Marketing Yourself Test Questions – Flashcards
132 test answers
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When individuals use simple analogies to make sense out of complex problems
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Reasoning by analogy (pitfalls of analysis)
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A bias that violates the statistical law of large numbers in that individuals often display a tendency to generalize from small samples
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Representativeness (pitfalls of analysis)
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A position that carries respect with friends, family and the community
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Status (needs)
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Being assured of keeping your job and a steady source of income
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Security (needs)
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Being involved with helping other people in direct ways and contributing to the betterment of an individual/group
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Helping Others (needs)
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Being recognizes as a member of a particular organization
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Affiliation (needs)
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Controlling work activities of others
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Power and Authority (needs)
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Ambitious, broad-minded, capable, cheerful, clean, courageous, forgiving, helpful, honest, imaginative, independent, intellectual, logical, loving, obedient, polite, responsible, self-controlled
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Instrumental Values
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A comfortable life, an exciting life, a sense of accomplishment, a world of peace, equality, freedom, happiness, pleasure, salvation, wisdom, self-respect, family security
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Terminal Values
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Brands/product categories that you are involved with over extensive periods of time throughout your life Ex.: as a child you collected cars, now you are still a car enthusiast and are subscribed to automotive magazines
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Enduring (Types of involvement)
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Momentary involvement with brands/products that is triggered by a specific situation Ex.: you are out of gas
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Situational
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Occurs when someone chooses between 2 alternatives
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Approach-Approach (motivational conflicts)
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Exists when we desire a goal but wish to avoid it at the same time Ex.: I love Haagen Dazs but its so fattening
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Approach-Avoidance (motivational conflicts)
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Exists when the consumer is faced with 2 undesirable choice
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Avoidance-Avoidance (motivational conflicts)
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1. Specific, time-defined and measurable
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Characteristics of Objectives
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2. Realistic but challenging
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Characteristics of Objectives
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3. Consistent with the mission and goals of the organizations
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Characteristics of Objectives
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4. Consistent with internal resources and core competencies
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Characteristics of Objectives
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5. Appropriate in light of external environmental opportunities and threats
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Characteristics of Objectives
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Analyze the current and future situations
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Steps in developing a marketing plan 1
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Understand the market and its customers
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Steps in developing a marketing plan 2
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Establish segmentation, targeting, and positioning
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Steps in developing a marketing plan 3
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Determine objectives
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Steps in developing a marketing plan 4
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Develop marketing strategies and programs
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Steps in developing a marketing plan 5
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Track progress and activities
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Steps in developing a marketing plan 6
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Evaluate results and correct the plan as needed
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Steps in developing a marketing plan 7
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economic trends
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External Influences
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social and demographic trends
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External Influences
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technology trends
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External Influences
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regional marketing importance
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External Influences
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customer data
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External Influences
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social and demographic customer behaviour
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External Influences
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Need
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Motivational Pulls
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Drive
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Motivational Pulls
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Desire
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Motivational Pulls
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Goal
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Motivational Pulls
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Physiological (water, sleep, food)
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Levels of Needs in the Maslow Hierarchy (1)
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Safety (security, shelter, protection)
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Levels of Needs in the Maslow Hierarchy (2)
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Belongingness (love, friendship, acceptance by others)
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Levels of Needs in the Maslow Hierarchy (3)
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Ego Needs (prestige, status, accomplishment)
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Levels of Needs in the Maslow Hierarchy (4)
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Self-Actualization (self-fulfillment, enriching experiences)
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Levels of Needs in the Maslow Hierarchy (5)
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Selecting and describing the target market(s)
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Marketing Strategy (1)
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Identifying and owning a market position
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Marketing Strategy (2)
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Defining the marketing mix (How will the 4 Ps be used?)
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Marketing Strategy (3)
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A budget
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Marketing Strategy (4)
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For specific geographical area Includes info such as sex, marital status, income, education, occupation
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Geo-Demographic (describing customers)
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"Lifestyle" data Includes listing of consumers' activities, interests, opinions on various subjects
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Pyschographic (describing customers)
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What are consumers' media habits? Where do they prefer to get news?
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Media Preferences (describing customers)
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Usage rate, frequency of purchase, brand loyalty How long do customers go grocery, how much do they spend...
