MrkExam2015Fall – Flashcards
Unlock all answers in this set
Unlock answersquestion
Marketing
answer
organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
question
Requirements for marketing to occur
answer
- 2+ parties with unsatisfied needs - desire & ability to be satisfied - a way for parties to communicate - something to exchange
question
How marketing discovers and satisfies consumer needs
answer
Focus on that the customer benefit is Learn from the past Find out what the consumers needs and wants produce what the needs and want a need occurs when a person deprived of basic necessities (food, clothing, shelter) a want is a need that is shaped by a person's knowledge, culture and personality find and define a target market
question
relationship marketing
answer
links the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit
question
Consumer Value
answer
The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before and after-sale service at a specific price
question
Describe how core values, mission, organizational culture, business, and goals are important to organizations
answer
Core values:guide its conduct over time. Mission: States function in society and identifies its customers, markets, products, and technologies. (AKA vision) Organizational culture: Creates a set of values, ideas, attitudes, and norms for the members. Business: industry or market sector of offering. Goals/objectives: sets task to be achieved by certain time.
question
Strategic Marketing Planning Process
answer
Defining the mission or goal Situation analysis identifying and evaluating opportunities implement marketing mix and research Evaluate Performance
question
situational influences
answer
have an impact on the purchase decision process: (1) the purchase task, (2) social surroundings, (3) physical surroundings, (4) temporal effects, and (5) antecedent states
question
Situation analysis (SWOT analysis)
answer
Analysis of both internal and external environment Strength and Weaknesses (Internal) Opportunities and Threats (External)
question
How are the Marketing Mix elements blended into a marketing program?
answer
Product - Features, Brand name, Packaging, Service, and Warranty Price - List price, Discounts, Allowances, Credit terms, and Payment period Promotion - Advertising, Personal selling, Public relations, Sales promotion, and Direct marketing Place - Outlets, Channels, Coverage, Transportation, and Stock level
question
Explain how environmental scanning provides information about social, economic, technological, competitive, and regulatory forces.
answer
Many businesses operate in environments where important forces change. Enviro scanning is the process of acquiring info about these changes to allow marketers to identify and interpret trends. By identifying trends related to the SETCR forces, businesses can develop and maintain successful marketing programs.
question
Describe how social forces such as demographics and culture can have an impact on marketing strategy.
answer
Demographic information describes the world population; the U.S. population; the generational cohorts such as baby boomers, Generation X, and Generation Y. Cultural factors include the trend toward fewer differences in male and female consumer behavior and the impact of values such as "health and fitness" on consumer preferences.
question
How does macroeconomics conditions and consumer income affect marketing ?
answer
1. Inflations 2. Recession 3. Income all affect the market
question
Describe how technological changes can affect marketing
answer
technological innovations can replace existing products and services. changes in technology can also have an impact on customer value by reducing the cost of products, improving the quality of the products and providing new products that were not previously feasible.
question
Discuss the forms of competition that exist in a market and key components of competition
answer
There are 4 forms of competition: pure competition, monopolistic competition, oligopoly, and monopoly. The key components include the likelihood of new competitors, the power of buyers ans suppliers, and the presence of competitors and possible substitutes. While large companies are often used as examples of marketplace competitors, there are 23 million small businesses in the US, which have a significant impact on the economy.
question
What role does regulation play in the marketing environment?
answer
Regulation - consists of restrictions state and federal laws place on business with regard to the conduct of its activities. Is the result of an active political process and has been passed to ensure competition and fair business practices. Protecting Competition - Sherman Act (1890), Clayton Act (1914), and Robinson-Patman Act (1936). Consumerism - a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.
question
Multi-cultural Marketing Programs (Why are they important?)
answer
Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races. Businesses must now market their products to a consumer base with many racial and ethnic identities, in-depth marketing research that allows an accurate understanding of each culture is essential.
