marketing final exam

what are the five major promotion mix tools

advertising, sales promotion, personal selling, public relations, direct and digital marketing

which promotion mix tool involves short term incentives to encourage the purchase or sale of a product

sales promotion

what is the main goal of personal selling in the promotion mix

engage customers, make sales, and build customer relationships

which promotion mix tool focuses on building good relations with the company’s various publics?

public relations

what does direct and digital marketing aim to achieve

engage directly with targeting individual consumers to obtain an immediate response and build lasting customer relationships

which of the following is not a form of advertising

trade shows

what are some examples of public relations tools?

press release, sponsorships, events and webpages

what is the primary purpose of the promotion mix

engage consumers, persuasively communicate customer value and build customer relationships

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 customer interactions by the firms sales force to engage customers, make sales and build customer relationships

direct and digital marketing

engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships

what are some examples of advertising tools?

broadcast, print, online, mobile, outdoor and other forms

what are some examples of sales promotion tools?

discounts, coupons, displays, demonstrations and events

what are some examples of personal selling tools?

sales presentations, trade shows, and incentive programs

what are some examples of direct and digital marketing tools?

direct mail, email, catalogs, online and social media, mobile marketing

what major factor is changing the face of today’s marketing communications?

consumers are changing

what is one reason why traditional mass media dominance is declining

ad clutter is increasing

what is one of the challenges presented by the explosion of online, mobile and social media marketing?

it complicates and fragments overall marketing communications

what is the role of marketing communications director in the context of IMC (integrated marketing communications)?

to unify the company’s image across cross platform communications activities

what is a key benefit of cross platform video ad campaigns?

combining TV’s vast reach with digital’s better targeting, interaction and engagement

what is a common issue with marketing content from different parts of a company?

it often results in conflicting messages

advertising agency

a marketing services firm that assists companies in planning, preparing, implementing and evaluating all or portions of their advertising programs

advertising budget

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

what is a key aspect of the new marketing communications model

engaging smaller customer communities with personalized content

what is the fastest growing digital advertising category

mobile

what is the role of marketing communicators in the new marketing communications world

content marketing managers

what is the main goal of integrated marketing communications

to deliver a clear, consistent and compelling message about the organization and its brands across all channels to enhance brand awareness and customer engagement. used to ensure customers and organizations know about their value

native advertising

ad 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

objective and task method

developing the promotion budget by defining specific promotion objectives, determining the tasks needed to achieve these objectives and estimating the costs of performing these tasks, the total cost of all of these is the proposed promotion budget

percentage of sales method

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

public relations

building good relations with the companys’ various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories and events

pull strategy

promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product, creating a demand vacuum that bring the product through the channel

push strategy

using the sales force and trade promotions to push the product through channels. the producer promotes the products to channel members who in turn promote it to final consumers

advertising media

vehicles through which advertising messages are delivered to their intended audiences

advertising objective

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

advertising strategy

the strategy by which the company accomplishes its advertising objectives. consists of two major elements: creating advertising messages and selecting advertising media

affordable method

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

competitive parity method

setting promotion budget to match competitors outlays

direct and digital marketing

engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships

integrated marketing communications

carefully integrating and coordinating the company’s many communications channels to deliver a clear, consistent and compelling message about the organization and its products

sales promotion

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

what is the primary role of a company’s salespeople

engaging customers, creating customer value, and building customer relationships

what is personal selling often associated with

one of the oldest professions in the world

what stereotype is often associated with salespeople

opinionated and lacking social skills

what is the primary goal of the best salespeople

work closely with customers for mutual gain

difference between order takers and order getters

order takers handle simple sales, order getters engage in creative selling and relationship building

what is the main challenge for salespeople in large sales

to win and keep buyers business by building long term partnerships based on superior products and close collaboration

what is personal selling

interpersonal interactions and engagement between salespeople and individual customers

in what type of selling situations is personal selling particularly effective

complex selling situations

which companies typically do not have salespeople

companies that only sell online

what is one of the main roles of salespeople in companies

representing the company to customers

how do salespeople represent customers to the company?

