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Concepts That May Appear On Your Marketing 305 Exam #4Chapters: Retail and Wholesaling, Integrated Marketing communications and direct marketing, Advertising sales promotions and public relations.(You are responsible for knowing these terms, their definitions, these lists, and examples of each term/concept.)Retailing all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use. - Forms of ownershipo Independent retailer: one of the most common forms of retail ownership, indep. business owned by the individual. 1.1 million establishments in the U.S. Hardware stores, jewelry stores. Advantage is they can be their own boss. 50% have 4 employees. Can offer convenience, personal service and lifestyle compatibility. o Corporate chain: multiple outlets under common ownership. Centralization in decision and purchase making. o Contractual systems Wholesaler-sponsored voluntary chains Business-format franchises Product-format franchisesLevel of serviceself service: requires customers perform many functions ie: gas station, redbox, Costco -limited service: provide some services ie Walmart, k mart, target -full service: provide many services ie saks, Newman Marcus - Depth vs. breadth of line depth has to do with a considerable assortment of products while breadth has to do with a broad product line but limited depth ie sports authority has considerable depth while Dillard's has considerable breadth - Wheel of retailing (Know how it works.) describes how new forms of retail outlets enter the market- The retail life cycle: the process of growth and decline that retail outlets experience over time- Be familiar with the circumstances under which the three types of retailers in the decline phase of the retail life cycle can back themselves out of that phase – give themselves new life - from my lecture.- Promotional mix the combination of one or more of the communication tools used to inform, persuade, or remind prospective buyers - Communication process the process of conveying a message to others using these six elementso Sourceo Encodeo Channel of communicationo Messageo Noiseo Decodeo Receivero Feedback loop Response Feedback- Promotional elements (Know the strengths and weaknesses of each.)o Advertising: efficient means for reaching large numbers of people Weaknesses-high absolute cost, difficult to receive good feedbacko Personal selling: immediate feedback, persuasive, can select audienceWeaknesses-extremely expensive per exposureo Public relations: often most credible source in the consumers mindWeaknesses-difficult to get media cooperationo Sales promotions: effective at changing behavior in short run, flexibleWeaknesses-easily abused, lead to promotion warso Direct marketing: messages can be prepared quickly, facilitate relationships with costumersWeaknesses-declining consumer response, database management is expensive- Promotional objectives for each phase of the product life cycle (Remember what I told you about the real-world overlap of these objectives.)- Stage of Product Lifestyle: different things dominate, mindful there is lots of overlap. - Intro: inform & persuading, publicity, free samples- Growth: Persuade, advertising to differentiate - Maturity: remind, sales promotions and direct email - Decline: (fade out) Depends circumstantial, little money spend on promotion- Push vs. pull strategy (Know the textbook and family examples I gave you.)In a macro sense. Push: Manufacturer>wholesaler>retailer>consumer. The commercials that we see on TV, billboards. Pushing things on you and constantly trying to persuade you.Pull: Consumer>Retailer>Wholesaler>Manufacturer. Not trying to get to you, you are the secondary target. Use the consumer to get to the retailer. MEDICINE COMMERCIALS. Much more widely used in past then it is now. Micro approach: Family. Aim broccoli and healthy food prime time of parents. Candy, sugar at prime Tv time of kids Tv. Focus at the children. Push: pushed product on Mom and Dad who then push it onto their kids. Pulled money from them from the children. - Promotion decision process:- diagram planning:I.D target audience, set budget, design and schedule promotion, implementation:pretest the promotion, carry it out- evaluation: posttest the promotion, make needed changes- Specifying promotion objectiveso Awareness: consumers ability to recognize and remember the product or band nameo Interest: an inc. in the consumers desire to learn about some of the features of the product or brando Evaluation : the consumer’s appraisal of the product or brand on important attributes o Trial: the consumers actual first purchase and use of the product or brando Adoption: through a favorable experience on the first trial, the consumer’s repeated purchase and use of the product or brand - Product advertisementso Pioneering: Tell people what a product is, what it can do, and where it can be found. Main focus is to inform target market. Example Visa. Interesting, convincing, effective.o Competitive: objective is to persuade the target market to select the firms brand over the competitor o Reminder: used to reinforce previous knowledge of a product. M&M. products that have achieved a well-recognized position and are in the ature phase of their product life cycle. - Institutional advertisementso Advocacy: State te position of a company on an issue. Sarah Mcglachlin and the puppies. United Nations for Children…donating to wildlife fund. March of dimes. o Pioneering: Announcements about what a company is, what it can do, or where it is located. introductory, we are informing, persuading and also reminding the entire cycle. Kinds of advertising with products and services we tend to see with?. British Petroleumo Competitive: Promote the advantages of one product class over another and are used in markets where different product classes compete for the same buyers. Competative&Comparative. more likely to see with stars. o Reminder: bring the companys name to the attention of the target market again. More likely to see with cash cow. - Developing the advertising programo Identifying the target audience: understanding the lifestyles, attitudes and demographics of the target market. NBC. o Specifying advertising objectives: Selecting media, evaluating a campaign. product lifestyle and whether we are informing, persuading, reminding, or all of them with one dominating. o Setting the

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CSU MKT 305 - Exam 4

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