question
Legal and Ethical Considerations
answer
Price fixing, price discrimination, deceptive pricing, predatory pricing
question
Identify factors (e.g., societal, business and corporate culture) and moral philosophies (e.g., moral idealism and utilitarianism) that influence ethical and unethical marketing decisions
answer
-Business Cultures: Compromise the effective rules of the game, the boundaries between competitive and unethical behavior and the codes of conduct in business dealings. Social Responsibility: Refers to obligations that organizations have (1) to the preservation of the ecological environment and (2) to the general public. -Corporate Culture: The set of values, ideas, and attitudes that is learned and shared among the members of an organization. -Moral Idealism: Is a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome. Ex: when scotchgard ingredients had the possibility of making only a few people sick they still took it off the shelf. Utilitarianism: Is the personal moral philosophy that focuses on "the greatest good for the greatest amount of people" by assessing the costs and benefits of the consequences of ethical behavior. If the benefits exceed the cost then the behavior is ethical. If not the behavior is unethical
question
3 components of Social Responsibility
answer
Organizations are part of a larger society and are accountable to that society for their actions. Profit Stakeholder Societal
question
Societal Responsibility: Green Marketing & Cause MarketingÂ
answer
Green marketing - marketing efforts to produce, promote, and reclaim environmentally sensitive products Cause marketing - occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.
question
Purchase Decision Process Model (Various stages & what occurs during each stage)
answer
The stages a buyer passes thru in making choices about which products and services to buy. Problem Recognition - actual situations big enough to trigger a decision. Information Search - (1) Internal Search, (2) External Search (personal, Consumer Reports, ads to company web-sites) Alternative Evaluation - suggesting use of purchase, brand names meet criteria, developing consumer value perceptions Purchase Decision - Where & when to buy? Post-Purchase Behavior - compared w/ expectations
question
Distinguish among 3 variations of the consumer purchase decision process: routine, limited, and extended problem solving.
answer
Routine is typically the case for low-priced, frequently purchases products such as cereal, pop, snack. Limited Problem Solving might be used when choosing a restaurant for lunch or a toaster and other situations in which the consumer has little time or effort to spend. Extended Problem Solving exists in high involvement purchase situations for cars or a house.
question
Understand the key characteristics of organizational buying that make it different from consumer buying
answer
-Organizational Buyers: Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale. -Organizational buying criteria: are the objectives attributes of the supplier's products and services and the capabilities of the supplier itself. Commonly used criteria includes: Price, ability to meet quality specifications requited for the item, ability to meet required delivery schedules, technical capability, warranties and claim polices in the event of poor performance, past performance contracts, production facilities and capacity.
question
Know the three types of buying situations: called buy classes
answer
New buy- the orgz is a first-time buyer of the product or service. straight rebuy-here the buyer or purchasing manager reorders an existing product or service from the list of acceptable suppliers, probably without even checking with users or influencers. EX: office supplies & maintenance services. modified rebuy-in this buying situation the users, influencers, or deciders in the buying center want to change the product specifications, price, delivery schedule, or supplier.
question
Understand issues that a marketer must consider in global environmental scanning (e.g., values, customs, cultural symbols, cross cultural analysis, semiotics, cultural ethnocentricity)"
answer
Values: Represent personally or socially preferable modes of conduct or states of existence that tend to persist over time. -Customs: Are what is considered normal and expected about the way people do things in a specific country. -Cultural Symbols: Things that represent ideas and concepts. Symbols and symbolism play an important role in cross cultural analysis because different cultures attach different meaning to things. -Cross Cultural Analysis: Involves the study of similarities and differences among consumers in two or more nations or societies. Semiotics: Examines the correspondence between symbols and their role in the assignment of meaning for people. -Cultural Ethnocentrism: The tendency to believe that it is inappropriate indeed immoral to purchase foreign-made products. The belief that buying imported products is wrong because such purchases are unpatriotic, harm domestic industries, and cause domestic unemployment.
question
global market-entry strategies
answer
1. exporting 2. licensing 3. joint ventures 4. direct investment
question
What is the difference between primary and secondary research?
