MKTG 301 EXAM 3 STUDY GUIDE Re read the assigned chapters from the textbook that pertain to lecture material Note that some topics were only mentioned in class briefly so you should fill in details using the textbook to make sure you fully understand the concept There are NO questions from the sections of the textbook listed below though lecture material is fair game The pages correspond to the 15th edition of the book The titles should be similar in the other versions of the textbook Fig 13 1 Major Steps in Sales Force Management p 415 Sales Force Training Compensating Supervising Motivating Salespeople and associated tables and figures Pp 417 top of 421 Ch 13 Size p 416 Ch 14 Ch 9 14 4 Public Policy Issues in Digital Marketing Pp 469 473 International Pricing Price Changes Pp 290 294 SUGGESTED TOPICS TO REVIEW The next two pages contain topics to review for Exam 3 We have tried to provide some details to help guide your review of class notes and textbook readings Two points to note 1 we could not list every detail to review so you should fill in the blanks on your own 2 if there are topics in your notes not listed below we have unintentionally left them out i e all lecture material is fair game unless otherwise stated Chapters 9 10 12 13 14 PROMOTION ADVERTISING Promotion Mix The specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships Promotion mix tools e g advertising PR Advertising PR Personal selling Sales promotion Digital marketing Promotion mix goals to To persuasively communicate customer value and build customer relationships Advertising To deliver a clear consistent and compelling message Marketing tactic used to promote a product service or cause Key characteristics Paid Nonpersonal communication Identified sponsor Broadcasting uses Television and radio to promote products or services Narrowcasting Companies are seeking narrower audiences Ex rather than a general network like NBC they might be looking to specialize cable channels to suit their particular brand Food network or espn would be an example Madison Vine Idea of Product placements Fusion of advertising with Hollywood Cost effective Higher reach Ex Paying movies to feature products in movies songs Paid media Media that involves marketing efforts to involve a paid placement EX truck drivers with logos on it kit kat benches for parks Owned media media shared by the company Earned media media that a company gains without paying for it Ex Influencers tv shows etc shared media shared by consumers to share with their friends Don t memorize the figure on Major Ad Decisions but get the basic idea Setting objectives Informative advertising Build primary demand Good for introducing a new product category Persuasive Advertising Build secondary demand preference Good for direct or indirect brand comparisons Becomes useful as competition increases reminder ads Increases frequency of purchase Good for mature products Budget decisions Proper way objective and task method 1 define specific objectives 2 determine tasks 3 estimate costs of each task Difficult to do without data Affordable method Setting the promotional budget where the company can afford it Small businesses mainly use this method percentage of sales Setting the budget at a certain percentage of current or forecasted sales competitive parity Setting the promotional budget to match competitors outlays Ad message decisions the big idea Compelling creative concept to do this think of the ad execution styles Meaningful believable and distinctive Ad execution styles setting Slice of life showing typical person people using product in normal Lifestyle showing how product fits with particular lifestyle Fantasy creates a fantasy around the product or its use Mood Image build mood or image around product beauty love serenity Musical shows someone singing about product Personality symbol character that represents the product might be animated GEICO Mr Clean or real Flo Colonel Sanders Technical enterprise show company expertise at making the product might talk about how many years of experience making their product Scientific evidence Present survey or scientific data showing that the brand is better than other brands Testimonial highly believable or likable source endorsing the product Could be real customers endorsing the product or celebrities presenting a product Steph Curry for Under Armor Moderate incongruity Moderately inconsistent with our prior attitudes Familiar with Maslow s Hierarchy Media decisions Media vehicles A specific medium used to deliver a marketing message to a target audience Sports illustrated reader s digest Media scheduling Continuity year round advertising Flighting Seasonal Advertising Pulsing Changes with shifts in supply and demand Media impact qualitative value of an exposure through a given medium Reach Percentage of target market exposed to ad during a given period of Frequency the number of times a person in the target market is exposed to time ads PUBLIC RELATIONS Public Relations Building good relations with the company s various publics Obtain favorable publicity Build up a good corporate image Handling unfavorable rumors stories and events Credible Publicity Gaining public visibility or awareness for a product or service Role of Publicity Firm Product service Media others Customers Public relations tools News Speeches Special events Written materials Videos Public Service Buzz Marketing Corporate Identity materials Examples of PR and publicity Undercover Marketing Marketing to people who do not know that they are being marketed to Stealth Marketing Builds brand awareness without over advertising Builds trust and credibility PERSONAL SELLING AND SALES PROMOTION 1 Personal Selling Personal presentation by the firm s sales force for the purpose of engaging customers making sales and building customer relationships Ex Salesman and agents Salesperson covers a wide range of positions from order takers to order getters Salespeople have multiple tasks Create sales Build and maintain relationships Boundary spanning Educate customers represent the company Bring information to the company represent the customers Major steps in the selling process 1 Prospecting and Qualifying a Obtain leads and scout out qualified prospects Use i ii iii Referrals best source Directories Cold Calling drop in various offices unannounced b Qualify leads through a screening process 2 Pre