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Ch. 8 LIS 3021 – Flashcards 15 terms

Jazzlyn Sampson

15 terms

Preview

Ch. 8 LIS 3021 – Flashcards

question

1. Describe important strategies for writing persuasive messages.

answer

Because you will be proposing something that your reader probably does not already agree with or want to do, it is often best to organize persuasive messages in an indirect order. Preparing the reader to accept your idea is a much better strategy than blurting out the idea from the start and then having to argue uphill through the rest of the message. Ideally, you should organize each persuasive message so that, from the title or subject line to the end, your readers will agree with you. However, sometimes you will want to use a direct approach. For example, if you know your reader prefers directness or if you believe your readers will discard your message unless you get to the point early, then directness is in order. You should also understand your readers. To know what kind of appeals will succeed with your readers, you need to know as much as you can about their values, interests, and needs. You can gather demographic information and psychographic information. You should also turn your product features into reader benefits. When presenting your reader benefits, be sure the readers can see exactly how the benefits will help them. You could use scenario painting. You should also use the three kinds of appeals: ethos (character), pathos (emotion) and logos (logic). All three kinds come into play in every persuasive message.

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2. Explain how to write skillful persuasive requests that begin indirectly, develop convincing reasoning, and close with goodwill and action.

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Developing your persuasive plan involves three interrelated tasks: determining what you want, figuring out your readers' likely reactions, and deciding upon a persuasive strategy that will overcome reader objections and evoke a positive response. Thinking about your readers' needs and interests is paramount when planning any persuasive message. Your beginning should lead to your central strategy. You must also gain attention in the opening. You need to draw your reader in with the opening of your persuasive message because you are writing to a person who has not invited your message and may not agree with your goal. Following the opening, you should proceed with your goal of persuading. You should do more than merely list points. You should help convey the points with convincing details. Making good use of the you-viewpoint is necessary. You need to use logic and emotion appropriately and project an appealing image. You then follow up with your request and the request requires care in word choice. You then end with a reminder of the appeal.

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List the ethical concerns regarding sales messages.

answer

Sales messages are a controversial area of business communication, for two main reasons: they are often unwanted, and they sometimes use ethically dubious persuasive tactics. Email sales messages are even more unpopular and considered "spam". Perhaps it is because these messages place a heavy burden on ISPs, driving up costs to the users. Or perhaps the fact that they invade the reader's privacy is to blame.

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Describe the planning steps for direct mail or email sales messages.

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Before you can begin writing a sales message, you must know all you can about the product or service you are selling. In addition, you should know your readers. In particular, you should know about their needs for the product or service. Anything else you know about them can help: their economic status, age, nationality, education, and culture. Research can also help you learn about prospective customers. Otherwise, you your best logic.

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5. Explain how to compose sales messages that gain attention, persuasively present appeals, and effectively drive for action.

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The beginnings of all sales messages have one basic requirement to gain attention. If they do not do so, they fail. With direct mail, the envelope containing the message is the first attention getter. The subject line in email messages is the main place for getting attention. The subject line should tell clearly what your message is about, and it should be short. The first words of your message also have a major need to gain attention. One of the most effective attention-gaining techniques is a statement or question that introduces a need that the product will satisfy. With the reader's attention gained, you proceed with the sales strategy that you have developed. In general, you establish a need. Then you present your product or service as fulfilling that need. If your main appeal is emotional, for example, your opening has probably established an emotional atmosphere that you will continue to develop. If you select a rational appeal as your central theme, your sales description is likely to be based on factual material. After you have developed your reader's interest in your product or service, the next logical step is to drive for the sale.

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6. Describe how to write well-organized and persuasive proposals.

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Proposals can vary widely in purpose, length, and format. Their purpose can be anything from acquiring a major client to getting a new copier for your department. They can range from one page to hundreds of pages. Their physical format can range from an email to a letter to along, highly structured report. Proposals can either be internal or external. That is, they may be written for others within your organization or for readers outside your organization. Another way to categorize proposals is solicited versus unsolicited. A solicited proposal is written in response to an explicit invitation tendered by a company, foundation, or government agency that has certain needs to meet or goals to fulfill. An unsolicited proposal is one that you submit an official invitation to do so. The primary means by which organizations solicit proposals is the request for proposals, or RFP. These can range from brief announcements to documents of 50, 100, or more pages. The RFP needs to include a clear statement of the organization's need, the proposal guidelines (due date and time, submission process, and proposal format and contents), and the approval process, in additional to such helpful information as background about the organization. The contents of proposals vary with need, but one should consider these topics: writer's purpose and reader's need, background, need, plan description, benefits, particulars, ability to deliver and concluding comments.

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answer

A successful sales message bases its sales points on reader interest. You should liberally use and imply the pronoun you throughout the sales message as you present your well-chosen reader benefits.

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8. Compare persuasive requests and sales messages. What traits do they share? How are they different?

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A persuasive plan involves interrelated tasks: determining what you want, figuring out your readers' likely reactions, and deciding upon a persuasive strategy. With a persuasive request and a sales message, you want to gain attention in the opening. It should make the reader receptive to your message. An effective attention-getter is both creative and adapted to your reader. You will also want to develop an appeal for the reader. In a sales message, you must know all you can about the product or service you are selling. In addition, you should know your readers. In particular, you should know about their needs for the product or service. You will also want to gain attention and appeal to the customer base.

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9. What appeals would be appropriate for different kinds of products or services? Identify the appeals:

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a. Shaving cream - smoothness of shave, aroma, invigorating effect Pathos (emotion) b. Carpenter's tools - durability, quality of craftsmanship Logos (logic) c. Fresh vegetables - freshness, quality, flavor, price Ethos (character)

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10. When could you justify addressing sales letters to (mail list) "occupant"? When to each reader by name?

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"Occupant" permits potential customers to sign up for email promotions on a company's website or offer their email addresses to a catalog, phone marketer, or other recipient. The potential customers may be asked to indicate the products, services, and specific topics of their interest. You send direct-mail messages are not always well received and they are often unwanted.

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Rarely should a sales letter exceed a page in length." Discuss this statement. T/F

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This is true because rarely do customers want to read any further than one page in a sales letter. You are trying to gain the reader's attention, and most of the time, sales letters are "spam" or unwanted

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12. Should the traditional sales-message organization ever be altered? Discuss.

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Sales messages vary widely. The classic AIDA (attention, interest, desire, action) model is the most widely used but creativity and imagination continually lead to innovative techniques. You can also add a postscript to a sales-message.

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13. When do you think a strong drive for action is appropriate in a sales message? When do you think a weak drive is appropriate?

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How to word your drive for action for the sale depends on your strategy. If your selling effort is strong, your drive for action also may be strong. It may even be worded as a command. If you use a milder selling effort, you could use a direct question. In any event, the drive for action should be specific and clear. For best effect, it should take the reader through the motions of whatever he or she must do.

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14. Discuss the differences between solicited and unsolicited proposals.

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A solicited proposal is written in response to an explicit invitation tendered by a company, foundation, or government agency that has certain needs to meet or goals to fulfill. An unsolicited proposal is one that you submit without an official invitation to do so. The primary means by which organizations solicit proposals is the request for proposals, or RFP.

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15. For what kind of situations might you select email for your proposal? Letter format? A longer, report-like format?

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Proposals can be either internal or external. That is, they may be written for others within your organization or for readers outside your organization. The physical arrangement and formality of proposals vary widely. The simplest proposals resemble formal email messages. Internal proposals usually fall into this category. The more complex proposals may take the form of full-dress, long reports, including prefatory pages (title pages, letter of transmittal, table of contents, executive summary), text, and an assortment of appended parts. Most proposals have arrangements that fall somewhere between these extremes.

STUDY

Air Force Bait And Switch Marketing Odd Even Pricing Principles Of Marketing Skimming Pricing Strategy Tuition And Fees

FAMU Admission Requirements – Flashcards 64 terms

Carol Rushing

64 terms

Preview

FAMU Admission Requirements – Flashcards

question

How much is the in-state fees per credit hour?

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$151.78

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How much is the out-of-state fees per credit hour?

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$549.80

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What do you need to be considered a junior/senior level transfer student?

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60 transferable semester hours or an AA degree

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As a junior/senior level transfer student, what's the minimum GPA?

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2.0

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As a freshmen/sophomore level transfer student what college GPA do you need?

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2.5

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As a first time in college freshmen student what's the minimum GPA?

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2.5

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As a first time in college freshmen student what's the required REDESIGNED SAT EB reading/writing score?

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500

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As a first time in college freshmen student what's the required REDESIGNED SAT math score?

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500

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As a first time in college freshmen student what's the required ACT reading score?

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As a first time in college freshmen student what's the required ACT math score?

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As a first time in college freshmen student what's the required OLD SAT reading score?

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460

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As a first time in college freshmen student what's the required OLD SAT math score?

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460

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As a first time in college freshmen student what's the required OLD SAT writing score?

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440

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As a first time in college freshmen student what's the total number of academic unit requirements?

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18 core units (4 English, math, natural science, and social science credits) (2 international language credits)

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In regards to admissions, which two programs have limited access?

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Pharmacy and Journalism

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In regards to the application process, how many letters of recommendation letters do you need?

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In regards to the application process, is an essay required?

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Yes

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What's the application fee?

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$35

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What's the deadline to apply for Fall semester?

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May 1st

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What's the deadline to apply for Spring semester?

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November 1st

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What's the deadline to apply for Summer semester?

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March 1st

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Based off of 15 credit hours, what's the total amount for a fall/spring semester as an in-state student?

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$16,568.80

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Based off of 15 credit hours, what's the total amount for a fall/spring semester as an out-of-state student?

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$28,509.40

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Based off of 9 credit hours, what's the total amount for a summer semester as an in-state student?

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$3,631.44

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Based off of 9 credit hours, what's the total amount for a summer semester as an out-of-state student?

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$7,213.62

question

What does the gold meal plan entitle?

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unlimited meals 7 days a week and $100 flex bucks

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What does the silver meal plan entitle?

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unlimited meals M-F and $150 flex bucks

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What does the bronze meal plan entitle?

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9 meals per week and $200 flex bucks

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How much is the gold, silver, and bronze meal plan?

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$2246

question

List 10 fields of study?

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Pharmacy, Pre-Physical Therapy, Nursing, Engineer, Chemistry, Biology, Criminal Justice, Political Science, Accounting, Journalism

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How many colleges and schools does FAMU have?

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How many degree programs does FAMU offer?

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How many bachelor's degrees does FAMU offer?

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How many master's degrees does FAMU offer?

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How many professional degrees does FAMU offer?

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How many doctoral degree programs does FAMU offer?

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What's the minimum SAT overall score for a Life Gets Better Scholar?

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1440

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What's the minimum SAT math score for a Life Gets Better Scholar?

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700

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What's the minimum ACT overall score for a Life Gets Better Scholar?

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What's the minimum ACT math score for a Life Gets Better Scholar?

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What's the minimum FAMU recalculated GPA for a Life Gets Better Scholar?

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3.5

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What's the minimum SAT overall score for a Distinguished Scholars Award?

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1290

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What's the minimum SAT math score for a Distinguished Scholars Award? (stem majors only)

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650

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What's the minimum ACT overall score for a Distinguished Scholars Award?

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What's the minimum ACT math score for a Distinguished Scholars Award? (stem majors only)

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What's the minimum FAMU recalculated GPA for a Distinguished Scholars Award?

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3.5

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What's the minimum SAT overall score for a George W. Gore scholarship?

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1170

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What's the minimum SAT math score for a George W. Gore scholarship? (stem majors only)

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550

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What's the minimum ACT overall score for a George W. Gore scholarship?

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What's the minimum ACT overall score for a George W. Gore scholarship? (stem majors only)

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What's the minimum FAMU recalculated GPA for a George W. Gore scholarship with acceptable SAT Math scores?

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3.5

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What's the minimum FAMU recalculated GPA for a George W. Gore scholarship with acceptable ACT Math scores?

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3.0

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What's the award amount per year for a George W. Gore scholarship with acceptable SAT Math scores?

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$6,000

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What's the award amount per year for a George W. Gore scholarship with acceptable ACT Math scores?

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$5,000

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What's the minimum SAT overall score for a Presidential Special Scholar?

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1000

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What's the minimum SAT math score for a Presidential Special Scholar?

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500

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What's the minimum ACT overall and math score for a Presidential Special Scholar?

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What's the minimum FAMU recalculated GPA for a Presidential Special Scholar?

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3.0

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What's the awarded amount per year for a Presidential Special Scholar?

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$2,000-$5,000

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What's the requirement for a Adopted High School scholarship?

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high school valedictorian/salutatorian

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What's the minimum FAMU recalculated GPA for a Adopted High School scholarship?

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3.0

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What's the requirement for a Florida Community College scholarship?

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AA or AS degree

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What's the minimum FAMU recalculated GPA for a Florida Community College scholarship?

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2.75

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What's the awarded amount per year for a Florida Community College scholarship?

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$2,000-$5,000

STUDY

Bait And Switch Consumer Decision Process Educational Technology High School Education Supply And Demand

CID 450 Ch 6 – Flashcards 45 terms

Mary Browning

45 terms

Preview

CID 450 Ch 6 – Flashcards

question

Transaction logs are built into web server software.