answer
Secondary research includes reviewing info that has already been published. Primary research requires the gathering of original data.
question
what are the different types of primary data?
answer
observational data: watching people-- mechanical methods (tv ratings), personal methods (ethnographic research) questionnaire data: asking people--idea generation methods (individual/in depth interviews, focus groups), idea evaluation methods (surveys) experiment data
question
Be able to define market segmentation and product differentiation and understand when to use it
answer
Market segmentation involves aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action. Market segments are the relatively homogeneous groups of prospective buyers that result from the market segmentation process. Each segment is made up of people who are relatively similar to each other in terms of their consumption behavior. Product differentiation, which involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products. The perceived differences may involve physical features, such as size or color, or non-physical ones, such as image or price
question
One Product, Multiple Market Segments
answer
when an organization produces only a single product or service and attempts to sell it to two or more market segments o The example we discussed in class was the Sporting News, which produces the same exact magazine, but changes the cover to match regional interests. In doing so, they can customize the packaging of the product for each region, but leave the core content the same. o Although these expenses can be high, they are rarely as large as those for developing an entirely new product
question
Multiple Product, Multiple Market Segments
answer
very pricy Ex: Ford: SUV, Sedan, Truck
question
one product and the segmentation trade-off
answer
the product differentiation-market segmentation trade-off raises a critical issue: Are the new products or new chain simply stealing customers and sales from the older, existing ones? EXAMPLE This is known as cannibalization. Marketers increasingly emphasize a two-tier, "Tiffany/Walmart" strategy. Many firms now offer different variations of the same basic offering to high-end and low-end segments. Gap's Banana Republic chain sells blue jeans for $58, whereas Old Navy stores sell a slightly different version for $22.
question
Understand what variables are used to segment markets (e.g. demographic, geographic, psychographic, behavioral)
answer
Geographic Segmentation, which is based on where prospective customers live or work (region, city size); Demographic Segmentation which is based on some objective physical (gender, race), measurable (age, income), or other classification attribute (birth era, occupation) of prospective customers Psychographic Segmentation: Behavioral Segmentation 1.Product Features: Understanding what features are important to different customers is a useful way to segment markets because it can lead directly to specific marketing actions, such as a new product, an ad campaign, or a distribution system. For example, college dorm residents frequently want to keep and prepare their own food to save money or have a late-night snack. However, their dorm rooms are often woefully short of space. MicroFridge understands this and markets a combination microwave, refrigerator, freezer, and charging station targeted to these students. 2. Usage rate is the quantity consumed or patronage—store visits—during a specific period. It varies significantly among different customer groups. Airlines have developed frequent-flier programs to encourage passengers to use the same airline repeatedly to create loyal customers. Usage rate is sometimes referred to in terms of the 80/20 rule: a concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers. The percentages in the 80/20 rule are not really fixed at exactly 80 percent and 20 percent but suggest that a small fraction of customers provides a large fraction of a firm's sales.
question
Understand the concepts of positioning and repositioning
answer
Product positioning refers to the place a product occupies in consumers' minds on important attributes relative to competitive products. By understanding where consumers see a company's product or brand today, a marketing manager can seek to change its future position in their minds. This requires product repositioning, changing the place a product occupies in a consumer's mind relative to competitive products. Head-to-head positioning involves competing directly with competitors on similar product attributes in the same target market. Using this strategy, Dollar rental car competes directly with Avis and Hertz. Differentiation positioning involves seeking a less-competitive, smaller market niche in which to locate a brand. McDonald's tried to appeal to the health-conscious segment when it introduced the low-fat McLean Deluxe hamburger to avoid competing directly with Wendy's and Burger King.
