to the cause, so that they can be seen as a helpful company to consumers
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Cause-Related Marketing
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__________% of consumers are more likely to consider using a company that participates in cause-related marketing than a reliable company that does not
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78%
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78% of consumers are more likely to consider using a company that participates in cause-related marketing than a reliable company that does not
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The Roper Study
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This type of marketing makes customers more forgiving when the company makes a mistake
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Cause-Related Marketing
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This increases name recognition
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Cause-Related Marketing
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What are the 6 different types of Sales Promotions in the Promotional Mix?
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1. Sampling 2. Contests 3. Giveaways 4. Loyalty Program 5. Point of Purchase Displays 6. Coupons
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This is a type of sales promotion that rewards customers for coming back to their store
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Loyalty Program
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What are the 3 purposes of point of purchase displays?
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1. Advertise the Product 2. Drive Traffic 3. Impulse Buying
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Coupons can affect a company's __________
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Brand
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Altogether, there are __________ steps of personal selling
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7
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A person cannot be good at personal selling if they do not have a __________ worth selling
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Personal Brand
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When it comes to personal selling, you must be __________
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Trustworthy
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When it comes to personal selling, the person must ask for __________
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The Close
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What is the last step of Personal Selling?
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The Follow-Up
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In personal selling, you need this to ensure a customer's actions; or that they will keep their word
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The Follow-Up
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It is important to practice The Follow-Up in personal selling, even when the person you were talking to tells you __________
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No
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In personal selling, it is extremely important to learn how to commence...
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The Follow-Up After No
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Gaining unauthorized entry into a venue
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Ambush Marketing
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Which part of credibility leads to expertise?
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Knowledge
