Marketing Final Exam-Sojka – Flashcards
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1. _Political/legal_________ 2. __Demographic________ 3. __Natural _____________ 4. __Economic___________ 5. __Technology__________ 6. __Culture_____________
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External (Macro) Environmental Forces
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1. Need 2. Search 3. Alternative Evaluation 4. Purchase 5. Post-Purchase
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Consumer Decision Process
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Refers to the number of different product lines the company carries ex ----dog-food---clothes---baby
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Width
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1. Convenience 2. Shopping 3. Specialty
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Types of Products
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1. Intro 2. Growth 3. Mature 4. Decline
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PLC (Product Life Cycle) Stages
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Price
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What is a quality indicator?
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a 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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Distribution Channel
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They add value in the form of information, promotion, negotiation, funding, risk taking, physical possession, payment options, title/ownership.
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How do channel members add value?
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A layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer
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Channel Level
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A marketing channel that has no intermediary levels
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Direct Marketing Channel
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A marketing channel containing one or more intermediary levels
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Indirect Marketing Channel
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What are these?
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Types of Marketing(Distribution) Channels
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A channel structure in which producers, wholesalers, and retailers act as a unified system. One channel member owns the others, has contracts with them, or has so much power that they all cooperate
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Vertical Marketing System (VMS)
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A vertical marketing system that combines successive stages of production and distribution under single ownership--channel leadership is established through common ownership example. Kroger
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Corporate VMS
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A vertical marketing system in which independent firms at different levels of production and distribution join together through contracts ex. Subway (franchises)
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Contractual VMS
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A vertical marketing system that coordinates successive stages of production and distribution through the size and power of one of the parties. ex. Walmart
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Administered VMS
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A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity. ex. Subway in Walmart
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Horizontal Marketing System
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a distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments. (Example: John Deere sells to consumers and businesses (farmers) through different channel systems)
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Multichannel distribution System
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taking out intermediary (tends to be retailer)
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Disintermediation
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1. Intensive 2. Selective 3. Exclusive
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# of Intermediaries
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Stocking the product in as many outlets as possible
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Intensive distribution
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Giving a limited number of dealers the exclusive right to distribute the company's products in their territories.
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Exclusive distribution
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The use of more than one but fewer than all of the intermediaries who are willing to carry the company's products
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Selective distribution
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Physical movement of goods
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Logistics
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1. air, (international, specialty, perishables) 2. rail, (Coal, steel) 3. truck, (everything) 4. pipeline, (oil, water) 5. water, (Bulky, heavy items) internet, intermodal
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Transportation Means
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-Piggyback-rail & truck -Fishyback-water & truck -Airtruck-air & truck
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Multimodal Transportation
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Growth of the company and cash flow Expertise (menus, prices, logo all ready) Consistency (brand recognition)
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What is the benefit for a franchiser? What is the benefit for a franchisee? What is the benefit for the consumer?
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1. Supermarket - 2. C-Store- 3. Superstore- 4. Warehouse Club 5. Discount Store- 6. Department Store- 7. Specialty Store - 8. Category Killer- toys r us - 9. Factory Outlet - 10. Ind. Off Price Retailers-
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Types of Retailers
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A store that carries a narrow product line with a deep assortment, such as apparel stores, sporting goods stores, furniture stores, florists, and bookstores
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Specialty store
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A store that carries several product lines-- typically clothing, home furnishings, and household goods-- with each line operated as a separate department managed by specialist buyers or merchandisers
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Department store
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A relatively large, low cost, low margin, high volume, self service operation designed to serve the consumer's total needs for grocery and household products
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Supermarket
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A relatively small store located near residential areas, open long hours seven days a week,and carrying a limited line of high turnover convenience products at slightly higher prices
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Convenience store
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A store that carries standard merchandise sold at lower prices with lower margins and higher volumes
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Discount store
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A store that sells merchandise bought at less than regular wholesale prices and sold at less than retail. ex. TJ Maxx
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Off price retailer
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A very large store that meets consumers' total needs for routinely purchased food and nonfood items. ex Walmart Supercenter
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Superstore
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A giant specialty store that carries a very deep assortment of a particular line ex. toys r us
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Category Killer
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An off price retailing operation that is owned and operated by a manufacturer and normally carries the manufacturer's surplus, discontinued, or irregular goods.