question
Product Line
answer
A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
question
Product mix pricing strategies
answer
involves adjusting prices to maximize the profitability for a group of products rather than on just one item
question
Product Item
answer
is a specific product that has a unique brand, size, or price
question
Product Line, breadth, depth
answer
product line: groups of associated items that consumers tend to use together or think of as a part of a group of similar products or services; ex: Kellog PL: ready-to-eat cereal, toaster pastries and portable snacks, cookies and crackers, natural frozen and organic breadth: count of number of product lines depth: count of number of items in a product line
question
Understand how products are classified and the different types of consumer and business goods
answer
-A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value Goods can also be divided into : Nondurable Goods. A nondurable good is an item consumed in one or a few uses, such as food products and fuel. Durable Goods. A durable good is one that usually lasts over many uses, such as appliances, cars, and mobile phones
question
3 Factors contributing to a new products or services success
answer
Term new be limited to use with a product up to six months after it enters regular distribution. Product Line Extension: small improvement of an existing product. (Putting Cheerios into single-serve packages) Big jump in innovation (land line to a cell phone.) True Innovation: revolutionary new product. (introduction of the PC)
question
Describe the factors contributing to a new products or services failure.
answer
(a) insignificant points of difference, (b) incomplete market and product protocol before product development starts, (c) not satisfying customer needs on critical factors, (d) bad timing, (e) too little market attractiveness, (f) poor product quality, (g) poor execution of the marketing mix, and (h) no economical access to buyers.
question
What are the stages? What is involved in each stage? Who is purchasing during each stage (relate to diffusion of innovation)? What is the most challenging part of the Product Life Cycle for marketers?
answer
Introduction stage - characterized by initial losses to the firm due to high start up costs and low levels of sales revenue as the product begins to take off Growth stage - marked by a growing number of product adopters, rapid growth in industry sales, and increases in both the number of competitors and the number of available product versions Maturity stage - characterized by the adoption of the product by the late majority and intense competition for market share among firms Decline stage - firms with products in the decline stage either position themselves for a niche segment of diehard consumers or those with special needs or completely exit the market.
question
Know what the Diffusion of Innovation concept is and its implications for the product life cycle.
answer
Not all consumers rush to buy a product in the introductory stage, and the shapes of the life-cycle curves indicate that most sales occur after the product has been on the market for some time. In essence, a product diffuses, or spreads, through the population, a concept called the diffusion of innovation.11 innovators- higher educated; use multiple information sources early adopters- leaders in social setting, slightly above average education early majority- deliberate; many informal social contacts late majority- skeptical; below average social status laggards-fear of debt, neighbors and friends are information source
question
Branding
answer
Name, term, sign, or design that identifies the maker or seller of a product or service
question
Brand Management
answer
A program that protects the image and value of an organization's brand in consumer's' minds
question
Brand Name, also called Trade Name
answer
Name giving by manufacturer to foster brand loyalty among its customers.Ex. (Valium)
question
brand equity
answer
added value that accrues to a product as a result of investments in the marketing of the brand an asset that represents the value created by relationship between brand and customer over time
question
brand licensing
answer
contractual agreement whereby obe company allows its brand names or trademarks to be used with products or services offered by another company for a royalty or fee
question
Brand Personality
answer
Scale measures brand traits on the dimensions: Sincerity, excitement, competence, sophistication, and ruggedness. Authenticity emphasizes genuineness/ integrity
question
Know the four I's of service and what they mean
answer
Services are intangible activities or benefits (such as airline trips, financial advice, or automobile repair) that an organization provides to satisfy consumers' needs in exchange for money or something else of value. Services have become a significant component of the global economy and one of the most important components of the U.S. economy. There are four unique elements to services, often referred to as the four I's of services.
question
"Various ways services can also be classified"
answer
(1) they are delivered by people or equipment (2) they are for-profit or nonprofit (3) they are government sponsored sponsored.
question
Be familiar with the impact of services on GDP and the outlook for the future as the USA becomes more of a service economy."
answer
in the U.S. more than 47 percent of the GDP now comes from services. by 2018, goods producing firms will employ 21.4 million people and service firms will employ more than 131 million.
