1/69
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced |
---|
No study sessions yet.
wholesaler
firms that buy products from manufacturers and resell them to retailers
Fulfillment center
are used to ship directly to individual customers
Quick Response (QR)
an inventory management system used in retailing; merchandise is received just in time for sale when the customer wants it, frequent
direct channel strategy
There are no intermediaries between the buyer and seller
Franchising
A contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a business using a name and format developed and supported by the franchisor.
Power in a marketing channel
exists when one firm has the means or ability to dictate the actions of another member at a different level of distribution
Information Flow through marketing channels, flow 3
Buyer to manufacturer
Distribution center advantages
Lower inventory in each store, lower overall inventory costs
Retailing
a set of business activities that adds value to the products and services sold to consumers for their personal or family use
Distribution intensity
intensive, selective, exclusive
intensive distribution
puts products into as many retail outlets as possible
Selective distribution
relies on a few selected retail customers in a territory to sell products
exclusive distribution
granting exclusive rights to one dealer in an area
General Merchandise Retailers
retail establishments that offers a variety of product lines stocked in considerable depth
General merchandise retailer categories
Department stores and Off price
Component of retail strategy
Price
Component of retail strategy - price
Defines the value of both the merchandise and the service provided
Benefit of omnichannel
Creates a seamless experience for customers
brand image
The consumers' beliefs about the company and/or its goods or services often in terms of quality, price, and value
Integrated Marketing Communications
coordination of promotion and other marketing efforts for maximum informational and persuasive impact
Feedback loop
Receivers response to a decoded message
Aida Model (awareness)
- Senders first must gain the attention of the consumer.
Awareness metrics include:
Aided recall
Top-of-mind awareness
AIDA Model: Action
The ultimate goal of any form of marketing communications is to drive the receiver to action.
The lagged effect
a delayed response to a marketing communication campaign
Direct marketing
communicates directly with target customers to generate a response or transaction
Direct marketing types
Email, mobile
Email marketing
Can be directed to a specific user
Mobile marketing
marketing through wireless handheld devices
The goal the firm hopes to achieve
Value in its products
click through rate
the number of times a user clicks on an online ad divided by the number of impressions
Advertising
a paid form of communication from an identifiable source, delivered through a communication channel, and designed to persuade the receiver to take some action, now or in the future
The most visible form of marketing communication
Advertising
The third step in planning and executing an advertising campaign
Determining the advertising budget
Factor of advertsing budget
The intensity of the role that advertising play in attempt to meet their overall promotional objectives
Step 4 in planning and executing an advertising campaign
Convey the message
Appeals
Informational, emotional, and nostaligia
Emotional appeal
Fear/safety, humane, happiness, love/sex, comfort
Media mix
the combination of the media used and the frequency of advertising in each medium
Niche media
channels are more focused and generally used to reach narrower segments, often with unique demographic characteristics or interests
Mass media
Forms of communication, such as newspapers and radio, that reach millions of people.
Step 5 of planning and executing an advertising campaign
Evaluate and select medxia
Step 6 of planning and executing an advertising campaign
Create advertisments
Step 2 in planning and executing an advertising campaign.
Set advertising objectives
Step 1 in planning and executing an advertising campaign
Identify target audience
Major factors in creating advertisements
Creativity, message
Puffery
the legal exaggeration of praise, stopping just short of deception, lavished on a product
Public relations
Involves managing communications and relationships to achieve various objectives
Objectives of public relations (3)
Building and Maintaining a positive image
Handing unfavorable stories or events
Main attaining positive relationships with the media
Sales promotion
An activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it
Premiums
Items offered free or at a minimal cost as a reward for a certain behavior (buying , sampling)
Loyalty programs
specifically designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time
Personal selling
The two-way flow of communication between a buyer and a seller that is designed to influence the buyer's purchase decision.
relationship selling
a sales philosophy and process that emphasizes a commitment to maintaining the relationship over the long term and investing in opportunities that are mutually beneficial to all parties
step 1 of personal selling process
generate and qualify leads
For current customers use
CRM
step 2 of personal selling process
Preapproach and the Use of CRM Systems
step 3 of personal selling process
sales presentation and overcoming reservations
Handling Reservations
An integral part of the sales presentation is handling reservations or objections that the buyer might have about the product or service.
step 4 of personal selling process
closing the sale
Step 5 of the personal selling process
follow up
Following up
Prime time to solidify the relationship between firm and customer through great customer service
Sales management
involves the planning, direction, and control of personal selling activities, including recruiting, selecting, training, motivating, compensating, and evaluating, as they apply to the sales force
Order taking
a salesperson whose primary responsibility is to process routine orders, reorders, or rebuys for products
Peronsality
Good sales people are friendly, sociable, and like being around people
Optimistic
Salespeople need to see the bright side
Sales people need to have
Good personality and optimism
Motivating and Compensating Salespeople
financial and non-financial rewards
Financial rewards
salary, commission, bonus, sales contest
Nonfinancial rewards
vacations, T-shirts, awards, certificates
Evaluating salespeople
Use of marketing metrics tied to a reward structure. Objective or subjective.