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BUS 321 - Exam 3
Bob Thornson at LCSC
78
Business
Undergraduate 3
05/07/2012

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Cards

Term
Integrated Marking Communication (IMC)
Definition
IMC- Intergraded Marketing Communication. Coordinating all of our tools (weapons) to reach our target audience and send them a consistent message.
Term
Primary Demand
Definition
Primary demand is demand for a product category rather than for a specific brand (orange juice)
Term
Pioneer Promotions
Definition
Pioneer promotion is promotion that informs consumers about a new product (MP3, Digital TV, satellite radio)
Term
Selective Demand
Definition
Selective demand is demand for a specific brand
Term
Promotional Mix
Definition
Personal Selling, Advertising, Public Relations, Sales Promotions
Term
Advertising
Definition
A paid non-personal communication about an organization and its products transmitted to a target audience through mass media (e.g. TV, Radio, Newspaper, Magazines)
Term
Public Relations
Definition
Publicity is a non-paid non-personal communication in a news story form about an organization or its products, or both, transmitted through a mass medium for free. Public Relations activities are used to generate publicity. (+Credible, non-paid)
Term
Personal Selling
Definition
A paid personal communication that seeks to inform customers and persuade them to purchase products in an exchange situation
Term
Sales Promotion
Definition
An activity or material that acts as a direct inducement, offering added value or incentive for the product, to resellers, salespeople, or consumers.
Term
Proxemic Communication
Definition
Closeness or distance from a person
Term
Tactile Communication
Definition
Touch
Term
Kinesic Communication
Definition
Body language
Term
Buzz Marketing
Definition
Buzz marketing and viral advertising are marketers’ attempts to take advantage of word-of-mouth communications
Term
Word-of-Mouth
Definition
Word-of-mouth communication has a strong impact on consumers’ buying proclivities. Is NOT advertising.
Term
Product Placement
Definition
Cars in movies, tv shows, whatever a product seen by viewers
Term
Direct Marketing
Definition
letters, directly addressing the consumer
Term
Interactive Media
Definition
WEBSITES
Term
Push Policy
Definition
Pushing communication from the producer to the wholesaler to the retailer to the consumer
Term
Pull Policy
Definition
Pulling communication from the product and giving it directly from the producer to the consumer
Term
Nature of Advertising
Definition
Paid non-personal communication about an organization and its products transmitted to a target audience through mass media
Term
Types of Advertising
Definition
Institutional, product, advocacy
Term
Copy
Definition
Words on the page, sucka
Term
Layout
Definition
The physical arrangement of an ad’s illustration and copy.
Term
Storyboard
Definition
Creating the Advertising Message Storyboard: A mockup combining copy and visual material to show the sequence of major scenes in a TV commercial. (also: animatics)
Term
Coverage
Definition
People who can be reached
Term
Reach
Definition
how many people tune in
Term
Frequency
Definition
how often do they tune in
Term
Cost Per Media (CPM)
Definition
Cost of ad divided by circulation times 1000 = cost per media
Term
Continuous advertising schedule
Definition
Year round
Term
Flighting advertising schedule
Definition
Stop and start (firework stands)
Term
pulsing advertising schedule
Definition
Halloween, easter
Term
Checkerboard advertising schedule
Definition
Pick and choose
Term
Public Relations
Definition
Communications efforts used to create and maintain favorable relations between an organization and its stakeholders (e.g. New Belgium)
Term
Publicity
Definition
A news story type of communication transmitted through a mass medium at no charge
Term
Dealing w/ Negative Publicity
Definition
Proactive, honest, don't run, plan ahead to address problems that may come up
Term
7 general steps in personal selling
Definition
Prospecting, pre-approach, approach, making the presentation, overcoming objections, closing the sale, following up
Term
Objections
Definition
Generally, best to handle objections as they arise
Anticipate objections and counter them during the presentation if a problem is well known
Term
Closing Strategies
Definition
“Trial” closing: asking questions (what, how, or why) that assume the customer will buy the product
Asking for a tryout order: low-risk way for customer to try out the product (sample, test)
Term
Order getters
Definition
The salesperson who sells to new customers and increases sales to current ones. (market share & share of customer)
Term
Order Takers
Definition
The salesperson who primarily
seeks repeat sales
Term
support personnel
Definition
sales staff members who facilitate selling but usually are not involved solely with making sales
Term
missionary salespeople
Definition
Support salespersons who assist the producer’s customers in selling to their own customers (e.g. pharmaceutical reps)
Term
Trade Salespeople
Definition
Salespersons involved mainly in helping a producer’s customers promote a product (.e.g. rack jobbers)
Term
Technical Sales people
Definition
Support salespersons who give technical assistance to a firm’s current customers (e.g. tech support)
Term
Compensation methods
Definition
Salary, commission, combination
Term
sales promotion
Definition
An activity and/or material that acts as a direct inducement to resellers or salespeople to sell a product or consumers to buy it.
