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54 Cards in this Set
- Front
- Back
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Planned obsolescence- |
the practice of modifying products so those that have already been sold become obsolete before they actually need replacement. pg. 176 |
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Corporate Social Responsibility- |
a business's concern for society's welfare. This concern is demonstrated by managers who considered both the long range best interests of the company and the company's relationship to the society within which it operates. -Philanthropic responsibilities- -Ethical responsibilities- Legal responsibilities- Economic responsibilities- |
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Cause-related marketing- |
The cooperative marketing efforts between a for-profit firm and a nonprofit organization. |
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Promotional Mix- |
the combination of promotional tools--including advertising, public relations, personal selling, sales, promotions, and social media- used to reach the target market and fulfill the organization's overall goals.
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Advertising- |
Impersonal, one-way mass communication about a product or organization that is paid for by a marketer. - communicate to a large number of people at one time. pg. 269 |
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Communication Process- |
Marketers are both the senders and receivers of messages. As senders, marketers attempt to inform, persuade, and remind the target market to take actions compatible with the need to promote the purchase of goods and services. As receivers, marketers listen to the target market in order to develop the appropriate messages, adapt existing messages, and spot new communication opportunities. In this way, most marketing communication is a two-way communication process. pg. 264 |
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Communication Process Steps- |
1. Sender 2. Encoding the message 3. Message Channel 4. Decoding the message 5. Receive Feedback Channel -Market research -sales results -change in market share -social media Noise=2-4 |
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Promotion- |
communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response. pg. 262 |
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Personal Selling- |
a purchase situation involving a personal, paid for communication between two people in an attempt to influence each other. pg. 270 |
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Goals of promotion- |
informing persuading connecting reminding pg. 268 |
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Public Relations- |
the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance. - helps an organization communicate with its customers, suppliers, stockholders, government officials, employees, and the community. pg. 269 |
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Integrated Marketing Communications- |
the careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every contact point at which a company meets the consumer pg. 275 |
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Push Strategy- |
a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise. pg. 278-278 |
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Pull Strategy- |
a marketing strategy that stimulates consumer demand to obtain products distribution. pg. 278-279 |
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Price- |
that which is given up in an exchange to acquire a good or service, pg. 341 |
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Price- |
price also plays two roles in the evaluation of product alternatives: as a measure of sacrifice and as an information cue. 1. the sacrifice effect of price- 2. the information effect of price- pg. 341 |
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Elasticity of Demand- |
consumer's responsiveness or sensitivity to changes in price. pg. 344 |
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Break-even Analysis- |
a method of determining what sales volume must be reached before total revenue equals total cost. pg. 347 |
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Price skimming- |
a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion. pg. 353 |
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Penetration pricing- |
a pricing policy whereby a firm charges relatively low price for a product when it is first rolled out as a way to reach the mass market. pg. 353 |
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Psychological pricing- |
a price tactic that uses odd-numbered prices to connote bargains and even-numbered prices to imply quality. pg. 359 |
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Loss leaders pricing- |
a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store. pg. 359 |
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Dynamic pricing- |
a strategy whereby prices are adjusted over time to maximize a company's revenues. pg. 345 |
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Pricing Objectives- |
1. profit oriented 2. sales oriented 3. status qou pgs. 343-344 |
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Competition-based pricing- |
one way to counter a competitor's price is through price matching. - competition varies during the product life cycle and so at times it may strongly affect pricing decisions. high prices it charges may eventually induce another firm to enter the market. pg. 349 |
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Cash discount- |
a price reduction offered to a consumer, and industrial user, or a marketing intermediary in return for prompt payment of a bill. pg. 356 |
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Seasonal discount- |
a price reduction for buying merchandise out of season. pg. 356 |
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Quantity discount- |
a price reduction offered to buyer's buying in multiple units or above a specified dollar amount. pg 356 |
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Value-based pricing- |
setting the price at a level that seems to the customer to be a good price compared to the prices of other options. pg. 357 |
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Flexible pricing (variable pricing)- |
a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities. pg. 358 |
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Social Media Marketing- |
refers to the process of gaining website traffic or attention through social media sites.
