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MKTG 409: FINAL EXAM
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.
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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.
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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.
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Market Share |
The percentage of a market that actually buys a specific product from a particular company.
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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
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Market Opportunity |
A combination of circumstances and timing that permits an organization to take action to reach a particular target market.
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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.
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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
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Centralized Organization |
Structure in which top-level managers delegate little authority to lower levels.
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Decentralized Organization |
a structure in which decision making authority is delegated as far down the chain of command as possible.
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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.
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Sales Analysis |
analysis of sales figures to evaluate a firm's performance
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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.
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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.
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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.
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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
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Kinesic Communication |
communication through the movement of head, eyes, arms, hands, legs, or torso.
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Personal selling |
paid personal communication seeks to inform customers and persuade them to purchase pro cuts in an exchange situation.
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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.
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Proxemic Communication |
communicating by varying the physical distance in face-to-face interactions.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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"
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Story board |
blueprint combining copy and visual material to show sequence of major sciences in a commercial |
artwork |
an advertisements illustrations and layout
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illustrations |
photos, drawing's, graphs, charts, and tables used to spark interests in an ad.
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layout |
the physical arrangement of an advertisements illustration and copy.
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pretest |
evaluation of advertisements performed before a campaign begins.
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consumer jury |
a panel of products existing or potential buyers who pretest ads.
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posttest |
evaluation of advertising effectiveness after the campaign.
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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.
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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.
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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
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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.
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Technical Salespeople |
support salespeople who give technical assistance to a firm's current customers
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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.
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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.
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coupons |
written price reactions used to encourage consumers to buy a specific product.
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cents off offers |
promotion that allow buyers to pay less than regular price to encourage purchase
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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
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Point-of-Purchase (POP) Materials |
signs, window displays, display racks and similar devices used to attract customers
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Premiums |
items offered fee or at a minimal cost as a bonus for purchasing product ( class example of cereal and the free trial gift)
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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.
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Scan-back Allowance |
a manufacturer's reward to retailers based on the number of pieces scanned.
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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.
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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. |