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196 Cards in this Set
- Front
- Back
Google's "Innovation Time-Off" and 3M's "Dreamdays" programs, in which employees are granted time away from their regular duties in order to develop new innovations, are examples of a concept known as ________. |
Intrapreneurship |
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Samsung's "Open Innovation" program connects the firm with a broad array of outside collaborators and entrepreneurs to develop new products and technologies. Through the program, Samsung creates alliances with top industry and university researchers around the world, participates actively in industry-wide forums, and seeks out and invests in promising startup companies.Samsung's program is an example of the concept of ________.
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Crowdsourcing |
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________ calls for testing new product concepts to groups of target consumers. |
Concept Testing |
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Whereas a product idea is an idea for a possible product that the company can see itself offering to the market, a ________ is a detailed version of the idea stated in meaningful consumer terms. |
Product Concept |
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With respect to the product life cycle, the ________ stage is a period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. |
Maturity |
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During the ________ stage of the product life cycle, firms often shift some advertising from simply building awareness toward building stronger brand conviction and purchase behaviors.
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Growth |
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Established by the U.S. Congress in 1972, the ________ has the authority to ban or seize potentially harmful products and set severe penalties for manufacturer violations of federal law. |
Consumer Products Safety Commission |
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As a result of growing litigation and increased product liability insurance, some companies are now appointing ________, whose job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems. |
Product Stewards |
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________ is the only element in the marketing mix that produces revenue. |
Price |
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________ is typically considered the most flexible of the marketing mix elements. |
Price |
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Even as frugal consumer spending habits linger in the wake of the recession, some movie theater chains are adding amenities, such as upgraded leather seating and seat-side service, and charging more for tickets rather than cutting services to maintain a lower admission price. This example illustrates the concept of ________ pricing strategy. |
Value-added |
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For companies such as Walmart or Southwest Airlines, which have worked hard to position themselves as the low-cost producers in their industries, it makes great sense to set prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for the company's effort and risk. This approach is known as ________ pricing strategy. |
Cost-based |
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The ________ shows the number of units the market will buy in a given time period at different prices that might be charged. |
Demand Curve |
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The term ________ refers to how responsive demand will be to a change in price. |
Price Elasticity |
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When a phone company releases its greatly anticipated new phone models at a premium price, only to discount them slowly overtime, this is an example of a ________ pricing strategy. *Product quality and image must supportthe price * lBuyers must want the product at the price *Costs of producing the product in smallvolume should not cancel the advantage of higher prices *Competitors should not be able to enterthe market easily |
Market-Skimming |
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Companies that set a low initial price in order to attract a large number of buyers quickly and win a large market share are employing a ________ pricing strategy. |
Market Penetration |
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Combo meals at fast-food restaurants are an example of ________ pricing. |
Product Bundle |
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________ pricing is an appropriate strategy for companies that offer multiple products within a given category with varying levels of quality or functionality.
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Product Line |
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Whereas a round-trip economy seat on a flight from New York to London might cost $1,000, a business-class seat on the same flight might cost $4,700 or more. This type of segmented pricing strategy is known as ________ pricing.
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Product Form |
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A grocery store places its store brand picante salsa, priced at $2.49, directly next to bottles of national brand Pace picante salsa, priced at $3.19. In so doing, the store is encouraging the use of the higher priced item as a ________ price. |
Reference |
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If a specific market segment is being lost to lower-priced rivals and price-sensitive customers are unresponsive to arguments of higher quality, a firm might choose to introduce a new ________ brand at a lower-price point rather than lower the price and quality perceptions of its premium quality brands.
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Fighter |
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When gasoline prices rise rapidly, angry customers often accuse the major oil companies of ________, or enriching themselves at the expense of consumers. |
Price Gouging |
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Federal legislation precludes sellers from talking to competitors prior to setting prices, an illegal practice known as ________. |
Price Fixing |
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The Robinson-Patman Act seeks to prevent unfair price ________ by ensuring that sellers offer the same price terms to customers at a given level of trade. |
Discrimination |
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Marketers, however, have traditionally focused on the downstream side of the supply chain, often referred to as the ________ channels, that look toward the customer. |
Distribution |
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Big food, drug, and discount retailers, such as Safeway, Walgreens, and Target, buy various types of candy bars by the truckload and stock it on their stores' shelves. In turn, you can buy a single Snickers bar along with a shopping cart full of other items when you visit the store. This example demonstrates how channel intermediaries contribute value by performing the ________ function. |
Matching |
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Although channel members depend on one another, they often act alone in their own short-run best interests and might disagree on their respective roles and rewards. Such disagreements over goals, roles, and rewards generate ________.