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The 7 Myths of Social Media- |
1. Social media is just a fad 2. Social media is just for the young 3. There is no return on investments for SMM 4. SMM isn't right for this business 5. Social media marketing is new 6. Social media is too time consuming 7. Social media is free |
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Different Types of Media pg. 272-273 |
1. Paid media- a category of promotional tactic based on the traditional advertising model, whereby a brand pays for media space 2. Owned media- a new category of promotional tactic based on brands becoming publishers of their own content in order to maximize the brand's values to custmers. 3. Earned media- a category of promotional tactic based on a public relations or publicity model that gets customers talking about products or servies |
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SMART goals- |
Specific Measurable Attainable Relevant Time Based |
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Social Media Tools- |
Examples of marketers using video sharing platforms well: - Dollar Shave Club - Old Spice guy - Social networks sites, microblogging, publishing tools, collaboration tools, rating/review sites, photo sharing sites, video sharing sites, etc... |
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Impact of mobile on Social Media- |
-Desktop and TV services are slowly dying -55% of mobile data traffic comes from video-> Facebook gets 4 billion video views each day with 75% coming from phones -The amount spent on mobile ads grew 34% in 2014 while advertising for desktops grew only 11% |
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Ethics- |
the moral principles or values that generally govern the conduct of an individual or a group.
pg. 31 |
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Stealth Marketing- |
-Marketing that is done to people without people even knowing that it is happening. - it is done 'under the radar' - new gun shooting app* |
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Advertising to kids- |
Kids are so vulnerable to marketing. - the average kid will watch 25,000 tv ads a year until they are 12 years old - companies are spending 17 billion dollars a year to create ads targeting kids. - young children are at special risk of ads. - There is plenty of research supporting these theories. |
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Value- |
Perceived benefits/price (or costs) |
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How Prices are established- |
percentage markup keystoning price optimization(algorithm) variable pricing ROI markup pricing- pg 347 pg. 343*345 |
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How to set a price on a product |
1. Establish pricing goals 2. estimate a demand, costs, and profits 3. choose a price strategy to help determine a base price 4. fine-tune the base price with pricing tactics |
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Rebate- |
a cash refund given for the purchase of a product during a specific period. pg. 356 |
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Target Market- |
a group of people for which an organization designs, implements, and maintains a marketing mix intended to meet the need of the people in that group; resulting in mutually satisfying exchanges. pg. 46 |
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Demand- |
the quantity of a product that will be sold in the market at carious prices for a specified period. pg. 344 |
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Odd-even pricing- |
a price tactic that uses odd-numbered prices to connote bargains and even-numbered prices to imply quality. pg. 359 |
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Price bundling- |
marketing two or more products in a single package for a special price. pg. 359 |
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Sales Promotion- |
marketing communication activities other than advertising, personal selling, and public relations, in which a short-term incentive motivates consumers or members of the distribution channel to purchase a good or service immediately, either by lowering the price or by adding value.
pg. 297 |
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Coupon- |
a certificate that entitles consumers to an immediate price reduction when the product is purchased. pg. 299 |
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Premium- |
an extra item offered to the consumer, usually in exchange for some proof of purchase of the promoted product. pg 299 |
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Buzz-
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volume of consumer-based buzz for a brand based on posts and impressions, by social channel, by stage in the purchase channel, by season, and by time of the day. pg. 330 |
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Demand based pricing- |
pgs. 352-355 |
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Advertising Campaign- |
a series of related advertisements focusing on a common theme, slogan, and set of advertising appeals.
pg. 285 |
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Ad Campaign- |
Post-campaign evaluation- this can be the most demanding task facing advertisers. Testing ad effectiveness can be done before and after the campaign. Marketers use several monitoring techniques to determine whether the campaign has met its original goals. pg. 287 |
