MRKT 341 Exam 4

Study Guide for MRKT 341 (key concepts, terms and quiz questions)

promotion/marketing communications mix

Advertising, Public Relations, Sales Promotion, Personal Selling, and Digital Marketing

advertising

any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor

sales promotion

short-term incentives to encourage the purchase or sale of a product or service

personal selling

personal presentations by the organization’s sales force to engage customers, makes sales or build personal relationships

public relations

activities designed to engage the company’s various publics and build good relations with them

content marketing

creating, inspiring and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels

Integrated Marketing Communications (IMC)

coordinating the organization’s many communications to deliver a clear, consistent message

Push Strategy

uses a sales force and trade promotion by promoting the product to channel members (ex: retail store) who in turn promote it to the final customers

Pull Strategy

uses consumer advertising, promotion, and other content to induce final consumers to engage with and buy the product. The consumer then requests their local retailers to sell the product

Advertising Objective

A specific communication task to be accomplished with a specific target audience during a specific period of time

Advertising Budget

dollars and other resources allocated to a product or a company advertising program

Affordable Method

setting the promotional budget at the level management thinks the company can afford

Percentage-of-Sales Method

setting the promotional budget at a certain percentage of current or forecasted sales OR as a percentage of the unit sales price

Competitive-Parity Method

setting promo budget to match competitors’ outlays

Objective-and-Task Method

defining specific promotional objective, determining the tasks needed to achieve these objectives and estimating costs of performing these tasks; sum of costs is proposed in the promotional budget

Advertising Strategy

consists of creating advertising messages and selecting advertising media

Native Advertising

advertising or other brand-produced online content that looks in form and function like the other natural content surrounding it on a web or social media platform

Creative Concept

the compelling “big idea” that will bring an advertising agency message strategy to life in a distinctive and memorable way

Execution Style

the approach, style, tone, words, and format used for executing an advertising message

Advertising Media

the vehicles through which advertising messages are delivers to their intended audiences

Return on Advertising Investment =

net return on advertising investment / costs of the advertising investment

Functions of Public Relations

press agentry, product publicity, public affairs, lobbying, investor relations and development

PR Tools

news, special events, written materials, video materials, corporate identity materials, and public service activities

selling process

steps that sales people follow: prospecting and qualifying, pre-approach, approach, presentation and demonstration, handling objections, closing, and follow-up

prospecting

the sales step in which the sales person identifies qualified potential customers

preapproach

the sales step where the sales rep learns as much about the customer as possible before making the sales call

approach

the sales step where the sales person meets the customer for the first time

presentation

the sales step in which the salesperson tells the “value story” to the buyer, showing how the company’s offer solves the customer’s problems

handling objections

the sales step in which the salesperson seeks out, clarifies, and overcomes any customer objections to buying

closing

the sales step in which the salesperson asks the customer for an order

follow-up

the sales step where the sales person makes sure the customer is satisfied

consumer promotions

sales promo tools used to boost short-term customer buying and engagement or enhance long-term customer relationships

trade promotions

sales promotion tools used to persuade resellers to carry a brand, give it shelf space, and promote it in advertising

business promotions

sales promotion tools used to generate business leads, stimulate purchases, reward customers and motivate salespeople

digital marketing

the use of technology-intensive platforms such as the internet, mobile networks, and social medias to engage with carefully targeted customers, consumer communities or businesses

digital consumer personas

detailed, nuanced, and tangible representations of prototypical consumers to be targeted by the digital marketing campaign

marketing website

a website that engages consumers in interactions that will move them closer to a direct purchase or other marketing outcome

brand community website

a website that presents brand-related content that engages consumers and creates customer community around a brand

online advertising

appears while consumers are surfing the web, including display ads, search-related ads, online classifieds, and other forms

viral marketing

the internet version of word-of-mouth marketing - websites, videos, email or other marketing events that are so infectious that customers will want to pass them along to friends

mobile marketing

marketing messages, promotions and other content delivered on-the-go consumers through their mobile devices

omni-channel marketing

creating a seamless cross-channel buying experience that integrates in-store, online and mobile shopping

global marketing

the full process of marketing products and services within and across multiple countries

economic community

a group of nations organized together to work toward shared global trade and other goals

exporting

entering foreign markets by selling goods produced in the company’s home country, often with little or no modification

joint venturing

entering foreign markets by joining with foreign companies to produce or market a product or service

licensing

entering foreign markets by developing an agreement with an entity in the foreign market to use the company’s brand, trademark, patent, trade secret, manufacturing process or some other item of value in return for some payment

contract manufacturing

a joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service

standardized global marketing

a global marketing strategy that uses the same marketing mix in all og the company’s global markets

adapted global marketing

a global marketing strategy where the company adjusts the marketing mix in each global market

whole-channel view

designing global channels that consider the entire global supply chain and marketing channel, forging an effective global value delivery network

communication tool where the firm may not control the message

social media

Wiki

collaborative knowledge networks created and managed by the public

crowdfunding

platforms used by start-ups to raise money

mobile marketing

messaging, promotion and content delivered to the on-the-go-customers through their mobile devices

According to our in-class work on what makes great communication, this Six Flags Theme Park ad on the financial new website is likely violating:

reaching the intended target market

Concerns of digital marketing

deception, fraud, consumer privacy and data integrity

Time in Advertising objectives

for which the communication should run and be measured

Task Advertising objectives

what needs to be accomplished through the communication

Target Advertising Objective

audience of who needs to be reached via the communication

sales promotion tools

coupons, contests, discounts, premiums, sweepstakes and BOGOs

True or False: In general, personal selling is more persuasive than advertising. 

True

Tool of the promotional mix where the firm does not control the message

Public Relations (third party)