Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
67 Cards in this Set
- Front
- Back
|
Advertising |
The most familiar and visible element of the promotional mix. It is nonpersonal communication from an identified sponsor using the mass media |
|
|
Sales Promotion |
Includes programs such as contests, coupons, or other incentives that marketers design to build interest in or encourage purchases of a product during a specific period. Unlike other forms of promotion, sales promotion intends to stimulate immediate action (Usually in the form of purchase) rather than building long-term loyalty |
|
|
Public Relations |
A variety of communication activities that seek to create and maintain a positive image of an organization and its products among various publics, including customers, government officials, and shareholders. PR programs also include efforts to present negative company news in the most positive way so that this information will have less damaging consequences. In contrast to sales promotion, PR components of the promotion mix usually do not seek a short-term increase in sales. Instead, they try to influence feelings, opinions, or beliefs for the long term. |
|
|
Personal Selling |
When a company representative interacts directly with a customer or prospective customer about a good or service |
|
|
Direct Marketing |
Any direct communication to a consumer or business recipient that is designed to generate a response in the form of an order, a request for further information, or a visit to a store or other place of business to purchase a product. |
|
|
Source |
Transmits a message through some medium to a receiver who (we hope) listens and understands the message. The transmitter is the organization or individual that sends the message |
|
|
Encoding |
The process by which a source translates an idea into a form of communication that conveys the desired meaning. |
|
|
Message |
The actual content that goes from the source to a receiver. It includes information necessary to persuade, inform, remind or build a relationship. |
|
|
Medium |
A communication vehicle that reaches members of a target audience. |
|
|
Decoding |
The process whereby the receiver assigns meaning to the message; that is, she translates the message she sees or hears back into an idea that makes sense for her. |
|
|
Feedback |
A reaction to the message that helps marketers gauge the effectiveness of the message so they can fine-tune it |
|
|
Noise |
Anything that interferes with effective communication |
|
|
Social Media |
An important part of the Updated Communication Model. This term refers to Internet-based platforms that allow users to create their own content and share it with others who access these sites. |
|
|
Top-Down Budgeting |
When top management establishes the overall amount that the organization allocates for promotion activities |
|
|
Percentage-of-sales-budgeting |
The most common top-down technique is the method in which the promotion budget is determined by last year's sales or on estimates of the present year's sales |
|
|
Comparative-Parity Budgeting |
A fancy way of saying "keeping up with the Jones's" in other words, matching whatever competitors spend |
|
|
Bottom-Up Budgeting |
Identify promotion goals and allocate enough money to accomplish them |
|
|
Push Strategy |
When a company wants to move its products by convincing channel members to offer them and entice their customers to select these items-- It Pushes them through the channel |
|
|
Pull Strategy |
Counting on consumers to demand its products. This popularity will then convince retailers to respond by stocking these items. In this case, efforts focus on media advertising and consumer sales promotion to stimulate interest among end consumers who will "pull" the product onto store shelves and then into their shopping carts |
|
|
AIDA Model |
Attention Hold Interest Create Desire Produce Action |
|
|
Integrated Marketing Communication (IMC) |
The process that marketers use "to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time to targeted audiences" |
|
|
Word-of-Mouth communication |
Where consumers look to each other for information and recommendations |
|
|
Product Advertising |
Where the message focuses on a specific good or service |
|
|
Institutional Advertising |
promotes the activities, personality or point of view of organization or company |
|
|
Public Service Announcement (PSA) |
These messages promote for not-for-profit organizations that serve society in some way, or they champion an issue such as increasing literacy or discouraging drunk driving |
|
|
Corporate Advertising |
Promotes the company as a whole instead of the firm's individual products |
|
|
Media Planning |
The "legs" of the campaign helping to determine which communication vehicles are the most effective and recommends the most efficient means to deliver the ad by deciding where, when and how often it will appear |
