Mkt 3401 final – Flashcards
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How to answer a difficult question
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What does the brass button philosophy show us throughout the presentation?
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1. Promote the product 2. Institutional Advertising
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What are 2 types of advertising?
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TV
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Blink/adlet is what type of ad?
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Between 1-4 am
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What did the gallery furniture company find was the best time of the day to advertise?
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Cause related marketing
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Yoplait used breast cancer awareness, what type of strategy is this?
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76%
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What percent of customers will be more likely to purchase a cause-related product?
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Sampling
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If you receive a Gillette razor in the mail, this is an example of what?
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Sampling
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What is test driving a car an example of?
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Drives traffic
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What is a benefit of a POP display?
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When a product you buy has a low price but the accessories are more expensive
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Which of the following is the Trojan Fish strategy?
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Follow up
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What is the final step in personal selling?
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Contests/sweepstakes (sales promotions)
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What is the game monopoly at McDonalds an example of?
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Visual
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55% of emotional impact you have is ____?
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Angry and Remorseful
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What are the two types of dissatisfied customers?
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Benefit-Cost
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Customer Value=
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1. Customer 2. Company 3. Competition 4. Conditions
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What are the 4 components of marketing analysis?
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1. Product 2. Price 3. Place 4. Promotion
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What are the components of the marketing mix?
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1. Identifiable 2. Accesible 3. Responsive 4. Substantial ability
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What is the criteria for effective segmentation?
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Unique selling position
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What is a believable, desirable, position that sets your product apart?
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Mystery shopper
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What technique is used to see how well the business handles customer service?
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1. Identifiable 2. Repeat Sales 3. Introduce new products
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What are the components of branding?
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Speedy process
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What is not a component of packaging?
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Brand recognition (identifier)
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What does color on a label do for a company?
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Cognitive dissonance
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What is the guilt a buyer feels after the purchase?
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1. Introduction 2. Growth 3. Maturity 4. Decline 5. Extension
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What is the product life cycle?
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Price and Promotion
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What is juggled throughout the product life cycle?
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Set the price low to gain more market share
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What is penetration price strategy?
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It diluted their brand
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Tiffany's started making a teenage bracelet but stopped because...
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Psychological pricing (odd/even pricing)
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Charging $299.99 for a piece of jewelry is an example of?
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1. Advertising 2. Sales Promotions 3. Public Relations 4. Personal selling
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What are the four parts of the promotional mix?
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Product placement
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When ellen used Samsung phone at oscars what was this an example of?
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Product placement
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What can sponsorship be a form of?
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Dealing with integrity with the media
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What's an aspect of keeping good public relations?
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Drive traffic, advertise the product, impulse buys
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What 3 purposes does the POP serve?
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Trojan fish theory
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A successful technique is to introduce a product at a significantly low price. The consumer loves the product so much that they will spend equal of more on accessories
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Preparation, close the sale, follow up
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What are the 3 steps of personal selling?
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Difficult
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According to the brass button philosophy you must know how to handle a _____ question
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38%
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What percent of emotional impact in vocal delivery?
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55%
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What percent of emotional impact is visual image?
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7%
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What percent of emotional impact is verbal arrangement?
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Implementation
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4 P's are part of the marketing mix and the marketing mix is part of _____
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Product
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Price is not a component of a _____
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Evoked set
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What is not part of the customer decision making process?
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Introduce new product, identification, repeat sells
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What are the objectives of branding?
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Advertising, sales promotions, public relations, personal selling
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4 elements of the promotional mix
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Single priciing, bundling, loss leader, psychological (odd/even), prestige, rebate, precise/round number, dynamic pricing
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Types of price tactics
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Integrated marketing communication
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When you combine all four parts of the promotional mix and try to use them together to sell a product to a consumer this is?
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Institutional advertising
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With BP sponsoring the olympics this showed what type of advertising?
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the Thin Slice
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What is it called when people evaluate you in 10 seconds accurately?
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Bait and Switch
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What is an unethical pricing tactic?
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They were targeting the wrong market
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The got milk campaign failed initially because of what?
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Having trouble presenting information effectively
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What's the curse of knowledge?
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Atmosphere and personnel
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What led to making the apple store successful?
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Identifiable, accessible, substantial, responsive
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What are the criteria for effecting segmentation in strategy development?
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Personal brand= (personality + performance) X (visibility + trust)
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What is the formula for personal branding?
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Customer value, customer satisfaction, develop and maintain relationships
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What are the 3 goals of marketing?
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Market analysis, Strategy development, Implementation
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3 levels of the marketing strategy framework
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Products of convenience, shopping, speciality, unsought products
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What are the 4 types of products?
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Contain/protect the product, facilitate storage, prevent theft, promote the product, source identifier (color)
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What are the functions of packaging?
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Position, affiliation, personality
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How do you brand yourself?
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price skimming, penetration pricing, status quo **prestige pricing is not one*
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Price strategies NOT TACTICS
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Recognize a product, information search, evaluate alternatives, purchase, post purchase behavior (evoked set is not a part of this)
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What is the consumer decision making process?
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Focus groups
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What did Motel 6 use to rebrand themselves?
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Figured out people did not like board games bc they are confusing so they developed and packaged simple instructions for the game of monopoly that made it easy to play and now it is the most popular board game
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What role do instructions play in the game of monopoly?
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Yes, bc it was too much of a risk for the company to pay to put an already well known product in a movie that may not be successful
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You're the brand manager of M;Ms; Spielberg wants to put your product in his new alien movie for a small fee. You decline the offer. Was it a smart decision?
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Exclusivity
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What is the biggest benefit of sponsorship?
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When each product can be unbundled and still sold separately
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When is bundling most effective?
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Media relations and community relations
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What two aspects enhance or control a brand? (pr)
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Drive traffic, advertise and promote the product, improve impulse buying
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What is the goal of point of purchase displays (POP)?
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Preparation, close the sale, follow up
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Three steps you must understand to complete personal selling?
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The master brand
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Why are Cuties becoming so well known?
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Sales Promotions
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Part of the promotional mix that McDonalds and Southwest use?
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Promotional mix
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What is integrated market communication?
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Source identifier
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The color of packaging is a ____
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Post purchase behavior
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Last step in the consumer decision making process?
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Friends and family
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Most trusted source of information?
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Unique
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Buzz marketing is ___
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Dealing with integrity
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Main key in effective public relations?
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Media and community
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2 types of PR
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Bait and Switch
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What is an unethical pricing strategy?
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Mass marketing, multiple segmentation, niche
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What are three types of targeting?
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Price
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What is not a component of product?
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They are all equally important
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What is the most important part of the promotional mix?
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Thin Slice concept
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You can be evaluated in 10 seconds and it is relatively accurate
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Advertising
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Product placement is under which part of the promotional mix? (as well as sponsorship)
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Social, Economic, Political/legal, Technological
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When getting information what are the external factors?
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Cause related marketing
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John Hancock used what marketing strategy?
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Got rid of coupons
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What did JCPenny do wrong?
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Show runner, neophyte, artist
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What are the three types of presenters?
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Production, sales, marketing, societal
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What are the 4 marketing management philosophies?
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Implementation
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Which of the following is a level in the marketing strategy framework?
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Customer, company, competition, conditions (competence is not one)
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What are the 4 components of market analysis?
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Price and promotion
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What is juggled throughout product life cycle?
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Intent is to share truthfulness. Do not force the opinion leaders to speak highly of the product if they do not like it
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What is an ethical concern about buzz marketing?
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Integrated marketing communication
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When you combine all four parts of the promotional mix and try to use them together to sell a product to a consumer
