Term
| Ad objectives (e.g., inform) |
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Definition
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Term
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Definition
Awareness
Intention
Desire
Action
(all are required for purchase) |
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Term
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Definition
| Mere Exposure Effect is the development of an emotional preference for previously unfamiliar material due to frequent exposure to that material. |
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Term
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Definition
| The truth effect holds that repetition of a message creates familiarity and comfort with that message which in turn makes it seem “truer” the more a person is exposed to it |
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Term
| Types of advertisements (e.g., competitive, comparative, etc) |
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Definition
celebrity testimonials
Pioneering - NOT CREATIVE, only informative
Competitive- create selective demand
Direct(why you're best), Indirect (do not name competitor), and Comparative
Comparative- call out your competitor
Institutional Advertisements- promote the company rather than the product |
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Term
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Definition
Reach (who and where) vs. Frequency (when)
Continuous- steady all year
Flighting Schedule- heavy then nothing
Pulse Schedule- continuous + flighting-->hit hard at certain times. |
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Term
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Definition
Consumer-Oriented= sales tools used to support a company's advertising and personal selling and are commonly used to stimulate trial (coupons, contest, cashback, premiums, loyalty, etc.)
Trade-oriented sales promotion=
tools directed at wholesalers. allowances and discounts. cooperative advertising, training od distributor's sales force) |
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Term
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Definition
| pipeline through which goods flow to the consumer. |
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Term
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Definition
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Term
| Intensive, exclusive, and selective distribution |
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Definition
Intensive- All over
Exclusive- only a few cities
selective- mainly on one coast |
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Term
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Definition
| Low price to high quality to low price. The big middle is the average company that is not very innovative and doesn't charge extremely high or low prices. most companies lie in this middle segment. |
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Term
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Definition
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Term
| Forms of personal selling (e.g., order getters) |
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Definition
order getters (creative selling)- diagnose your problem and find a solution.create a want.professionals
Order Processing- clerks
Supporting- missionary salespeople (DO NOT SELL) only support relationship and tell they company what they need to buy from someone else. technical specialists. |
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Term
| Stages in the personal selling process |
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Definition
qualify leads
preapproach
sales presentation
closing sale
follow-up |
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Term
| Closing methods (e.g., trial close) |
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Definition
Trial close- "what are you thinking?" how are you feeling?
Assumptive close- You like this & this so why not get it?
Urgency close- this item is popular, there are not many left and it might not be here when you come back. |
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Term
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Definition
| straight salary, straight commission, salary and commission combination, bonuses. |
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Term
| BEP (Revenue vs. units and target return) |
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Definition
Units=Fc+Target profit/Contibution per unit)
Contribution per unit= selling price- variable costs
Revenue= units * price per unit |
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Term
| Modified Break-even analysis |
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Definition
| incorporates demand. loss area, break even point, profit area |
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Term
| The law and pricing (price discrimination, price fixing, etc) |
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Definition
Deceptive or illegal- bait and switch
Predatory- set price with intention to run someone out of business.
price fixing- difficult to prove
dumping- price is lower in the foreign country that in the home country. company intends to hard competitors.
Price discrimination- only allowed if it is based on cos difference or a reaction to different levels of competition. |
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Term
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Definition
percent of selling price. not your cost + percent.
sp= cost/(1-MUsp) |
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Term
| Push and/or pull strategies |
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Definition
pull= get consumer to buy
push= get distributer to sell |
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Term
| Involvement and advertising |
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Definition
Elaboration Likelihood Model:
Central Route: where a subject considers an idea logically (high involvement)
Peripheral Route- in which the audience uses preexisting ideas and superficial qualities to be persuaded. (low involvement). |
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Term
| The learning model (top dog and underdog approaches) |
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Definition
prior belief- hypothesis generation- exposure to evidence- encoding of evidence- integration of evidence- revised belief.
top dog- coke (do not mention underdog)
underdog (hyundai- mention top dog).
hard to change attitudes |
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Term
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Definition
strongly held attitude- small latitude of acceptance, large latitude of rejection
weakly held attitude: large latitude of acceptance, small latitude of rejection. |
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Term
| Elaboration likelihood model |
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Definition
High involvement= more attention, deeper processing, develops strong attitudes and purchase intentions.
low involvement= less attention, peripheral procesing, generates weak attitudes.
change the way you process by how involved you are. |
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Term
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Definition
Ad Scheduling.
Reach= Who and when vs Frequency= how often |
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Term
| Puffery and bait and switch |
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Definition
Puffery: opinion, cannot be accused as false or true.
Bait and Switch:First, customers are "baited" by advertising for a product or service at a low price; second, the customers discover that the advertised good is not available and are "switched" to a costlier product. |
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Term
| Relationship between market share and profit for specialty vs. mass-merchandising |
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Definition
Walmart cannot become Nordstroms. there is a ditch in the graph. Specialty products gain less of the market share profits going straight up. mass merchandising gains more of the market share but profit raises over time.
specialty stores and shopping (experience, not just the product).
Mass merchandising makes profit from turnover |
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Term
| Relationships between different types of wholesalers/intermediaries |
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Definition
| the intermediaries include wholesalers who assume title to the goods they handle and agents and brokers, who conduct wholesaling activities without taking title of the goods. |
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Term
| Recommend a type of intermediary for a given situation |
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Definition
Does the wholesaler own the product?
Yes--> (Full service) = full service merchant wholesalers, general merchant, general line specialty.
Yes--> (some functions)= limited function merchant wholesalers, cash and carry truck, direct marketing, drop shippers, Rack Jobbers
No Ownership--> brokers, Commission Merchants, Auctions, mfg. agents, selling agent |
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Term
| Ways to organize the salesforce (e.g., geography, product, etc) |
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Definition
geography
product
customer (client ranking, should we accept 80-20 rule)
Combinations of all 3 |
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Term
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Definition
| hapiness and unhapiness, always need bonuses, more money makes you less unhappy but cannot make you like your job. other things than bonuses. |
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Term
| Ethics (deontology, teleology, ethical judgments) |
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Definition
deontology- is in inherently right or wrong?
teleology- right or wrong based on outcome
ethical judgement- factors in deontology, teleology, and intentions.
ethical judgments |
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Term
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Definition
Marketing is a concept not a function
the concept that superior exchange value, for both the buyer and seller, can be influenced by incorporating exchange related information into the company’s product offering through the adjustment of the product, the place, the price, and/or promotion. |
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