Concepts That May Appear On Your Marketing 305 Final Exam You are responsible for knowing these terms their definitions these lists and examples of each term concept Items marked lecture will not be found in your book You will need to consult your notes If you do not have them in your notes it will be your responsibility to obtain them from a colleague student You will also of course need to review any lecture notes that pertain to any of the concepts below in addition to what is contained in your text Chapter 16 Social media Blog Classification criteria for social media o Media richness o Self disclosure Compare and contrast social and traditional media o Ability to reach large and niche audiences o Expense and access o Training and number of people involved o Time to delivery o Permanence o Credibility and social authority The characteristics of an effective FB page for a business lecture The characteristics of good Twitter usage for a business lecture The factors a business should consider when if they use You Tube to create awareness lecture The optimal use of LinkedIn for a business lecture The guidelines to engage fans on Facebook o Make it familiar but with a twist o Keep it fresh o Let users get engaged and guide content Figure 16 3 How brand managers can use four social networks in developing their marketing strategies If this is not in your book use the version of Chapter 16 on RamCT Performance measures linked to outputs or revenues of social media o Fans o Share of voice o Page views o Visitors o Unique visitors o Average page views per visitor o Interaction rate o Click through rate o Fan source Personal selling Sales management Relationship selling Chapter 17 Order taker Order getter Characteristics of a successful sales person lecture Figure 17 2 Stages and objectives of the personal selling process Look to Chapter 17 on RamCT if your book does not have this Suggestive selling Formula canned selling Info must be provided as an accurate thorough and step by step manner to inform the prospect Normally a presentation memorized standardized message conveyed to every prospect Used frequently in door to door and telephone sales Adaptive selling adjusting the presentation to fit the selling situation such as knowing when to offer solutions and when to ask for more information knowledge of the customer and sales situation are important Consultative selling focuses on problems I D where the salesperson serves as an expert on problem recognition an resolution It creates unique value for the customer Techniques for handling objectives o Acknowledge and convert the objection using objection as a reason for buying i e if a customer thinks the price is high the employee provides justification for why o Postpone used when objection will be dealt with later in the presentation I will o Agree and neutralize salesperson agrees with the objection then shows that it is address that point shortly unimportant o Accept the objection sometimes the objection is valid allow the prospect to address some views and address to stimulate further discussion on the objection o Denial prospects objection is based on misinformation and clearly untrue wise to meet the objection head on with a firm denial o Ignore the objection technique is used when it appears that the objection is a stalling mechanism or is clearly not important to the prospect Other keys to dealing with objections lecture calm and professional interactions Anticipate objections Have a good sense of timing appreciation for a state of mind ethically handled don t lie Sales management process o Sales plan formulation set objections org the salesforce develop account management policies o Sales plan implementation salesforce recruitment and selection salesforce training salesforce motivation and compensation o Salesforce evaluation quantitative assessment behavioral evaluation Chapter 18 Difference between marketplace and marketspace Market Place buyers and sellers engage in face to face exchange relationships in a material environment Market Space Internet enabled digital environment characterized by face to screen exchange relationships and electronic images and offerings Two unique capabilities of internet technology o Interactivity two way buyer seller electronic communication in a computer mediated environment in which the buyer controls the kind and amount of info received from the seller Includes Personalization systems choiceboards o Individuality Interactive marketing Choiceboard interactive internet enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or services prices and delivery options Ex DELL Collaborative filtering process that automatically groups people with similar buying intentions preferences and behaviors and predicts future purchases Personalization consumer initiated practice of generating content on a marketers website that is custom tailored to an individual s specific needs and preferences Permission marketing solicitation of a consumer s consent to receive e mail and advertising based on a personal data supplied by the consumer Easily can build and maintain customer relationship provided it is properly used Creating an online customer experience o Context A websites aesthetic appeal and functional look and feel reflected in site o Content all digital information on a website including the presentation form text layout and visual design video audio and graphics o Customization the ability of a site to modify itself to or be modified by each individual user Prominent in websites that offer personalized content eBay MyYahoo o Connection network of linkages between a company s site and other sites o Communication the dialogue that unfolds between the Web site and its users o Community increasing number of company web sties encourage user to user communications hosted by the company to create virtual communities o Commerce webistes ability to conduct stales transactions for products and services Online transactions are quick and simple in well designed web sites o Convenience online shopping and buying Walmart com o Choice second reason consumers shop and buy online Exsists in product or service selection offered to consumers Buyers desiring selection can avail themselves of numerous Web sites for almost anything they want o Customization interned enabled capabilities that make possible a highly interactive