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CTE3806 Terms for Exam 4 Test is Tues Dec 11 at 5 30 in DIF128 Chapter 15 Affordable budgeting method retailer first sets a budget for every element of the retail mix except promotion and then allocates the leftover funds to a promotional budget Brand distinguishing name or symbol such as a logo the identifies the products or services offered by a seller and differentiates those products and services from those offered by competitors brand promise when you know what to expect Publix is laid out a certain way and you know where to find milk and eggs Chili s menu is always the same brand extension Gap cid 224 GapKids and Old Navy Brand associations anything linked with the brand name in the customer s memory Brand awareness a potential customer s ability to recall the brand name is a particular type of retailer product service know that Starbucks is a coffee place Brand image set of associations organized around some meaningful themes Brand loyalty when a customer likes consistently buying a certain brand they are reluctant to switch to other brands if their brand isn t available Break even analysis the technique that evaluates the relationship between total revenue and total cost to determine profitability at various sales levels Cooperative advertising For national brands the vendor manufacturer pays to advertise not the retailer ex Ralph Lauren commercial products available at Macy s Forms of Communication DIRECT communicates with the consumer to generate a response or transaction mail catalogs email mobile INDIRECT Integrated marketing communication program a program that integrates all of the communication elements to deliver a comprehensive consistent message can be hard for multichannel retailers plan your communication Store Design Advertising Web Site Magalog Marginal analysis based on the economic principle that firms should increase communication expenditures as long as each additional dollar spent generates more than a dollar of additional contribution Methods of Communication ONLINE websites blogs social media OFFLINE INTERACTIVE PASSIVE Mobile marketing m commerce communicatin with and even selling to customers through wireless handheld devices such as cellular telephones and personal digital assistants 12 11 12 Objective and Task method a method for setting a promotion budget in which the retailer first establishes a set of communication objectives and then determines the necessary tasks and their costs Percentage of sales method a method for setting a promotion budget based on a fixed percentage of forecast sales Pop up store stores in temporary locations that focus on new products of a limited group of products Premiums a type of sales promotion whereby and item is offered free of charge or at a bargain price to reward some type of behavior such as buying sampling or testing Public relations a retail communications tool for managing communications and relationships to achieve various objectives such as building and maintaining a positive image of the retailer handling or heading off unfavorable stories or events and maintaining relationships with the media Social media media content distributed through social interactions Three major online facilitators or social media are YouTube Facebook and Twitter Special event sales promotion program comprising a number of sales promotion techniques built around a seasonal cultural sporting musical or other event Top of mind awareness memorable name repeated exposure event sponsorship symbols ex Starbucks Home Depot Best Buy Macy s The highest level of awareness of a retailer brand like when people are asked where to go for home improvement they say Home Depot which is more memorable than the name Lowe s because it has home in it p 402 Other Notes from class know there are several ways of determining the communication budget marginal analysis and objective and task method see definitions above know the rule of thumb methods affordable budget method determining the amount of money available after operating costs profits are budgeted drawback is that communication expenses don t simulate sales profits percentage of sales method a fixed percentage of forecasted sales drawback is that it is based on past performance competitive party method of your compeditor Abercrombie does a billboard you do a billboard advantages stimulate demand allow for direct tracing of sales disadvantages have low redemption rates have high cost stimulate demand increase value perception build goodwill increase perception of value are easily copied by competitors may just advance future sales consumers buy for premium not product have to be carefully managed encourage trial offer direct involvement have high cost to the firm promotion coupons rebates premiums prize or award samples 12 11 12 POP displays provide high visibility encourage brand trial special events generate excitement and traffic can be difficult to get a good location in the store can be costly to the firm can be costly can distract customers from purchasing during the event pop up stores generate customer interest open up new markets and market segments have high cost must hire store personnel may take sales away from other company owned stores Chapter 16 Autocratic leader a manager who makes all decisions on his or her own and then announces them to all employees Equal Employment Opportunity Commission EEOC a federal commission that was established for the purpose of taking legal action against employers that violate the Title VII 7 pf the Civil Rights Act Title VII 7 prohibits discrimination in company personnel practices Extrinsic reward reward such as money promotion or recognition given to employees by the manager of the firm Incentive compensation plan a compensation plan that rewards employees on the basis of their productivity Intrinsic reward nonmonetary rewards employees get for doing their jobs Job analysis identifying essential activities and determining the qualifications employees need to perform them effectively Job application a form the applicant completes about their employment history previous compensation reasons for leaving previous employment education and training personal health and references Job description a description of the activities the employee needs to perform and the firm s performance expectations Labor costs On the job training a decentralized approach in which job training occurs in the work environment where employees perform their jobs Sexual

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FSU CTE 3806 - Terms for Exam #4

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