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Conflict |
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Online music download services such as iTunes and Amazon Music have pretty much put traditional music-store retailers out of business. This is an example of the concept of ________.
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Disintermediation |
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Producers of convenience products, such as bar soap and candy, typically seek to employ ________ distribution strategies.
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Intensive |
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Many producers of luxury items purposely limit the number of intermediaries handling their products in order to enhance perceptions of the premium quality of their goods, a practice known as ________.
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Exclusive Distribution |
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________ involves the processes associated with selecting, managing, and motivating individual channel members and evaluating their performance over time.
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Channel Management |
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Most companies see their intermediaries as first-line customers and partners. They employ a(n) ________ approach to forgelong-term partnerships with channel members.
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Partner Relationship Management |
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________, also called "physical distribution," involves planning, implementing, and controlling the physical flow of goods, services, and related information from points of origin to points of consumption to meet customer requirements at a profit. |
Marketing Logistics |
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________ refers to processes that make it easier and more efficient for customers and resellers to reuse, recycle, refurbish, or dispose of broken, unwanted, or excess products.
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Reverse Logistics |
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Idea Generation |
Systematic search for new product ideas |
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Product Concept |
Detailed version of the new product idea stated in meaningful terms |
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Commericalization |
Introducing a new product to the market |
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Growth |
Period of rapid market acceptance and increasing profits |
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Maturity |
Period of slowdown in sales growth because product has achieved acceptance |
|
Product Class |
(Gasoline powered cars) Longest Life Cycles |
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Product Form |
SUVS, VHS tapes, Film Cameras |
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Product Brand |
(Ford Escape) |
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Fashion |
Currently accepted or popular style in a given field |
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Customer Value Based Pricing |
Setting price based on buyers perceptions rather than on the seller's cost |
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Good Value Pricing |
Offering just the right combination of quality and good service at a fair price |
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Value Added Pricing |
Attaching value-added features and services to differentiate a company's offers and charging higher prices |
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Cost Based Pricing |
Setting prices based on the costs of producing, distributing, selling the product plus a fair rate of return for effort and risk |
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Cost-Plus Pricing |
Adding a standard markup to the cost of the pricing |
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Target Costing |
Pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met |
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Inelastic |
If demand hardly changes with a small change in price |
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Elastic |
Demand changes greatly |
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Price Skimming |
Setting a high price for a new product in order to skim maximum revenues layer by layer from the segments willing to pay the high price; The company makes fewer but more profitable sales |
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Product Concept |
Detailed version of product idea |
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Product Image |
Ways consumers perceive product |
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Market Penetration |
Setting a low price for a new product in order to attract a large # of buyers and a large market share |
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Product Line Pricing |
Setting prices across an entire product line |
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Captive-Product Pricing |
Pricing products that must be used with the main product (Razors, video games, printers, keurig coffee makers, and tablets |
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By Product-Pricing |
Pricing low value products to get rid of or make money on them ex) coca-cola converts waste from beverage operations into profitable by products |
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Segmented Pricing |
Selling a product or service at two or more prices where the difference in prices is not based on differences in costs. (Customer-Segmented is senior-citizen and student discounts while product form is like first class seating) |
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FOB-Origin Pricing |
Goods are placed free on board a carrier; passenger pays freight from the factory to the destination |
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Dynamic Pricing |
Adjusting prices continually to meet the characteristics and needs of individual customers and situations |
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Direct Marketing Channel |
Has no intermediary levels |
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Indirect Marketing Channel |
Containing one or more intermediary levels |
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Acquisition |
refersto the buying of a whole company, a patent, or a license to produce someoneelse’sproduct |
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Law of Duality |
In the long run, every marketbecomes a two horse race. |
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High Low Pricing |
charging higher prices on an everydaybasis but running frequent promotions to lower prices temporarily on selecteditems |
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Location Based Pricing |
(Out of state tuition being higher, and theater seat prices varying) |
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Geographical Based Pricing |
Pricing changes for locations based on diff. parts of the country and world |
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Target Return Pricing |
is the price at which the firm will breakeven or make the profit it’s seeking |
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Law of the Ladder |
Thestrategy to use depends on which rung you occupy on the ladder |
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Intermediaries |