question
Understand how various combinations of price, fixed cost, and unit variable cost affect a firms breakeven point"
answer
price is the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service. Fixed cost The sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold. (UVC)Variable cost expressed on a per unit basis for a product. break-even point (BEP) p. 336 The quantity at which total revenue and total cost are equal. BEP= Fixed Cost/ unit price- unit variable cost many firms go bankrupt because their costs get out of control, causing their total costs to exceed their total revenues over an extended period.
question
Be familiar with the concept of price and the various terms for it in different types of purchase decisions."
answer
What is price? To attend college, you pay tuition and fees. To get insurance, you pay a premium. Airlines charge fares. In your job, you get paid a salary The "price" a buyer pays can take different names, depending on what is purchased.
question
How to establish the "approximate price level" using demand-oriented, cost-oriented, profit-oriented, and competition-oriented approaches?
answer
Ways to find final price Demand-Oriented - weighs factors underlying expected customer tastes and preferences. Cost-Oriented - a price setter stresses the cost side not the demand side. Profit-Oriented - balance both revenues and cost to set price. Competition-Oriented - stressing what competitors "the market" is doing.
question
what is a markdown? Gross Margin? Markup?
answer
markup - how much should be added to the cost the retailer paid for the product to reach a final selling price Gross margin - the difference between the final selling price and retailer cost; also called maintained markup markdown - when the product does not sell at the original price and an adjustment is necessary
question
Explain what a marketing channel is and why intermediaries are needed...
answer
it is a business structure of interdependent organizations that reach from the point of product origin to the consumer. the purpose is to physically move products to their final destination. a marketing channel gets the right product to the right place at the right time members of the channel create a continuous/seamless supply chain that performs/supports the channel functions
question
Understand the difference between a supply chain and logistics.
answer
supply chain refers to the various firms involved in performing the activities required to create and deliver a product or service to consumers or industrial users. It differs from a marketing channel in terms of the firms involved. A supply chain includes suppliers that provide raw material inputs to a manufacturer as well as the wholesalers and retailers that deliver finished products to consumers. The management process is also different. Supply chain management is the integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering products and services that provide value to consumers. logistics- involves those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost. It deals with the decisions needed to move a product from the source of the raw materials consumption, that is, the flow of the product. The performance of these activities is logistics management, the practice of organizing the cost-effective flow of raw materials, in-process inventory, finished goods, and related information from point of origin to point of consumption to satisfy customer requirements
question
Total cost
answer
Total cost refers to the total expense incurred in reaching a particular level of output; if such total cost is divided by the quantity produced, average or unit cost is obtained.
question
Customer service concept
answer
-dependability (consistency of replenishment) -on time delivery -communication (order status) -convenience (easy to do business with)
question
Dealer
answer
A firm that holds an inventory of securities and sells those securities to other market participants; do not receive commissions, but do mark up the price of the securities they sell
question
Middleman
answer
An intermediary between the buyer and seller
question
Distributor
answer
wholesaler responsible for transferring products from the processor or manufacturer to the supplier
question
Agent
answer
an intermediary who assists in sale and/or promotion of a good but does not take title
question
Broker
answer
a person or company licensed to buy, sell exchange, or lease real property for others and to charge a fee for these services.
question
Wholesaler
answer
Purchases products and then sells to organizations Buy in large quantities, reselling them in small quantities, to retailers or to industrial or business users
question
Know the ways in which to classify retail outlets (form of ownership, level of service, and merchandise line)
answer
Form of ownership - who owns the outlet Level of service - degree of service provided (self-service vs. limited service vs full-service) Merchandise line - how many different types of products a store carries and in what assortment
question
The Wheel of Retailing (The Retail Life Cycle)
answer
1. Birth- outlet starts with low prices, low margins, low status 2. Growth- Outlet now has higher prices, higher margins, higher status 3. Maturity- Outlet now has still higher prices, margins, status 4. Renewal- New form of outlet enters retailing environment with characteristics of outlet in birth
question
Marketing offers four main utilities
answer
Form: dell says that they can customize your computer with any features you need. Possession: Toyota says that if you need a car, they will figure out a way to get you one. Time: the emergency room at the hospital is open 24 hours per day. Place: wells fargo has a branch in the LBJ student center as well as several other branches in and around san marcos
question
Wheel of Retailing
answer
A concept that describes how new forms of retail outlets enter the market.
