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118 Cards in this Set
- Front
- Back
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Public Relations
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form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other public about a company and products
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Advertising
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paid form of nonpersonal communication about an organization
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Sales promotion
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short-term inducement of value offered to arouse interest in buying a good or service
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Personal Selling
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two-way flow of communication between a buyer and seller (often face-to-face)
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Choiceboard
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interactive system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of products or service attributes, prices, and delivery options
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Public Relations
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form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other public about a company and products
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Advertising
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paid form of nonpersonal communication about an organization
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Sales promotion
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short-term inducement of value offered to arouse interest in buying a good or service
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Personal Selling
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two-way flow of communication between a buyer and seller (often face-to-face)
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Choiceboard
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interactive system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of products or service attributes, prices, and delivery options
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Viral Marketing
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Internet-enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail
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Bots
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electronic agents that comb websites to compare prices and product or service features
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Slotting Allowance
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fee a manufacturer pays to a retailer in order to get distribution for a new product
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Rebate
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return of a portion of the purchase price in the form of cash by the seller to the buyer
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Dialogue Marketing
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monitor customer activity to spot when communication will have real impact - when condition occurs, system initiates contact with personalized messages
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Just-In-Time
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inventory management implemented to improve the return on investment of a business by reducing in-process inventory and associated costs
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IMPACT Model
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how successful your ad is
Dollar Sales = Traffic X Closure X Average |
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Two-Step Approach
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1. Start with small, obscure publications then move to more important ones
2. As popularity increases, become selective (avoid negative publicity) |
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Hard sell
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develop bond between brand and benefit; effective when product possesses a point of difference
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Multi-dimensional scaling
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Approach to measurement in which people's perceptions of the similarity of objects and their preferences among the objects are measured
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Persuasive advertising
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Advertisements that focus on selling a good or service and which take three forms: (1) pioneering (or informational), (2) competitive (or persuasive), and (3) reminder.
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Push strategy
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directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product
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Pull strategy
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directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product
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Direct Marketing
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uses direct communication with consumers to generate a response in the form of an order, a request for more info., or a visit to a retail store
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dual distribution
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arrangement where a firms reaches different buyers by employing 2 or more different types of channels for the same basic product
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Split-cable technique
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are two different commercials in the same area to see which is more effective
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Hedonistic Benefits
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value expression, entertainment, exploration (pleasurable)
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Utilitarian Benefits
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savings, quality, convenience (practical)
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Channel Strategy
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technique to determine the most effective method of selling and distributing products to customers
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Logistics
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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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Disintermediation
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channel conflict that arises when a channel member bypasses another member and sells or buys products direct
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Tying Arrangement
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distribution strategy whereby a seller requires the purchaser of one product to also buy another item in the line
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Intensive distribution
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Firm tries to place its products and services in as many outlets as possible
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Exclusive distribution
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only one retail outlet in a specific geographical area carries the firm's products
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Selective distribution
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firms select a few retail outlets in a specific geographic area to carry its products
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Gross rating points
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measures the total volume of delivery of your message to your target audience
Reach X Frequency |
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Cost per thousand
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the cost, per 1000 people reached, of buying advertising space in a given media vehicle
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Frequency
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number of times an audience is exposed to a medium within a given period of time
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Objective and Task Method
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budgeting approach whereby the company (1) determines its promotion objectives, (2) outlines the tasks to accomplish these objectives, (3 determines the promotion cost of performing these tasks
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Infomercial
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program-length advertisements that take an education approach to communication with potential customers
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Product placement
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sales promotion tool that uses a brand-name product in a move, tv show, or commercial for another product
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Point-of-purchase display
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on and off shelf display material used to call special attention to the featured product
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cooperative advertising
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manufacturer pays a percentage of the retailer's local advertising expense for advertising the manufacturer's product
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free gifts
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High hedonistic benefit, low utilitarian benefit
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sweepstakes
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people submit a kind of entry but are just games of chance requiring no effort
LOW hedonistic benefit, and low utilitarian benefits |
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Free Product Offers
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high hedonistic benefits, high utilitarian benefits
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Coupons and Rebates
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Low Hedonistic benefits, high utilitarian benefits
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Category management
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approach to managing the assortment of merchandise that has the objective of maximizing sales and profits in the category
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Telemarketing
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using the telephone to interact with and sell directly to consumers
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Shrinkage
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breakage and theft of merchandise by customers and employees
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Relationship selling
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practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time
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Formula selling
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sales presentation is designed to move the customer through the stages in the decision making process; get attention, develop interest, build desire, and secure action
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Suggestion Selling
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salesperson suggests additional items that are related to the original item being purchased
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Missionary Selling
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selling a product while it's still in development
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1-2-3 approach
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events 1 and 2 have already happened, and event 3 is to be promoted --> next big idea avoid negative publicity
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slow build-up technique
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tackling markets 1 at a time and then capturing more markets faster as success improves
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Consumer protection
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sales tools used to support a company's advertising and personal selling directed to ultimate consumers
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Trade promotion
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Sales tools used to support a company's advertising and personal selling directed to wholesalers, retailers, or distributors
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Direct marketing
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uses direct communication with consumers to generate a response
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Pre-approach