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True

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Research shows that the two most important factors shaping the decision to purchase online are utility and trust.

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True

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Bundling is the process of selling two or more products together for a price that is less than the sum of the two product's individual prices.

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true

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Consumers choose online channels (e.g., e-mail) primarily due to social media influence.

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False

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The highest amount of online advertising spending is for online video ads.

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False

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Which of the following is not true about search engine advertising?

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Search engine advertising is the fastest growing type of online advertising.

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Which of the following is not one of the main stages of the online purchasing process?

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conversation

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Which of the following is not a practice that degrades the results and usefulness of search engines?

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social search

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Which of the following is based on the idea of complete price transparency in a perfect information marketplace?

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the Law of One Price

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Which of the following features of e-commerce technology allows fine-grained, highly detailed information on consumers' real-time behavior to be gathered and analyzed?

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information density

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Acquisition rate is a measure of the:

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percentage of visitors who indicate an interest in a site's products by registering or visiting a product's pages.

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Hits are a measure of the:

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number of HTTP requests.

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The marketing technique known as ________ involves merchants offering products or services for a very low price for a short period of time.

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flash marketing

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Creating multiple variations of information goods and selling these to different market segments at different prices is called:

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versioning

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The richness made possible by e-commerce technologies does which of the following?

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It allows video, audio, and text to be integrated into a single marketing message and consuming experience.

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Which of the following is the most important tool in establishing a relationship with the customer?

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company website

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Which of the following involves getting customers to pass along a company's marketing message to friends, family, and colleagues?

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viral marketing

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Which of the following statements about CAN-SPAM is not true?

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CAN-SPAM prohibits unsolicited e-mail (spam).

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Uber has been criticized for using which of the following?

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surge pricing

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Purchasing an online ad on a CPA basis means that the advertiser:

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pays only for those users who perform a specific action, such as registering, purchasing, etc.

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Consumers tend to look at native ads more frequently than display ads.

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True

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Evidence suggests real-time customer chat increases the dollar value of transactions.

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True

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Which of the following statements about the Internet's impact on marketing is not true?

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The Internet has decreased the impact of brands.

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All of the following are fixed price strategies except:

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yield management

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________ is an industry-standard database query and manipulation language.

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SQL

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Which of the following measures the average length of stay at a website?

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stickiness

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Google's AdSense is an example of which of the following?

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context advertising

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Which of the following measures the percentage of e-mails that could not be delivered?

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bounce-back rate

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Impressions are a measure of the:

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number of times an ad is served

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The Nike iD program is an example of which of the following marketing techniques?

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customer co-production

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Which of the following features of e-commerce technology has reduced the cost of delivering marketing messages and receiving feedback from users?

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universal standards

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The percentage of all e-mail that is spam averaged around ________% in 2016.

answer

question

Which of the following industries accounts for the highest percentage of spending on online advertising?

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retail

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All of the following are "traditional" online marketing tools except:

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social marketing

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The majority of online shoppers find vendors by clicking on display ads.

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False

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Lead generation marketing firms specialize in inbound marketing.

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True

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Ad blockers operate in a manner similar to which of the following?

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Firewalls

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Which of the following would you use as a framework for working with your company's big data sets?

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hadoop

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Which of the following is an automated, auction-based method for matching supply and demand for online display ads?

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programmatic advertising

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All of the following are among those most frequently affected by ad-blocking except:

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online retailers

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A web beacon is:

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a tiny graphics file embedded in an e-mail or web page.

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All of the following are online communications that are used to support the evaluation of alternatives stage of the consumer decision process except:

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targeted banner ads

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All of the following statements about cookies are true except:

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the data typically stored in cookies includes a unique ID and e-mail address.

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In 2016, what was the approximate Internet penetration rate for individuals with less than a high-school education?

answer

66%

question

The incremental cost of building the next unit of a good is called the:

answer

marginal cost

STUDY

Bait And Switch Business Management Marketing

Chapter 10- writing persuasive messages – Flashcards 13 terms

Marvel Brown

13 terms

Preview

Chapter 10- writing persuasive messages – Flashcards

question

attempts to change an audience's attitudes, beliefs, or actions

answer

persuasion

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you should wait until you're 18 to get your driver's license so that you can get more practice driving with your parents in the car

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name one example of persuasion

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-enhance credibility -strenghten message

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Why should you address alternative positions in a persuasive message?

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-honest sales messages -align it with their motivation

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What is the best way to persuade an audience to do something?

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-focus on price of product -use "you" approach

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Be able to identify specific benefits you may emphasize if given the audience.

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when you try to attract buyers to a product you don't intend to sell and sell it to another

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bait and switch advertising

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-not offend, makes message more effective.

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Why should you use polite language in a persuasive message?

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-request specific action -motivate reader to do something you want to do -urge audience to take action you're requesting

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How should the closing end when using the AIDA approach to persuasion?

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-introduce main idea -use hedging sentences (sentences that qualify your statements) -bring your coupon to such and such during this time to get your discount.

answer

Be able to identify an effective ending be in a persuasive message.

question

sentences that qualify your statements

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hedging sentences

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one involves telling you what product can do, the other involves how it helps you as a user

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What is the primary difference between selling points and benefits in a marketing and sales message?

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-This is an approach in which companies initiate and facilitate conversations in networked community of customers, journalists, bloggers, and other interested parties (not in my own words). This should be used on social media.

answer

What is conversation marketing? When should it be used?

question

-honest information -claims with evidence -avoid "bait and switch" advertising- when you try to attract buyers to a product you don't intend to sell and sell it to another -understand rules for aiming messages at kids -determine state contract regulations -get permission for use of photos and names

answer

In an ethical persuasive argument, what information should be included?

STUDY

Advertising And Promotion Bait And Switch Consumer Product Safety Act Marketing Principles Of Marketing

MRKT341: Practice ?’s – Flashcards 37 terms

Richard Molina

37 terms

Preview

MRKT341: Practice ?’s – Flashcards

question

_________ marketing is defined as meeting the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs

answer

Sustainable

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The ________ concept specifically focuses on future company needs, but not on future customer needs

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Strategic Planning

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the ________ concept specifically focuses on future customer needs, but not on future business needs

answer

Societal Marketing

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The ________ concept recognizes that organizations thrive from day to day by determining the current needs and wants of target group customers and fulfilling those needs and wants more effectively and efficiently than the competition

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Marketing

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The ________ concept focuses on meeting a company's short term sales, growth, and profit needs by giving customers what they want now

answer

Marketing

question

A common criticism of the marketing system is that intermediaries

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are inefficient

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Critics charge that high advertising and promotion costs unnecessarily increase retail prices. Marketers most likely respond to this criticism by arguing that advertising ________.

answer

adds value by giving consumers product information

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A pen that costs five cents to make may cost $2 to buy, this is an example of

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excessive markup

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Deceptive promotion overstates a product's features or ________

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Performance

question

Which of the following statements is true of salespeople?

answer

The represent a company to its customers by communicating and selling

question

A company that sells only one product line to one industry with customers in many locations would typically use a

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territorial sales force structure

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What is an advantage of a territorial sales force structure?

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Travel expenses are small.

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Which of the following is true of a territorial sales-force structure

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It clearly defines each salesperson's job and establishes accountability

question

Which of the following examples represents a territorial sales-force structure

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Oriental Meals' producers of precooked Chinese meals, markets its products throughout the country using a network of regional sales offices.

question

Which of the following statements is true of a product sales-force structure

answer

Characterized by specialization along product lines

question

Loretta Inc., a US based watch manufacturer, sells its products in France, China, Russia, and India. To manage sales, Loretta appoints a number of sales representatives to each location. Sale srepresentatives report to area managers, and area managers coordinate sales in their respective areas before reporting to regional managers. Loretta has most likely adopted a _________ sales-force structure

answer

Territorial

question

Simpson Ltd., located in San Diego, provides a range of household and healthcare goods to consumers within the region. The firm also runs a number of local hotels and resorts under its brand name. Simpson employs different sales forces for each major division, so there are sales teams for household goods, healthcare goods, hotel management, and resort management. Simpson has most likely adopted a ________ sales-force structure

answer

product

question

________ consists of connecting directly with carefully targeted consumers, often on a one-to-one, interactive basis

answer

Direct Marketing

question

Which of the following statements is most likely true about direct marketing

answer

Direct marketing provides opportunities for building customer engagement

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Which of the following is the fastest-growing form of marketing

answer

Direct Marketing

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How has the Internet most likely affected direct marketing

answer

The expenditures of marketers on direct marketing have increased

question

Which of the following is most likely true about direct and digital marketing

answer

The provide buyers with anytime, anywhere access to products

question

Which is a traditional direct marketing tool?

answer

Catalog

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What is a digital direct marketing tool?

answer

Blog

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What is the fastest form of direct marketing

answer

Digital Marketing

question

In which of the following cases is a firm employing multichannel marketing

answer

Wingate Retail sells its products through e-tailers and hundreds of physical superstores

question

Which of the following is most likely true about the digital age with regards to marketing

answer

Digital networks allow marketers many ways to build customer relationships

question

What is most likely true of a global firm?

answer

A global firm manufactures and markets goods wherever it can do the best job

question

A tax on an imported product designed to raise revenue or protect domestic firms is referred to as a(n) ______

answer

Tariff

question

The purpose of a quota is to _________

answer

protect local employment

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What is an example of a nontariff trade barrier

answer

A host country regulation

question

Restrictive product standards are

answer

Nontariff trade barriers

question

Which of the following is true of the World Trade Organization?

answer

It mediates global trade disputes

question

Which of the following is true of the Uruguay Round of the WTO?

answer

Toughened the international protection of intellectual property

question

What is true of free trade zones

answer

They are groups of nations organized to work toward common goals

question

Which of the following establed a free trade zone between US, Mexico, Canada?

answer

NAFTA

question

A subsistence economy is one in which________

answer

a vast majority of people engage in simple agriculture

STUDY

Advertising Bait And Switch Communications Develop New Products Public Relations

MGT 4308 (Quiz 1) – Flashcards 56 terms

Sara Graham

56 terms

Preview

MGT 4308 (Quiz 1) – Flashcards

question

Integrated Marketing Communications (IMC)

answer

The optimal combination and coordination of the promotional mix elements designed to provide clarity, consistency, and maximum communications impact

question

Marketing Strategy

answer

Define a target market Marketing mix -Product -Price -Place -Promotion

question

Advertising Defined

answer

-The structured and composed non-personal communication of information -Usually paid for -Usually persuasive in nature Can be persuasive, informative, or reminder-oriented -about products, services, or ideas -by identified sponsors -through various media

question

Functions of Advertising

answer

-to identify brands and differentiate them -to communicate information about the brand, its feature (benefits), and its location of sale -to induce consumers to try the brand and to suggest re-use (PULL) -to stimulate the distribution of a brand (PUSH) -to build brand value, preference, and loyalty -to increase product use -to lower the overall cost of sales -to slow demand (demarketing)

question

Recent Developments

answer

-very targeted media (narrowcasting) -digital -ads in new medium -product placements in movies, TV -native advertising -"nontraditional" media methods of advertising -concern with effectiveness of traditional media -shifting $$$

question

Marketing Communication

answer

Source--party who formulates an idea -Company or organization -Spokesperson Encoding--translates the idea into a message -words, symbols, both Message--idea to be sent Channel--medium or set of media carrying message -Personal--personal selling -Nonpersonal--television, newspapers, magazines, radio, and billboards Receiver--consumer Decoding--consumer's interpretation of an advertisement -Depends on aspects of consumer behavior -Attitudes, perceptions, personality, etc. Noise--hundreds of other advertisements consumers encounter Feedback--acknowledgement of received message; importance of direct response mechanisms or tracking mechanisms -redeemed coupons -increase in store traffic -banner ad clicks, etc.

question

What this means for marketers...

answer

-clear, consistent messages are important -need to understand consumers' held beliefs about product, brand, category -early positioning is important -limited processing capacity means less opportunity for products and services to be differentiated -importance of two-way communication and relationship marketing -accumulation, not replacement

question

Replacement Model

answer

new concept-->memory-->old or existing concept

question

Accumulation Model

answer

New concept-->existing concept

question

Marketing communications messages will not be processed IF...

