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FSU CTE 3806 - Exam 4 Study Guide

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Exam 4 Study GuideDefine “brand”- distinguishing name or symbol that identifies the products or services offered by a seller and differentiates those products and services from competitorsWhat must retailers understand when using the marginal analysis method for setting the communication budget?- “firms should increase communication expenditures as long as each additional dollar generates more than a dollar on top of that”What does the affordable budget method take into account?- sets communication budget by determining what money is available after operating costs and profits are budgeted- assumes communication expenses don’t stimulate sales and profitsMobile marketing is a method that is online /interactive.- through wireless handheld devicesWhat is the most expensive form of communication? - personal sellingGive an example of co-op advertising?- Best Buy advertising with Sony TVs and splitting costsDefine autocratic leadership- a manager who makes all decisions on his or her own and then announces them to employeesKnow the difference between and intrinsic reward and an extrinsic reward- extrinsic: provided by either the employee’s manager or the firm such as compensation, promotion, and recognition- intrinsic: what employees gain personally form doing their job well What is a loop layout?- racetrack shape with major aisle that has access to departments, provides different views and encourages exploration to cause impulse buying What are the benefits of digital signage?- attracts attention, enhances environment, target demographics, eliminates printing, & other signage costsHow do most retailers determine the productivity of store space?- sales per square foot, sales per linear footWhat is a planogram?- a diagram that shows how and where specific SKUs should be placed on retail shelves or displays to increase customer purchasesDefine “service gap”- knowledge gap: knowing what the customer wants- delivery gap: meeting & exceeding service goals- communications gap: communication the service promise- standards gap: setting service goalsGive an example of brand association- Office Depot is associated with office supplies so you automatically think office depot.Know appropriate and inappropriate questions in job interviews- Chapter 16 powerpoint lists a bunchWhat does a transformational leader do?- get people to transcend their personal needs for the sake of the group and generate excitement What is a feature area?- areas within a store designed to get the customers attentionKnow which type of fixtures different retailers may use (ex: rounder. Four-way)- straight rack: holds a lot, hard to feature- rounder: holds a maximum, easy to move, can’t see merchandise- four way: large amount of merchandise, allows customer to view entire garment, hard to maintain, fashion oriented- Gondolas: versatile, grocery store like selectionDescribe free form layout- fixtures & aisles arranged asymmetrically- provides intimate, relaxing environment- small store experience, specialty and upscale department stores15affordable budgeting method: sets communication budget by determining what money is available after operating costs and profits are budgetedBrand: distinguishing name, symbol, or logoBrand associations: anything linked or connected with the brand nameBrand awareness: memorable name, repeated exposure, symbols, event sponsorshipBrand image: promises quality, reduces time & effort searching for informationBreak-even analysis: determines how much merchandise needs to be sold to achieve a break even zero profitCooperative advertising: promotional program undertaken by a vendor and a retailer working togetherIntegrated marketing communication program: program that integrates all of the communication elements to deliver a comprehensive, consistent message Marginal analysis: firms should increase communication expenditures as long as each additional dollar spent generates more than a dollar of additional contributionMethods of Communication: direct marketing, direct mail, email, mobile marketing, web sites, blogs, social media, sales promotions, rebates, coupons, premium, sample, point of purchase display, special event, pop up store, personal selling, advertising, news, co-op, PRMobile marketing: marketing through wireless handheld devices, and m-commerce involves completing a transaction via phoneObjective 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 costsPercentage of sales method: communication budget is set as a fixed percentage of forecasted salesPop-up store: generate customer interest, open new markets & segments, high costs, may take sales away from other company storesPremiums: build goodwill, increases value perception, consumer’s buy for premiumPublic relations: managing communications and relationships to achieve various objectives, maintain positive image of retailerSocial media: media content distributed through social interactionsSpecial event: generates excitement and traffic, can be costly & distract customers from purchasing during the eventTop of mind awareness: highest level of awareness, first come to mind16autocratic leader: a manager who makes all decisions on his or her own and then announces them to employeesEqual Employment Opportunity Commission: a federal commission that was established for the purpose of taking legal action against employers that violate Title VII of the Civil Rights Act which prohibits discrimination in company personnel practicesExtrinsic reward: rewards provided by managerIncentive compensation plan: straight commission to motivate employeesIntrinsic reward: rewards the employee personally gainsJob analysis: identifies essential activities and is used to determine the qualifications of potential employeesJob description: includes activities the employee needs to perform and the performance expectations expressed in quantitative terms; guideline for recruiting, training, selecting, & evaluating On the job training: employees are assigned a job, given responsibilities, and coached by supervisorsSexual harassment: unwelcomed sexual advances, requests for sexual favors, and other verbal and physical contact Structured training program: new employees acquire the basic skills and knowledge they’d need to do their jobTransformational leader: get people to transcend their personal needs for the sake


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