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Purchase Behaviour (describing customers)
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What are the most important benefits sought by your target market? Ex.: toothpaste, some people buy certain brands because of the benefits sought
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Benefits (describing customers)
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Attributes & benefits Price/quality Product class Product user Competitor Cultural symbols On the experience of the product
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Positioning by what
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How can you differentiate from the competition? What benefits does your product offer to your target market?
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Product (Marketing Mix)
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How much is your target market willing to pay for your product How do you set and negotiate pricing and terms of engagement?
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Price (Marketing Mix)
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Where is the most appropriate place for your product? How can you maximize the likelihood of being at the right place at the right time?
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Place (Marketing Mix)
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How to communicate your product and how will it benefit your target market?
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Promotion (Marketing Mix)
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Customers cant see, touch, or smell services They look for reassuring signs before purchasing (company reputation, word of mouth, testimonials from previous clients)
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Intangibility (Service Characteristics)
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Services cannot be stored for future use
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Perishability (Service Characteristics)
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Differences in a service provider's performance from one day to another because it rests on human performance which cant be controlled
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Variability (Service Characteristics)
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Service can take place only at the time the service provider performs an act
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Inseparability (Service Characteristics)
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Agents present their client's qualifications to potential buyers Ex.: Executive Search Consultant
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Pure Selling Approach
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Agent works with the client to modify certain characteristics what will increase market value Ex.: mentor, personal coach
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Product Improvement Approach
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Agent scans the market to identify needs that haven't been met Ex.: impresario or personal agent
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Market Fulfillment Approach
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Sales: non-existent, resources are invested to develop the product and elaborate strategies for the future
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1. Product Development (Product Life Cycle Stages)
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Slow growth, many costs, profits negligible
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2. Introduction (Product Life Cycle Stages)
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Sales rapidly increasing, bringing new concerns to manage the growth and ensure product quality and integrity Competition likely to increase
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3. Growth (Product Life Cycle Stages)
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Slowdown in sales Product well known, profits may decrease due to higher marketing expenditures (competing with new products entering the market)
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4. Maturity (Product Life Cycle Stages)
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Sales and profits fall Happens because managers didn't foresee changes in the marketplace
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5. Decline (Product Life Cycle Stages)
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Routine improvement that doesn't disrupt/conflict with established knowledge and behaviours Ex.: low-fat dressings
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Continuous Improvement
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More disruptive: requires slight updating of users' knowledge and minor changes in behaviours Ex.: CD players, disposable diapers
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Dynamically continuous improvement
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Most disruptive and require considerable adaptation Ex.: introduction of airplanes, television, pregnancy self-test kits
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Discontinuous/dramatic innovations
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Segment their customers based on what products they have purchased instead of their customers' characteristics
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Product-Centered organizations
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Make plans and decisions based on the anticipated impact on customers Work to deliver positive experience and communicate consistent message Customer Relationship Management programs are designed
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Customer-centered organizations
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pattern of repeat product purchases, accompanied by an underlying positive attitude toward the brand, which is based on the belief that the brand makes products superior to its competition
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Brand Loyalty
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Setting higher price to reap maximum revenues layer by layer from the segments willing to pay the high price
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Market skimming
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Setting lower price to attract large number of buyers and large market share in order to move through introduction and into growth phase quickly Idea: penetrate market quickly and deeply
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Market Penetration
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Price that a customer uses to compare and judge other prices Often average based on the customer's past experiences with similar products
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Reference Pricing
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Maximum a customer is willing to pay
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Ceiling Pricing
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Minimum price a customer is willing to pay
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Floor Pricing
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Products that appeal to customers' needs for self-esteem (designer clothing) are higher priced to convey luxury and status Ex.: Water?
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Psychological Pricing
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Risk that the product will not perform, that core product will not solve the problem at hand
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Functional (types of risk)
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Risk of harm to customers
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Physical (types of risk)
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Risk that the product is not worth the cost or finding a better/cheaper alternative around the corner
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Financial (types of risk)
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Risk that a poor choice will embarrass the customer
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Psycho-social (types of risk)
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Risk of investing time in searching for the product
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Time (types of risk)
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Non-personal, paid communication from an identified sponsor, primarily using mass media Designed to stimulate a positive response from a defined target market
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Advertising (Promotional Tools)
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Building good relations with the company's public by obtaining favorable publicity, building up a good corporate image and handling unfavorable rumors, stories and events
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Public Relations (Promotional Tools)
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Activity that provides incentives to bring about immediate response from customers, distributors, and an organization's sales force
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Sales Promotions (Promotional Tools)
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Face-to-face communication involving the presentation of features and benefits of a product/service to a buyer Objective: make sale and build customer relationships
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Personal Selling (Promotional Tools)
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Direct communication with carefully targeted individuals to obtain an immediate response (via email, internet, telephone, fax, mail)
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Direct Response (Promotional Tools)
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Process of integrating a variety of communication elements within a single event theme
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Event Marketing (Promotional Tools)
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- Inform customers about new goods and services, as well as where they may be obtained - Remind customers to continue to use your product - Persuade customers to choose your product over competing ones - Build and strengthen relationships with customers.
