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89 Cards in this Set
- Front
- Back
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Adaptive Selling |
A need-satisfaction presentation format that involves adjusting the presentation to fit the selling situation. |
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Advertising |
Any paid form of non-personal communication about an organization, product, service, or idea by an identified sponsor. |
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All-You-Can-Afford Budgeting |
Allocating funds to promotion only after all other budget items are covered. |
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Backward Integration |
A retailer owns a manufacturing operation. |
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Forward Integration |
A producer owns the intermediary at the next level down in the channel. |
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Bots |
Electronic shopping agents or robots that comb websites to compare prices and product or service features. |
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Breadth of Product Line |
The variety of different product items a store carries. |
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Category Management |
An approach to managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as subs, with the objective of maximum sales and profit. |
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Channel Captain |
A channel member that coordinates, directs, and supports other channel members. |
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Channel Conflict |
Arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals. |
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Channel of Communication |
The means (salesperson, ads, or public relation tools) of conveying a message to a receiver during the communication process. |
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Choiceboard |
An interactive, internet-enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product and service attributes, prices, and delivering options. |
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Closed System (Internet) |
Can't get in without logging in or permission. Facebook is one example! |
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Cold Canvassing (Cold Calling) |
Simply means that a salesperson may open a directory, pick a name, and contact that individual or business, either in person or by telephone. |
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Collaborative Filtering |
A process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases. |
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Competencies |
Special capabilities of an organization-the skills, technologies, and resources-that distinguish it from other organizations and provide customer value. |
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Competitive Parity Budgeting |
Allocating funds to promotion by matching the competitors absolute level of spending or the proportion per point of market share. (Matching Competitors/Share of Market) |
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Characteristics of an Effective Resume |
- Only include relative information - Symmetry - Behavioral resume (what you did and the outcome of that behavior) |
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Communication Objectives 1) Competitive 2) Comparative 3) Institutional 4) Pioneering 5) Reminder Ads 6) Cooperative |
1) Deals with selective demand 2) Compares one product with another product 3) Advertises an overall brand 4) Deals with primary demand early in the PLC. 5) Late stage, early decline in PLC. 6) Using complimentary products or services.
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Consultative Selling |
A need-satisfaction presentation format that focuses on problem identification, where the salesperson serves as an expert on problem recognition/resolution. |
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Cookies |
Computer files that marketer can download onto the computer and mobile phone of an online shopper who visits the marketer's website. |
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Cooperative Advertising |
Advertising programs whereby a manufacturer pays a percentage of retailers local advertising expense for advertising the manufacturers products. |
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Cost Leadership Strategy |
One of Porter's generic business strategies that focuses on reducing expenses, and, in-turn, lowers product prices while targeting a broad array of market segments. |
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Cost per Thousand |
The cost of reaching 1,000 individuals or households with the advertising message in a given medium. |
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Dashboards |
FINISH |
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Cost per Click |
FINISH |
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Depth of Product Line |
The store carries a large assortment of each product item. |
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Differentiation Focus Strategy |
One of Porter's generic business strategies that requires products to have significant points of difference to target one or only a few market segments. |
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Differentiation Strategy |
One of Porter's generic business strategies that requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments. |
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Direct Marketing |
A promotion alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further info, or a visit to a retail outlet. |
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Direct Orders |
The result of direct marketing offers that contain all the information necessary for a prospective buyer to make a decision to purchase and complete the transaction. |
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Disintermediation |
Channel conflict that arises when a channel member bypasses another member and sells or buys products direct. |
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Dual Distribution |
An arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product. |
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Eight Second Rule |
A view that cutomers will abandon their efforts to enter and navigate a website if download time exceeds 8 seconds. |
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Emerson Power/Dependence |
Availability of substitutes.
