Term
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Definition
Presentation and promotion of ideas, goods, or services by an identified sponsor. Examples: Print ads, radio, television, billboard, direct mail, brochures and catalogs, signs, in-store displays, posters, motion pictures, Web pages, banner ads, and emails. (Always in Paid Form; non personal)
Advertising is nonpersonal communication paid for by an identified sponsor using mass media to persuade, inform, and remind an audience. There is product advertising (message focuses on a specific product) and Institutional advertising. The purpose of advertising is to educate people about a new product, and convince a target market to choose the product over other options. |
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Term
| Promo Mix: Personal Selling |
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Definition
| A process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation. Examples: Sales presentations, sales meetings, sales training and incentive programs for intermediary salespeople, samples, and telemarketing. Can be face-to-face or via telephone. |
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Term
| Promo Mix: Sales promotion |
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Definition
| Media and non-media marketing communication are employed for a predetermined, limited time to increase consumer demand, stimulate market demand or improve product availability. Examples: Coupons, sweepstakes, contests, product samples, rebates, tie-ins, self-liquidating premiums, trade shows, trade-ins, and exhibitions. |
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Term
| Promo Mix: Public Relations |
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Definition
| Paid intimate stimulation of supply for a product, service, or business unit by planting significant news about it or a favorable presentation of it in the media. Examples: Press releases, newspaper and magazine articles/reports, TVs and radio presentations, charitable contributions, speeches, issue advertising, and seminars. |
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Term
| Promo Mix: Direct Marketing |
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Definition
| is a channel-agnostic form of advertising that allows businesses and nonprofits to communicate straight to the customer, with advertising techniques such as mobile messaging, email, interactive consumer websites, online display ads, fliers, catalog distribution, promotional letters, and outdoor advertising. |
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Term
Promotional budgets, techniques on how to determine budget
-top down approach
-bottom up
-Competitive Parity |
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Definition
There are three approaches to Promotional budgets:
1) Top-down approach (easier process, not as thorough)
-% of sales
-all you can afford (using leftover money)
-identify a pool of money and split it up
2) Bottom-up (more thorough, more expensive, requires more research)
-objective task
(first identify your objective task, how much are we trying to increase market share? We
need to allocate money to this to reach our goal.)
3) Competitive Parity
-Whatever my competition pays, I'll pay
-(sort of a type of top-down) |
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Term
| Public Relations; new types of Press Releases in social media |
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Definition
Press releases in social media have comment sections, twitter pitches, resource links,
tags, image galleries. sharing buttons, and so on. |
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Term
Roles of personal selling and types
- order taker
- missionary salesperson
- Team seller
- order getter |
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Definition
Order taker: a salesperson whose primary function is to facilitate transactions that the customer initiates.
Very little creative selling is involved in order taking.
Typically the lowest-paid sales position
Technical specialist: a sales support with a high level of technical expertise who assists in product demonstrations.
Provides sales support rather than actually closing the sale.
Missionary salesperson: A salesperson who promotes the firm and tries to simulate demand for a product but does not actually complete a sale.
Like technical specialists, missionary salespeople promote the firm encourage demand for its goods and services but don’t actually take orders.
New-business salesperson: the person responsible for finding new customers and calling on them to present the company’s products.
Order getting: a salesperson who works to develop long-term relationships with particular customers or to generate new sales.
Team selling: The sales function when handled by a team that may consist of a salesperson, a technical specialist, and others. |
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Term
| Transactional vs. Relationship selling |
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Definition
Transactional selling: a form of personal selling that focuses on making an immediate sale with little or no attempt to develop a relationship with the customer.
Relationship selling: a form of personal selling that involves securing, developing, and maintaining long-term relationships with profitable customers |
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Term
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Definition
A part of the selling process that includes identifying and developing a list of potential or prospective
customers |
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Term
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Definition
| is the act of figuring out if your potential customer is the right fit for you. |
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Term
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Definition
Push Strategy-(Convincing retailers to stock products) the company tries to move its products through the channel by convincing channel members to offer them and entice their customers to select these products.