answer

-they are not recognizable -they are not related to each other -conflict with what has already been stored -unrelated or unimportant to the person

question

Four main groups comprise the advertising industry

answer

-advertisers -ad agencies -media -miscellaneous suppliers

question

Basic functions performed by advertisers and ad agencies

answer

-planning -research -budgeting -coordination -ad creation

question

Advertising Agency

answer

-an independent organization -of creative and business people -who specialize in developing and preparing advertising plans, advertisements, and other promotional tools -who purchase advertising space and time in various media on behalf of their clients -in support of specific marketing and advertising objectives

question

Ad Agency Functions

answer

Account Management --liaison between the agency and the client; manages the client/agency relationship Account Planning --integrated marketing communications planning --Research to develop to evaluate --Creative Development --Ad Production --Media Planning

question

Types of Ad Agencies

answer

Full-Service Agencies -general consumer agency -business-to-business agency Specialized Service Agencies -creative boutiques -media-buying services -interactive agencies

question

Media Commission

answer

(15%) $100 billed to advertiser by agency - 85 paid to media by ad agency $15 commission to ad agency $100 => published commissionable price

question

Mark-Ups

answer

(17.65%) $85 billed to agency by supplier x1.1765 mark-up $100 billed to advertiser by agency $85 => non-commissionable expense

question

Fee-Based Systems

answer

-Fee-commission -straight-fee -incentive plans -risk-reward

question

Agency Compensation

answer

the trend in advertising agency compensation is away from the traditional approach using media commissions and mark-ups, and towards more fee-based and incentive-based plans

question

Commissions/Mark-ups

answer

Pros: -simple to administer -no negotiation needed Cons: -ignores performance -agency incentive to spend -need to operate within 15% may result in substandard work

question

Straight-fee

answer

Pros: -removes agency incentive to spend -increases advertiser control Cons: -ignores performance -difficult to negotiate -agency incentive to reduct resourses

question

Incentive/Risk-Reward Plans

answer

Pros: -compensation is performance-based -best in principle Cons: -how to measure performance? -lag effects -limited to situations where advertising is the dominant promotion mix element

question

Agency Compensation New Developments

answer

-equity stakes -ads as intellectual property

question

Agency Organization

answer

Departmental Systems: -organized by function/expertise Group Systems: -organized by customer/client In-House Agency: -advertiser builds and staffs their own ad agency to perform agency functions

question

In-House Ad Agency

answer

Pros: -save commissions and mark-ups -align brand message -faster response -already understand the business -no other clients -consistency from lack of turn over Cons: -loss of objectivity -loss of creativity -difficult to attract the best creative talent -staffing $$$ Most readily overcome the disadvantages of using an in-house ad agency? -Business to business -Creative organizations

question

Agency Review (packet)

answer

-general -marketing -creative -production -media -personality -references

question

Marketing Research

answer

-identify consumer needs -identify market segments -develop new products -design marketing strategies -assess effectiveness of marketing programs -provides information necessary to make marketing decisions

question

Advertising Research

answer

-systematic gathering and analysis of information to help develop and evaluate advertising strategies, individual ads, and entire campaigns -provides information necessary to make advertising decisions 1. Strategy Determination 2. Creative Concept Development 3. Pre-testing 4. Post-testing

question

Product Concept

answer

-consumers' perception of a product or service as a bundle of values that satisfy wants and needs -leads to effective positioning strategy

question

Target Audience Selection

answer

-Who are the heavy users? -Untapped groups?

question

Media Selection

answer

-What television shows/magazines.websites are our customers watching/reading/visiting? -when are they watching/reading/listening/surfing?

question

Message element selection

answer

how do we create a clear message that will influence/persuade/etc. our customers?

question

Creative Concept Research

answer

-measures the target audience's acceptance of different creative ideas at the concept stage -done before agency production begins -may include: concept testing, name testing, slogan testing

question

Pretesting Ads

answer

-testing the effectiveness of an advertisement for gaps or flaws in message content before recommending it to clients -done before finished artwork and photography -is it believable? interesting? likable? memorable? persuasive? Challenges: -artificial setting -interviewer -demand responses

question

Posttesting Ads

answer

-testing the effectiveness of an advertisement after it has been run -tests finished ads under actual market conditions -is it memorable? changing attitudes? affecting sales?

question

Posttesting Methods

answer

Unaided recall -what advertisements can you recall? Aided recall -do you remember seeing this ad? Attitude tests -measuring changes after a campaign -better than recall tests for measuring sales effectiveness Inquiry tests -readers respond to get something Sales tests -past sales versus current sales

question

Challenges of Posttesting

answer

Recall tests -measure what they notice, not what they buy Inquiry tests -do they reflect sincere interest? Sales tests -only useful when advertising is the dominant marketing communication -other factors can affect -lag effects

question

Planning Process

answer

Marketing plan -marketing goals and objectives -marketing strategy and tactics Advertising plan -advertising goals and objectives -advertising strategy and tactics

question

Marketing Plan

answer

-specifies the overall goals, objectives, strategies, and tactics for the brand Effect on advertising -helps managers analyze and improve communications -defines the role of advertising in the marketing mix -enables better implementation, control, and continuity of campaigns -ensures most efficient allocations of IMC dollars

question

Top-Down Marketing Plan

answer

Most traditional and most commonly used format of marketing planning that includes 4 stages: Situation Analysis: -factual statement of the company's current situation and how it got there -should also place these facts into context -from it, companies usually develop SWOT analysis Marketing Objectives: -need-satisfying (focus on customer) -sales-targeting (focus on company) -different from corporate objectives, which are expressed in terms of profit, ROI, net worth, earnings ratios, etc. Marketing Strategy: -describes how the company plans to meet its marketing objectives--includes defining target market, determining strategic positioning, and developing appropriate marketing mix Marketing Tactics: -specific short-term actions to be taken to put into effect marketing strategy

question

Bottom Up Marketing Plan

answer

Marketing Tactics--> Marketing Strategy--> Marketing Results

question

The New Marketing Mantra: Relationship Marketing

answer

Keys to Building Brand Equity: -Customers, not products, are focus -Market relationships, not transactions -Know the customer has choices

question

Four P's --> Four C's

answer

-Customer (instead of product) -Cost (instead of price) -Convenience (instead of place) -Conversation (instead of promotion)

question

Sources of Brand Messages

answer

-Planned -Product -Service -Unplanned

question

Planned

answer

Traditional marketing communications messages -Advertising -Sales promotions -Personal selling -Public relations -Event sponsorships

question

Product

answer

Messages from other elements in marketing mix -Price -Packaging -Distribution elements

question

Service

answer

Employee interactions with customers -General employees -Customer service

question

Unplanned

answer

Uncontrollable sources -Employee gossip -Unsought news stories -Competitors -Word-of-mouth rumors -Major disasters

question

IMC Approach to Marketing Planning

answer

Customer--> Communications Objectives--> Communications Strategy--> Communications Tactics

question

Advertising Planning

answer

-The plan that directs the company's advertising effort -It analyzes the situation, sets advertising objectives, and lay out a specific strategy from which ads and campaigns are created -Stems from the marketing plan ---what strengths and opportunities need to be leveraged? ---what weaknesses and threats need to be addressed?

question

Advertising Planning--Setting Advertising Objectives (first step)

answer

Objectives are KEY! -They guide the planning and decision making -They affect creative media decisions -They provide a benchmark Must be specific, about the customer, clearly written, measurable, realistic, achievable, and time specific (SMART--Specific, Measurable, Achievable, Realistic, and Time specific)

question

Caveat

answer

Marketing sells, Advertising tells: -Marketing objectives can be related to sales, advertising objectives should be related to communication outcomes -Before advertising can persuade consumers to buy, it must inform, persuade, or remind its audience about the product or service -Some communications are more directly tied to sales: ---direct-response advertising ---sales promotions ---point-of-purchase displays

question

Advertising Objectives

answer

Any individual advertising objective must be: 1) result-specific (i.e., measurable) 2) time-specific 3) quantified 4) reasonable/challenging -not related to sales in communication

question

The Advertising Plan: Setting Objectives (Advertising Pyramid)

answer

Action (Top) Desire Conviction Comprehension Awareness (Bottom) (as you go up, fewer people, more time, more money)

question

Setting the Objectives

answer

Awareness -to acquaint people with the company, product, service, and/or brand -"within 3 months, communicate the existence of CAR to half of the more than 500,000 people who annually buy imported economy cars" Comprehension -communicate enough information about the product's purpose, image, or position, and perhaps some of its features -"within 5 months, get two-thirds of the "aware" group to comprehend that CAR is a superior economy car with many design, safety, and environmentally friendly features, etc. etc." Conviction -persuade people to actually believe in the product's value -"within 6 months, convince two-thirds of the "comprehending" group that CAR is a high-quality car, reliable, economical, and fun to drive" Desire -motivate consumers to desire the product -"within 8 months, stimulate desire within two-thirds of the "convinced" group for a test drive" Action -motivate people to request additional information, send in a coupon, or visit a store -"within a year, motivate two-thirds of the "desire" group to take action and visit retailer for a test drive"

question

Determining Advertising Strategy

answer

Creative Strategy: -guide for developing advertising -defines the target audience -restates the objective of advertising -specifies the key benefits to be communicated Media Strategy: -provides direction to the media planners -defines communication objectives that must be achieved and describes how these will be accomplished through the use of media vehicles

STUDY

Advertising Bait And Switch Decision Making Principles Of Marketing Private Label Brands

Bus115 Practice Exam 4 – Flashcards 100 terms

Owen Clarke

100 terms

Preview

Bus115 Practice Exam 4 – Flashcards

question

Which of the following is an example of a sales promotion?

answer

a rebate offer on an ink-jet printer

question

All of the following are perceptions of brand EXCEPT brand ________.

answer

license

question

A business that offers potential buyers the opportunity to make purchases either online or in a physical location uses a ________ business model.

answer

click and mortar

question

Ford offers several categories of vehicles: cars, minivans, trucks, and SUVs. All of these vehicle categories together make up Ford's product ________.

answer

mix

question

The main function of marketing is ________.

answer

to successfully establish meaningful relationships with customers to ensure loyalty and repeat business

question

All of the following are stages in the product life cycle EXCEPT ________.

answer

packaging

question

Business-to-business (B2B) products are goods and services purchased by households for personal consumption. true or false

answer

question

Advertising is paid, impersonal mass communication from an identified sponsor to persuade or influence a targeted audience. true or false

answer

question

In order for customers to acquire a total product offering, they must offer the ________.

answer

price

question

The most visible part of the marketing mix, which is also often the most expensive, is ________.

answer

promotion

question

Most products have to be customized to satisfy foreign customers. True or false

answer

True

question

Intermediaries that facilitate negotiations between buyers and sellers of goods and services but never take ownership of products traded are called retailers. True or false

answer

false

question

An agreement between the owner of a brand and another company or individual who pays a royalty for the use of the brand in association with a new product is brand ________.

answer

licensing

question

Each of the following is a form of discount EXCEPT ________.

answer

packaging discounts

question

Which of the following is NOT one of the factors in the economic environment that will affect customers' willingness and ability to spend their money on a firm's product?

answer

changes in the amount of bonuses paid to bank executives

question

Consumer products are goods and services that are purchased by businesses for further processing or resale or are used in facilitating business operations. true or false

answer

question

Brand awareness involves connecting a brand with other positive attributes. true or false

answer

question

Sales promotions are long-term activities that target consumers and other businesses for the purpose of generating interest in a product. true or false

answer

question

Which of the following is an example of a situational factor that could affect a consumer's buying decision?

answer

the layout of a store

question

Building traffic, increasing brand awareness, responding to an attack by a competitor, or introducing a new product are all examples of possible ________.

answer

marketing objectives

question

The two basic elements of a marketing strategy are the market research and the marketing mix. true or false

answer

question

An online dating service that charges members makes money primarily through using a(n) ________.

answer

fee-based model

question

Although domestic market segmentation is effective, customized advertising campaigns to global markets are not segmented because marketers realize they do not work better. true or false

answer

question

Terrell urgently needs to take care of some personal business using the Internet, but he is afraid that he might jeopardize his job if he is found using the company network for personal use. Which corporate practice is causing Terrell to most likely feel this concern?

answer

electronic monitoring

question

Products like Brandwatch and UberView are used by companies to ________.

answer

perform social media monitoring

question

The task referred to as creative selling is MOST often done by ________.

answer

an order getter

question

Employers use electronic monitoring to ________.

answer

gather information about an employee's activities while on the job

question

What type of wholesaler operates mainly in bulk industries like lumber, coal, and heavy equipment?

answer

drop shippers

question

In the sociocultural environment, businesses can avoid business blunders and find opportunities by doing all of the following EXCEPT ________.

answer

hiding from the political process

question

The ________ product of a fast food meal is the calories and relief from hunger provided.

answer

core

question

In supply-chain management, the logistics of obtaining all the necessary inputs, such as raw materials and supplies, that go into a production process is called ________.

answer

inbound logistics

question

All companies have a code of ethics in place to curb unethical behavior within their organizations.

answer

question

A rising inflation rate increases the purchasing power of money.

answer

question

Molave Furniture Company plans to launch a new website. Lila, the company's CIO, thinks that the company can better reach its customers through an interactive site that allows customers to view pictures of all furniture items, schedule an appointment with a sales consultant, or order items online. Which of the following areas of responsibility is Lila most specifically addressing?

answer

e-commerce

question

An example of business-to-business sales is ________.

answer

selling grocery items to grocery stores

question

Ethnicity is an example of geographic market segmentation. true or false

answer

question

Which of the following statements BEST supports why hackers present risks to a company's security?

answer

They gain unauthorized entry into a company's computer system.

question

Downloading a song from iTunes is an example of a(n) ________ service.

answer

convenience

question

An ideal marketing objective is ________.

answer

time specific, realistic, and quantifiable

question

The value of the U.S. dollar on the international market is example of an environmental influence. true or false

answer

question

Database management systems are MOST useful because ________.

answer

B) they help businesses manage vast amounts of data collected in the process of doing business

question

The two functions of labels are ________.

answer

inform and persuade

question

After making a successful presentation, a salesperson will have no need to overcome objections. T OR F

answer

question

The blue Tiffany & Co. box is an example of which purpose of packaging?