offer producers greater efficiency inmaking goods available to target markets. Through their contacts, experience,specialization, and scale of operations, intermediaries usually offer the firmmore than it can achieve on its own. |
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Marketing Channel |
consists of firms that have partnered fortheir common good with each member playing a specialized role |
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Horizontal Conflict |
Occurs among firms at the same level |
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Vertical Conflict |
Occurs at diff. levels |
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Conventional Distribution Channel |
Consists of one or more independent producers, wholesalers, and retailers. Each are a separate business seeking to maximize profits perhaps at the expense of the profits of the system as a whole |
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Vertical Marketing System |
Channel Structure in which producers, wholesalers, and retailers act as a unified system. One channel member owns the others, has contracts with them |
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Corporate VMS |
Vertical marketing system that combines stages of production and distribution under single ownership |
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Contractual VMS |
Independent firms at diff. levels of production and distribution join together through contracts |
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Administered VMS |
Successive stages of production and distribution through the size and power of one of the parties |
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Horizontal Marketing System |
Two or more companies at one level join together for a new marketing opportunity |
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MultiChannel System |
Single firm sets up two or more marketing channels to reach one of more customer segments |
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Disintermediation |
Cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types |
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Exclusive Territorial Agreements |
Producer may agree not to sell to other dealers in a given area, or buyer agrees to sell only in its own territory |
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Price Policy |
must fit the target market andpositioning, product and service assortment, and competition |
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Self-Service Retailers |
Serve customers who are willing to perform their own locate-compare-select process to save time or money. Basis of all discount operations and used by retailers selling convenience goods like supermarkets or Target/Kohls |
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Limited Service Retailers |
Provide more sales assistance because they carry more shopping goods about which customers information. Results in higher prices. (Sears and JCPenney) |
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Category Killler |
Giant specialty store that carries a very deep assortment of a particular line |
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Service Retailer |
Retailer whose product line is actually a service; examples include hotels, airlines, banks, colleges, and many others. |
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Factory Outlet |
Off-price retailing operation that is owned and operated by a manufacturer (Gap, J.Crew, etc) |
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Corporate Chains |
Two or more outlets that are commonly owned or controlled |
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Showrooming |
Practice of coming to retail store showrooms to check out merchandise and prices but instead buying from an online-only rival, sometimes while in the store. |
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Merchant Wholesaler |
Independently owned wholesale business that takes title to the merchandise it handles |
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Drop shippers |
Do not carry inventory or handle the product |
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Rack jobbers |
Serve grocery and drug retailers mostly in nonfood items |
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Producer's cooperatives |
Farmer owned members that assemble farm product for sale in local markets |
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Commission Merchants |
Take physical possession of products and negotiate sales |
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Promotion Mix |
lspecific blend of advertising, publicrelations, personal selling, and direct-marketing tools that the company usesto persuasively communicate customer value and build customer relationshipsell_count |
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Advertising |
is any paid form of non-personalpresentation and promotion of ideas, goods, or services by an identifiedsponsor |
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Sales Promotion |
is the short-term incentive to encouragethe purchase or sale of a product or service |
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Personal Selling |
is the personal presentation by thefirm’s sales force for the purpose of making sales and building customerrelationships |
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Integrated Marketing Communications |
is the integration by the company of itscommunication channels to deliver a clear, consistent, and compelling messageabout the organization and its brands |
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AIDA Model |
Get Attention Hold Interest Around Desire Obtain Action |
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Rational Appeal |
Relates to the audience's self-interest |
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Opinion Leaders |
are people within a reference group who,because of their special skills, knowledge, personality, or othercharacteristics, exerts social influence on others |
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Buzz Marketing |
involves cultivating opinion leaders andgetting them to spread information about a product or service to others intheir communities |
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Atmospheres |
are designed environments that create orreinforce the buyer’s leanings toward buying a product |
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NonpersonalCommunication Channels |
Events are staged occurrences thatcommunicate messages to target audienceslPress conferences Grand openings Exhibits Public tours |
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Percentageof salesmethod |
sets the budget at a certain percentageof current or forecasted sales or unit sales price |
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Competitive-paritymethod |
sets the budget to match competitoroutlays |
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Objective-and-taskmethod |
sets the budget based on what the firmwants to accomplish with promotion and includes: |
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Sales Promotion |
includes coupons, contests, cents-offdeals, and premiums that attract consumer attention and offer strong incentivesto purchase, and can be used to dramatize product offers and to boost saggingsales |
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Many advertisers are now introducing video ad campaigns that stretch across multiple viewing platforms, such as traditional television and digital, mobile, and social media, a concept known as ________.
