MKT 300 Final Exam: UKY Holly Hapke

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70 Terms

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wholesaler

firms that buy products from manufacturers and resell them to retailers

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Fulfillment center

are used to ship directly to individual customers

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Quick Response (QR)

an inventory management system used in retailing; merchandise is received just in time for sale when the customer wants it, frequent

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direct channel strategy

There are no intermediaries between the buyer and seller

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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.

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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

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Information Flow through marketing channels, flow 3

Buyer to manufacturer

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Distribution center advantages

Lower inventory in each store, lower overall inventory costs

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Retailing

a set of business activities that adds value to the products and services sold to consumers for their personal or family use

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Distribution intensity

intensive, selective, exclusive

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intensive distribution

puts products into as many retail outlets as possible

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Selective distribution

relies on a few selected retail customers in a territory to sell products

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exclusive distribution

granting exclusive rights to one dealer in an area

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General Merchandise Retailers

retail establishments that offers a variety of product lines stocked in considerable depth

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General merchandise retailer categories

Department stores and Off price

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Component of retail strategy

Price

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Component of retail strategy - price

Defines the value of both the merchandise and the service provided

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Benefit of omnichannel

Creates a seamless experience for customers

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brand image

The consumers' beliefs about the company and/or its goods or services often in terms of quality, price, and value

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Integrated Marketing Communications

coordination of promotion and other marketing efforts for maximum informational and persuasive impact

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Feedback loop

Receivers response to a decoded message

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Aida Model (awareness)

- Senders first must gain the attention of the consumer.

Awareness metrics include:

Aided recall

Top-of-mind awareness

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AIDA Model: Action

The ultimate goal of any form of marketing communications is to drive the receiver to action.

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The lagged effect

a delayed response to a marketing communication campaign

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Direct marketing

communicates directly with target customers to generate a response or transaction

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Direct marketing types

Email, mobile

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Email marketing

Can be directed to a specific user

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Mobile marketing

marketing through wireless handheld devices

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The goal the firm hopes to achieve

Value in its products

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click through rate

the number of times a user clicks on an online ad divided by the number of impressions

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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

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The most visible form of marketing communication

Advertising

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The third step in planning and executing an advertising campaign

Determining the advertising budget

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Factor of advertsing budget

The intensity of the role that advertising play in attempt to meet their overall promotional objectives

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Step 4 in planning and executing an advertising campaign

Convey the message

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Appeals

Informational, emotional, and nostaligia

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Emotional appeal

Fear/safety, humane, happiness, love/sex, comfort

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Media mix

the combination of the media used and the frequency of advertising in each medium

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Niche media

channels are more focused and generally used to reach narrower segments, often with unique demographic characteristics or interests

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Mass media

Forms of communication, such as newspapers and radio, that reach millions of people.

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Step 5 of planning and executing an advertising campaign

Evaluate and select medxia

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Step 6 of planning and executing an advertising campaign

Create advertisments

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Step 2 in planning and executing an advertising campaign.

Set advertising objectives

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Step 1 in planning and executing an advertising campaign

Identify target audience

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Major factors in creating advertisements

Creativity, message

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Puffery

the legal exaggeration of praise, stopping just short of deception, lavished on a product

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Public relations

Involves managing communications and relationships to achieve various objectives

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Objectives of public relations (3)

Building and Maintaining a positive image

Handing unfavorable stories or events

Main attaining positive relationships with the media

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Sales promotion

An activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it

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Premiums

Items offered free or at a minimal cost as a reward for a certain behavior (buying , sampling)

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Loyalty programs

specifically designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time

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Personal selling

The two-way flow of communication between a buyer and a seller that is designed to influence the buyer's purchase decision.

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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

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step 1 of personal selling process

generate and qualify leads

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For current customers use

CRM

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step 2 of personal selling process

Preapproach and the Use of CRM Systems

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step 3 of personal selling process

sales presentation and overcoming reservations

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Handling Reservations

An integral part of the sales presentation is handling reservations or objections that the buyer might have about the product or service.

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step 4 of personal selling process

closing the sale

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Step 5 of the personal selling process

follow up

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Following up

Prime time to solidify the relationship between firm and customer through great customer service

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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

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Order taking

a salesperson whose primary responsibility is to process routine orders, reorders, or rebuys for products

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Peronsality

Good sales people are friendly, sociable, and like being around people

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Optimistic

Salespeople need to see the bright side

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Sales people need to have

Good personality and optimism

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Motivating and Compensating Salespeople

financial and non-financial rewards

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Financial rewards

salary, commission, bonus, sales contest

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Nonfinancial rewards

vacations, T-shirts, awards, certificates

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Evaluating salespeople

Use of marketing metrics tied to a reward structure. Objective or subjective.