answer

product advertising

question

Software that tracks your personal information and sends it to a third party without your knowledge is called ________.

answer

question

UPS has a(n) ________ that allows businesses to examine UPS services and prices and track shipments.

answer

company website

question

Galaxy Lighting is a new company creating chandeliers specifically to be used in hotel lobbies. Since its potential customers are very narrowly defined, it must undertake ________ to focus its marketing efforts.

answer

niche marketing

question

Which of the following is the BEST example of ownership utility?

answer

question

A Ferrari sports car is an example of an unsought good.

answer

positive

question

As a chief information officer, Bob looks for ways that his company's technological resources can generate bigger returns on its information technology investments. Which aspect of the CIO's role is he addressing?

answer

budget

question

Data mining has proven to be a poor technique for improving the effectiveness of a firm's marketing strategies.

answer

question

The process of developing a unique marketing mix that best satisfies a target market is known as positioning.

answer

question

The World Intellectual Property Organization requires that e-businesses comply with the laws of ________.

answer

the country in which they are based

question

At an auto repair shop, wrenches are an example of MRO products.

answer

question

Product labels enable consumers to always clearly understand what they are purchasing.

answer

question

Which of the following is NOT a function of CRM software, which would help a company to learn as much as possible about customers and create a meaningful one-on-one interaction with each of them?

answer

calling customers at their homes to promote the latests products

question

A bulldozer is an example of ________.

answer

equipment

question

A legally protected brand is called a(n) ________.

answer

trademark

question

A B2B site that describes current standards and developments within an industry can best be classified as a(n) ________.

answer

information site

question

How does marketing MOST benefit consumers?

answer

by responding to consumer needs in an effort to satisfy those needs

question

Demand-based pricing (sometimes called value-based pricing) is pricing a good or service based on the demand for the product or its perceived value.

answer

question

All the benefits associated with a good, service, or idea that affect a consumer's purchasing decision are known as the total ________.

answer

product offer

question

The marketing objective or goal of all businesses is to increase profits; therefore, the goal of all promotional campaigns is the same.

answer

question

Which of the following is NOT an advantage of online marketing over traditional marketing?

answer

ability to reach households without high speed Internet access

question

Social media sites such as Facebook and Twitter are unreliable sources of market research data because few customers use such sites to discuss business issues.

answer

question

Core competencies are easily imitated by other companies, particularly competitors in the same industry.

answer

question

A company that charges a high price to invoke perceptions of high quality is using ________ pricing.

answer

prestige

question

Branding increases the risks involved in some purchases for which buyers are unable to determine quality objectively.

answer

question

Marketing is an ongoing process of tweaking a business to satisfy customers in order to ensure quality, value, and repeat business.

answer

question

Environmental influences are variables under the direct control of an organization.

answer

question

The Fair Packaging and Labeling Act of 1966 requires companies to identify all of the following EXCEPT the ________.

answer

formula by which the product was manufactured

question

Technology's ability to process and document large amounts of data has better enabled people to understand interpersonal communication.

answer

question

Prudent firms follow domestic markets exclusively in order to keep their focus on immediate sales and to avoid the additional expenses incurred in the global marketplace.

answer

false

question

The objectives of a firm must be measurable in order to determine its success in following the marketing plan.

answer

question

Developing quality products is a two-step process that requires a great investment of resources.

answer

false

question

Which of the following is NOT a primary source of data?

answer

accounting records

question

Total fixed costs are $300. The selling price is $15. Average variable costs are $5. The break-even volume of production is ________ units.

answer

question

A consultation with a world-famous surgeon is an example of a(n) ________ service.

answer

specialty

question

What is the best definition for data?

answer

representation of a fact or idea

question

A theoretical model describing a product's sales and profits over the course of its existence is known as the product ________.

answer

life cycle

question

eBay, which never owns the various items it sells, can be considered ________.

answer

an agent/broker

question

Which transportation mode MOST often has the highest accessibility to markets?

answer

trucks

question

The era when companies believed that a good quality product would simply sell itself ran ________.

answer

from the Industrial Revolution until the 1920s

question

The first step in the selling process is ________.

answer

prospecting

question

________ is often the MOST expensive distribution cost.

answer

Transportation

question

A snack food bag is white with plain black letters spelling, "Corn Chips." This is an example of a ________ brand.

answer

generic

question

An e-commerce website gives frequent shoppers a deduction from its regular prices. This is an example of ________.

answer

discounts

question

Product line length is the ________,

answer

number of items in any given product line

question

In a "seller's market" ________.

answer

demand exceeds supply

question

The market mechanism benefits society by ensuring that ________.

answer

scarce resources are channeled into products most desired by society

question

A pricing strategy based on what rival businesses are charging is known as ________ -based pricing.

answer

competition

question

Maximizing convenience is one way to increase the value of a product.

answer

question

When competition for customers became more intense during the Sales Concept Era, businesses began to ________.

answer

undertake aggressive sales tactics to "push" their products

question

Gail's Gears is a new company selling accessories for bicycles. Its new advertising campaign features instructions on how to assemble various accessories, including flashing lights for traffic safety, gear boxes to mount on the handlebars, and other products to attach to the seat over the back tire. This advertising campaign is an example of ________.

answer

product advertising

question

Google's AdSense advertising is a form of contextual advertising.

answer

question

Crowdsourced funding (crowd funding) allows a great number of people who believe in a company or a product to contribute a small amount to help the company get started.

answer

question

The following are all functions of a chief information officer (CIO) EXCEPT ________.

answer

overseeing the accounting office

question

The marketing concept changed the focus from producing the right product for a customer to finding the right customer for a product.

answer

question

If a label represents consistent quality and dependability, then the label can perpetuate a(n) ________ brand-name image.

answer

positive

question

Manufacturers' agents are MOST LIKELY used in such lines as ________.

answer

apparel, furniture, and electrical goods

STUDY

Arctic And Antarctic Bait And Switch Glaciers Lewis And Clark Pharmaceutical Sciences Pharmacology Public High School

Pharm week 2 – Flashcards 49 terms

Will Walter

49 terms

Preview

Pharm week 2 – Flashcards

question

Ancient Sources

answer

Derived from plant, animal, or mineral sources, hundreds or even thousands of years ago. 45% effective.

question

Chemicals Discovered in the Environment

answer

From plants from animals from the ocean, or from the soil. (EX. chemotherapy drug Taxol is derived from needles of the Pacific yew tree, antituberculosis drug streptomycin is derived from the stomach of a sick chicken, fungus from which cephalosporin antibiotic drugs were derived)

question

Chemicals Can Be Derived From

answer

From molecular manipulation of the drug that is already in use. (EX. Penicillin G is derived from the mold Penicillium chrysogenum)

question

Isomer

answer

It is a drug that has the same chemical formula (same type and number of atoms in its molecule) as another drug, but has those atoms arranged in a different structural relationship to each other (mirror images).

question

Recombinant DNA Technology

answer

A totally new chemical can be created through genetic manipulation, gene splicing, genetic engineering, enzymes in test tubes (in vitro), gene cloning, human insulin (Humulin).

question

Stem Cell Therapy

answer

Involves the use of stem cells to repair or replace damaged cells in the body. In 2001, the first embryonic stem cell was manipulated with the use of umbilical cord blood harvesting of adult stem cells.

question

Gene Therapy

answer

A normal version of the gene is lended to a harmless virus. The virus (know as vector) then carries the gene into body cells affected by the disease.

question

Drug Discovery and Creation, In the Past

answer

Designing a new drug by changing the molecular structure of an existing drug was a slow process of trial and error. Using intution and molecular models made from wood and wire (EX. Pencillin G, terfenadine [seldane] = fexenadine [allegra])

question

Computers in Drug Discovery

answer

Displays the molecular structure of any drug with very slight molecular changes. The original drug may be significantly changed; absortion, metabolism, half life, therapeutic effects. ID unsuccessful chemicals before time and money are invested in extensive testing. Can manipulate chemicals at the molecular level, such as design new drugs - involves molecular pharmacology.

question

Target Medicine

answer

Medicne fits on target cell like lock and key.

question

Chemical Name

answer

It is assigned by the International Union of Pure and Applied Chemistry (IUPAC). The name accurately describes its molecular structure and distinguishes it from all other chemicals.

question

Generic Name

answer

Drug company, together with an organization known as the United States Adopted Names (USAN) Council, determines a second chemical name.

question

Trade Name or Brand Name

answer

When the FDA gives final apporval for marketing, the drug company creates a third name for the drug. It is easy for MD and patients to remember.

question

Drug Routes

answer

Topical - eye drops, Oral - tablets, Parenteral - injected, Sublingual - under tongue, Buccal - cheek and teeth, Rectal - rectum, Vaginal - vagina, Patch - transdermal, Nasogastic - tube down throat to stomach, Gastrosotomy Tube - tube directly to stomach through abdomen, Inhalation - breathing in medication.

question

Testing of New Drug

answer

All drugs must be thoroughly tested by the company before marketing it according to FDA guidelines. It is tested to determine: drug's effectiveness and drug's safety.

question

In Vitro Testing

answer

Chemical analysis of drug done in a laboratory in test tubes. Latin for in glass.

question

In Vivo Testing

answer

Testing carried out in animals or humans. Latin or in living.

question

Frequency Distribution Curve

answer

The number of animals that respond or do not respond to the drug and at what dose.

question

Half Life

answer

The time required for the drug level in the serum to decrease form 100 percent to 50 percent .

question

Median Effective Dose (ED50)

answer

The dose at which 50% of animals tested show a therapeutic response to the drug.

question

Median Toxicity Dose (TD50)

answer

The dose at which 50% of animals tested had toxic levels of the drug.

question

Therapeutic Index (TI)

answer

The relative margin of safety between the dose that products a therapeutic effect and the dose that produces a lethal effect in animals.

question

Investigational New Drug (IND) Application

answer

Sent to the FDA to request permission to test the drug in humans. Contains information about animal trials, shows that drug is not a risk to humans, includes information, chemistry of drug, and manufacturing process.

question

Clinical Trials

answer

There are three phases of human testing.

question

Phase 1 Drug Testing

answer

1-10 healthy volunteers are used to study a safe dose range, evalute side effects, and establish a final correct dose. Must have informed consent, takes about 1 1/2 years to complete.

question

Phase ll Drug Testing

answer

Given to 50-500 patients who have the disease that the drug is intended to treat. This is done to determine the extent of its therapeutic effect. Takes about 2 years to complete.

question

Phase lll Drug Testing

answer

Uses several hundred or several thousand ill patients. Administered same way that it will be used on the market, compared with other drugs that are currently on the market, double-blind studies are done, usually last 3 years to complete. The drug company submits its documentation on the drug to the FDA in a New Drug Application (NDA) and awaits for a final FDA decision. Only 20% of submissions get FDA approval.

question

Placebo

answer

It is a sugar pill that has no effect. Used in double-blind studies with the real drug and a placebo.

question

Tablet

answer

A solid form. Comes in different colors and shapes, scored, effervescent, enteric-coated, slow release, caplet, lozenge, troche (in mouth).

question

Active Ingredients

answer

Ingredient that cause the therapeutic effect.

question

Inert ingredients

answer

Binders, fillers, as well as different preservatives, antioxidants, and buffers in the drug

question

Capsule (Cap or Caps)

answer

One-piece gelatin shell, liquid inside. Hard shell in two pieces, powder granules inside.

question

Ointment

answer

It is thick and greasy. Semisolid emulsion of oil and water. Absorbed into the area applied, local effect.

question

Cream

answer

Oil based. Semisolid emulsion of oil and water. Absorbed into the skin, local effect.

question

Lotion

answer

Water based. Suspension, absorbed into the skin, local effect.

question

Powder

answer

Finely ground drug, can be found within capsules, can be reconstituted. It can be sprinkled topically on skin, sprayed on skin, inhaled into the lungs.

question

Liquid

answer

Aqueous (watery, thin). Viscous (non watery, thick).

question

Liquid Solutions

answer

Liquid that has something added. A drug dissolved in liquid base for topical or oral administration. (EX. aqueous, syrups, tinctures, elixirs, liquid spray, foams, mousse)

question

Liquid Suspension

answer

Solid particles that are suspended in the liquid. Fine undissolved particles, suspended in a water or oil base, particles gradually settle, important to shake.

question

Effervescent Tablet

answer

A tablet that is dissolved in a glass of water before being swallowed. (EX. Alka-Seltzer)

question

Enteric-Coated Tablet

answer

A tablet that is covered with a special coating that resists stomach acid but dissoves in the alkaline environment of the small intestine to avoid irritating the stomach.

question

Slow Release Tablet

answer

It is designed to provide a continuous sustained release of the drug. (LA = long acting, SR = slow release, XL = extended length)

question

Lozenge

answer

A hardened base of sugar and water containing the drug and disolved in the mouth. (EX. Halls Cough Drops)

question

Troche

answer

It is an oblong tablet that has a base of sugar and disintegrates into a paste to release the drug topically in the mouth.

question

Pastille

answer

French word that means little lump of bread and other name or troche.

question

Suppository

answer

It is composed of a solid base of glycerin and cocoa butter that contains the drug, for vaginal or rectal insertion.