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Marketing Communications
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Alert customers that your product is ready
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Create Awareness (Setting Promotional Objectives)
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Provide customers with product knowledge, emphase unique features (personal selling)
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Increase Knowledge (Setting Promotional Objectives)
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Make potential customers like your product and convince them that your product is more desirable than others (using status or sex appeal in ads)
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Create Desire/Preference (Setting Promotional Objectives)
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Offer samples, coupons
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Encourage Trial/Purchase (Setting Promotional Objectives)
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Implement customer relationship management program
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Build Customer Loyalty (Setting Promotional Objectives)
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- Move products through channel by convincing channel members to offer them - Provide incentives (rebates)
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Push Strategy
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Moving products through the channel by building desire for the products among consumers
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Pull Strategy
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- Using logic is convincing, focus on hard facts (evidence or appeals from some authority figure in the field) - Use 2-sided messages to recognize opposite point of view
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Rational (Message Appeal)
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Ads: appeal to more basic emotions (fear, desire, respect, love)
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Emotional (Message Appeal)
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historical summary of education and work experience
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Chronological Format (Writing Resume and Cover Letter)
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focuses attention on areas of competence
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Functional Format (Writing Resume and Cover Letter)
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Combination: chronological+functional
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Combination Format (Writing Resume and Cover Letter)
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skills required for specific job
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Job-related Skills(Writing Resume and Cover Letter)
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personal characteristics (honestly, flexibility, self-motivation)
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Adaptive Skills (Writing Resume and Cover Letter)
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can be transferred from one job to another (communication, research and planning, human relations...)
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Transferable Skills (Writing Resume and Cover Letter)
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- Academic credentials - Employment history - Extra-curricular activities
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Major Sections (Writing Resume and Cover Letter)
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Gauge the progress towards achieving the marketing, financial, and program objectives as outlined in the marketing plan
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Annual Plan Control (types of control used by organizations)
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Gauge performance in achieving profit-related objectives (Ex.: return on investment)
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Profitability Control (types of control used by organizations)
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Gauge efficiency in managing the sales force, channels, marketing communications and products
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Productivity Control (types of control used by organizations)
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Gauge effectiveness in managing marketing, customer relationships, social responsibility and ethics
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Strategic Control (types of control used by organizations)
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Perform marketing audit
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Perform Marketing Audit (types of control used by organizations)
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Perform customer relationship assessment
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Perform customer relationship assessment (types of control used by organizations)
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Perform social responsibility and ethics assessment
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Perform social responsibility and ethics assessment (types of control used by organizations)
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Collect Background Information
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1. (Presentation Strategies)
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Develop an effective message
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2. (Presentation Strategies)
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Practice and improve your delivery
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3. (Presentation Strategies)
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Prepare for handling questions
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4. (Presentation Strategies)
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Evaluate your performance
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5. (Presentation Strategies)
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Seduce Entertain Educate
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SEE Principle
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-Memorizing -Manuscript Reading -Extemporaneous Speaking
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Practice Speeches
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speaking from a written or memorized outline without having memorized the exact wording of the presentation
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Extemporaneous Speaking
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May be done in person or on the phone, will be conducted by HR rep
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Screening (types of interviews)
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Interviewer is trying to determine whether you will match the organizational culture (done in first 20 seconds of interview)
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Selection (types of interviews)
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Many candidates interviewed at the same time (interviewer is looking for a particular personality trait and group setting enables him/her to identify the one who most likely possesses the desired traits)
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Group (types of interviews)
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Single candidate interviewed by many interviewers at once
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Panel (types of interviews)
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Asked to describe in detail what you did in past situations
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Behavioural (types of interviews)
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1969: Kotler and Levy
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Broadening the concept of Marketing
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