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Factory Outlet
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An off price retailer that sells a limited selection of brand name grocery items, appliances, clothing, and other goods at deep discounts to members who pay annual membership fees.
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Warehouse Club
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1. specialty stores, 2. department stores, 3. convenience store, 4. supermarket, 5. superstore, 6. category killer
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Product-line based Retailers
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1. discount, 2. off-price retailers, 3. factory outlets, 4. warehouse clubs
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Relative-Price based
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1. Smell (olfactory) 2. Hearing (auditory) 3. Seeing (visual) 4. Touch 5. Taste
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5 senses-Experiential Shopping-Atmospherics (How retailers create a "shopping experience")
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All retailers starting to look a like. Can't separate stores by products.
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Retail convergence
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1. Online 2. Catalog 3. Kiosk 4. Direct Market selling 5. HSN
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Non-store retailing
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Retail convergence, Non store retailing, Pop up stores
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Retailing Trends
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Temporary storefronts that exist for only a limited time and generally focus on a new product or a limited group of products offered by a retailer, manufacturer, or service provider; give consumers a chance to interact with the brand and build brand awareness.
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Pop up stores
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Tools marketers use to communicate and engage with consumers
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Promotion Mix
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Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponser
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Advertising
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Short term incentives to encourage the purchase or sale of a product or service
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Sales promotion
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Personal presentation by the firm's sales force for the purpose of making sales and building customer relationships
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Personal Selling
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Building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events
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Public relations (PR)
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Direct connections with carefully targeted indivdual consumers to both obtain an immediate response and cultivate lasting customer relationships.
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Direct marketing
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Coordinating the Promotion Mix for effectiveness and consistency (adv, P.R., personal selling, sales promotions)
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IMC-Integrated Marketing Communications
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a promotional strategy that focuses on intermediaries, trying to persuade and motivate wholesalers and retailers to carry its products and promote those products to their customers
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Push Strategy (goes down each tier Mfg --> Distributers --> Retailer --> Customer) = PERSONAL SELLING
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a marketing strategy that stimulates consumer demand to obtain product distribution
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Pull Strategy (Direct to customer who seeks product)= ADVERTISING STRATEGY
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Push and Pull strategies relate to what?
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Channels
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Growth
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What stage in the product life cycle do competitors say my product is better than yours(pursuade)?
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1. Inform ex. 3-D printer (NEW PRODUCTS) 2. Remind ex. Coke ( COMPETITION INCREASES) 3. Persuade ex. Farmer's Insurance (MATURE PRODUCTS)
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Advertising Objectives
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-Affordable -% of sales -Competitive parity -Objective-task
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Setting the Advertising Budget
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Setting the promotion budget at the level management thinks the company can afford
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Affordable Method
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Setting the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price
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Percentage of sales method
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Setting the promotion budget to match competitors' outlays
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Competitive-parity method
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Developing the promotion budget by (1) defining specific objectives, (2) determining the tasks that must be performed to achieve these objectives, and (3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion
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Objective and task method
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1. Slice of life/ Lifestyle 2. Fantasy 3. Musical 4. Personality symbol 5. Celebrity endorser 6. Technical expertise 7. Scientific evidence (competitive advantage) 8. Testimonial
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Advertising Execution Styles
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This style shows one or more typical people using the product in a normal setting.
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Slice of life
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This style shows how a product fits in with a particular lifestyle
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Lifestyle
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This style creates a fantasy around the product or its use
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Fanatsy
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This style shows people or cartoon characters singing about the product
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Musical
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This style creates a character that represents the product ex. Geico gecko
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Personality Symbol
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This style shows the company's expertise in making the products.