question

Transdermal Patch

answer

Contains drugs and are applied to the skin. It releases small amounts of the drug over a period of time. It exerts a systemic effect, unlike topical drugs.

question

Pellet, bead, wafer, inser and device

answer

A drug in a form of a pellet, bead, wafer, or insert can be placed within the bodyspace or body cavity, where it slowly releases a drug in the surrounding tissues.

question

Gas

answer

Inhaled. (EX. Asthma Inhaler)

STUDY

Bait And Switch Customer Needs And Wants Develop New Products Direct Channel Of Distribution International Marketing Marketing Principles Of Marketing Sports Marketing Wholesalers And Retailers

Chapter 2 The Role of IMC in the Marketing Process – Flashcards 44 terms

Gabriela Compton

44 terms

Preview

Chapter 2 The Role of IMC in the Marketing Process – Flashcards

question

Market opportunities are areas where the company believes that customer needs and opportunities are being satisfied

answer

False

question

A market can rarely be viewed as one large, homogeneous group of customers; rather, it consists of many heterogenous groups or segments

answer

True

question

Dominating channels of distribution is one way of creating a competitive advantage

answer

True

question

Marketers often go after the entire market with one product, brand, or service offering to create the maximum impact

answer

False

question

In a typical target marketing process, the stage of segmenting the market is immediately followed by positioning one's product or service through effective marketing strategies

answer

False

question

Target market identification isolates consumers with similar lifestyles, needs, and the like, and increases the knowledge of their specific requirements

answer

True

question

The more marketers segment the market, the less precise is their understanding of it

answer

False

question

In the geographic segmentation approach, markets are divided into units based on consumers' occupations and lifestyles

answer

False

question

When a market is segmented bases on how aware and informed the consumers are, the variable used to choose a marketing approach is product knowledge

answer

True

question

In the psychographic approach to segmentation, determination of lifestyles is usually babies on an analysis of the activities, interests and opinions (AIOs) of consumers

answer

True

question

Segmenting the market based on consumers' product or brand usage and the degree of use is an example of behavioristic segmentation

answer

True

question

differentiated marketing is used when the firm selects one segment and attempts to capture a large share of this market

answer

False

question

The consumer approach positions a product by comparing it and the benefit it offers against those offered by competitors

answer

False

question

Premium brands positioned at the high end of the market usually use the price/quality approach to positioning

answer

True

question

While positioning a product class, marketers only position against brands and not against other product categories

answer

False

question

Repositioning of a product usually occurs because of declining or stagnant sales

answer

True

question

Strong symbolic features and social and psychological meaning may be more important than functional utility for many products

answer

True

question

Brand equity refers to the tangible assets earned through a product's functional purpose

answer

False

question

A marketer with an integrated marketing communications (IMC) perspective is likely to link high relative ad expenditures with premium prices, and low relative ad expenditures with low prices

answer

True

question

Trade advertising focuses on sales promotion efforts directed toward the ultimate consumer

answer

False

question

According to he marketing and promotions process model, the marketing process begins with the:

answer

Development of a marketing strategy

question

According to the marketing and promotions process model, in which of the following stages does the company decide the product or service areas and particular markets where it wants to compete?

answer

Development of a marketing strategy and analysis

question

____ is a detailed assessment of the current marketing conditions facing the company, its product lines or its individuals brands

answer

Situation analysis

question

Which of the following is best defined as areas where there are favorable marketing trends, consumer needs and wants are not being satisfied, and where a company thinks its can compete effectively?

answer

Market opportunities

question

A situational analysis:

answer

Includes an assessment of individual brands

question

During a routine market study conducted by CL foods, it was noted that Chinese and Indian food products were in high demand in American society. In order to take advantage of such a demand, CL foods manufactured and sold these food items locally. In this scenario, the company is taking advantage of a ____

answer

Market opportunity

question

FunZone Inc identified and developed a SmartCard that can be used at fair grounds to make the ticketing process easier. The company found that the existing system was complicated and highly time-consuming. The SmartCard was easy to operate and each swipe would deduct the cost of a ride automatically. According to the given scenario, FunZone has recognized a:

answer

Market opportunity

question

There are several medicines that relive allergy related symptoms by only Sensitine comes in a quick dissolving form that can be easily swallowed without water. The manufacturer of Sensitine hopes the fact that it dissolved and enters the system quicker than other brands will create a:

answer

Competitive advantage

question

Offering quality products that command a premium price, providing superior customer service, having the lowest production costs and lower prices, or dominating channels of distribution are ways of:

answer

Achieving competitive advantage

question

_____ is defined as something unique or special a firm possesses or does that gives it an edge over other firms in a similar industry

answer

Competitive advantage

question

John & Bauer Inc, manufacturers of health drugs, are the manufacturers of a painkiller called JB Revive. The painkiller is unique as it contains calcium, and it is quite unlike any other painkiller in the market. The addition of calcium led to an increase in the sales of the medicine as well. In the scenarios, the addition of calcium gives the company a:

answer

Competitive advantage

question

The first step in the the target marketing process is to:

answer

Identify markets with unfulfilled needs

question

The market segmentation process:

answer

Divided a market into distinct groups that will respond similarly to marketing actions

question

Directing a company's efforts toward one or more groups of customers who share common needs is known as:

answer

Market segmentation

question

Dividing the market into units such as nation, states, town, counties, or even neighborhoods is known as:

answer

Geographic segmentation

question

Which of the following is a primary variable of demographic segmentation?

answer

Social class

question

Division of the market based on age, sex, family size, income and other measure able characteristics is known as :

answer

Demographic segmentation

question

Enliven, a sports drink manufacturer, has identified its preferred target market as men between the ages of 18 and 22 who are currently in high school or college and active in sports. Which of the following types of segmentation is Enliven using in their scenario?

answer

Demographic and Socioeconomic

question

Diving the market on the basis of personality and/or lifestyles is referred to as ____

answer

Psychographic segmentation

question

____ divides a market on the basis of life cycles

answer

Psychographic segmentation

question

With respect to psychographic segmentation of markets, AIO stands for:

answer

Activities, interests and opinions

question

____ segmentation divides consumers into groups according to their usage, loyalties or buying responses to a product

answer

Behavioristic

question

Degree of usage as a basis of segmentation is best reflected by:

answer

The 80-20 rule

question

The 80-20 rule states that:

answer

Around 80 percent of the firms sales comes from 20 percent of the customers

STUDY

Bait And Switch Developmental Psychology Introductory Psychology Life Span Development Psychology Sports Marketing

DECA Marketing Terms – Flashcards 110 terms

Noel Macdonald

110 terms

Preview

DECA Marketing Terms – Flashcards

question

Adaptablility

answer

The ability to make changes to be a better match or fit in new situations.

question

Advertising Campaign

answer

A coordinated series of linked ads with a single or theme.

question

AIDA

answer

Acronym for customer: Attention, Interest, Desire and Action

question

Assets

answer

Property or items of value owned by a business

question

Attitude

answer

How a person feels about something or the way a person looks at the world and responds to events.

question

Bait and Switch

answer

Practice of advertising one product with the intent of persuading a customer to buy a more expensive item when they arrive in the store

question

Barter

answer

Exchange of one good or service for another good or service

question

Benefit

answer

Attribute of a product that will be an advantage for the customer

question

Brand

answer

Name, term or design that sets a product or a business apart from its competition

question

Brand Equity

answer

Value of having a well-known brand name

question

Brand Loyalty

answer

Situation in which the customer will only buy a certain brand of product

question

Break-Even Point

answer

The point at which revenue from sales equals the costs.

question

Business Cycle

answer

Cycle that consists of alternating periods of expansion and contraction in the economy.

question

Business Plan

answer

Written document that describes a new business, how it will operate and make a profit.

question

Buyer

answer

The person responsible for planning and ordering inventory

question

Collateral

answer

An asset pledged that would be claimed by the lender if the loan were not repaid

question

Collusion

answer

A situation that occurs when business leaders work together to eliminate their competition, set prices and control distribution

question

Competition Based Pricing

answer

Strategy based primarily on what the competitors charge

question

Competitive Advantage

answer

Offering better value, features or sercie than the competition

question

Consumer

answer

Person who buys products or services and also uses them

question

Consumer Market

answer

Customers who buy products for their own use

question

Corporate Culture

answer

How the owners and employees of a company think, feel and act as a business.

question

Credit Risk

answer

Potential of credit not being repaid

question

Creditor

answer

Individual or business to whom money is owed for goods or services provided.

question

Customer Profile

answer

Detailed description of the typical consumer in a market segment

question

Database Marketing

answer

Gathering, storing and using customer data for marking directly to them based on their histories.

question

Demand- Based Pricing

answer

Pricing strategies based on what customers are willing to pay

question

Demand-Pull Inflation

answer

Inflation that occurs when increasing demand pulls up prices

question

Demographics

answer

Qualities such as age, gender and income of a specific group of people

question

Direct Mail

answer

Advertising message sent through the US Postal Service to current or potential customers

question

Discrctionary Income

answer

Remaining take-home pay after life necesities are paid for

question

Elastic Demand

answer

Product demand in which the percent change in demand is greater than the percent change in price

question

Entrepreneurship

answer

Willingness and ability take on the risks and responsibilities of starting a new business

question

Equity Financing

answer

Raising money for a business in exchange for a percentage of the ownership

question

Ethics

answer

Set of rules of behavior based on ideas about what is the right and wrong

question

Feasible

answer

A term that means that something can be done successfully

question

Fixed Assets

answer

Items of value that may take time to sell

question

Fixed Expense

answer

An expense that does not change and is not affected by the number of products produced or sold

question

Form Utility

answer

Value that is added when a business changes the form of something to make it more useful

question

Four P's of Marketing

answer

Product, Price, Place, Promotion

question

Franchisee

answer

Person who buys the right to sell the brand products

question

Franchisor

answer

Company or person who owns the business and the brand

question

Frequency

answer

Number of times the ad appears before the customer

question

Globalization

answer

State that occurs when nations become connected through freely moving goods, labor and capital across boarders

question

Goodwill

answer

Advantage a business has due to its good reputation

question

Gross Profit

answer

Amount of profit before subtracting the costs of doing business

question

Growth Stage

answer

Stage of the product life cycle during which product sales increase rapidly

question

Hook

answer

Aspect of an ad that grabs attention

question

Income Statement

answer

Financial report that shows the revenue and expenses for a business during a specific period of time

question

Indirect Competitors

answer

Companies that offer different, but similar products or services that could also meet the customer needs

question

Inelastic Demand

answer

Demand for a product that is not affected by price

question

Infaltion Rate

answer

Rate of change of prices calculated on a monthly or yearly basis.

question

Insurance Premium

answer

The payment cost of an insurance policy

question

Intangible

answer

Something that cannot be touched tried out before purchase or return

question

Jingle

answer

A tagline or slogan set to music

question

Job Shadowing

answer

Following a person while he or she does a job

question

Law of Diminishing Marginal Utility

answer

Idea that consuming more units of the same product decreases the marginal utility from each unit

question

Law of Supply and Demand

answer

Law that says that the greater the demand for a given supply of a product, the price will be higher

question

Line of Credit

answer

Specific dollar amount that a business can draw against as needed

question

Liquid Assests

answer

Cash and the items of a business owns that can be wasily turned into cash

question

Marginal Utility

answer

Additional satisfaction gained by using one additional unit of the same product

question

Market Risk

answer

Potential that the target market for new products or services much less than originally thought

question

Market Segmentation

answer

Process of dividing a large market into smaller groups

question

Market Structure

answer

How a market is organized based on the number of businesses competing for sales in an industry

question

Marketing

answer

Dynamic activities that identify anticipate and satisfy customer demand while making a profit

question

Marketing Mix

answer

Plan of action for marketing a product; it consists of the decisions made about each of the four P's for that product

question

Marketing Plan

answer

Document describing business and marketing objectives and the strategies and tactics to achieve them

question

Marketing Strategy

answer

Decision made about product, price, place and promotion

question

Markup

answer

Amount added to the cost of a product to determine the base price

question

Mass Product

answer

Overall market or group of people who might buy a product or service

question

Net Worth

answer

Value of a company

question

Networking

answer

Process of making connections with people in the working world

question

Opportunity Cost

answer

Value of the best option you did not choose

question

Overselling

answer

Promising more than the product or the business can deliver

question

Peer Pressure

answer

Social influence exerted on individuals via a website

question

Perishability

answer

The idea that services are instangible and cannot be stored for later use

question

Planned Absolescence

answer

Evaluating and updating current products or adding new ones to replace older ones

question

Press Kit

answer

Packet of information distributed to the media about a new business opening or other major business events.