question
Familiarize yourself with the various types of Wholesalers and how their services differ.
answer
Merchant wholesalers are independently owned firms that take title to the merchandise they handle. They go by various names, including industrial distributor. Most firms engaged in wholesaling activities are merchant wholesalers. 1.General merchandise (or full-line) wholesalers carry a broad assortment of merchandise and perform all channel functions. This type of wholesaler is most prevalent in the hardware, drug, and clothing industries. However, these wholesalers do not maintain much depth of assortment within specific product lines. 2.Specialty merchandise (or limited-line) wholesalers offer a relatively narrow range of products but have an extensive assortment within the product lines carried. They perform all channel functions and are found in the health foods, automotive parts, and seafood industries. There are four major types of limited service wholesalers:
question
7 Elements of the Communication process
answer
-Speaker -Message -Channel -Listener -Feedback -Interference -Situation
question
advertising concepts
answer
Symbols and icons, the problem is the solution, comparison, and endorsements, are all types of __________ _________
question
Personal Selling
answer
Direct spoken communication between sellers and potential customers, usually in person but sometimes over the telephone or even via a video conference over the Internet
question
Public Relations:
answer
For of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products and services. Tools such as special events, lobbying efforts, annual reports, press conferences, RSS feeds and image management may be used by a PR dept. Publicity plays the most important role.
question
Sales promotion
answer
A key ingredient in marketing campaigns, consists of a collection of incentive tools, mostly short term, designed to stimulate quicker or greater purchase of particular products or services by consumers or the trade
question
direct marketing
answer
promotional element that uses direct communication with consumers to generate a response in the form of an order, a request for further info, or a visit to a retail outlet.
question
5 Elements of the Promotion Mix and examples for each
answer
1. Advertising (paying for air time 2. Publicity (article in mag) 3. Personal Selling (directly talking to consumer) 4. Sales Promotion (time limited sales) 5. Direct Marketing (at home selling)
question
six major steps in developing an advertising program
answer
1) setting advertising objectives 2) setting advertising budget 3) developing advertising strategy 4) creating the advertising message 5) selecting the advertising media 6) evaluating advertising campaigns
question
Institutional advertisements are
answer
advertisements that build goodwill or an image for an organization rather than promote a specific product or service.
question
product advertisements
answer
advertisements that focus on selling a product or service; forms include pioneering (informational), competitive (persuasive), and reminder.
question
consumer-oriented promotions
answer
couponing, sampling, premiums, rebates, contests, sweepstakes, POP materials -encourages immediate purchases
question
Trade-oriented Sales Promotions
answer
Targeted to marketing intermediaries such as wholesalers, distributors, and retailers and includes: Trade allowances, POP displays, Training programs, Trade shows, Cooperative advertising, and Sales contests
question
traditional advertising media
answer
television radio newspapers magazines books direct mail
question
Using Social Media for Advertising/IBP
answer
Facebook, Twitter, and YouTube lead the way Ex: during the 2012 olympics, P and G posted messages on the walls of brands that referred visitors to YouTube videos of ad campaigns
question
Four Major social networks that influence organizational MKTG
answer
Facebook Twitter LinkedIn YouTube
question
Know the four major social networks and how they are used in organizational marketing actions.
answer
● Price-comparison searches. Scan product bar codes or QR codes and research 500,000 stores, synchronizing searches between your computer and your smartphone. ● Location-based promotions. Use your GPS-enabled smartphone for location check-ins to receive discounts at stores such as jcpenney. ● Loyalty programs. Win loyalty points for walking into stores like Target or Macy's and receive discounts from them.
question
marketing managers use social media to achieve three primary objectives:
answer
reach (build awareness w/potential customers), engage (improve customer retention), convert (win new customers)
question
Describe how the convergence of the real and digital worlds affects the future of social media.
