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49 Cards in this Set
- Front
- Back
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What are the steps of the advertising process?
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Objective
budget media/message implement evaluate |
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What are the 4 types of advertising budgets
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Affordable
Percentage of sales competitive parity objective and task |
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What is affordable advertising budget and what are its pros and cons
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What the company can afford
+recognizes budget limitations -advertising is a luxury |
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What is percentage of sales and what are its pros and cons
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Actual or forecasted
+easy, logical -advertising is the cause, not the effect |
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What is competitive parity and what are its pros and cons
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Mimic competitors
+low risk -competitors might be morons |
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What is objective and task and what are its pros and cons?
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Best one
+pay for what meets the objective -difficult |
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What are the types of general media?
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Broadcast
on-line/emerging search engines display ads etc. |
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What is the fastest growing general media?
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on-line/emerging
mobile? |
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What form of general media costs the most money?
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search engines
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What is reach?
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The % of your target market exposed to the ad
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What is frequency?
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how often they are exposed
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what is duration?
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how long they are exposed
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What is media impact?
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Will the media tell your story well?
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What is fleeting exposure?
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how long the ad will be there
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What is audience exposure?
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How long the ad will be there
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What is audience attention?
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Do people carefully read the ads in the specific type of media?
Clutter |
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What is reach for specific media?
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The % of my target market exposed to the ad.
What newspaper? section? tv station? |
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What is audience quality for specific media?
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% of those exposed to the ad, in the target market
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What are the seven things the advertising must be?
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Must have relevant information (thinking)
Must evoke empathy (feeling) Must reinforce the brand- (replace your name with competitors) Must be believeable Must not be confusing Must be distinctive Must be entertaining |
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What is public relations? and what are its pros and cons?
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managing public information
+credible -uncontrollable |
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What are offensive public relations?
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good things join on with the company, want to make it publicly known
doug flutie effect |
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what are defensive public relations?
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Make sure you tell the truth, tell first, tell often
Penn state |
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What are 5 types of public relations tools?
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Press releases, relationship with the reporter, events, interviews, speaking engagements
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What are the pros and cons associated with personal selling?
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+ personal interaction, emphasis on long term relationships, a response is expected
- long term commitment, cost |
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What are the 8 steps of the selling process?
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Prospecting
Qualifying Preapproach Approach presentation handle objections close follow up |
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Would you use the 8 steps of the selling process for a low involvement product?
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no
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What is prospecting?
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multiple people
identify potential customers random cold call referrals Life events |
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What is the itch cycle?
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Cell phone 2 year contract
running shoes in season |
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What is an orphan?
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Customers who have been abandoned by their sales person
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What is qualifying?
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Individual
likely or unlikely to buy? Will they benefit can they buy? |
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What is the preapproach?
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learn about the customer
who they are what do they want to know how do they want to communicate? |
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What is the approach?
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Get off to a good start
approach the customer |
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What is important about the presentation stage?
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learn about them
teach about you involve them in the process |
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What do you do in the handle objections stage?
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seek out, clarify and overcome
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What happens in the close phase?
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Ask for the order
When: look for a buying signal How: ask then wait Never ask a say no question |
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What do you do during the follow up stage?
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Maximize satisfaction
In the store with add ons |
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What is price?
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What customers give up to get the product
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What sets the floor?
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cost plus pricing
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What sets the ceiling?
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perceived value?
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What are some pros and cons associated with cost plus pricing?
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+simple
-ignores demand and competition |
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What are some examples of perceived value?
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Historic pricing (what did you pay yesterday)
Cost of substitutes (cable, satellite) Cost of not buying (hot water heater) |
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What is pure competition?
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Many buyers and sellers
Uniform commodity Perfect information Price set by the market Stratgey: price at the market |
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What is monopolistic competition
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Many buyers and sellers
Product differentiation Strategy: differentiate to move price higher1 |
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What is oligopolistic competition?
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Few sellers
Strategy: watch competitors (rivalry) |
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What is a pure monopoly?
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One seller
Strategy: price to maximize profits |
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What is inelastic prices?
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Insensitive to prices
dont notice or dont care or cant choose Raise prices |
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What is elastic prices?
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sensitive
notice, care, choose Lower prices |
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Which type of organization practices market penetration pricing?
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operational excellence
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Which type of organization practices market skimming pricing?
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Product leadership
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