question

Press Release

answer

A story featuring useful company information written by the company PR contact

question

Price Competition

answer

When a lower price is the main reason for customers to buy from one business over another

question

Price Discrimination

answer

When a company sells the same product to a different customer at different prices based on personal characteristics

question

Price Gouging

answer

Rasing prices on certain kinds of goods to an excessively high level during an emergency

question

Price Strategy

answer

Business decision about pricing and how prices are set to make a profit

question

Product Life Cycle

answer

Stages a product or a product category goes through from its begining to end

question

Product Mix

answer

All of the products and services that a business sells

question

Profit Motive

answer

When business owners earn profits and are motivated to start and expand business

question

Promotion

answer

Process of communicating with potential customers in an effort to influence their buying behavior

question

Promotion Strategy

answer

Decision about selling, advertising, sales promotion and public relations activities to pursue in the promotional mix

question

Promotional Mix

answer

Combination of the elements used in a promotional compaign

question

Psychographics

answer

Data about the preferences or choices of a group of people

question

Push Promotional Concept

answer

Taking the product directly to the cutsomer

question

Quick Response (QR) Codes

answer

Bar codes that when scanned with a smart phone connect the user to a website or other digital information

question

Recession

answer

Period of great decline in total output, employment, trade or income

question

Repackaging

answer

Using new packaging on the same product, is another common way to create a new product

question

Retailer Channel

answer

Path of selling goods from the producer to the retailer then the retailer to the consumer

question

Return on Investment (ROI)

answer

Ratio that shows the efficiency of an investmentby comparing the gains from the investment to its cost.

question

Return on Marketing Investment (ROMI)

answer

A measurment showing the overall effectiveness of a marketing campaign or yearly budget

question

Revenue

answer

Money that a business takes in for the products or services it sells

question

Sales Forecast

answer

Prediction of future sales based on past sales and a market analysis for a specific time period

question

Scarcity

answer

Event that occurs when demand is higher than the available resources

question

Sole Proprietor

answer

The one person who owns a business and is personally responsible for all its debts

question

Specialization

answer

Worker or group of workers who perform a specific task for increased efficiency

question

Stereotyping

answer

Classifying or generalizing about a group of people with a given set of characteristics

question

Suggestive Selling

answer

The technique of suggesting additional items to go with merchandise requested by a customer

question

Tagline

answer

Phrase or sentence that summerizes some essential part of the product or business

question

Target Marketing

answer

Using unique marketing mixes for different target markets

question

Trade Deficit

answer

State that occurs when a nation has some importants that exports which results in a negative balance

question

Trade Show

answer

Large gathering of business for the purpose of displaying products for sale

question

Variable Expense

answer

An expense that changes based on the activities of the business

question

Volume Pricing

answer

Lowering the list price based on the higher number of units purchased at the same time.

STUDY

Bait And Switch Break Even Analysis Break Even Point Fixed And Variable Costs High Low Pricing Horizontal Price Fixing Marketing Principles Of Marketing

MKTG 461 Ch 14 – Flashcards 78 terms

Niamh Mitchell

78 terms

Preview

MKTG 461 Ch 14 – Flashcards

question

What is value? A. It refers to inexpensive merchandise. B. It is the relationship between what consumers have and what they want. C. It is the relationship between desires and needs. D. It is the relationship between what consumers receive and what they paid for it. E. It refers to the lowest price and the lowest quality merchandise or service.

answer

question

Retailers using a(n) _____ strategy frequently—often weekly—discount the initial prices for merchandise through sales promotions. A. disintermediated pricing B. penetration pricing C. high/low pricing D. price skimming E. everyday low-pricing

answer

question

A(n) _____ strategy emphasizes the continuity of retail prices at a level somewhere between the regular nonsale price and the deep-discount sale price of high/low retailers. A. leader pricing B. keystoning C. high/low pricing D. price skimming E. everyday low-pricing

answer

question

Which of the following is NOT a benefit typically ascribed to an everyday low pricing (EDLP) strategy? A. Increased profit margin B. Improved customer loyalty C. Improved inventory management D. Increased sale advertising E. Stockout reduction

answer

question

How does an improved inventory management through the use of an everyday low pricing (EDLP) strategy benefits retailers? A. It increases the total sales. B. It increases the number of rain checks. C. It leads to more frequent sales and markdowns. D. It results in a need for more backup stock.

answer

question

Which of the following statements holds true for an everyday low-pricing (EDLP) strategy? A. Slow-selling merchandise can be sold by discounting the price. B. It allows retailers to charge higher prices to customers who are not price sensitive. C. Customers need to wait for items to go on sale. D. The use of EDLP increases the need for sale- advertising. E. EDLP retailers do not have to incur the labor costs of changing price tags.

answer

question

How can a retailer that wants to use an EDLP strategy persuade customers away from high/low strategy competitors? A. By using price lining B. By using a demand-oriented method for setting retail prices C. By assuring customers of low prices D. By refusing to accept manufacturers' coupons

answer

question

Which of the following is NOT a factor that retailers consider in setting prices? A. Price sensitivity of consumers B. The cost of the merchandise and services C. Competition D. Legal restrictions E. Language barriers

answer

question

A price experiment: A. can be used to measure the price sensitivity of customers. B. cannot be performed if the retailer uses POS terminals. C. is a less accurate method of determining buyer response to price changes than a consumer panel. D. is useful for obtaining data for a cost-oriented pricing strategy. E. is a risky procedure when competition is a factor.

answer

question

A price experiment: A. is method of determining the most profitable price for a product. B. cannot be performed if the retailer uses POS terminals. C. is a less accurate method of determining buyer response to price changes than a consumer panel. D. is useful for obtaining data for a cost-oriented pricing strategy. E. is a quick and efficient method to decide on a price for a product.

answer

question

Cliff struggled with the price of produce at his well-established produce markets. The reputation of the markets attracts repeat customers from a 50-mile radius. Recently, local farmers started increasing produce prices for him due to the upsurge in gas prices. Now, Cliff feels it is time to pass the costs onto his customers. Which of the following should Cliff estimate to determine the effect of price changes? A. Price elasticity B. Break-even point quantity C. Fixed costs D. Reference price

answer

question

A commonly used measure of price sensitivity is _____. A. price variation B. price elasticity C. price velocity D. price adaptability E. price adjustment

answer

question

A retailer originally priced a private-label portable DVD player at $99 and sold 1,200 units per week. After raising the price to $120, sales dropped to 1,000 units per week. What would the item's price elasticity be? A. -2.4005 B. 2.4005 C. -3 D. 3.33 E. -.7855

answer

question

Which of the following items has the most price elasticity? A. Fast-food B. Branded luxury goods C. Prescription medication D. Movie tickets E. Gasoline

answer

question

Smith's Electronics originally priced a private-label portable DVD player at $90, and then sold 1,500 units per week. After raising the price to $100, sales dropped to 1,000 units per week. First, determine the price elasticity, and then determine the profit-maximizing price if the private-label portable DVD player costs $50. A. $90 B. $85.70 C. $75 D. $70.25 E. $70

answer

question

When pricing products, retailers must: A. choose a pricing policy considering the company's overall strategy. B. observe the competition to offer the same price by price fixing. C. reduce stockouts by keeping prices higher than the competition. D. risk supply chain mishaps by keeping process low. E. price consistently throughout the chain

answer

question

Retailers collect price data about their competitors to: A. see if they need to adjust their prices. B. match supply and demand. C. maximize their sales and profits by means of yield management. D. assess the quality of services provided.

answer

question

Catherine had checked the price of an airline ticket in November to fly to Daytona Beach for her spring break. She was surprised when she checked again in February that the price had increased significantly. The airline had adjusted its prices based on the demand. This practice is known as _____. A. price bundling B. yield management C. odd pricing D. high-low pricing E. predatory pricing

answer

question

Yield management means: A. setting prices by simply marking up the merchandise without considering price sensitivity. B. understanding and implementing pricing based on costs. C. implementing steps for reducing markdowns. D. managing promotions that yields higher sales. E. adjusting prices in response to demand in order to control sales generated

answer

question

A drugstore purchases hand cream at $2 per jar and sells them for $15. What is its markup percentage? A. 60% B. 87% C. 40% D. 5% E. 22%

answer

question

The _____ is the difference between the retail price and the cost of an item. A. markup B. markdown C. break-even point D. variable cost E. fixed cost

answer

question

Frankie is a buyer for a department store and is buying some handbags at a cost of $30 from a vendor. He desires to have a 60% markup to meet the financial goals of this category. What will be the retail price of these handbags? A. $75 B. $40 C. $50 D. $60 E. $95

answer

question

Which of the following factors influences reductions? A. The cost of alterations B. The amount subtracted from the gross margin C. Theft and accounting errors D. Tax write-off for corporate volunteer hours E. Format of saving for low profit quarters

answer

question

The approach of using 50 percent markup is known as _____ because of which the retail price would be double the cost. A. activity costing B. keystoning C. budget costing D. cost plus costing E. regular costing

answer

question

Joe keystones every product's price in his skateboard store. Therefore, the initial mark-up percent that Joe uses is: A. 25 percent. B. 50 percent. C. 100 percent. D. 10 percent. E. 200 percent.

answer

question

_____ is the actual sales realized for the merchandise minus its costs of the merchandise sold. A. Total profit B. Net profit margin C. Fixed price D. Maintained markup E. Initial mark-up

answer

question

The Bow Shop caters to archery enthusiasts. It sells bows starting at $300. The maintained markup used by the store is 60 percent. Reductions are estimated to be 12 percent. Calculate the store's planned initial markup percentage. A. 55.55 percent B. 48 percent C. 60 percent D. 64.29 percent E. 72 percent

answer

question

Mattie owns a clock shop featuring vintage clocks from the 1950s. Mattie plans to achieve a 40% maintained mark-up, and her reductions are planned at 4%. What is her planned initial markup percentage? A. 42.3% B. 44% C. 36% D. 34.6% E. 30.6%

answer

question

Left Lanta is a small retailer in Underground Atlanta, a historical retail district in that city. Here, the Lanta family sells items for left-handed people. Since the store is located in a kiosk near one of the entrances to the underground, it is often the target of shoplifters. Therefore, the store is forced to reduce the actual selling price of its products. The factors such as theft that cause the reduction in the selling price are called _____. A. loss margins B. amortized losses C. reductions D. markdowns E. net losses

answer

question

A bookstore is considering stocking a limited edition of Alice in Wonderland dolls at a cost of $125 each. The manager calculated the retail price with an initial markup percentage of 48 percent and plans to ticket the product with a ".00" ending. What would the initial retail price be on the doll? A. $180 B. $190 C. $240 D. $280 E. $63

answer

question

The retail price of a sweater is $75, and the initial markup is 51 percent. Calculate the cost of the product. A. $33.75 B. $25.71 C. $28.50 D. $36.75 E. $42.85

answer

question

The merchandise cost from the vendor for an MP3 player is $82.50, and the retailer who is selling the device wants to use an initial markup percentage of 67 percent. Calculate the initial retail price. A. $149.50 B. $272 C. $55 D. $123 E. $250

answer

question

Because of markdowns, discounts to employees and customers, and merchandise reductions, _____. A. the actual selling price is lower than the initial sales price B. the maintained markup is always less than the gross margin C. the total revenue becomes equal to the total cost D. the value of average inventory at cost is less than its receipt value E. the initial markup is always lower than the maintained markup

answer

question

_____ is an analytical tool which enables retailers to know of units they need sell to begin making a profit. A. Yield management B. Break-even analysis C. Keystoning D. Price lining E. Cost-plus pricing

answer

question

Which of the following is an example of a fixed cost for a bridal gown shop? A. The services of the seamstress to fit each gown B. The cost associated with dying the shoes to match the bridesmaids' dresses C. The cost associated with the layaway of variously priced gowns D. The cost of the mannequin used to display current gowns E. The cost associated with a generous return policy

answer

question

Eunice buys a worm farm. She plans to sell a small carton of worms to people who want to fish for $3. Her fixed costs are $1,201, and her variable cost for each carton sold is $.75. How many cartons of worms does Eunice need to sell to reach her break-even quantity? A. 2712 B. 321 C. 400 D. 534 E. 888

answer

question

Ferdinand runs a pie shop in a busy metropolis. He sells his fresh pies for $7, but it costs him $2.50 to make them. The cooking equipment in his shop cost him $46,000. How many pies does Ferdinand need to sell to make $50,000 annually? A. 33,000 pies B. 16,000 pies C. 8,500 pies D. 21,333 pies E. 12,645 pies

answer

question

Which of the following is an example of a variable cost for a retailer of electronic equipment? A. The display tables for mounting the computer, monitor, and printer B. The cost associated with the free pack of paper for every computer printer sold C. The store rent charged by the mall D. The cost of obtaining the licenses required by the local government E. The cost of manufacturing the electronic equipment

answer

question

Reductions in the initial retail prices are known as _____. A. rain checks B. fixed costs C. markdowns D. variable costs E. keystoning prices

answer

question

Which of the following statements describes a situation in which markdowns would NOT be appropriate? A. Markdowns would be appropriate on a pair of pillows that had been part of a display and were showing light wear. B. Markdowns would be an appropriate pricing strategy for winter parkas that are still in stock in March. C. Markdowns would be appropriate for licensed merchandise supporting a movie that was not as popular as predicted. D. Markdowns would be appropriate for national brand merchandise that was priced 15 percent lower in a neighboring competing store. E. Markdowns would be appropriate for a group of t-shirts that have a higher turnover than other t-shirts in the department.

answer

question

Which of the following statements is NOT true of markdowns? A. Markdowns are part of the cost of doing business, and thus buyers plan for them. B. A buyer's objective is to minimize markdowns. C. Retailers have a set of arbitrary rules for taking markdowns. D. Buyers employ markdowns to promote merchandise and increase sales. E. Markdowns can increase customer traffic flow.

