MKTG 351 – Flashcard
Unlock all answers in this set
Unlock answersquestion
What is targeted marketing?
answer
A type of advertising whereby advertisements are placed so as to reach consumers based on various traits such as demographics, purchase history, or observed behavior
question
What is customer lifetime value?
answer
A prediction of the net profit attributed to the entire future relationship with a customer. Part of predictive analytics.
question
Types of segmentation
answer
Geographic - region of the country; urban or rural Demographic - age, sex, family size; income, occupation, education; religion, race, nationality
question
Family life style implication
answer
The stages families go through over time and how it affects buying behavior
question
Concentrated marketing:
answer
Targeting a very select group of customers
question
Mass marketing
answer
Selling the same product to all consumers
question
Niche marketing
answer
Targeting an extremely select group of consumers
question
One-to-One marketing
answer
Forming close, personal relationships with customers and giving them exactly what they want.
question
Proximity marketing
answer
The process of segmenting buyers geographically and target them within a few hundred feet of a business businesses using wireless technology.
question
Targeted marketing
answer
Choosing select groups of people to sell to.
question
Multisegment marketing
answer
Targeting multiple groups of consumers
question
Positioning
answer
Tailoring a product or its marketing so that it stands out from the competition and people want to buy it.
question
Perceptual map
answer
A two-dimensional graph that visually shows where a product stands, or should stand, relative to its competitors.
question
Supply Chain Management(SCM)
answer
The management and control of all materials, funds, and related information in the logistics process from the acquisition of raw materials to the delivery of finished products to the end user.
question
Channel
answer
A marketing channel is a set of practices or activities necessary to transfer the ownership of goods, and to move goods, from the point of production to the point of consumption and, as such, which consists of all the institutions and all the marketing activities in the marketing process. A marketing channel is a useful tool for management. Distribution channels perform four main functions: facilitate exchange, sort products based on demand, standardize exchange transactions, and facilitate buyer/seller product and information searches.
question
What are products typically more likely to have a shorter marketing channel?
answer
Business products tend to have a shorter marketing channel.
question
Push marketing
answer
A strategy in which businesses are the target of promotions so products get "pushed" through their marketing channels and sold to consumers.
question
Pull Marketing
answer
A strategy in which consumers are targeted with sales promotions such as coupons, contests, games, rebates, mail-in offers.
question
All of the people and organizations that buy, resell, and promote a product "downstream" comprise what?
answer
The marketing channel; or distribution channel
question
Brokers (agents)
answer
Representatives of one or more manufacturers who sell products on their behalf to consumers, wholesalers, and distributors but do not take title to them
question
Retailers
answer
Businesses that purchase products from manufacturers, wholesalers, agents, or distributors and then sell them to consumers.
question
Distributors
answer
Businesses that purchase large quantities of products, can store products, can sell products, can deliver desired quantities of products, and can offer services.
question
Wholesalers
answer
Businesses that purchase products in large quantities, can store the products, can break the pallets down into cases or units, and can deliver the desired quantity of a product to distributors, retailers, and/or consumers.
question
Consumer
answer
A person who purchases goods or services for personal use.
question
Off-price retailers
answer
Stores that sell a variety of discount merchandise that consists of seconds, overruns, and the previous season's stock other stores have liquidated.
question
Drugstores
answer
Stores that specialize in selling over-the-counter medication, prescriptions, and health and beauty products and offer services such as photo developing.
question
Warehouse clubs
answer
Supercenters that sell products at a discount to people who pay an annual membership fee to join them.
question
Department stores
answer
Stores that carry a wide variety of household and personal types of merchandise such as clothing and jewelry.
question
Supermarkets
answer
Self-service retailers that provide a full range of food products to consumers as well as some household products.
question
Disintermediation
answer
A situation that occurs when intermediaries are cut out of marketing channels.
question
What is it when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake?
answer
Joint Venture
question
How do smart companies integrate their supply chains into their marketing plans?
answer
They create a value chain -your supply chain partners should do more for you than perform just basic functions; each one should help you create more value for customers as the product travels along the chain—preferably more value than your competitors' supply chain partners can add to their products.
question
What are FedEx Supply Chain Services and UPS Supply Chain Solutions freight forwarders examples of?
answer
They are an example of sourcing and procurement
question
Sourcing
answer
The process of evaluating and hiring individual businesses to supply goods and services to your business
question
Procurement
answer
The process of actually purchasing those goods and services. Sourcing and procurement have become a bigger part of a supply manager's job in recent years, in part because businesses keep becoming more specialized.
question
Why would a firm push for environmental sustainability?
answer
It could save money, as well as create a positive image for the company.
question
Who and what does Demand Planning impact?
answer
Demand planning affects everyone involved in the supply chain, as it affects the amount of inventory you want to keep on hand and the amount of services you will need to procure as a result of how much inventory you want to keep on hand.
question
Demand planning
answer
The process of estimating how much of a good or service customers will buy from you.
question
What is employee theft and customer shoplifting of inventory?
answer
Shrinkage
question
Radio-frequency identification (RFID) tag
answer
A tag that emits radio signals that can record and track a shipment as it comes in and out of a facility. Product IDs use SKUs (Stock Keeping Units).