Pull Strategy-company tries to move products through channel by building desire for the products among consumers, then convincing retailers to respond to demand by stocking the product |
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Term
| IMC- integrated marketing communications |
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Definition
| ntegrated Marketing Communications - is defined as customer centric, data driven method of communicating with the customers. IMC is the coordination and integration of all marketing communication tools, avenues, functions and sources within a company into a seamless program that maximizes the impact on consumers and other end users at a minimal cost. It ensures that all forms of communications and messages are carefully linked together. |
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Term
Buzz
Hype
Stealth
Viral
Guerrilla |
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Definition
Buzz - word of mouth communication that consumers view as authentic
Hype - created by the business, Exaggerated or extravagant claims made especially in advertising or promotional material: “It is pure hype, a gigantic PR job”
Stealth - Customers do not know they are being marketed to, selling a product to a consumer without direct awareness. F(nokia camera phone)
Guerrilla - any unconventional marketing intended to get maximum results from minimal resources. Doing advertising in some weird unique way
Viral - Marketing activities that aim to increase brand awareness or sales by consumers passing a message along to other consumers. (someone posting an ad or youtube video on friends facebook) |
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Term
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Definition
| it is like a barcode for a mobile app. Take a picture with your smart phone and it takes you to their mobile app, Web site, video, etc. Content is not downloaded and stored on the user’s personal smart phone; it is stored online (the cloud) |
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Term
| Types of salesperson compensation plans |
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Definition
Straight commission - only money if you sell
Commission with Draw Plan - give you what you need to survive
may owe money back
Straight Salary - make money per year, relationship building
Quota & bonus
combination - most do this
salary and commission |
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Term
| Hodge-podge- new era marketing strategy |
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Definition
New-Era Strategic Orientation- New-Era will become status quo and turn into marketing orientation (A business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of customers).
Corporate Social Responsibility- companies want to improve their company image and they give back more to the community. |
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Term
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Definition
Practice in which companies promote their products as environmentally friendly when in truth the brand
provides little ecological benefit
1 Hidden Trade-off
A claim suggesting a product is ‘green’ based on a narrow set of attributes without attention to other important environmental issues
Not telling you EVERYTHING (about process)
2 No Proof
An environmental claim that cannot be substantiated by easily accessible supporting information or by a reliable third-party certification
3 Vagueness
A claim that is so poorly defined or broad that its real meaning is likely to be misunderstood by the consumer.
“All-natural”
4 Irrelevance
An environmental claim that may be truthful but is unimportant or unhelpful for consumers seeking environmentally preferable products
“CFC-free”
5 Lesser of Two Evils
A claim that may be true within the product category, but that risks distracting the consumer from the greater environmental impacts of the category as a whole
6 Fibbing
Environmental claims that are simply false
7 Worshiping False Labels
A product that, through either words or images, gives the impression of third-party endorsement |
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Term
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Definition
benefits for consumers
consumers check all the suggested low carbon emission products
consumers indicate that they have bought a suggested product and collected points
consumers share their product purchase over the internet
send a signal about their buying habits
use this as an extension of self enhancement |
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Term
| Consumer Bill of Rights (JFK) |
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Definition
right to choose
right to safety
right to be informed
right to be heard |
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Term
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Definition
Corporate Marketing Ethics Policies
guidelines to operations, standards
guiding principle in policy determination
free market and legal system
individual companies and managers |
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Term
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Definition
| Using organizational structures, processes, and cultures to allocate brand-building resources globally, to create global synergies, and to develop a global brand strategy that coordinates and leverages country brand strategies |
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Term
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Definition
Ethnocentric: home country is focus, associated with attitudes of national arrogance
and supremacy
mgmt. focus is to do in host countries what’s done in home country
my product can be sold everywhere without adaption |
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Term
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Definition
opposite of ethnocentric
mgmt. operates under assumption that every country is different
100% adaption
decisions are decentralized |
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Term
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Definition
Region becomes the relevant geographic unit (rather than by country)
mgmt. orientation is geared to developing an integrated regional strategy
European union
NAFTA |
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Term
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Definition
Entire World is viewed as a potential market.