Term
Sales Promotion: Trade
Definition
-Ways of persuading wholesalers and retailers (middlemen) to carry a producer’s products and to market them aggressively.
Term
Sales Promotion: Consumer
Definition
encourage or stimulate consumers to patronize specific stores or to try particular products
Term
Marketing Mix
Definition
It relates directly to generation of revenues and quantities sold. (demand)
Term
Price competition
Definition
Emphasizing price and matching or beating competitors’ prices
Term
non-price competition
Definition
Emphasizing factors other than price to distinguish a product from competing brands. (Consider the use of the other 3 p’s with respect to class examples.)
Term
demand curve
Definition
Being able to increase demand and maintain the same price
Term
inverted demand curve
Definition
Prestige items! Shits expensive and once it gets to a certain amount less people are gonna buy it. Looks like a backwards c
Term
elasticity of demand
Definition
A measure of the sensitivity of demand to changes in price—the greater the change in demand for a specific change in price, the more elastic demand is
Term
Breakeven point
Definition
The point at which the costs of producing a product equal the revenue made from selling the product
Term
value concious
Definition
Concern about both price and quality
Term
price concious
Definition
Striving to pay lowest prices
Term
prestige sensitive
Definition
Being drawn to products that signify prominence and status (conspicuous consumption)
Term
Cash discount
Definition
2/10 net 30 = 2% discount off within 10 days, full price within 30. Maybe fee after 30days
Term
Types of discounts
Definition
Cash discount, trade discounts, quantity discounts
Term
Pricing Objectives
Definition
Survival, profit, return on investment, market share, cash flow, status quo, product quality
Term
Primary bases for Pricing: Costs
Definition
How much did we pay for the item?
Term
Primary bases for Pricing: Demand
Definition
Peak versus off-peak demand, supply/demand
Term
Primary bases for Pricing: competition
Definition
What are the threat of substitutes? How do we want to position ourselves against the competition?
Term
Mark-up
Definition
Adding to the cost of the product a predetermined percentage of that cost. Easy and used frequently for lower cost convenience and shopping items.
Term
Competition based pricing
Definition
Pricing influenced primarily by competitors’ prices
Term
Differential Pricing
Definition
Charging different prices to different buyers for the same quality and quantity of product
Term
Negotiated pricing
Definition
Establishing a final price through bargaining
Term
Price skimming
Definition
Charging the highest possible price that buyers who desire the product will pay.
Term
penetration pricing
Definition
Setting prices below
those of competing
brands to penetrate a
market and gain a
significant market share
quickly.
Term
Reference pricing
Definition
Pricing a product at a moderate level and positioning it next to a more expensive model or brand. Perception?
Term
comparison discounting
Definition
Setting a price at a specific level and comparing it with a higher price on the same item. (often confused with reference pricing –comparing 2 different items)
Term
bundle pricing
Definition
Packaging together two or more complementary products and selling them for a single price. (e.g. value meals, cruises). Perception?
Term
premium pricing
Definition
Setting prices at an artificially high level to convey prestige or a quality image. (positioning tool, conspicuous consumption)
Term
odd-even priding
Definition
Ending the price with certain numbers to influence buyers’ perceptions of the price or product. Perception?
Term
loss leader (price leader) pricing
Definition
Products priced below the usual markup, near cost, or below cost
Term
bait pricing
Definition
Pricing an item in the product line low with the intention of selling a higher-priced item in the line
Term
captive pricing
Definition
Pricing the basic product in a product line low while pricing related items (e.g. components) at a higher level. (AKA “Razor & Blades” pricing)
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