answer

question

Which of the following statements on markdowns is FALSE? A. Markdowns are an unnecessary part of business if planned correctly. B. Markdowns are an opportunity to increase sales. C. Promotional markdowns increase customer flow. D. If markdowns are too low the buyer may be not purchasing enough merchandise. E. If markdowns are too low the buyer may be pricing their merchandise too low.

answer

question

Which of the following statements is a limitation of the rule-based approach to taking markdowns? A. The rule-based approach is based upon gross margin. B. The approach prohibits input from the vendor. C. The approach does not follow a fixed schedule. D. It does not consider the demand for merchandise at different price points. E. The approach assumes that items in a category do not exhibit the same behavior

answer

question

How does optimization software help retailers in taking markdowns? A. It gives retailers the point at which it is optimal to job-out and consolidate. B. It updates pricing based upon actual sales and factors in differences in price sensitivities. C. It continually updates buyers on sales by price beginning at the point of sale. D. It dictates markdown merchandise into one percentage markdown per week in the store. E. It indicates markdowns based on how long the merchandise has been in the store.

answer

question

When making a good markdown decision, a retailer should: A. work closely with its vendors and share the financial burden of the markdowns. B. only trust its own tastes and intuitions when stocking merchandise. C. rely exclusively on computer software designed for optimal pricing. D. consider only the rules-based approach because it has proven its reliability. E. look to limit them as markdowns hinder customer loyalty.

answer

question

Some retailers liquidate end-of-season merchandise to retailers like T.J. Maxx, who in return sell it at a deep discount. What is the benefit to the retailer who liquidates merchandise using this strategy? A. The retailer is able to replace the merchandise with other markdowns. B. It helps retailers recoup a percentage of the merchandise cost. C. It is a profitable way for retailers to get rid of undesirable merchandise. D. The retailer can consolidate the merchandise. E. It lowers the reputation of the company who purchases the liquidated merchandise.

answer

question

Which of the following statements does NOT describe a benefit of markdowns for a retailer? A. Markdowns generate cash flow to pay for new merchandise. B. It is a way to make room for new merchandise. C. It rids the store of obsolete merchandise. D. It increases customer traffic. E. It is a way to gain a higher gross margin

answer

question

Jenny runs a produce stand in an inner-city neighborhood. With the recent layoffs, she has become popular because she gives her day-old produce to the local charity. Which of the following benefits does Jenny gain by donating produce to the local charity? A. It requires extra record keeping and transportation costs. B. It offers her strong public relations benefits. C. She needs to allocate separate space for her clearance merchandise. D. She can recover a small percentage of the merchandise's cost. E. The keystone price can be deducted from her income.

answer

question

Which of the following strategies is NOT viable for liquidating markdown merchandise? A. Sell to another retailer. B. Consolidate unsold merchandise. C. Adopt a keystoning strategy. D. Sell at Internet auction. E. Return to vendor.

answer

question

Which of the following is the LEAST profitable method of liquidating markdown merchandise? A. Sell the merchandise to another retailer. B. Consolidate the unsold merchandise. C. Place the remaining merchandise on an Internet auction site. D. Give the merchandise to charity. E. Carry the merchandise over to the next season.

answer

question

Charging each individual customer a different price based on their willingness to pay is called _____. A. first-degree price discrimination B. second-degree price discrimination C. third-degree price discrimination D. odd pricing E. leader pricing

answer

question

Which type of retailer is MOST likely to use first-degree price discrimination? A. A sub shop B. A candy store C. A newspaper stand D. An antique shop E. A pet store

answer

question

Gains.com is a website which features a wide range of products from different retailers put up for auction. The retailers charge customers based on their willingness to pay to maximize profits. Which pricing technique is being used by the retailers who put their products for auction on Gains.com? A. First-degree price discrimination B. Second-degree price discrimination C. Third-degree price discrimination D. Odd pricing E. Leader pricing

answer

question

Which of the following statements holds true for individualized variable pricing? A. Customers may feel that they are being treated in an unfair manner. B. It is a practical approach and is widely used across retail stores. C. Retailers can easily change the posted prices in stores based on customers' willingness. D. Retailers use this form of pricing for promotional and clearance markdowns. E. This strategy concentrates on the sale of complementary products.

answer

question

_____ is the practice of offering the same multiple-price schedule to all customers and encourages pricesensitive customers to take advantage of the lower price. A. First-degree price discrimination B. Second-degree price discrimination C. Third-degree price discrimination D. Price lining E. High/low pricing

answer

question

Which of the following is NOT an example of a second-degree price discrimination strategy? A. Offering coupons B. Online auction bidding C. Price bundling D. Multiple-unit pricing E. Promotional markdowns

answer

question

Manuel's vacation to Chicago for $395 for three nights in a four star hotel on Michigan Avenue included airfare and accommodation. If these services were availed individually, it would have been expensive. This form of second-degree price discrimination is referred to as _____. A. odd pricing B. zone pricing C. leader pricing D. price bundling E. variable bundling

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question

_____ is the practice of offering two or more different products or services for sale at one price. A. Price bundling B. Psychological pricing C. Price grouping D. Conjoint bundling E. Price lining

answer

question

A travel brochure shows that a couple can buy a round trip ticket to Orlando, a three-day pass to Disney World, car rental for four days, and hotel accommodations for 5 nights for $1200 per person. These services are expensive when availed individually. This offer is an example of _____. A. price lining B. psychological pricing C. bait and switch bundling D. price bundling E. conjoint pricing

answer

question

What is the potential byproduct of promotional markdowns? A. It is a way of achieving a break-even point. B. Promotional markdowns benefit customers because they are charged according their willingness to pay. C. Retailers aim to get rid of unwanted merchandise through promotional markdowns. D. The increased in-store traffic can lead to the purchase of other products at regular prices. E. Buyers are benefitted because they are charged according to the market segment to which they belong

answer

question

Giant, a retail store, is offering two 6-packs of beer for $5. The price for a single tin is $2.69. What pricing strategy is Giant using? A. Price lining B. Multiple-unit pricing C. Psychological pricing D. Price bundling E. Conjoint pricing

answer

question

The practice of charging different prices to different demographic market segments is referred to as _____. A. predatory pricing B. first-degree price discrimination C. second-degree price discrimination D. third-degree price discrimination E. leader pricing

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question

_____ refers to charging of different prices for different stores, markets, or regions. A. Zone pricing B. Geofencing C. Price lining D. Price optimization E. Odd pricing

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question

_____ is the practice of pricing certain items lower than normal to increase customers' traffic flow or boost sales of complementary products. A. Stimulus pricing B. Leader pricing C. Follow-up pricing D. Price lining E. Odd pricing

answer

question

Dream Homes is an appliance store. It recently launched its own brand of freezers in order to build customer loyalty. The store launched three different models to cater to low, middle, and high income groups. The freezers are also priced accordingly. These freezers are exclusive to Dream Homes and cater to all customer segments. This pricing strategy involving price points within a merchandise category is known as _____. A. price lining B. price bundling C. odd pricing D. zone pricing E. leader pricing

answer

question

Why was odd pricing used in the early twentieth century? A. Odd pricing saved on distribution costs. B. It was used to increase traffic flow into stores. C. It offered a limited number of predetermined price points making pricing easier. D. It eliminated confusion when a customer shopped in different locations. E. It reduced losses due to employee theft.

answer

question

At the new toy store that opened near his home, Ryan noticed all the products were priced at $.49, $.79, or $.99 endings. What type of pricing is the store following? A. Odd pricing B. Unit pricing C. Horizontal pricing D. Mixed pricing E. Promotional pricing

answer

question

_____ are customers who go from one store to another, buying only items that are on special. A. Innovators B. Laggards C. Cherry pickers D. Whistleblowers E. Early adapters

answer

question

_____ enables customers with mobile devices to check prices in stores and purchase online, ostensibly at a lower price. A. Horizontal price fixing B. Price lining C. Odd pricing D. Showrooming E. Keystoning

answer

question

_____ is the concept of offering customers localized promotions of retailers in close proximity of their mobile phones. A. Geofencing B. Geotagging C. Geocaching D. Price lining E. Leader pricing

answer

question

Which of the following is set by vendors by withholding benefits such as cooperative advertising or even refusing to deliver merchandise to noncomplying retailers? A. Predatory pricing B. Horizontal pricing C. Bait and switch D. Vertical pricing E. MSRP pricing

answer

question

_____ is an unlawful, deceptive practice which lures customers into a store by advertising a product at a lower-than-normal price and then, once they are in the store, induces them to purchase of higher-priced model. A. Predatory pricing B. Horizontal price fixing C. Bait and switch D. Scanned pricing E. Dynamic pricing

answer

question

Why do vendors encourage retailers to sell at MSRP? A. To secure a profit B. To reduce retail price competition among retailers C. To avoid markdowns D. To promote national brands as quality brands E. To drive competitive retailers out of business

answer

question

A _____ is a promise to customers to sell currently out-of-stock merchandise at the advertised price when it arrives. A. rain check B. price audit C. bona fide reference price D. maintained markup E. dynamic pricing policy

answer

question

Which of the following pricing practices employs tactics such as inadequate inventory for advertised products? A. Bait and switch B. Deceptive reference pricing C. MSRP pricing D. Predatory pricing E. Horizontal price fixing

answer

question

An agreement between retailers that are in direct competition with each other to set the same prices is called _____. A. horizontal price fixing B. vertical price fixing C. MSRP pricing D. predatory pricing E. price elasticity

answer

question

A _____ is the price against which buyers compare the actual selling price of the product, and thus it facilitates their evaluation process. A. MSRP price B. break-even price C. markup price D. reference price E. maintained markup

answer

question

Periodic price audits are completed at retail stores to ensure that the: A. prices are high enough to cover costs. B. prices are lower than the competition. C. extent and cause of scanning errors are identified. D. product is priced consistent with the company's pricing policy.

answer

STUDY

Advertising Bait And Switch Consumer Protection Laws Demand Marketing Supply And Demand

Chapter 6 Marketing and Consumerism – Flashcards 16 terms

Anna Collins

16 terms

Preview

Chapter 6 Marketing and Consumerism – Flashcards

question

Bait and Switch

answer

Advertising a lower priced item to lure customers in to offer them a more expensive item.

question

Brand Loyalty

answer

Buying decisions based on preferences to always purchase a certain type of product from a particular brand.

question

Contentment

answer

The state of being satisfied with what you have.

question

FTC/Federal Trade Commission

answer

The main federal agency designed to enforce consumer protection laws.

question

Fraudulent

answer

Intentionally false or deceptive practices.

question

Impulse Purchase

answer

An unplanned, spur of the moment, purchase generally sparked by advertising and emotion.

question

Incentives

answer

Something that motivates or encourages someone to do something; coupons or special offers from a company to entice you to buy something

question

Marketing

answer

Everything a company does to get consumers to buy their product.

question

Photoshopping

answer

Digitally changing/enhancing a photograph to make it look better than the actual item

question

Product Placement

answer

The paid display of specific products (food, drinks, clothing, and identifiable brands) in movies, television, and media for advertisement.

question

Repetition

answer

One of the most powerful marketing tactics used by companies to get you to remember their ad, slogan, or jingle.

question

BOGO

answer

Buy One, Get One FREE

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Coupon

answer

A voucher entitling the holder to a discount for a particular product.

question

Rebate

answer

A partial refund

question

Black Friday

answer

The day after Thanksgiving, regarded as the first day of the traditional Christmas shopping season, on which retailers offer special reduced prices.

question

Referral Incentives

answer

Example: Tell three friends and get yours free!