-Management goal is to develop integrated world market strategies. |
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Term
| Hofstede’s cultural typologies |
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Definition
· Power distance (the degree to which it is expected that some individuals will wield more power than others)
· Individualism/collectivism
· Masculinity
· Uncertainty avoidance
· Long-term orientation
Cultures can be categorized on these 5 dimensions |
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Term
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Definition
| based on the theory that with purchasing power parity, the exchange rate would equalize prices for goods and services. Shows that a Big Mac that costs $3.58 in the US would cost over $7 in Norway, etc. |
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Term
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Definition
triangle balance
Needs to be a positive relationship
Ex: Me -> Justin Bieber (+) -> Pepsi (+) -> If J Biebz likes Pepsi, I have to like Pepsi |
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Term
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Definition
Most commonly related to celebrities, based on how much we like them or how they influence us
Measure influence of a thing (?) |
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Term
Social Media-
Push vs Pull |
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Definition
Push vs. pull: a company pushing products through the vendor to the consumer, vs. advertising directly to the consumer and having them request the product from the vendor, who then acquires stock from the company
Pull- search engines
push- pop-ups
pushing- company generated online pitch
pulling- being part of an organic dialogue |
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Term
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Definition
--Fundamentally different approaches
-push/hype-opt out
-The default is to collect information unless the consumer takes an affirmative action to prevent the collection of data.
-spam or ads that just pop up- we don't ask for it
-pull/buzz-opt-in
-Requires an affirmative action by the consumer to allow collection and use of consumer information……consent required; consumer chooses. consumer pulls product through channel. ex you shop for something online |
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Term
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Definition
Touchpoint analysis
Find out what’s important to consumers
Experiences that get talked about add up to conversations that you can measure
Touchpoint optimization
Y axis: performance
X axis: talk-value
Ex: Comcast was talking about how fast their repair service was, when a video
came up online of one of their workers napping on the job. Customers were
talking about that instead of the speed of the repair service. |
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Term
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Definition
Look for the little things that matter to your customers
These are the things they’ll talk about
Understand the word-of-mouth impact in an online setting
Hilton Hotel example...self explanatory. (One night in Paris) |
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Term
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Definition
Likelihood of recommendation (0-10)
Share of promoters (9-10)
Share of detractors (0-6)
Difference is Net Promoter Score
% strong promoters - % all detractors = net promoter score |
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Term
| Advantages of Social Media |
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Definition
Successful social network marketing resembles a conversation with your customers
Built-in focus groups: in real-time and inexpensive, Enables feedback. |
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Term
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Definition
Consumers grow tired of the sales pitch
Be present in community
Just because you say something does not mean people are interested
Give them relevant dialogue
Listen before engaging the customer
Metrics to determine successful social media strategy
Clicks, time on site, mentions about you/competitors |
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Term
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Definition
| A person who is frequently able to influence others attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories. |
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Term
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Definition
BACN: Bland automated community notification. Is email that has been subscribed to and is therefore not unsolicited, but is often not read by the recipient for a long period of time, if at all.
SPAM: Unsolicited emails. |
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Term
| Spencer McNeill-Shop Igniter |
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Definition
Paid vs. earned media
Earned: consumer advocating the media (BUZZ)
Paid: Companies giving paid media (HYPE)
Influence of friends
90% of all purchase decisions are subject to social influence. |
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Term
| How to Identify an Opinion Leader |
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Definition
(Company Method:)
o Use an algorithm by tracking the users.
o How many times they are sharing links, commenting on links, accessing/ talking about/ viewing a site.
o The more they do these things, the higher score that person will have. |
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Term
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Definition
Automatic upload and sharing
(on facebook when you click a link and it automatically shows up on your wall |
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Term
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Definition
Social media = $30 billion predicted industry by 2015
Number one outcome: customer acquisition
Facebook as a carrier of other media in the future. |
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