by relaying customer concerns and managing the buyer seller relationship

how do salespeople represent customers to the company

by relaying customer concerns and managing the buyer seller relationship

what can strong relationships with salespeople lead to

strong relationships with the company and its products

what can a company do to bring its marketing and sales functions closer together

increase communications between the two groups

what can happen if there was a disconnect between marketing and sales

damage customer relationships and company performance

how do salespeople adjust their marketing offer

probe customers to learn about their problems and adjust marketing offer to fit each customers special needs

what dual role do salespeople often serve?

salespeople represent the company to customers and represent customers to the company

why is salesperson owned loyalty important

results in strong relationships with the company and its products

what is the role of a marketing sales liaison

helps coordinate marketing and sales force programs and efforts

sales force

group within a company that plays a major role in selling products and services, often working directly with customers

salesperson owned loyalty

customer loyalty that is directed towards the salesperson, which in turn strengthens their loyalty to the company and its products

in a territorial sales force structure what is each salesperson assigned to

a geographic area

what is the primary benefit of a territorial sales force structure?

increases the salespersons desire to build local customer relationships

what is the main advantage of using inside salespeople

less costly ways to sell to smaller, harder to reach customers

hybrid sales rep

modern cross between field sales rep and inside rep

what is a potential pitfall of team selling

salespeople may have trouble learning to work with and trust others on team

inside sales force

salespeople who conduct business from their offices via phone, online and social media interaction, or visits from buyers

what drive the best salespeople

a strong sense of purpose and desire to make a difference to customers

what are the primary goals of sales training programs?

to teach salespeople about customers, selling processes, the company, its products and competitors

what are the four elements of a salesperson’s compensation?

fixed amount, variable, expenses and fringe benefits

what might a compensation plan include if the strategy is to acquire new business and gain market share

a larger commission component and a new account bonus

why are companies moving away from high commission plans

to avoid salespeople making short term grabs for business

what should companies do instead of cutting sales compensation across the board during tough economic times

continue to pay top performers well while letting go of low performers

purpose of fixed amount

provide the salesperson with some stable income

purpose of variable amount

rewards the saleperson for greater effort and success through commissions or bonuses

fixed amount

stable income component of a salesperson’s compensation, usually a salary

variable amount

component of a salespersons compensation that includes commissions of bonuses based on sales performance

fringe benefits

additional benefits provided to employees, such as health insurance, retirement plans and paid time off

what is the primary goal of the selling process

to engage the customer in a mutually profitable relationship

how must salespeople adapt their selling process in todays market

by discovering and engaging customers on a relationships basis rather than a transaction basis

what does value selling involve

demonstrating and delivering superior customer value and capturing a fair return on that value

value selling

sales approach that focuses on demonstrating and delivering superior customer value and capturing a fair return on that value

customer relationship building

process of engaging customers over the long haul in a mutually profitable relationship

primary objective of sales promotion

to encourage the purchase or sales of a product or service

what is a common issue caused by the heavy use of sales promotions

promotion clutter

which promotion tool is used to stimulate earlier or stronger market response

sales promotion

what is the first step in developing a sales promotion program

set sales promotion objectives

how does sales promotion differ from advertising

advertising offers reasons to buy a product or service, while sales promotion offers reasons to buy now

what is the primary objective of consumer promotions

to urge short term customer buying or boost customer brand engagement

what is the most effective but expensive way to introduce a new product

sampling

what type of promotion involves certificates that save buyers money when they purchase specified products

coupons

which promotional tool offers savings off the regular price of a product directly on the label or package?

price packs

goods offered either free or at low cost as an incentive to buy

premiums

promotion type that includes displays and demonstrations that take place at the point of sale

point of purchase promotions

event marketing

creating or sponsoring events to promote a brand

trade promotions

used to persuade resellers to carry a brand, give it shelf space, promote it in advertising and push it to consumers

approach

the sales step in which a salesperson meets the customer for the first time

business promotions

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