MKTG 409: FINAL EXAM
138 Cards in this Set
| Front | Back |
|---|---|
|
Strategic Marketing Management
|
The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently.
|
|
Strategic Planning
|
A company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy.
|
|
Mission Statement
|
Long-term view, or vision, of what the organization wants to become.
|
|
Corporate Strategy
|
A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals.
|
|
Strategic Business Unit (SBU)
|
a division, product line, or other profit center within the parent company.
|
|
Market
|
A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
|
|
Market Share
|
The percentage of a market that actually buys a specific product from a particular company.
|
|
Market Growth Matrix
|
A helpful business tool, based on the philosophy that a product's market growth rate and its market share are important considerations in determining its marketing strategy.
|
|
Core Competencies
|
Things a company does extremely well, which sometimes give it an advantage over its competition
|
|
Market Opportunity
|
A combination of circumstances and timing that permits an organization to take action to reach a particular target market.
|
|
Strategic Windows
|
Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market.
|
|
Competitive Advantage
|
The result of a company matching a core competency to opportunities it has discovered in the marketplace.
|
|
SWOT Analysis
|
Assessment of an organization's strengths, weaknesses, opportunities, and threats.
|
|
First-Mover Advantage
|
The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace.
|
|
Late-Mover Advantage
|
the ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace.
|
|
Marketing Objective
|
A statement of what is to be accomplished through marketing activities.
|
|
Marketing Strategy
|
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.
|
|
Sustainable Competitive Advantage
|
An advantage that the competition cannot copy
|
|
Marketing Implementation
|
The process of putting marketing strategies into action
|
|
Centralized Organization
|
Structure in which top-level managers delegate little authority to lower levels.
|
|
Decentralized Organization
|
a structure in which decision making authority is delegated as far down the chain of command as possible.
|
|
Strategic Performance Evaluation
|
Establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the marketing strategy, if needed.
|
|
Performance Standard
|
An expected level of performance against which actual performance can be compared.
|
|
Sales Analysis
|
analysis of sales figures to evaluate a firm's performance
|
|
Marketing Cost Analysis
|
Analysis of cost to determine which are associated with specific marketing efforst.
|
|
Marketing Plan
|
A written document that specifies the activities to be performed to implement and control the organizations marketing strategies.
|
|
Integrated Marketing Communications
|
Coordination of promotion and other marketing efforts for maximum informational and persuasive impact. Goal is to send a consistent message to customers.
|
|
Communication
|
A sharing of meaning through the transmission of information
|
|
Source
|
A person, group or organization with a meaning it tries to share with a receiver or an audience.
|
|
Receiver
|
The individual, group, or organization that decodes a coded message.
|
|
Coding Process ( encoding)
|
converting meaning into a series of signs or symbols.
|
|
Communications Channel
|
the medium of transmission that carries the coded message from the source to the receiver.( printed words, or broadcast media.)
|
|
Decoding Process
|
converting signs or symbols into concepts and ideas.
|
|
Noise
|
anything that reduces a communication's clarity and accuracy.
|
|
Feedback
|
the receiver's response to a decoded message.
|
|
Channel Capacity
|
the limit on the volume of information a communication channel can handle effectively.
|
|
Promotion
|
Communication to build and maintain relationships by informing and persuading one or more audiences.
|
|
Primary Demand
|
Demand for a product category rather than for a specific brand.
|
|
Pioneer Promotion
|
Promotion that informs consumers about a new product.
|
|
Selective Demand
|
Demand for a specific brand. ( points out strengths and benefits)
|
|
Encouraging product trial
|
promotions such as free samples, coupons, test drives etc.
|
|
Promotion Mix
|
A combination of promotional methods used to promote a specific product.
|
|
What are the four elements of a promotion mix?
|
Personal selling, advertising, public relations, and sales promotion
|
|
Advertising
|
Paid, non personal communication about an org and its products transmitted to target audience through mass media. Cost efficient and reaches wide audience
|
|
Kinesic Communication
|
communication through the movement of head, eyes, arms, hands, legs, or torso.
|
|
Personal selling
|
paid personal communication seeks to inform customers and persuade them to purchase pro cuts in an exchange situation.
|
|
Sales Promotion
|
activity or material that acts as a direct inducement, offering added value or incentive for the product to resellers, salespeople, or consumers.
|
|
Public relations
|
Broad set of communication efforts to create or enhance favorable relationships between an org and its stakeholders.
|
|
Proxemic Communication
|
communicating by varying the physical distance in face-to-face interactions.
|
|
Tactile Communication
|
communicating through touching.
|
|
Target market
|
size, geographic distribution, and demographic characteristics.