STUDY

Bait And Switch Central Route Processing Chocolate Chip Cookie Groups Psychology Self Perception Theory Two Step Flow

Pysch social desirability – Flashcards 28 terms

Deloris Connelly

28 terms

Preview

Pysch social desirability – Flashcards

question

Getting someone to agreed to a smaller request before asking a larger request later

answer

foot in the Door

question

Starting with an absurd request the following with a reasonable request

answer

door in the face

question

Scaring someone into agreeing with the attitude

answer

Appeals to fear

question

The tendency to respond to questions in a socially desirable manner

answer

social desirability

question

when people aren't always aware of their attitudes

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Implicit attitudes

question

...

answer

12.3 how do others influence

question

when evidence and arguments aim to trigger favorable thoughts. persuaded by content

answer

Persuasion Central route

question

influenced by incidental cues, such as speaker's attractiveness or endorsement by respective people

answer

Persuasion Peripheral route

question

To fit in, we display best behaviors

answer

Social forces

question

The presence of others enhances performance (triplett, 1897)

answer

Social facilitaiton

question

Social facilitation- the presence of others enhances performance

answer

triplett, 1897

question

If the dominant response is relatively easy

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Zajonc (1965)

question

...

answer

zajonc 2

question

People work less hard when in a group than when working alone. If monitored social loathing is reduces

answer

Social loafing

question

state of reduced individuality self-awareness, and attention to personal standards. acting out differently than normal Like being comfortable at a concert

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Deindividuation

question

deindividuation, when self-awareness disappears, so do restraints

answer

when self awareness is lower what is more likely

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Groups often make riskier decisions than individuals (stoner, 1961)

answer

risky shift effect

question

risky business groups

answer

stoner, 1961

question

initial group attitudes determines whether the group becomes riskier or more cautious

answer

group polarization

question

extreme form of group polarization that results when group members are particularly concerned with maintaining the groups cohesiveness

answer

groupthink

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conventions or rules about how we act

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Norms

question

stop at a stop sign turn of cell phone

answer

explicit rules

question

say bless you opening doors

answer

implicit rules

question

the degree to witch we agree to do things requested by others

answer

compliance

question

mood failure to fully consider options persuasion techniques

answer

compliance influence factors

question

the tendency to yield to group pressure

answer

conformity

question

...

answer

asch study

question

...Culture, unity, and size

answer

conformity influenced by

STUDY

Bait And Switch Business Law Cease And Desist Order Consumer Protection Act Equal Credit Opportunity Act Federal Trade Commission

Business Law Chapter 24 – Flashcards 5 terms

Sabrina Peterson

5 terms

Preview

Business Law Chapter 24 – Flashcards

question

deceptive advertising

answer

occurs if a reasonable consumer would be misled by the advertising claim

question

bait-and-switch advertising

answer

advertising a very low price for a particular item that will likely be unavailable to the consumers, who will then be encouraged to purchase a more expensive item

question

counteradvertising

answer

requires that a company advertise anew to inform the public about a former misinformation

question

multiple product order

answer

requires a firm to cease a desist from false advertising for all of its products and not just the original product

question

cooling-off laws

answer

permit the buyers of goods sold door to door to cancel their contracts within three business days

STUDY

Bait And Switch Business Law Civil Law Mirror Image Rule

Ch 8 Offer, Acceptance and Mutual Assent, MBA 603 – Flashcards 48 terms

Aiden Simmons

48 terms

Preview

Ch 8 Offer, Acceptance and Mutual Assent, MBA 603 – Flashcards

question

offeree agrees to be bound by the terms set up by the offeror

answer

Acceptance

question

when one party actually makes a false statement intended to deceive the other party in a contract

answer

Active Fraud

question

a sale that is open to the public, during which potential buyers compete for the right to purchase certain items by placing higher and higher bids until the highest bid is reached and the auctioneer accepts on behalf of the seller

answer

Auction

question

the seller is the offeror and the bidder is the offeree

answer

Auction with Reserve

question

the bidders are the offerors and the seller is the offeree

answer

Auction without Reserve

question

a deliberately deceptive practice that entices buyers into a place of business when the seller actually has no intention of selling the item at the price stated in the advertisement.

answer

Bait-and-switch Confidence Game

question

"mutual mistake" both parties are mistaken, and may permit a rescission by either the offeror or the offeree

answer

Bilateral Mistake

question

"economic duress" threats of a business nature that force another party without real consent to enter a commercial agreement

answer

Business Compulsion

question

one that is created by having a party click on a box on the computer screen that states he or she agrees to be bound by the terms of the contract

answer

Click-on Acceptance or Agreement

question

"nondisclosure or passive fraud" occurs when one party does not say something about certain facts that he or she is under obligation to reveal

answer

Concealment

question

an agreement between two or more competent parties based on mutual promises and an exchange of things of value, to do or refrain from doing some particular thing that is neither illegal nor impossible

answer

Contract

question

does not include a final price; rather, the contract price is determined by the cost of labor and materials, plus an agreed-to-percentage or dollar markup

answer

Cost-Plus Contract

question

response to an offer in which the terms of the original offer are changed

answer

Counteroffer

question

prices are determined by reference to the market price of the goods as of a specified date

answer

Current Market Price Contract

question

" electronic contracts or e- contracts" contracts that are made using computers either via e-mail or the internet or contracts that involve computer-related products such as databases and software

answer

Cyber-Contract

question

action by one party that forces another party to do what need not otherwise be done. forces a person into a contract through the use of physical, emotional, or economic threats

answer

Duress

question

"business compulsion" threats of a business nature that force another party without real consent to enter a commercial agreement

answer

Economic Duress

question

" cyber- contracts" contracts that are made using computers either via e-mail or the internet or contracts that involve computer-related products such as databases and software

answer

Electronic Contracts or E-Contracts

question

arises from acts or threats that would create emotional distress in the one on whom they are inflicted

answer

Emotional Duress

question

relationship based on trust

answer

Fiduciary Relationship

question

created when a merchant agrees in writing to hold an offer open

answer

Firm Offer

question

disrupts mutual assent

answer

Fraud

question

when one party tricks another party into a contract by lying to the innocent party about the actual nature of the contract

answer

Fraud in the Inception

question

when one party tricks another into a contract by lying about the terms of the agreement to get the innocent party to enter the contract under false pretenses

answer

Fraud in the Inducement

question

announcement published to reach many persons for the purpose of creating interest and attracting responses

answer

Invitation to Trade

question

contract that permits a party to lease real property while at the same time holding an option to purchase that property

answer

Lease Option

question

for real property, is the price that a seller asks initially when the property is placed on the market

answer

List Price

question

an important fact, a fact of substance

answer

Material Fact

question

the terms as stated in the acceptance must exactly "mirror" the terms in the offer

answer

Mirror Image Rule

question

false statement made with no intent to deceive

answer

Mistepresentation

question

both parties know what the terms are, and both have willingly agreed to be bound by those terms

answer

Mutual Assent

question

"bilateral mistake" both parties are mistaken, and may permit a rescission by either the offeror or the offeree

answer

Mutual Mistake

question

"concealment or passive fraud" occurs when one party does not say something about certain facts that he or she is under obligation to reveal

answer

Nondisclosure

question

a proposal freely made by one party to another indicating a willingness to enter a contract

answer

Offer

question

the person to whom the offer is made

answer

Offeree

question

the person who makes an offer

answer

Offeror

question

agreement that binds an offeror to a promise to hold open an offer for a predetermined or reasonable length of time

answer

Option Contract

question

an agreement in which one party consents to sell to a second party all of the goods that party makes in a given period of time.

answer

Output Contract

question

"concealment or nondisclosure" occurs when one party does not say something about certain facts that he or she is under obligation to reveal

answer

Passive Fraud

question

either violence or the threat of violence against an individual or against that person's family, household, or property

answer

Physical Duress

question

made through the publc media but is intended for only one person whose identity or address is unknown to the offeror

answer

Public Offer

question

comes about when an offeree expresses or implies a refusal to accept an offer

answer

Rejection

question

an agreement in which one party agrees to but all the goods it needs from the second party

answer

Requirements Contract

question

both parties are returned to their original positions, before they entered into the contract

answer

Recission

question

the calling back of the offer by the offeror. An offer may be revoked any time before it has been accepted

answer

Revocation

question

consist of persuasive words and exaggerated claims made by salespeople to induce a customer to buy their product

answer

Sales Puffery

question

occurs when the dominant party in a special relationship uses excessive pressures to convince the weaker party to enter a contract that greatly benefits the dominant party

answer

Undue Influence

question

A mistake made by only one of the contracting parties is a and not offering sufficient grounds for rescission or renegotiation

answer

Unilateral Mistake

STUDY

Attention Attitudes Bait And Switch Beliefs Cause And Effect Culture Marketing Marketing And Sales

Chapter 9 Writing Persuasive Messages – Flashcards 30 terms

Ewan Knight

30 terms

Preview

Chapter 9 Writing Persuasive Messages – Flashcards

question

Persuasion

answer

the attempt to change someone's attitudes, beliefs, or actions

question

Demographics

answer

the age, gender, occupation, income, education, and other quantifiable characteristics of the people you're trying to persuade

question

Psychographics

answer

personality, attitudes, lifestyle, and other psychological characteristics

question

Motivation

answer

the combination of forces that drive people to satisfy their needs

question

Persuasive Message

answer

most persuasive messages use the indirect approach for persuasive business messages, the choice between indirect/direct depends on the extent of your authority, expertise, or power within an organization

question

AIDA

answer

Attention Interest Desire Action

question

Attention

answer

your 1st objective is to encourage your audience to want to hear about your problem, idea, or product. Find common ground

question

Interest

answer

Provide additional details that prompt audience members to imagine how the solution might benefit them

question

Desire

answer

help audience members embrace your idea by explaining how the change will benefit them and answering potential objections

question

Action

answer

suggest the specific action you want your audience to take. Include a deadline, when applicable.

question

Emotional Appeal

answer

calls on feelings or audience sympathies

question

Logical Appeal

answer

based on the reader's notions of reason; these appeals can use the analogy, induction, or deduction

question

Analogy

answer

reason from specific evidence to specific evidence, borrowing from something familiar to explain something unfamiliar

question

Induction

answer

work from specific evidence to a general conclusion.

question

Deduction

answer

work from generalization to a specific conclusion

question

Avoid Hasty Generalizations

answer

have plenty of evidence before drawing conclusions

question

Avoid Circular Reasoning

answer

you try to support your claim by paraphrasing it

question

Avoid Attacking an Opponent

answer

attack argument, not character

question

Avoid Oversimplifying a Complex Issue

answer

don't reduce a complex issue to a simple either/or statement

question

Avoid Faulty Analogies

answer

make sure the analogy holds

question

Avoid Mistaken Assumptions of Cause and Effect

answer

you can't isolate the impact of a specific factor, you can't assume that its the cause of whatever effect you're discussing

question

Avoid

answer

-using a hard sell: don't push, noone likes being pressured into making a decision -Resisting Compromise: you don't always get everything you ask for -Relying Solely on Great Arguments: be sure to not have dry logic and add emotional appeal/vivid language Do not assume persuasion is a one-shot effort, but understand it is a process instead.

question

Persuasive Requests for Action

answer

open with hook and show readers that you understand their concerns use interest/desire sections of your message to show you have good reason for making requests Close with a request for specific action and make that course of action as easy to follow as possible for a positive response goals: to gain credibility for yourself/request and to make readers believe that helping you will solve a problem

question

Persuasive Presentation of Ideas

answer

sometimes the objective of persuasive messages is simply to encourage people to consider a new idea

question

Persuasive Claims/ Request for Adjustments

answer

begin: outlining the problem and reviewing what has been done so far Next: give your reader a good reason for granting your claim Close: on a respectful note that ensures a postive beneficial working relationship

question

Marketing Messages

answer

ushering potential buyers through the purchasing process without asking them to make an immediate decision

question

Sales Messages

answer

encouraging potential buyers to make a decision then and there

question

Planning Marketing/Sale Messages

answer

assessing audience needs analyzing your competition determining key selling points(most attractive features of a product) and benefits(what the user experiences or gains) Anticipate Purchase Objection

question

Writing Conventional Marketing/Sale Messages

answer

get the readers attention building interest increasing desire motivating action

question

Promo Messages for Social Media

answer

facilitate community building listen as much as you talk Initiate/respond to conversations within community provide info people want identify/support your champions be real integrate AIDA at the right time/place

STUDY

Bait And Switch Community Economics Personal Finance Small Claims Court

Personal Finance – Chapter 8 – Flashcards 26 terms

Maddison Bailey

26 terms

Preview

Personal Finance – Chapter 8 – Flashcards

question

The first element in a purchasing decision is gathering information. T/F

answer

True

question

Consumer information from business organizations includes advertising, product labels, and packaging. T/F

answer

True

question

National name brand products usually coast more than store brands or generics. T/F

answer

True

question

An express warranty is usually in a written form. T/F

answer

True

question

Most consumer complaints are resolved with the use of a government agency. T/F

answer

False

question

A(n) ________________ warranty covers most repairs of a product.

answer

full

question

The highest prices for used cars are usually at a

answer

new-car dealer.

question

When leasing a motor vehicle, the capitalized cost refers to the

answer

price of the vehicle.

question

A legally binding decision by a third part is

answer

arbitration.

question

______________________ are publically supported community law offices that provide legal assistance to consumers who cannot afford their own attorney.

answer

Legal aid societies

question

Impulse buying

answer

Unplanned buying.

question

Cooperative

answer

A nonprofit organization whose member-owners may save money on certain products or services.

question

Open dating

answer

Information about freshness or shelf life found on the package of a perishable product.

question

Unit pricing

answer

The use of a standard unit of measurement to compare the prices of packages of different sizes.

question

Rebate

answer

A partial refund of the price of a product.

question

Warranty

answer

A written guarantee from the manufacturer or distributor of a product that specifies the conditions under which the product can be returned, replaced, or repaired.

question

Service contract

answer

An agreement between a business and a consumer to cover the repair costs of a product.

question

Automobile leasing

answer

A contractual agreement with monthly payments for the use of an automobile over a set time period, typically three, four, or five years.

question

Capitalized cost

answer

Price of the vehicle.

question

Money factor

answer

Interest rate being paid on the capital cost.

question

Residual value

answer

Expected value of the vehicle at the end of the lease.

question

Mediation

answer

The attempt by an impartial third party to resolve a difference between two parties through discussion and negotiation.

question

Arbitration

answer

The settlement of a difference by a third party whose decision is legally binding.

question

Small claims court

answer

A court that settles legal differences involving amounts below a set limit and employs a process in which the litigants usually do not use a lawyer.

question

Class-action suit

answer

A legal action taken by a few individuals on behalf of all the people who have suffered the same alleged injustice.

question

Legal aid society

answer

One of a network of publicly supported community law offices that provide legal assistance to consumers who cannot afford their own attorney.

STUDY

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