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 mediao Media richnesso Self-disclosure- Compare and contrast social and traditional mediao Ability to reach large and niche audienceso Expense and accesso Training and number of people involvedo Time to deliveryo Permanenceo 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 Facebooko Make it familiar, but with a twisto Keep it fresho 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 mediao Fanso Share of voiceo Page viewso Visitorso Unique visitorso Average page views per visitoro Interaction rateo Click-through rateo Fan sourceChapter 17- Personal selling- Sales management- Relationship selling- 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 address that point shortly”o Agree and neutralize: salesperson agrees with the objection, then shows that it is unimportant. o Accept the objection: sometimes the objection is valid, allow the prospect to addresssome views and address to stimulate further discussion on the objectiono 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 processo 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 compensationo Salesforce evaluation: quantitative assessment, behavioral evaluationChapter 18- Difference between marketplace and marketspaceMarket 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 technologyo 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 advertisingbased on a personal data supplied by the consumer. Easily can build and maintain customer relationship, provided it is properly used. - Creating an online customer experienceo Context: A websites aesthetic appeal and functional look and feel reflected in site layout and visual design. o Content:all digital information on a website including the presentation form—text, 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 siteso Communication: the dialogue that unfolds between the Web site and its userso Community: increasing number of company web sties encourage user-to-user communications hosted by the company to create virtual communitieso Commerce: webistes ability to conduct stales transactions for products and services. Online transactions are quick and simple in well-designed web sites. - Why consumers shop and buy onlineo Convenience: online shopping and buying. Walmart.com. o Choice: second reason consumers shop and buy online. Exsists in product or