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digital video ad convergence
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Due to unplanned ________ during the communication process, a receiver may end up getting a different message than the one the sender sent.
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Noise |
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Under the ________ budgeting method, the company sets its promotion budget based on what it wants to accomplish with promotion. This budgeting method entails (1) defining specific promotion objectives, (2) determining the tasks needed to achieve these objectives, and (3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget.
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Objective and task |
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________ is the most effective tool at certain stages of the buying process, particularly in building up buyers' preferences,convictions, and actions. |
Personal Selling |
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Content Marketing |
Creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels |
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Push Strategy |
Calls for using sales force and trade promotion to push the product through channels. Producer promotes the product to channel members who in turn promote it to final customers |
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Pull Strategy |
Calls for spending a lot on consumer advertising and promotion to induce customers to buy the product |
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Advertising objectives can be classified by whether their primary purpose is to ________, persuade, or remind. |
Inform |
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Advertising strategy consists of two major elements: creating advertising messages and ________.
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selecting advertising media
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Advertising appeals should be meaningful, believable, and ________.
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Distinctive |
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An advertisement's ________ refers to the style, tone, words, and format employed in delivering the brand message.
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Execution |
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________ refers to all the mass-promotion activities designed to engage and build good relations with the company's various publics. |
Public Relations |
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Building and maintaining national or local community relationships is part of the ________ function of public relations.
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Public Affairs |
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Public relations professionals often utilize ________, such as news conferences and speeches, brand tours, sponsorships, and educational programs, in order to reach and interest target publics.
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Special Events |
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________ include(s) items like logos, stationery, brochures, signs, business forms, business cards, buildings, uniforms, and even company vehicles, all designed with the intent to create a strong corporate identity that the public immediately recognizes. |
Corporate Identity Materials |
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Execution Style |
Approach, style, tone, words, and format used |
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Madison and Vine |
Merging of advertisement and entertainment in an effort to break through the clutter and create new avenues for reaching customers with more engaging messages |
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Reach |
Measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time |
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Continuity |
Schedule ads evenly through given period |
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Pulsing |
Scheduling ads unevenly |
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Persuasive Adv |
importantwith increased competition to build selective demand |
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A document that will serve as a guide andensure that everyone is working with the same understanding |
Creative Brief |
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Development |
involvespublic relations with donors or members of nonprofit organizations to gainfinancial or volunteer support |
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Public Relations Impact |
lLowercost than advertisingl
Strongerimpact on public awareness than advertisingl Haspower to engage consumers and make them part of the brand story |
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Advertising consists largely of non-personal communication with large groups of consumers, whereas ________ involves interpersonal interactions and engagement between company representatives and individual customers. |
Personal Selling |
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The concept of ________ is based on the idea that for many customers, the salesperson is the companylong dash—the only tangible manifestation of the company with which they ever interact. As a result, strong relationships with the salesperson often translate into loyalty to the company and its products. |
Salesperson owned loyalty |
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Because many industry sectors require highly specialized knowledge, General Electric employs different sales forces in each of its different product and service divisions. This approach to sales organization is known as a _______ sales force structure. |
Product |
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Many software companies pair account representatives with computer engineers as well as other experts from areas such asmarketing, technical support, and research and development. This concept is known as ________. |
Team selling |
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Before calling on a prospect, the salesperson should learn as much as possible about the organization (what it needs, who is involved in the buying) and its buyers (their characteristics and buying styles). This stage of the selling process is known as________. |
Preapproach |
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The first step in the selling process is ________, during which the salesperson identifies qualified potential customers. |
Prospecting |
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Manufacturers utilize ________ in order to persuade retailers to carry new items and more inventory, promote the company's products, and give them more shelf space. |
