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71 Cards in this Set
- Front
- Back
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When do you use personal selling?
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Product is complex, expensive or risky; push strategy is used; large buyer org or decision maker has high status; purchase phase; negotiation; customized product; product in growth phase
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What is an order getter?
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identify prospects and close sales; new buy or modified rebuy
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What is sales support?
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assist order getters
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What is an order taker?
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handle routine product reorders; straight rebuy or simple purchase
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What is the personal selling process?
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Prospecting, Preapproach, Approach, Presentation, Close, Follow Up
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What is prospecting?
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start of selling process; prospects produced through advertising
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Preapproach?
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gather info and decide how to approach prospect
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Approach?
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gain prospects attention; stimulate interest and make transition into presentation
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Presentation?
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convert prospect to customer by developing a desire for product/customer
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Close?
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obtain purchase commitment and create customer
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Follow up?
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ensure customer is satisfied with product/service
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What are the components of the sales plan formulation?
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setting objectives, organizing sales force, developing account mgmt policies
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What are the components of the sales plan implementation?
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Sales force recruitment and selection, training, and motivation and compensation
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What are the components of sales force evaluation?
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quantitative assessment and behavioral evaluation
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What is a price?
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the sum of all values customers give up in order to gain the benefits of having or using the product
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What is the pricing process?
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pricing objectives, constraints and considerations, general pricing approach, list or quoted price, pricing adjustments
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When to use penetration pricing:
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elastic demand; competitive entry; high production capacity; evident costs
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When to use skimming pricing
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inelastic demand; competitive entry unlikely; limited production capacity; costs not evident; quality and image must support higher price
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What are the trend of world trade?
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decline of economic protectionism; rise of economic integration; global companies; emergence of a networked global marketspace;
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What are factors driving shift away from mass communication?
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over 5000 ads/day per customer; consumers opting out of traditional advertising; consumers media habits rapidly changing
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What is integrated marketing communications?
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concept of designing marketing communications proframs that coordinate all promotional activities to provide consistent messages across targeted audiences
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What is advertising?
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any paid form of non-personal communication about an organization, good, service or idea by an identified sponsor
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Strengths of advertising?
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efficient meansfor reaching large numbers of people; can legitimize advertising
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Weaknesses of advertising?
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high absolute costs; impersonal and one-way
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What is personal selling?
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personal presentation by the firm's sales force for the purpose of making sales and building customer relationships
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Strengths of personal selling?
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select audience and tailor message; give complex info; immediate feedback; very persuasive
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Weaknesses of personal selling?
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extremely expensive; messages may differ between salespeople; requires long-term commitment
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What is public relations?
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seeks to favorably influence the impressions and attitudes of a target audience primarily through endorsements by trusted credible objective third parties
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Strengths of public relations?
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most credible form and low cost
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Weaknesses of public relations?
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difficult to get media cooperation
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What is sales promotion?
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short term incentive to encourage purchase of a product or service
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Strengths of sales promotion?
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effective at changing behavior in short run; can provide lower price without a permanent price reduction
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Weaknesses of sales promotion?
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easily abused and duplicated; limited long-term effectiveness
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What is direct marketing?
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direct communication with targeted customers to generate a response in the form of an order or request for further info or a visit to a retail outlet
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Strengths of direct marketing?
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customized to specific customer; prepared quickly; easily measure results; builds relationship with customer
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Weaknesses of direct marketing?
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declining customer response; database mgmt=expensive; increasing ethical concerns and regulation
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What are the roles of marketing communication?
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create awareness; motivate evaluation; motivate trial; encourage adoption
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What is advocacy?
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type of institutional ad; states position of a company on an issue
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Steps in Developing the Advertising Program
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1. identify target audience
2. specify advertising objectives 3. set advertising budget 4. design advertisement 5. select media 6. schedule the advertising 7. execute advertising 8. assess advertising |
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What is a flighting advertising schedule?
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reflect seasonal demand
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What is a pulsing schedule of advertising?
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flighting schedule combined with a continuous schedule because of increases in demand heavy periods of promotion or intro of a new planet
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What do full-service agencies do?
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research, selects media, develops copy, and produces artwork; also coordinates integrated campaigns with all market efforts
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What do limited service agencies do?
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specialize in one aspect of creative process; usually provides creative production work; buys previously unpurchased media space
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What do in-house agencies do?
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provides range of services depending on company needs
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What are the objectives of public relations?
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introduce new products; influence government legislation; enhance the image of an organization; react to negative publicity
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What is a promotional mix?
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combination of one or more communication tools (advertising, personal selling, sales promotion, public relations, and direct marketing)
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What are the 6 elements of communication?
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source, message, channel, receiver, and processes of encoding and decoding
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What is field of experience?
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similar understanding and knowledge they apply to the message
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What are portfolio tests?
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type of pretest; test copy alternatives
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What are jury tests?
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type of pretest; showing ad copy to panel and rating response
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What are theater tests?
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type of pretest; consumers view commercials and register their feelings
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What are examples of consumer-oriented sales promotions?
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coupons, deals, premiums, contests, sweepstakes, samples, loyalty programs, point-of-purchase displays, rebates, product placements
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What are trade-oriented sales promotions?
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directed to intermediaries; examples: allowances and discounts; cooperative advertising; training of distributors' salesforce
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What is the sales mgmt process?
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sales plan formulation, sales plan implementation, sales force evaluation
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What is demand-oriented pricing?
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weigh factors underlying expected customer tastes and preferences more heavily
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What is target pricing?
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type of demand-oriented pricing; estimate price ultimate consumers willing to pay for a product then work backwards
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What is cost-oriented pricing?
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set by looking at production and mkt costs then adding enough to cover direct expenses, overhead and profit
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What is profit-oriented pricing?
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balance revenues and costs to set price
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What is competition-oriented pricing?
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price setter stresses what market is doing
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What are three factors affecting demand curve?
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1. consumer tastes
2. substitute products 3. consumer income |
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What is price fixing?
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conspiracy among firms to set prices for a product
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What is price discrimination?
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charging different prices to different buyers for goods that are the same
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What is deceptive pricing?
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price deals that mislead consumers
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What is predatory pricing?
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charging very low price for product with intent of driving competitors out of business
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What are discounts?
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reductions from list price a seller gives a buyer as a reward
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What are allowances?
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reductions from list or quoted prices to buyers for performing some activity
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What are geographical adjustments?
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reflect cost of transportation of products
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What is an interactive market?
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two-way buyer-seller electronic communication which buyer controls kind and amount of info received from seller
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What is a choiceboard?
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interactive, internet-enabled system that allows individual customers to design own products and services
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What is collaborative filtering?
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automatically groups people with similar buying intentions, preferences or behaviors and predicts future purchases
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What is personalization?
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consumer-initiated practice of generating content on market website custom tailored to individual needs/preferences
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