question
Distribution center
answer
A warehouse that emphases is processing and moving goods on down the channel
question
Cross docking
answer
Moving inventory through the supply chain so that products spend little or no time in warehouses
question
Waste Management or Zero Waste
answer
Extracting value from waste and using it to create new products
question
Integrated marketing communications (IMC)
answer
Approach designed to deliver one consistent message to buyers across an organization's promotions.
question
What do we call the different types of marketing communications an organization?
answer
Promotion or Communication mix: Communication tools that may include advertising, sales promotions, public relations and publicity, professional selling, and direct marketing.
question
Product placement and sponsorships are a form of what?
answer
Advertising: A message that is paid for and sent to large groups of the population at one time with an identified organization or brand (product or service) being promoted.
question
Frequency
answer
How often people are exposed to a message.
question
Reach
answer
The number of people exposed to a message.
question
Unique Selling Proposition (USP)
answer
A specific product benefit consumers will remember.
question
Direct Marketing
answer
Delivering personalized promotional materials directly to individual consumers. Materials may be delivered via mail, catalogs, Internet, e-mail, telephone, or in person.
question
AIDA model
answer
A model that includes several different promotion objectives, including attention, interest, desire, and action
question
Selective Demand
answer
Demand for a specific brand (Tropicana orange juice).
question
Primary Demand
answer
Demand for a product category (e.g., orange juice) versus a product brand (e.g., Tropicana).
question
Interference
answer
Any distractions or noise that senders and receivers face during the transmission of a message.
question
Feedback
answer
Means of telling sellers you saw their information and wanted to try their product.
question
Encode
answer
Senders must translate or convert benefits and value of a product or service into a message for the message channel selected.
question
Decode
answer
Receivers interpret message
question
Perceptual retention
answer
The process whereby a phase of a perceptual act is retained in our consciousness.
question
Perceptual distortion
answer
Lack of correspondence between the way a stimulus is commonly perceived and the way an individual perceives it under given conditions.
question
Perceptual attention
answer
The cognitive process of selectively concentrating on one aspect of something.
question
Unique Selling Proposition (USP)
answer
A specific product benefit consumers will remember.
question
Percent-of-sales method
answer
A budgeting technique based on a set percentage of current or projected sales.
question
Objective and Task method
answer
A budget based on a company's promotion objectives and the costs of the activities and tasks necessary to accomplish those objectives.
question
Viral marketing
answer
The spread of the company's message (like a virus) through a community.
question
Internet marketing
answer
Marketing using the world wide web.
question
Controlled (In Viral Marketing Campaign)
answer
Strategically planned with a defined goal for the brand being marketed. Can be tracked and quantified by the marketer
question
Organic (In viral marketing campaign)
answer
Grows with little or no input from the marketer.
question
In-the-wild (In viral marketing campaign)
answer
Pretty much the same as organic
question
If negative word of mouth spreads after a product launches what sort of viral marketing is that?
answer
Blocker effect: A loyalty program that results in members blocking out marketing communications from competitors.
question
Cross-promotion marketing
answer
A method in which two or more groups act together to reach potential customers.
question
Controlled viral marketing
answer
Process of initiating a viral campaign through strategic online placement
question
Astroturfing
answer
Public Relations campaigns that are formally planned by an organization but disguised as a "grass roots" campaign.
question
What was Ray Tomlinson's contribution to the development of e-mail communication?
answer
He created a program that implemented an e-mail system that was the first to be able to send mail between users on different hosts connected to the ARPAnet. (basically he invented e-mail)
question
Key Performance Indicator (KPI)
answer
Is industry jargon for a type of performance measurement. KPIs are commonly used by an organization to evaluate its success or the success of a particular activity in which it is engaged.
question
What is very often the most valuable asset of an e-mail campaign?
answer
The list of those who will be receiving the e-mails
question
Hard bounce
answer
Bounced email that could never get through because the email address doesn't exist or the domain doesn't exist.
question
Whitelist
answer
A list of accepted e-mail addresses that an ISP, a subscriber, or other e-mail service provider allows to deliver messages regardless of spam filter settings
question
Pop-up ads or pop-ups
answer
A form of online advertising on the World Wide Web intended to attract web traffic or capture email addresses.
question
Map Advertising
answer
Advertising using maps
question
Floating advertisement
answer
An ad which moves across the user's screen or floats above the content.
question
Interstitial banners
answer
Web pages displayed before or after an expected content page
question
Shoshkeles
answer
An animated banner ad that uses objects that overlay the Web page
question
Frequency capping
answer
Is a term in advertising that means restricting (capping) the amount of times (frequency) a specific visitor to a website is shown a particular advertisement. This restriction is applied to all websites that serve ads from the same advertising network.
question
What do marketers use to determine which advertisements to show during a given customer visit to a site?
answer
They do things like use GPS technology to determine a user's location and use other technology to determine the specific type of customer they are marketing to (search history, previous purchases, etc...)
question
What are some disadvantages of online advertising?
answer
Popup blockers, connection speeds having an adverse effect on the function of advertisements, and consumers being oversaturated with ads and simply ignoring them are the main disadvantages of online advertising
