MKT 300 Review Flashcards

Flashcards for MKT 300 Lecture Review

Personal Selling

A promotional method involving direct interaction between a salesperson and a potential customer.

Generating vs Qualifying Leads

The process of identifying potential customers (generating) and determining if they are likely to become customers (qualifying).

Advertising

Communications process that promotes products, services, or ideas through various media channels.

Clutter (in advertising)

A disadvantage of advertising where there is excessive advertising, leading to consumer avoidance.

Impact (in advertising)

A disadvantage of advertising where there is the measure of the degree to which an ad has an effect on the audience.

Efficiency (in advertising)

A disadvantage of advertising where there is the cost-effectiveness of an advertising campaign.

Engagement (in advertising)

A disadvantage of advertising where there is the degree to which consumers are actively involved with ads.

Cost per contact (CPM)

The cost to expose a message to one member of the target audience.

Reach

The percentage of the target market exposed to a specific marketing communication.

Frequency

The number of times an individual is exposed to a given message during a specific period.

Audience Selectivity

The ability of a medium to reach a specific target audience.

Ratings

Percentage of TV households tuned to a show.

Shares

Percentage of households using TV that are tuned to a show.

Unique Selling Proposition

A unique aspect of a product that differentiates it from the competition.

Attributes

Characteristics of a product (e.g., ingredient).

Benefits

The positive outcomes consumers receive from a product (e.g., better health).

Institutional Advertising

A type of advertising that aims to create a positive image for the company.

Product Advertising

Advertising that promotes a specific product's features and benefits.

Pioneering Advertising

Advertising that aims to build primary demand.

Competitive Advertising

Advertising focusing on convincing consumers to buy one product instead of the other.

Comparative Advertising

Advertising that mentions competitors in the advertisement.

Event Creation

A type of advertising that involves creating or sponsoring events to promote a product.

Guerrilla Marketing

Unconventional marketing tactics used on a very low budget.

Stealth Marketing

Presenting a product without directly acknowledging it.

Branded Entertainment

Integrating the product into entertaining content.

Marginal Analysis

Analysis of incremental cost vs. incremental revenue.

Advertising/Sales Response Functions

The relationship between the amount spent on advertising and the resulting sales.

S-Shaped Response Function

Advertising strategy that initially generates a small increase in product adoption, and then there is a period where advertising has a greater impact on product sales.

Scientific (advertising style)

An advertising style that explains how a product or service works in a scientific way

Slice-of-life

Shows 'typical' consumers using the product in an everyday environment.

Lifestyle

An advertising style that involves how a product fits in with consumer lifestyle.

Bait and switch

The unethical advertising tactic of attracting customers with a low-priced product, then trying to sell them a higher-priced one.

Puffery

Exaggerated or false praise.

Arbitrary Allocation Method

Budget is determined without any real reasoning.

Percentage of Sales Method

Setting the promotion budget at a certain percentage of current or forecasted sales.

Competitive Parity Method

Matching the competitor's absolute level of spending or the proportion per point of market share.

Objective and Task Method

An approach where the company determines its promotion objectives, outlines the tasks it must undertake to accomplish those objectives, and determines the promotion cost of performing those tasks.

Continuous (advertising schedule)

Scheduling ads evenly within a given period.

Flighting (advertising schedule)

Advertising schedule implemented in spurts, with periods of heavy advertising followed by periods of no advertising.

Pulsing (advertising schedule)

A continuous advertising schedule where there is periodic heavy promotions.

Customer Value

The overall value, benefits, and gains that a customer receives from a product or service.

7Ps

A marketing framework encompassing Product, Price, Place, Promotion, People, Process, and Physical Evidence.

4Cs

A marketing framework encompassing Customer, Cost, Convenience, and Communication.

CRM (Customer Relationship Management)

Managing all aspects of a customer's relationship to increase loyalty and retention.

Lifetime Value of a Customer

Length of the reciprocal between a customer and an organization.

Customer Satisfaction

A customer's general satisfaction with a product or service.

Attribution Theory

Theory describing how people explain the causes of behavior (e.g., success or failure).

Service Recovery

The actions taken by a service provider to correct a failure and retain a customer.

Power of We

The influence of collective action and communal relationships on customer behavior.

Experiential Marketing

Marketing strategy that creates immersive experiences for customers.