answer
In the future, there will be: (1) new ways to personalize social media connections; (2) an explosion of bar codes, RFIDs, and quick response(QR) codes linked to new apps available with social media; (3) an increased focus on socially networked "communities"; (4) social networks beginning to charge for user actions that generate more sales for advertisers; and (5) and increased emphasis on measuring the marketing return on investment for social media initiatives. The convergence of social media, smartphones, tablet devices, and new apps will lead to companies having a more dynamic interaction with their customers.
question
7 steps in the personal selling process
answer
1. generating leads 2.qualifying leads 3. approaching the customer and probing needs 4. developing and proposing solutions 5. handling objections 6. closing the sale 7. following up
question
What factors determine whether personal selling is the best tool for organizations to use in reaching their target market? (how are sales teams organized)
answer
Geographic By type of customer By product line Key account management: using team selling to focus on key customers to build mutually beneficial long-term relationships.
question
Personal Selling process
answer
1)prospecting 2)preapproach 3)approach 4)presentation 5)close 6) follow up
question
Describe the difference between marketplace and marketspace
answer
A marketplace is any location or medium used to conduct exchange, a marketplace is where information and goods are exchanged and transactions completed in an online environment, usually with usernames.
question
What makes marketspace unique?
answer
Marketers believe that the possibilities for customer value creation are greater in the digital marketspace. Consider place and time utility. Greatest marketspace opportunity for marketers lies in its potential for creating form utility.
question
6 Different types of online buyers
answer
The largest online consumer lifestyle segment, called click-and-mortar, consists of women who tend to browse retailer websites but actually buy products in traditional retail outlets. hunter-gatherers—married couples with children at home who use the Internet like a consumer magazine to gather information and compare products and prices. brand loyalists who regularly visit their favorite bookmarked websites and spend the most money online. They are better-educated and more affluent Internet users who effortlessly navigate familiar and trusted websites and enjoy the online browsing and buying experience. time-sensitive materialists who regard the Internet as a convenience tool for buying music, books, computer software, and electronics. hooked, online, and single segment consists of young, affluent, and single online consumers who bank, play games, and spend more time online than any other segment. e-bivalent newbies—relative newcomers to the Internet who rarely spend money online but seek product information.
question
Marketing Channel
answer
Network of all parties involved in moving products or services from producers to consumers or business customers.
question
Understand what Multi-channel marketing is and how it is used by those who sell their products and services on the Internet.
answer
Multichannel marketing refers to the practice by which companies interact with customers via multiple channels, both direct and indirect, in order to sell them goods and services. indirect marketing channels push content via websites or social media, also known as inbound marketing. Other means of reaching customers with multi channel marketing include via mobile devices, text messaging, email, company website, social media, search engine optimization (SEO) or GPS to track customers' proximity to goods and services.
question
Porterâs Generic Strategies
answer
-Cost Leadership Strategy -Differentiation Strategy -Cost Focus -Focused Differentiation
question
4 Product Market Strategies after Diversification Analysis
answer
1. Market Penetration: increase sales of current products in current markets 2. Market Development: sell existing products to new markets 3. Product Development: selling new products to existing markets 4. Diversification: new products in new markets
question
Synergy Analysis
answer
seeks market-product opportunities by finding the optimum balance between marketing efficiencies versus R&D- manufacturing efficiencies. The result can be greater manufacturing efficiencies that in turn lead to better quality control, lower retail prices, and happier customers
question
What are the various Marketing Plans that exist?
answer
Long Range - cover marketing activities from 2 to 5 years into the future. Annual Marketing - annual marketing plans deal w/ marketing goals and strategies for a product, product line, or entire firm for a single year.
question
Guidelines for an Effective Marketing Plan
answer
1) Set measurable, achievable goals 2) Use a base of facts and valid assumptions 3) Use simple, but clear and specific, plans 4) Have complete and feasible plans 5) Make plans controllable and flexible 6) Find the right person to implement the plans 7) Work toward consensus- building