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gather information and decide how to approach the prospect with regards to personal selling
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Closing
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meeting for completing a transaction
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Trial Close
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asking the prospect to make a decision on some aspect of the purchase
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Assumptive close
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asking the prospect to consider choices concerning delivery, warranty, or financing terms
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Urgency Close
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used to commit the prospect quickly by making references to the timeliness of the purchase
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Presentation
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begin converting a prospect into a customer by creating desire for the product or service
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Consultative selling
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need-satisfaction presentation format that focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution
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Straight salary
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a salesperson is paid a fixed fee per week, month, or year
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commission
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A salesperson’s earnings are directly ties to the sales or profit generated
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Bonus
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special compensation option that is a payment made at the discretion of management for doing something superb
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Financing
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paying retailers for financing costs or financial losses associated with consumer sales promotions
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Hybrid Marketing Channel
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A company decides to sell to consumers via multiple distribution systems
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Strategic Channel Alliance
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one firm's marketing channel is used to sell another firm's products
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Rack Jobber
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a type of limited wholesaler who furnish the racks or shelves that display merchandise in retail stores, perform all channel functions, and sell on consignment to retailers
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Truck Jobber
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small wholesalers with small warehouses from which they stock their trucks for distribution to retailers - handle fast-moving or perishable items sold for cash
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Desk Jobber
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Wholesalers that own the merchandise they sell but do not physically handle, stock, or deliver it. They simply solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer
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Cash-and-carry wholesaler
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take title to merchandise but sell only to buyers who call on them, pay cash for merchandise, and furnish their own transportation for merchandise. They carry a limited product assortment, and do not make deliveries, extend credit, or supply market information
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Manufacturer's agent
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self-employed sales person who represents one or more manufacturers on a commission basis
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Selling agent
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represent a single producer and are responsible for the entire marketing function of that producer
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Broker
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independent firms or individuals whose principal function is to bring buyers and sellers together to make sales
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Branch office
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Carries a producer’s inventory and performs the functions of a full service wholesaler
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Corporate vertical marketing system
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the combination of successive stages of production and distribution under a single ownership
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Contractual vertical marketing system
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independent firms at different levels in the channel operate contractually to obtain the economies and market impacts that couldn't be obtained by unilateral action
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Administered vertical marketing system
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designed to control a line or classification of merchandise, not an entire store's operation
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permission based advertising
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marketing centered around obtaining customer consent to receive information from a company
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Functional products
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serve a purpose
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innovative products
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do it first, do it well, or re-imagine what's been done before
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Replenishment time
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time between the initiation of stock replenishment action and submittal of requisition or order
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Lead time
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time interval between the initiation and completion of a production process
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Retailing mix
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activities relating to managing the store and the merchandise in the store - pricing, store location, retail communication, and merchandise
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Product mix
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number of product lines offered by a company
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Promotional Mix
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Combo. of one or more of the communication tools used to inform prospective buyers about the benefits, persuade them to try it, and remind them later about the benefits they enjoyed by using the product
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Stock out
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running out of inventory
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buffer Stock
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stock held in reserve to minimize the effect of price fluctuations
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Category killer
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specialty discount outlets focus on one type of product; dominate that market
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Off-price retailer
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retail store that sells merchandise at prices lower than usual
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Scrambled Merchandising
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offering several unrelated product lines in a single store
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Value Leverage
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provide total solutions to customers... measure resulting customer value against cost of delivering that value
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Life Relevance
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solve more important customer problems and develop long-term relationships
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Convenience Store
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locational convenience; high-margin, high inventory turnover retail institution
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Supermarket
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A large departmentalized retail establishment offering a relatively broad and complete stock of dry groceries, fresh meat, perishable produce, and dairy products, supplemented by a variety of convenience, nonfood merchandise and operated primarily on a self service basis
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Catalog retailer
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sells all products through catalogs
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Warehouse club
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in return for a membership fee, the warehouse clubs provide low prices, limited selection, wholesale packaging
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Sales calls
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part of sales for activity; input variable effort
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Sales volume
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how much you sell
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merchant wholesaler
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independent marketing middleman buying and taking title to goods and reselling them to retailers or industrial users
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Account management
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specifies whom salespeople should contact, what kinds of selling and customer service activities should be engaged in, and how these activities should be carried out
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Database marketing
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computer database technologies are harnessed to design, create, and manage customer data
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Vendor managed inventory
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supplier determines the product amount and assortment a customer needs and automatically delivers the appropriate terms
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markdown
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amount of reduction from the selling price
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Traffic generation
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outcome of a direct marketing offer designed to motivate people to visit a business
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Hierarchy of effects
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concept related to the manner in which advertising supposedly works; it is based on the premise that advertising moves individuals systematically through a series of psychological stages such as awareness, interest, desire, conviction, and action
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Inquiry test
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testing the effectiveness of an advertising message and/or medium based on the number of customer inquiries that can be directly attributed to the message
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Sales test
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involve controlled experiments and consumer purchase tests
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Unaided recall
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ability to recall information about an advertisement, product, service or brand without any prompting
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Collaborative filtering
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process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases
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Interactive marketing
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2 way buyer-selling electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller
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Banner advertisement
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graphical web advertising unit
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Information Age
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exchanges initiated/controlled by customer; gardening metaphor
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