Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
49 Cards in this Set
- Front
- Back
|
Social Media
|
online media where users submit comments photos, and etc.
|
|
|
Media Richness
|
the dergree of acoustic, visual, and personal contact between two communication partners
|
|
|
self- Disclosure
|
putting things on the web that create a favorable image about yourself
|
|
|
User Generated Content
|
the various forms of online madia content that are publicly available and created by end users
|
|
|
MarketPlace
|
here buyers and sellers engage in face to face exchange relationships in a material environment
|
|
|
Market Space
|
an internet enabled digital environment characterized by face to screen exchange relationships and electronix images
|
|
|
Interactive Marketing
|
two way buyer and seller electronic communication in a computer environment where buyers control the kind and amount of info from seller
Example - choice boards and personal systems |
|
|
Choice Boards
|
an interactive internet enabled system that allows individuals customers to design there own products by answering questions.
Example - Dell and their computers |
|
|
Collaboratve filtering
|
automatically groups people with similar buying intentions, preferences and behaviors and predict future purchases
|
|
|
Personalization
|
consumer initiated practice of generating content on a marketers website that is custom tailored to an individuals specific needs
|
|
|
Web Communities
|
websites that allow people to congregate online and exchange views on topics of common interest
|
|
|
Dynamic Pricing
|
The practice of charging prices for products and services in real time in response to supply and demand conditions
Example - typically used by airline seats |
|
|
Viral Marketing
|
an internet enabled promotional strategy that encourages individuals to forward marketers messages
|
|
|
Cross channel shopper
|
an online shopper who researches products online and then purchases them at a retail store
|
|
|
behavioral Targeting
|
uses info from cookies to target advertising based on your interests
|
|
|
Website Design elements
|
Content
Customization Connection Communication Community Commerce |
|
|
Price
|
is the exchange of value for some good or service
|
|
|
Total Price
|
the exchange of not only money but time, effort, and trade-off required
|
|
|
Value in use
|
customer subjective perception of how critical the product is to satisfy need and wants
|
|
|
Value of Exchange
|
(the market value) customer deisire and producers willingness to sell in an open market
|
|
|
Price Elasticity of Demand
|
Price is elastic if as price goes up or down, demand goes up or down to a equal or greater extent. Price is inelastic when price goes up or down, demand changes very little if at all
|
|
|
Pricing Objectives
|
The overall impact the price will have on the firms strategic objectives and positioning
|
|
|
Pricing Strategies
|
Skimming and penetration were pricing strategies primarily for new products.
Administered and Competitive were pricing strategies for existing products. |
|
|
Pricing Strategies
|
Specifies how prices will be generally initiated and managed or changed over the life of the Product
|
|
|
Decision Criteria for Pricing Strategies
|
stage in live cycle
length of life # of competitors leed time/ advantages economy of scale nature of demand |
|
|
Pricing Constraints
|
Demand for the product class, product, Brand
newness of the product: Stage in the product life cost of producing and marketing product competitors prices |
|
|
General Price Tactics - Approaches
|
demand
competitor cost profit |
|
|
Demand Pricing Tactic
|
these approaches weigh factors underlying expected customer tastes and preferences more heavily than cost profit and competition
|
|
|
Cost Oriented Pricing tactic
|
Price setter stresses the cost side of the pricing problem, not the demand side. Price is set by the production and marketing costs and then adding enough to cover direct expenses
|
|
|
Legal Considerations
|
Price fixing
Deceptive Pricing Price Discrimination Predatory Pricing |
|
|
One Price Policy
|
setting one price for all buyers of a product or service
|
|
|
Flexible Pricing Policy
|
Involves setting different prices for products and services depending on Individual buyers and purchase situation in light of demand, cost, and competition factors
(Discriminatory potential) |
|
|
Protectionism
|
the practice of shielding one or more industries within a country's economy from foreign competition, usually through the use of tariffs or quotas
|
|
|
Global competition
|
exists when firms originate, produce, and market their products and services worldwide.
|
|
|
Global Brand
|
a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs .
|
|
|
Global Marketing Strategy
|
the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.
|
|
|
Joint Venture
|
When a foreign company and a local firm invest together to create a local business.
|
|
|
Standardization
|
The use of a product extension marketing strategy or communication adaptation strategy
|
|
|
Customization
|
The use of a product of dual adaptation marketing strategy or product invention
|
|
|
Value
|
the ratio of perceived benefits to price
|
|
|
Yield Management
|
Charging of different prices to maximize revenues for a set amount of capacity
|
|
|
Personal Selling
|
Provide an avenue for 2-way communicaiton to identify and solve problems, and build personal relationships, that lead to exchange, customer service, and firm profit
|
|
|
Personal selling Process
|
Prospecting then,
Pre Approach then, Approach then, Presentation then, Close then, Follow up |
|
|
Adaptive Management Policies
|
policies that specify who sales people should contact, what kinda of selling and customer service activities should be engaged in, and how these activities should be carried out.
|
|
|
Sales management
|
planning the selling program and implementing and evaluating the personal selling effort to the firm
|
|
|
Types of Sales People
|
There are 4
direct missionary order taker order getter |
|
|
Direct sales Person
|
the responsibility of negotiating and actually closing sale
|
|
|
Missionary sales personnel
|
The responsibility of building a nurturing relationship that will hopefully turn into a future sale
|
|
|
5 Basic Sales Management Decisions
|
Objectives, organization, Develop sales force, forcasting and budgeting, and implementing selling actions.
|
