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Marketing Final Exam – Harding University

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promotion
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communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response
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promotional strategy
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a plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, sales promotion, and social media
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competitive advantage
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one or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors
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communication
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the process by which we exchange or share meaning through a common set of symbols
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interpersonal communication
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direct, face-to-face communication between two or more people
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mass communication
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the communication of a concept or message to large audiences
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sender
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the originator of the message in the communication process
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encoding
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the conversion of a sender’s ideas and thoughts into a message, usually in the form of words or signs
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channel
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a medium of communication–such as a voice, radio, or newspaper–for transmitting a message
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noise
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anything that interferes with, distorts, or slows down the transmission of information
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receiver
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the person who decodes a message
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decoding
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interpretation of the language and symbols sent by the source through a channel
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feedback
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the receiver’s response to a message
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Informing
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(promotion) seeks to convert an existing need into a want or to stimulate interest in a new product;
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informing
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(type of promotion) generally more prevalent during the early stages of the product life cycle
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persuading
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(promotion) designed to stimulate a purchase or an action
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persuading
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(promotion) normally becomes the main promotion goal when the product enters the growth stage of its life cycle
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reminding
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(promotion) used to keep the product and brand name in the public’s mind
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reminding
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(promotion) this type of promotion prevails during the maturity stage of the life cycle
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advertising
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impersonal, one-way mass communication about a product or organization that is paid for by a marketer
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public relations
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the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance
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sales promotion
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marketing activities–other than personal selling, advertising, and public relations–that stimulate consumer buying and dealer effectiveness
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social media
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promotion tools used to facilitate conversations among people online
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AIDA concept
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a model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message
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AIDA concept
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stands for attention, interest, desire, and action
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institutional advertising
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a form of advertising designed to enhance a company’s image rather than promote a particular product
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advocacy advertising
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a form of advertising in which an organization expresses its views on controversial issues or responds to media attacks
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product advertising
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promotes the benefits of a specific good or service
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pioneering advertising
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a form of advertising designed to stimulate primary demand for a new product or product category
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competitive advertising
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a form of advertising designed to influence demand for a specific brand
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comparative advertising
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a form of advertising that compares two or more specifically named or shown competing brands on one or more specific attributes
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push strategy
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a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise
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pull strategy
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a marketing strategy that stimulates consumer demand to obtain product distribution
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attribute
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a feature of the product such as its easy-open package, special formulation, or new lower price
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advertising appeal
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a reason for a person to buy a product
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slice-of-life
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(style of advertising) depicts people in normal settings such as at the dinner table or in their car. McDonalds often uses _____ styles showing youngsters munching on French fries from happy meals on family outings
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lifestyle
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(style of advertising) shows how well the product will fit in with the consumers life. As his Volkswagen Jetta moves through the streets of the French Quarter, a Gen X driver inserts a techno music CD and marvels at how the rhythms of the world mimic the ambient vibe inside his vehicle
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spokesperson/testimonial
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(style of advertising) can feature a celebrity, company official, or typical consumer making a testimonial or endorsing a product. Sheryl Crow represented Revlon’s Colorist hair coloring, while Beyoncé Knowles was named the new face of American Express. Dell Inc. founder Michael Dell touts his vision of the customer experience via Dell in television ads
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fantasy
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(style of advertising) creates a ____ for the viewer built around use of the product. Carmakers often use this style to let viewers fantasize about how they would feel speeding around tight corners or down long country roads in their cars
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humorous
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(style of advertising) advertisers often use this in their ads such as Snickers “Not going anywhere for a while” campaign featuring hundreds of souls waiting, sometimes impatiently, to get into heaven.
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real/animated product symbols
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(style of advertising) creates a character that represents the product in advertisements, such as the energizer bunny or starkist’s Charlie the tuna. Geico’s suave gecko and disgruntled cavemen became classics for the insurance
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mood or image
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(style of advertising) builds a mood or image around the product, such as peace, love, or beauty. De Beers ads depicting shadowy silhouettes wearing diamond engagement rings and diamond necklaces portrayed passion and intimacy while extolling that a diamond is forever
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demonstration
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(style of advertising) shows customers the expected benefit. many consumer products use this technique. laundry detergent spots are famous for demonstrating how their product will clean clothes whiter and brighter. fort James corporation demonstrated in television commercials how its Dixie rinse and reuse disposable stoneware product line can stand up to the heat of a blowtorch and survive a cycle in a clothes washer
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musical
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(style of advertising) conveys the message of the ad through song. for example, nike’s ads depicted a marathon’s tortured feet and a surfers thigh scarred by a shark attack while strains of Joe Cocker’s “you are so beautiful” could be heard in the background
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scientific
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(style of advertising) uses research or scientific evidence to give a brand superiority over competitors. pain relievers like advil, bayer, and Excedrin use scientific evidence in their ads
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media mix
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the combination of media to be used for a promotional campaign
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price
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that which is given up in an exchange to acquire a good or service
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revenue
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the price charged to customers multiplied by the number of units sold
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profit
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revenue minus expenses
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profit maximization
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setting prices so that total revenue is as large as possible relative to total costs; doesn’t always mean unreasonably high prices; depends on type of competitive environment
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sales oriented
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based either on market share or on dollar or unit sales
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market share
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a company’s product sales as a percentage of total sales for that industry
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sales maximization
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ignores profits, competition, and the marketing environment as long as sales are rising
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status quo pricing
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a pricing objective that maintains existing prices or meets the competition’s prices
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introductory stage
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management usually sets prices high during the ____ stage, hopefully to recover its development costs quickly. demand originates in the core of the market, and thus is relatively inelastic
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growth stage
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as the product enters the ___ stage, prices generally begin to stabilize for several reasons. competitors have entered the market, increasing available supply; product has appealed to broader market
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maturity stage
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this stage usually brings further price decreases as competition increases and inefficient, high cost firms are eliminated.
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decline stage
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the final stage of life cycle may see further price reduction as few remaining competitors try to salvage the last vestiges of demand
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price strategy
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a basic, long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product life cycle
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price skimming
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a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion
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unfair trade practice acts
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laws that prohibit wholesalers and retailers from selling below cost
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price fixing
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an agreement between two or more firms on the price they will charge for a product
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status quo pricing
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charging a price identical or very close to the competition’s price
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predatory pricing
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the practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market
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base price
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the general price level at which the company expects to sell the good or service
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quantity discounts
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a price reduction offered to buyers buying in multiple units or above a specified dollar amount
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rebates
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cash refund given for the purchase of a product during a specific period
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geographic pricing
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because many sellers ship their wares to a nationwide or even a world wide market, the cost of freight can greatly affect the total cost of a product
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zone pricing
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a modification of uniform delivered package that divided the US into segments or zones and charges a flat freight rate to all customers in a given zone
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freight absorption pricing
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a price tactic in which the seller pays all or part of the actual freight charges and does not pass them on to the buyer
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professional services pricing
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used by people with lengthy experience, training, and often certification by a licensing board
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leader pricing (loss-leader pricing)
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a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store
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bait pricing
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a price tactic that tries to get consumers into a store through false or misleading price advertising and then uses high-pressure selling to persuade consumers to buy more expensive merchandise