Trade Promotions |
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________ include(s) a wide range of tools such as free samples, coupons, point-of-purchase displays, and sweepstakes. |
Consumer Promotions |
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Seven step selling process |
1. Prospecting 2. Preapproach/Needs Assessment 3. Approach 4. Presentation 5. Questions/Objections 6. Close 7. Follow-up |
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Product Sales Force Structure |
Sales force organization in which salespeople specialize in selling only a portion of the company's products |
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Customer or market sales force |
Salespeople specialize in selling only to certain customers or industries |
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Sales Quota |
Standard that states the amount a salesperson should sell and how sales should be divided among company's products |
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Social Selling |
Using online, mobile, and social media to engage customers, build stronger relationships and augment sales performance |
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Prospecting |
Step up in which a salesperson identifies potential customers |
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Sales Promotion |
Short-term incentives to encourage the purchase or sale of a product or service |
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Consumer Promotions |
Sales promotion tools used to boost short-term customer buying and engagement or enhance long term customer relationships |
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Rebates |
Coupons except that the price reduction occurs after purchase rather than at the retail outlet |
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Price packs |
Consumer savings off the regular price of a product |
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Premiums |
Goods offered either free or at low cost as an incentive to buy a product |
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Point of Purchase Promotions |
displays and demonstrations that take place at point of sale |
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Trade Promotions |
Sales promotion tools used to persuade resellers to carry a brand, give it shelf space, and promote it in advertising |
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DMA |
lAn interactive form of marketingusing one or more advertising media to effect a measurable response and/ortransaction at any location, with this activity stored in a database. |
|
Direct and Digital Marketing |
Engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting relationships |
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Multichannel Marketing |
Marketing through stores and other traditional offline channels and through digital, social, media, and mobile channels |
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Pepsi's Mountain Dew brand supplements its mass-media advertising by managing several branded Web sites and using social media to engage its customer community. This example illustrates how _______ has been transformed by the emergence of the Internet and social technologies.
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Direct marketing |
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According to the Direct Marketing Association (DMA), U.S. companies spent almost $133 billion on direct and digital marketing last year. As a result, direct-marketing-driven sales now account for approximately ________ percent of the U.S. economy.
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13 |
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In one simple but honest McDonald's video, the director of marketing at McDonald's Canada answers an online viewer's question about why McDonald's products look better in ads than in real life by conducting a behind-the-scenes tour of how a McDonald's ad is made. The award-winning 3½-minute video received almost 15 million views and 15,000 shares. This example illustrates the concept of ________.
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Viral |
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When you search Google for "dishwashers," you are likely to see a number of inconspicuous ads for advertisers, including product manufacturers such as Samsung and Bosch, as well as retailers, such as Walmart.com, Lowe's, and Best Buy. This is an example of________.
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Search-related Advertising |
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While browsing sports-related content on your smartphone, a bright orange Gatorade G Series banner emerges across your screen. Then a well-known professional football player bursts through the banner before the action settles on a stationary click-through display ad that shows how some of the world's biggest sports stars use Gatorade Prime to pre-fuel their bodies before games. This example illustrates the use of rich media in presenting brand information via ________.
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Online display |
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With the widespread diffusion of smartphones, companies today increasingly use ________ to stimulate immediate buying, make shopping easier and enriching the brand experience.
|
Mobile marketing |
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Marketers can now watch what's trending on social media and create marketing content to match. This practice is known as________.
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Real time |
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Rather than competing head to head with established competitors, many companies seek out unoccupied positions in uncontested market spaces. By aiming to create products and services for which there are no direct competitors, the goal of ________ is to make competition irrelevant. |
Blue-Ocean Strategy |
|
The video-rental superstore Blockbuster didn't go bankrupt at the hands of other traditional brick-and-mortar retailers. It fell victim first to unexpected competitors such as direct marketer Netflix and kiosk marketer Redbox, and then to a host of new digital video streaming services and technologies. Blockbuster's inability to recognize new sources of competition may be referred to as________.
|
Competitor Myopia |
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By focusing on the needs of small- and medium-sized businesses, often overlooked by larger players, ByGeorge Marketing & PR has achieved a small, but highly profitable market share in its region. This approach is known as a(n) ________ strategy.