|
|
Corrective Advertising |
Messages that clarify or qualify previous claims |
|
|
Puffery |
Claims of superiority that neither sponsors nor critics of the ad can prove are true or untrue |
|
|
Creative Brief |
A rough blueprint that guides but does not restrict the creative process |
|
|
Advertising Appeal |
The central idea of the ad and the basis of the advertising messages |
|
|
Merchandising Allowance |
To reimburse the retailer for in-store support of a product, such as when a store features an off-shelf display for a brand |
|
|
Trade Promotions |
Promotions that focus on the members of the supply chain, which include distribution channel members, such as retail salespeople or wholesale distributors with whom a firm must work to sell its products |
|
|
Co-op Advertising |
Programs that offer to pay a retailer a portion, usually 50%, of the cost of any advertising that features the manufacturer's product |
|
|
Case Allowance |
Provides a discount to the retailer or wholesaler during a set period based on sales volume of a product the retailer or wholesaler orders from the manufacturer |
|
|
Push Money |
May come in the form of cash bonuses, trips or other prizes |
|
|
Relationship Selling |
The process by which a salesperson secures, develops, and maintains long-term relationships with profitable customers. |
|
|
Transactional Selling |
An approach that focuses on making an immediate sale with little concern for developing a long-term relationship with the customer |
|
|
Prospecting |
The process by which a salesperson identifies and develops a list of prospects or sales leads |
|
|
Qualify |
When salespeople determine how likely a lead or prospect may become a customer |
|
|
Pre-approach Stage |
Compiling background information about prospective customers and plan the sales interview |
|
|
Approach |
Contacting the prospect |
|
|
Commission- With-Draw Plan |
Earnings come from commission plus a regular payment, or "draw", that may be charged against future commissions if current assets are inadequate to cover the draw |
|
|
Quota-Bonus Plan |
A plan that pays salespeople a salary plus a bonus for her sales that exceed n assigned quota or if she sells certain goods and services that are new or relatively more profitable |
|
|
Point-of-Purchase |
The place of sales. Macro = malls, markets, cities. Micro = retailers, store counters |
|
|
Straight Commission Plan |
Plan based solely on a percentage of sales the person closes |
|
|
Straight Salary Plan |
Plan where salesperson is paid a set amount regardless of performance |
|
|
Close |
The decision stage for a purchase |
|
|
Marketing Plan |
A document that identifies where the organization is now, where it wants to go, how it plans to get there, and who will be responsible for carrying out each part of the marketing strategy |
|
|
Mass Market |
All possible customers in a market, regardless of the differences in their specific needs and wants |
|
|
Four P's |
Product Pricing Promotion Placement - distribution |
|
|
Target Marget |
The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts |
|
|
Stakeholders |
Those interested in investing into a business |
|
|
Need |
Recognition of any difference between a consumer's actual state and some ideal or desired state |
|
|
Want |
The desire to satisfy needs in a specific way that are culturally and socially influenced |
|
|
Exchange |
The process by which some transfer of value occurs between a buyer and a seller |
|
|
Benefit |
The outcome sought by a customer that motivates buying behavior; the customer receives from owning, using, or experiencing a product |
|
|
Demand |
Customers' desire for products coupled with the resources to obtain them; the amount of a product that customers will be willing to buy at different prices, all other things being equal |
|
|
Value Proposition |
an innovation, service, or feature intended to make a company or product attractive to customers |
|
|
Wisdom of Crowds |
Collective opinion of multiple individuals rather than that of a single expert |
|
|
Distinctive Competency |
A superior capability of a firm in comparison to its direct competitors |
|
|
Differential Benefit |
Values customers obtain from using, experiencing, or possessing a firm's product that is superior to those of competing products. |
|
|
Value Chain |
The process by which a company adds value to an article, including production, marketing, and the provision of after-sales service |
|
|
Metrics |
A quantifiable measure that is used to track and assess the status of a specific business process |
|
|
Business Plan |
A formal statement of business goals, reasons for why they're attainable, and plans for reaching them |
|
|
Mission Statement |
A formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources |
|
|
Situational Analysis |
A collection of methods used by |