Dependence is inversely related to alternatives and positively related to the importance of the outcome. |
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Emotional Intelligence |
The ability to understand one's own emotions and the emotions of people with whom one interacts on a daily basis. |
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Exclusive Distribution |
A level of distribution density whereby only one retailer in a specific geographical area carries the firm's products. |
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Factors that can vary Promotional Mix |
1) Promotional Objectives 2) Size and Characteristics of Target Market(s) 3) Promotional Resources 4) Policy (Push = Discounts / Pull = Asking for the product) 5) Characteristics of Product 6) Intensity of Distribution (More intensity, more $$$) 7) Cost of Promotional Methods |
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French and Raven forms of Influence |
Reward - Offer a reward to others for doing something for you. Coercive - Uses threats/forces to gain something. Legitimate - Comes form an elected position of authority. Expertise - Ability to know and use information. Referent - Rooted in affiliations with a group/organization. |
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Frequency |
The average number of times a person in the target audience is exposed to a message or an advertisement. |
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Full-Service Agency |
An advertising agency that provides the most complete range of services, including market research, media selection, copy development, artwork, and production. |
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Gross Rating Points |
A reference number used by advertisers that is obtained by multiplying reach (expressed as a percentage of the total market by frequency. |
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Hierarchy of Effects |
The sequence of stages a prospective buyer goes through from initial awareness of a products to eventual action that includes awareness, interest, evaluation, trial, and adoption or the product. |
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Integrated Marketing Communications (IMC) |
The concept of designing marketing communications programs that coordinate all promotional activities (ads, personal selling, PR, direct marketing, sales promotion) to provide a consistent message across all audiences. |
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Intensive Distribution |
A level of distribution density whereby a firm tries to place its products and services in as many outlets as possible. |
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Interactive Marketing |
Two-way buyer-seller electronic communication in a computer mediated environment in which the buyer controls the kind and amount of info received from the sellers. |
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Key Account Management |
The practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships. |
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Lead Generation |
The result of a direct marketing offer designed to generate interest in a product or service and a request for addition information. |
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Level of Service |
Describes the degree of service provided to the customer from three types of retailers: self-service, limited-service, and full-service. |
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Logistics |
Those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost. |
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Markdowns |
A reduction in a retail price that is necessary if the item will not sell at the full selling price to which it has been marked up. |
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Marketing Channel |
Consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users. |
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Marketing ROI |
The application of modern measurement technologies to understand, quantify, and optimize marketing spending. |
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Multichannel Marketing |
The blending of different communications and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop/buy in traditional, intermediaries, and online. |
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Noise |
Extraneous factors that can work against effective communication by distorting a message or the feedback received during the communication process. |
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Objective and Task Budgeting |
Allocating funds to promotions whereby the company: 1) Determines its promotion objectives 2) Outlines the task to accomplish those objectives 3) Determines the promotion cost of performing the tasks |
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Order Getter |
Sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers use of a product or service. |
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Outbound Telemarketing |
FINISH |
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Order Taker |
Processes routine orders or reorders for products that were already sold by the company. |
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Passive vs. Active Readers |
Active readers are interactive receivers of information and are more mindful. Passive readers have no/low interaction. |
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Percentage of Sales Budgeting |
Allocating funds to promotion as a percentage of past or anticipated sales, in terms of either dollars or units sold. |
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Permission Marketing |
The solicitation of a consumer's consent (called "opt-in") to receive email and advertising based on personal data supplied by the consumer. |
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Personal Selling |
The two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision. |
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Product Placement |
A consumer sales promotion tool that uses a brand-name product in a movie, TV show, video game, or a commercial for another product. |
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Promotional Mix |
The combination of one or more communication tools used to: 1) inform prospective buyers about benefits or products. 2) persuade them to try it. 3) remind them later about the benefits they enjoyed by using the product.
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Pull Strategy |
Directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product. |
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Product Market Focus |
FINISH |
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Push Strategy |
Directing the promotional mix to channel members to gain their cooperation in ordering and stocking the products. |
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Reach |
The number of different people or households exposed to an advertisement. |
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Retail Life Cycle |
The process of growth and decline that retail outlets, like products, experience, consisting of the early growth, accelerated development, maturity, and decline stages. |
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Retailing Mix |
The activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise. |
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Sales Communication Model |
Asking questions, turn-yielding, and summarizing. |
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Sales Plan |
A statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed. |
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Sales Promotion |
A short-term inducement of value offered to arouse interest in buying a product or service. |
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Sales Quota |
Specific goals assigned to a salesperson, sales team, branch sales office, or sales district for a stated time period. |
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Sales Response Function |
Relates the expense of the marketing effort to the marketing results obtained. |
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Scrambled Merchandising |
Offering several unrelated product lines in a single store. |
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Selective Distribution |
A level of distribution density whereby a firm selects a few retailers in a specific geographical area to carry its products. |
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Social Media |
Online media where used submit comments, photos, and videos-often accompanied by a feedback process to identify "popular" topics. |
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Strategic Channel Alliance |
When ones firm's marketing channel is used to sell another firm's products. |
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Sublimal Advertising |
Seeing or hearing messages without being aware of them. |
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Supply Chain |
The various firms involved in performing the activities required to create and deliver a product or service to ultimate consumers or industrial users. |
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Telemarketing |
Using the telephone to interact with and sell directly to consumers. |
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Total Logistics Cost |
The expenses associated with transportation, materials handling and warehousing, inventory, stockouts (being out of inventory), order processing, and return products handling. |
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Traffic Generation |
The outcome of a direct marketing offer designed to motivate people to visit a business. |
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User Generated Content (UGC) |
The various forms of online media content that are publicly available and created by end users. |
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Vertical Marketing Systems (VMS) |
Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact. |
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Wheel of Retailing |
A concept that describes how new forms of retail outlets enter the market. |
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Website Stickiness |
Getting a user to return to a particular website or hold their attention and get them to spend longer periods of time at that site. |