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Market Nicher |
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Although the market leader is able to gather dominant market shares, researchers have found that in many cases that later challengers are able to achieve profits by closely observing what the market leader successfully does and copying or improving upon it. This approach is known as a ________ strategy.
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Market Follower |
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In today's fast-paced business environment, it is important for companies to be ________, paying close attention to both customers and competitors.
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Market Oriented |
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One of the negatives associated with a ________ strategy is that a company may end up simply matching or extending industry practices rather than seeking innovative new ways to create more value for customers.
|
Competitor Centered |
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Strategic Group |
Group of firms in an industry following the same or a similar strategy |
|
Law of Resources |
Without adequate funding, an idea won't get off the ground |
|
Competitive Strategies |
Overall cost leadership(low costs and large market share), differentiation, focus(focus on serving a few market segments well rather than go after the whole market), middle of the road(Don't stand out with the lowest costs, highest value, don't stand out with anything) |
|
Focus Strategy |
a company focuses its effort on serving few market segments well rather than going after the whole market
|
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Quotas |
arelimits on the amount of foreign imports a country will accept in certainproduct categories to conserve on foreign exchange and protect domesticindustry and employment |
|
Exchange Controls |
area limit on the amount of foreign exchange and the exchange rate against othercurrencies |
|
Nontariff trade barriers
|
arebiases against bids or restrictive product standards that go against Americanproduct features
|
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Benchmarking |
Comparing company's products and processes to those of competitors or leading firms in other industries to identify ways to improve quality and performance |
|
Formulated Marketing |
As small companies achieve success, they move toward more formulated marketing |
|
Intrapreneurial Marketing |
Marketing at the local level |
|
Value Disciplines |
Operational Excellence, Customer Intimacy, Product Leadership |
|
Market Leader |
Owns the market share. To remain number one, find ways to expand total demand, protect share with good defensive and offensive actions, and can expand market share futher |
|
A country's industrial structure shapes its product and service needs, income levels, and employment levels. The industrial structure of countries experiencing rapid overall economic growth fueled largely by increased manufacturing is best described as ________ economy. |
An emerging |
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Honda Motors' fundamental philosophy is "to build automobiles where we sell." This philosophy is reflected in the fact that more than90% of all Honda vehicles sold in the U.S. are manufactured in North America. Based upon this example, Honda's preferred approach to foreign market entry is ________. |
Direct Investment |
|
In a _________ agreement, a company enters into a contract with a firm in the foreign market under which it buys the right to use thecompany's manufacturing process, trademark, patent, trade secret, or other item of value. |
Licensing |
|
McDonald's serves salmon burgers in Norway, mashed-potato burgers in China, shrimp burgers in Japan, a Samurai Pork Burger inThailand, chicken porridge in Malaysia, and Spam and eggs in Hawaii. This exemplifies the concept of ________, which involves changing the product to meet local requirements, conditions, or wants. |
Product Adaption |
|
Chinese appliance producer Haier developed sturdier washing machines for rural users in emerging markets, where it found thatlighter-duty machines often became clogged with mud when farmers used them to clean vegetables as well as clothes. This example illustrates a ________ strategy. |
Product Invention |
|
A firm normally gets into international marketing by simply shipping out its goods. If its international sales expand, the company will typically establish a(an) ________ with a sales manager and a few assistants. |
Export Department |
|
International divisions are organized in a variety of ways. Using the ________ approach, country managers are responsible forsalespeople, sales branches, distributors, and licensees in their respective countries. |
Geographical Organization |
|
Subsistence Economies |
Vast majority of people engage in agriculture |
|
Raw Material Exporting Economies |
Economies rich in one of more natural resources but poor in other ways |
|
Management Contracting |
Joint venture in which the domestic firm supplies management know-how to a foreign company that supplies the capital; domestic firm exports management services |
|
Direct Investment |
Entering a foreign market by developing foreign based assembly or manufacturing facilities |
|
Straight Product Extension |
Marketing a product in a foreign market without making any changes to the product |