|
|
Push Policy
|
Promoting a product only to the next institution down the marketing channel. Producer->Wholesalers->Retailers ->Consumers. Stresses personal selling.
|
|
Pull Policy
|
Promoting a product directly to consumers to develop strong consumer demands that pulls products through the marketing channel.
|
|
Word of mouth communication
|
personal informal exchanges of communication that customers share with one another about products, brands and companies
|
|
Buzz Marketing
|
An attempt to incite publicity and public excitement surrounding a product through a creative event.
|
|
Viral Marketing
|
A strategy to get consumers to share a marketer's message, often through email or online videos, in a way that spreads dramatically and quickly.
|
|
Product Placement
|
the strategic location of products or product promotions within entertainment media content to reach the product's target market.
|
|
Advertising
|
Paid nonpersonal communication about an organization and its products transmitted to a target audience through mass media.
|
|
Institutional Advertising
|
Advertising that promotes organizational images, ideas, and political issues.
|
|
Advocacy Advertising
|
ad that promotes a company's positition on a public issue.
|
|
Product Advertising
|
Ad that promote the uses, features, and benefits of products. 2 types of advertising.
|
|
Pioneer Advertising
|
ad that tries to stimulate demand for a product category rather than a specific brand by informing potential buyers about the product.
|
|
Competitive Advertising
|
Tries to stimulate demand for a specific brand by promoting its features , uses, and advantages relative to competing brands.
|
|
Comparative Advertising
|
compare the sponsored brand with one or more identified brands on the basis of one or more product characteristics.
|
|
Reminder Advertising
|
Advertising used to remind consumers about an established brad's uses, characteristics, and benefits.
|
|
Reinforcement Advertising
|
Ads that assures users they chose the right brand and tells them how to get the most satisfaction from it.
|
|
Advertising Campaign
|
the creation and execution of a series of advertisements to communicate with a particular target audience.
|
|
How many steps are in an advertising campaign?
|
8 steps.
|
|
Target Audience
|
The group of people at whom advertisements are aimed. location, geographic distribution, age, income, race, gender, education, lifestyle, and attitudes.
|
|
Advertising Platform
|
Basic issues or selling points to be included in an advertising campaign.
|
|
Advertising Appropriation
|
The advertising budget for a specific time period.
|
|
Objective-and-task Approach
|
Budgeting for an advertising campaign by first determining its objective and then calculating the cost of all the tasks needed to attain them.Most logical
|
|
Percent-of-sales Approach
|
budgeting for an advertising campaign by multiplying the firm's past and expected sales by a standard percentage.
|
|
Competition-Matching Approach
|
Determining an advertising budget by trying to match competitors' advertising outlays.
|
|
Arbitrary Approach
|
budgeting as specified by a high-level executive in the firm.
|
|
Media Plan
|
A plan that specifies the media vehicles to be used and the schedule for running ads. ( Goal is reach largest number of people in advertising target that the budget will allow and achieve appropriate message each and frequency for target audience.
|
|
Reach
|
refers to the percentage of consumers in the target audience actually exposed to a particular ad in a stated period
|
|
Frequency
|
number of times the targeted consumers are exposed to the ad.
|
|
Cost Comparison Indicator
|
A means of comparing the costs of advertising vehicles in a specific medium in relation to the number of people reached. ( ex. cpm)
|
|
CPM
|
Cost per thousand impressions - cost comparison indicator for magazines.
|
|
Hedge words
|
may and probably( little effect on women)
|
|
Pledging words
|
definitely and absolutely( little effect on men and women)
|
|
Regional Issues
|
versions of a magazine that differ across geographic regions
|
|
Copy
|
the verbal portion of advertisements ( may include headlines, sub headlines, body copy and a signature.) ex. "try it today"
|
|
Story board
|
blueprint combining copy and visual material to show sequence of major sciences in a commercial
|
|
artwork
|
an advertisements illustrations and layout
|
|
illustrations
|
photos, drawing's, graphs, charts, and tables used to spark interests in an ad.
|
|
layout
|
the physical arrangement of an advertisements illustration and copy.
|
|
pretest
|
evaluation of advertisements performed before a campaign begins.
|
|
consumer jury
|
a panel of products existing or potential buyers who pretest ads.
|
|
posttest
|
evaluation of advertising effectiveness after the campaign.
|
|
Recognition Test
|
a posttest in which respondents are shown the actual ad and are asked if they recognize it.
|
|
Unaided Recall Test
|
a posttest in which respondents are asked to identify advertisements they have seen recently but are not given any recall clues.
|
|
Aided Recall Test
|
a posttest that asks respondents to identify recent ads and provides clues to jog their memory.
|
|
Public Relations
|
communication efforts used to create and maintain favorable relations between an organization and its stakeholders.