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Technical expertise
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The style presents survey or scientific evidence that the brand is better or better liked than one or more other brands
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Scientific evidence
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this style features a highly believable or likable source endorsing the product
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Testimonial evidence
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1. Television 2. Radio 3. Newspapers/Direct Mail- short life 4. Magazines- long pass along life 5. Outdoor billboards 6. Internet (Facebook/Twitter/Instagram/Snapchat) 7. Brand Integration/Brand Entertainment- embedded the product into the tv shows 8. Ad location within the medium
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Advertising Media
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T.V
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Which advertising media? Adv- Good mass marketing coverage; low cost per exposure; combines sight, sound, and motion; appealing to the senses Dis- High absolute costs; fleeting exposure; less audience selectivity
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Newspaper
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Which advertising media? Adv- Flexibility; timeliness; good local coverage; high believability Dis- Short life; small pass along audience
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Magazines
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Which advertising media? Adv- long life and good pass along; selectivity; credibilty Dis- Long ad purchase lead time; high cost; no guarantee position
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Radio
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Which advertising media? Adv- Good local acceptance; low cost; selectivity Dis- Audio only;fleeting exposure; low attention
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Outdoor Billboard
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Which advertising media? Adv- Flexibility; low cost; high repeat exposure Dis- Little audience selectivity; creative limitations
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change the channel at commercial
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zipping and zapping
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1. Seasonal 2. Continuity (evenly spaced) 3. Pulsing (stop & start at specific times)
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Media Timing
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1. Pre-test 2. Post-test (recall/recognition)
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Media Evaluation
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Company tests an advertisement to panels and people before putting out the ad to make sure its promoting the correct message
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Pre-test
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Companies call up consumers after ad has been released to the public and ask questions about the ad to see what the person can recall from it.
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Post-test
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the legal exaggeration of praise, stopping just short of deception, lavished on a product
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Puffery
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trying to attract buyers by advertising a product you don't intend to sell, and then trying to sell them another product ( ILLEGAL!!! )
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Bait-and-switch
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Where a price is set deliberately below the cost of production in order to attract customers who will buy other, more profitable products
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Loss Leader
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1. News story 2. Development gift (Donation) 3. Sponsorship
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Activities designed to build good relations with public
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1. Ignore 2. Acknowledge & refute 3. Correct perception without acknowledging
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What to do with Negative Publicity
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Companies manage what people are saying about them online since now people can tell hundreds of people how they feel. It is very critical that companies watch their online presence.
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Digital Reputation Management
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Short term incentive to encourage purchase (Offers incentive to price sensitive customers)
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Sales Promotions
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1. Samples 2. Coupons 3. Rebates 4. Price packs 5. Premiums 6. Advertising specialties 7. Patronage rewards 8. Point-of-purchase displays 9. Contests
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Types of Sales Promotions
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1. Prospecting 2. Planning the sales call 3. Making the sales call 4. Present the product 5. Handle objections 6. Obtain commitment 7. Negotiate 8. Close 9. Service
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Sales Process
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Personal presentations by the firm's sales force for the purpose of making sales and building customer relationships
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Personal selling
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1. Salary 2. Commission 3. bonus
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Types of Sales Compensation
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1. Cold-calling 2. Maintaining relationships 3. Inside (out-bound/in-coming) 4. Outside (regional/domestic/global)
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Types of Positions
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A fixed amount of money paid to an employee for each pay period.
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Salary
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amount paid to an employee based on a percentage of the employees sales
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Commission
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sales position where you find new customers
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Cold-Calling
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sales position where you keep existing customers
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Maintaining Relationships
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Salespeople who conduct business from their offices via telephone, the internet, or visits from prospective buyers
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Inside sales force
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Salespeople who travel to call on customers in the field
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Outside sales force (or field sales force)
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The sales step in which a salesperson or company identifies qualified potential customers
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Prospecting
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The sales step in which a salesperson learns as much as possible about a prospective customer before making a sales call.
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Preapproach
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The sales step in which a salesperson meets the customer for the first time
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Approach
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The sales step in which a salesperson tells the value story to the buyer, showing how the company's offer solves the customer's problems
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Presentation
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The sales step in which a salesperson seeks out, clarifies, and overcomes any customer objections to buying
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Handling objections
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The sales step in which a salesperson asks the customer for an order
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Closing
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The sales step in which a salesperson follows up after the sale to ensure customer satisfaction and repeat business
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Follow-up
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goods offered either free or at low cost as an incentive to buy a product (ex happy meals)
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Premiums
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more product for the same price
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Price Packs
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are useful articles imprinted with an advertiser's logo given as gifts to consumers (ex t-shirt )
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Advertising Specialities
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include displays and demonstrations that take place at the point of sale. ex. end caps
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Point of purchase (POP) promotions
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1. Customers (publics) 2. Competitors 3. Collaborators (intermediaries/suppliers) 4. Company
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External (Micro) Environmental Forces
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brand loyalty ex. frequent flyer miles
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Patronage Rewards
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Refers to the total number of items a company carries within its product lines ex. dog food [ IAMS [ Blue Buffalo
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Length
