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65 Cards in this Set

  • Front
  • Back
o Its disadvantages are:
poor focus, avoidance, one way, high total costs
o The basic advertising decisions
objectives, budget, message, media selection, and measure results.
• The purpose of advertising objectives is
to identify and select the specific ‘sales goal’ & ‘selling task’ the advertisement needs to accomplish.
o There are five options for advertising objectives:
inform, persuade, differentiate, remind, and reinforce (know how to recognize each).
• The purpose of advertising budget decision is
is to identify what resources are required to achieve advertising objectives; and what portion of the communication budget will actually be allocated to the advertising area.
• The message on the other hand specifies
wording, sender, format, structure, and argument type for the advertisement.
• The purpose of the media selection decision is to
specify medium or environment in which the advertising appears, and the scheduling and frequency of the advertisement in that medium
• The purpose of the measuring results decision is to
to identify the extent the advertising campaign or program accomplished the sales goals and/or selling tasks established by the advertising objectives.
• The communication role of publicity/sponsorship is to
deliver corporate level messages and establish credibility.
o Its advantages are
are credibility, image creation, and getting and holding attention
o Its disadvantages are
are its cost and limited control
o The basic publicity decisions are
objectives, budget, select methods and implement, and measure results.
• The purpose of the publicity objective decision is to
create ‘positive images’ to firm or product; or to lend ‘credibility’ the firm’s messages.
o The options for publicity objectives are:
PR Event, press release, sponsorship, corporate identification materials, and web sites.
o The selection criteria are
image ,condition, promotional mix, audience, communication objectives.
• The communication roles of sales promotion is to
encourage trial, stimulate interest or demand, or motivate immediate action.
o Its advantages are:
immediacy, the extent it can be targeted, and it builds or breaks relationships and habits.
o Its disadvantages are:
it has limited long term affect, and acclamation
o The basic sales promotion decisions are
objectives, select target markets (see notes), develop budget, select and implement methods, and measure results.
• The communication roles of personal selling are
to disseminate and acquire information, negotiate, persuade, and provide service.
o Its advantages are
2-way communication, immediate reaction, ability to build relationship, and effectiveness per contact.
o Its disadvantages are
the cost per contact, and the limited number of people that can be contacted.
o There are five basic personal selling decisions
objectives, organization, develop sales force, forecasting and budgeting, and implement selling actions.
• The purpose of the personal selling objectives are to
to identify the specific ‘selling tasks’ that the personal selling activity needs to accomplish for establishing a 2-way communication to identify and solve problems, and build personal relationships that lead to customer satisfaction & firm profits.
o There are three basic options:
traditional, consultative, and relationship
• The purpose of organization decision is to
to establish the specific ‘structure’ that sales representative operate within & the ‘scope of responsibilities’ that they operate under in order to maximize coverage and their individual effectiveness.
• The purpose of development decisions are to
‘recruit ‘, select, & train sales representatives that are most capable of accomplishing the selling tasks assigned.
• Forecasting and budgeting decisions
decisions identify what ‘portion’ of the communication budget will actually be allocated to the personal area; establish ‘required resources’ to achieve personal selling objectives; and establish measurable ‘performance goals’ for those objectives.
• Finally the implementation decisions
insure that sales activities are effectively executed through ‘management’, ‘evaluation’, & ‘compensation’ of sales representatives.
• Distribution decisions
directly provide time, place, and possession utility, and assist in providing form utility usually through the provision of services
• There are two major categories of decisions:
Chanel decisions, and physical distribution decisions.
o Channel decisions involve
channel objectives (intensity), organization, structure, member selection, and management.
o Physical distribution decisions involve
order processing, warehousing, materials handling, inventory control, and transportation.
• The purpose of channel objectives is
to define the coverage or number of locations (not channels) through which a company sells its products in a given market area (relative to all possible locations for that product).
o There are three options for notes for channel objectives:
intensive, selective, and exclusive.
o The selection criteria for these options are:
product classification, level of competition, and expected level of conflict.
o The coordination of effort often falls into one of two general approaches:
push or pull
o Use push
Financial resources low
Channel, leader or have large presence in channels,
Competitive advantage in distribution or manufacturing
o Use pull
Financial resources high,
Not channel leader or do not have large presence,
Competitive advantage in promotional area or market research
o The selection criteria for determining whether to operate within a pull strategy or a push strategy consist of:
company’s resources, the status of channel members, and the firm’s marketing competitive advantages.
• Pricing impacts
possession utility directly, but also communicates information about form, time, and place utilities.
• Price plays many roles in an organization beyond marketing. It is the avenue for
recovering costs. It also is a source of competitive advantage.
• From a marketing perspective price helps
establish value, and achieve desired marketing position.
• The total price concept recognizes
that the price of an object reflects more than just monetary costs, but also effort, time, and tradeoffs with respect to other products.
• Generally price is influenced by
market factors, cost factors, financial factors, legal factors, and customer factors.
• There are four basic price decisions:
objectives, orientation, strategy, and tactics.
• The purpose of pricing objectives is to
specify the overall impact the price of the product or service will have on the firm’s strategic objectives and positioning.
o There are four options for this decision:
profit, volume, competitive, and relationship.
• The price orientation specifies
the discipline or theoretical base that will be used to actually calculate the specific price that will be assigned to a product or service.
o There are three options:
cost based (value calculated at end); demand based (value not calculated), and value based (value calculated at beginning).
• Price strategies specify
specify how prices will be generally initiated and managed/changed over the life of the product.
o There are three basic options:
skimming, penetration, and competitive.
o Use skimming:
New product or no competitor, Short life cycle, Long lead time, No economies of scale exist, Demand uncertain and price inelastic
o Use competitive
Mature product or intense competition, Long life cycle, Long or short lead time, Moderate to high economies of scale exist, Demand certain for frequently purchased products that are price elastic, Or industrial products with erratic demand or requires negotiated prices
o Use penetration
New product or no competitors, Long life cycle, Short lead time, Economies of scale exist, Demand stable and very price elastic
• The marketing planning process
began with an organizational vision to establish a physical and emotional relationship with a group of customers in order to provide them with rewarding satisfying products or experiences that also enable the organization to achieve its goals.
• This vision is accomplished by
using these physical and emotional relationships as a platform for creating value through the marketing mix, and selling.
• The last step in the marketing planning process is
develop and implement a control process.
• This control process
provides feedback on how well the marketing plan is working and to what extent organizational visions and goals are being achieved. It also provides contingency courses of action if plan is not working.
• The steps in the control process are:
review objectives, measure performance, evaluate performance, adjust objectives, strategies, or tactics, and implement new action.