|
|
Personal Selling
|
Paid personal communication that attempts to inform customers and persuade them to buy products in an exchange situation.
|
|
Publicity
|
a news story type of communication about an organization and or its products transmitted through a mass medium at no charge.
|
|
news release
|
a short piece of copy publicizing an event or a product
|
|
feature article
|
a manuscript of up to 3,000 words prepared for a specific publication.
|
|
captioned photograph
|
a photo with a brief description of its contents.
|
|
press conference
|
a meeting used to announce major news events.
|
|
Personal selling steps
|
Prospecting, pre approach, approach, making presentation, overcoming objections, closing the sale, follow up.
|
|
Prospecting
|
developing a database of potential customers.
|
|
Pre approach
|
sales person finding and analyzing information about prospects needs prior to approach.
|
|
Approach
|
the manner in which a salesperson contacts a potential customer
|
|
Closing
|
the stage in the personal selling process when the salesperson asks the prospect to buy the product.
|
|
Order Getters
|
Salespeople who sell to new customers and increase sales to current customers
|
|
Order Takers
|
Salespeople who primarily seek repeat sales.
|
|
Support Personnel
|
sales staff members who facilitate selling but usually are not involved solely with making sales
|
|
Missionary Salespeople
|
support salespeople, usually employed by a manufacturer, who assist the producer's customers in selling to their own customers.
|
|
Trade Salespeople
|
Salespeople involved mainly in helping a producer's customers promote a product.
|
|
Technical Salespeople
|
support salespeople who give technical assistance to a firm's current customers
|
|
Team Selling
|
the use of a team of experts from all functional areas of a firm, led by a salesperson, to conduct the personal selling process.
|
|
Relationship Selling
|
the building of mutually beneficial long-term associations with a customer through regular communications over prolonged periods of time.
|
|
Recruiting
|
developing a list of qualified applicants for sales positions.
|
|
Straight Salary Compensation Plan
|
Paying salespeople a specific amount per time period, regardless of selling effort. ( sales manager have control, no incentive to close sell)
|
|
Straight commission compensation plan
|
paying sales people according to amount in their sells in a given time period. ( provides max incentive for sales personnel, managers have little control.
|
|
Combination Compensation Plan
|
paying salespeople a fixed salary plus a commission based on sales volume.
|
|
Sales Promotion
|
an activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it. two categories ( costumer and trade)
|
|
Consumer Sales Promotion Methods
|
sales promotion techniques that encourage consumers to patronize specific stores or try particular products.
|
|
coupons
|
written price reactions used to encourage consumers to buy a specific product.
|
|
cents off offers
|
promotion that allow buyers to pay less than regular price to encourage purchase
|
|
Money refunds
|
sales promotion technique that offer consumers specified amount of money when they mail in proof of purchase for multiple purchases.
|
|
Rebates
|
sales promo for money back on a single purchase
|
|
Point-of-Purchase (POP) Materials
|
signs, window displays, display racks and similar devices used to attract customers
|
|
Premiums
|
items offered fee or at a minimal cost as a bonus for purchasing product ( class example of cereal and the free trial gift)
|
|
consumer contests
|
sales promo method in which individuals compete for prizes based on their analytical or creative skills
|
|
Consumer games
|
Sales promo method which individuals compete for prizes based primarily on chance.
|
|
Trade Sales Promotion Methods
|
methods intended to persuade wholesalers and retailers to carry a producer's products and market them aggressively.(buying allowances, buy back allowances, scan back allowances, merchandise allowances, cooperative advertising, dealer listing, premium and sales contests.
|
|
Buying Allowance
|
A temporary price reduction to resellers for purchasing specified quantities of a product.
|
|
Buy-Back Allowance
|
a sum of money given to a reseller for each unit bought after an initial promotion deal is over.
|
|
Scan-back Allowance
|
a manufacturer's reward to retailers based on the number of pieces scanned.
|
|
Merchandise Allowance
|
a manufacturer's agreement to pay resellers certain amounts of money for providing special promotional efforts, such as setting up and maintaining a display.
|
|
Cooperative Advertising
|
An arrangement in which a manufacturer agrees to pay a certain amount of a retailer's media costs for advertising the manufacturer's products.
|
|
Dealer Listings
|
advertisements that promote a product and identify the names of participating retailers that sell the product.
|
|
Free Merchandise
|
a manufacturer's reward given to resellers that purchase a stated quantity of products.
|
|
Dealer Loader
|
A gift, often part of a display, given to a retailer that purchases a specified quantity of merchandise
|
|
Premium Money
|
Extra compensation to salespeople for pushing a line of goods.
|
Study Guide: Exam 1