MARK 3000 Exam 3 Loomer

Based on study guide

This media scheduling strategy runs ads steadily

Continuous Strategy

This media scheduling strategy alternates intense activity with no activity

Flighting

This media scheduling strategy contains low-level, year-round ads with high-intensity bursts during peak times

Pulsing

This media scheduling is best for products with constant demand and no distinct seasons (milk, toilet paper, brand-building campaigns)

Continuous

This media scheduling is best for for seasonal products or events (winter coats, holiday specific, etc)

Flighting

This media scheduling is best for products sold year-round but that have significantly higher sales during specific times (back-to-school)

Pulsing

PR vs AD:

promotes products and services

Ad

PR vs AD:

full control over message and placement

Ad

PR vs AD:

Paid media

Ad

PR vs AD:

Seen as less credible

Ad

PR vs AD:

one-way communication

Ad

PR vs AD:

expense driven by media buying

Ad

PR vs AD:

short-term campaigns

Ad

PR vs AD:

Builds and maintains public image

PR

PR vs AD:

limited control over message (media may alter or reject the message)

PR

PR vs AD:

seen as more credible

PR

PR vs AD:

Earned media (news, social buzz, etc)

PR

PR vs AD:

seen as more credible

PR

PR vs AD:

two-way communication

PR

PR vs AD:

typically lower costs, but more time-intensive

PR

PR vs AD:

long-term reputation management

PR

These are special incentives or excitement-building programs that encourage consumers to take action

Sales Promotions

These occur either in conjunction with an advertising campaign or as a stand-alone component of a marketing communications plan

Sales Promotions

What are the types of sales promotions?

- Sampling

- Contests

- Point of Purchase Displays

- sweepstakes

- premiums

- product placements

This sales promotion is a brand sponsored competition that requires skill or effort

Contest

Provides individualized info and advice that aids in decision-making processes, which is especially important in complex industries

Value to customer of Personal Selling

Saves customers time by not only simplifying the buying process, but sometimes help customers perform their job duties (stocking shelvs, assisting in OR)

Value to customer of Personal Selling

Members of a salesforce are afforded the time and resources to focus on building long-term customer relationships

Value to the firm of personal selling

Relationship contributes to building customer loyalty, and assists the firm in identifying new opportunities with existing customers

Value to the firm of personal selling

Steps of the personal selling process

1. Generate and qualify leads

2. Preapproach

3. Sales presentation and overcoming reservations

4. Closing the sale

5. Follow-up

What is the first step in the personal selling process?

generate a list of potential customers and assess whether they're worth pursuing (generate and qualify leads)

These are potential customers

leads

this is when you assess whether or not a lead is worth pursuing

Qualifying

The success rate of this lead generation is relatively low

cold calls and telemarketing

This lead generation is often an effective approach

LinkedIn and networking

This refers to activities that draw the attention of consumers in to find you, rather than going out to find them

Inbound Marketing

These are events attended by interested buyers who are choosing to seek out info on supplies within an industry and are excellent forum for lead generation

Trade Shows

This occurs prior to meeting the customer for the first time and serves as an extension of the qualification process

Pre-approach

as part of this, the salesperson investigates the customer's business and defines how the customer can benefit from the firm's products or services

Pre-approach

Reservations or objections raised by the client often have to do with twhat?

value, ex. the price is too high

this means obtaining a commitment from the customer to make a purchase

closing the sale

this involves ensuring that customers are satisfied with their purchase

follow-up

Firms may use CRM systems after sale for what?

to ensure after-sale communication is established, either by phone, email, or in person

How are salespeople incentivized?

Financial and Nonfinancial Rewards

These rewards include salary, commission, bonus, or contest prizes

Financial Rewards

These rewards take the form of recognition from peers and management, merchandise premiums, free trips, or additional vacation time

Nonfinancial rewards

This is the set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless operation

SupplY Chain Managemetn

In simplified supply chain, ______ makes the products and sells them to _______

manufacturers; retailers

Wholesalers might be needed when?

when markets develop and become more complex

these are firms that buy products from manufacturers and resell them to retailers

wholesalers

Supply chain management connects who to who?

suppliers --> manufacturers --> warehouses --> stores

this is a facility used for the receipt and storage of large quantities of items temporarily, while they're on their way to somewhere else

Distribution center

large, bulk quantities are stored here

Distribution centers

Small orders, shipped directly to customers here

fulfillment centers

what is the primary purpose of a distribution network?

reduce order lead times and shipping costs for businesses

here, warehouse teams receive goods in bulk, break them down into saleable units, and store them until a customer places an order for one of the units

fulfillment centers

In this, there are no intermediaries between the buyer and seller

direct marketing channel

in this, the seller could be a manufacturing firm or an individual (ex. Etsy seller) to the customer

direct marketing channel

The seller can increase their margin in this marketing channel

direct marketing channel

In this, one or more intermediaries work with manufacturers to provide goods and services to customers

Indirect marketing channels

In this, it could be manufacturer --> retailer --> customer

Indirect marketing channel

In this, it could be manufacturer --> wholesaler --> retailer --> customer

Indirect marketing channel

When are wholsealers more common?

in developed economies in which large retail stores are common

this is a method designed to deliver less merchandise on a more frequent basis than traditional inventory systems

Just-in-Time (JIT) Inventory Management

This inventory management uses small, and frequent deliveries

JIT

What are the 6 sources of power in a marketing channel?

1. Reward

2. Coercive

3. Referent

4. Expertise

5. Information

6. Legitimate

Walmart for example, offers rewards/monetary incentives if wholesalers/manufacturers do what they want them to do

Reward Power

Walmart for example, threatens to punish or punishes wholesalers/manufacturers for not undertaking certain tasks

Coercive Power

Walmart for example, has this power if a supplier wants to be associated with them to enable that supplier to attract other retailers' business

Referent Power

Walmart for example, relies on its vast experience and knowledge to decide how to market the wholesalers/manufacturers products

Expertise Power

Walmart for example, has vast amounts of data about consumers, and may hold this power over wholesalers/manufacturers by providing or withholding important market info

Information Power

This power is based on getting a channel member to behave in a certain way because of a contractual agreement between the two firms

Legitimate Power

This power involves data control

Information Power

this power involves knowledge

Expertise Power

producing goods in one country and selling them in another

Exporting

this global entry strategy requires the least financial risk

Exporting

This global entry strategy allows for only a limited return to the firm

Exporting

When does global expansion often occur?

when a firm receives an order for its product/service from another country

this is a contractual agreement between a firm and another firm or individual

Franchising

This global entry strategy has the fastest growth

Franchising

this is the firm that allows a person to open their own firm of the same

franchisor

this is the person that opens their own firm of the same name of the other firm

franchisee

This global entry strategy has high growth, low investment, low risk

franchising

these are collaborative relationships between independent firms

strategic alliances

in this relationship, the partnering firms do not invest in one another, or share equity

strategic alliance

in this relationship, companies work together to reach new consumers but each company still operates independently

Strategic Alliances

this is formed when a firm entering a market pools its resources with those of a local firm

joint ventures

in this relationship, ownership, control, and profits are shared between the firms

joint ventures

in this relationship, the local partner offers the foreign entrant greater udnerstanding ofthe market and access to resources such as vendors and real estate

joint ventures

these are partnerships with no ownership

strategic alliance

these are shared ownerships

joint ventures

this global entry strategy requires a firm to maintain 100% ownership of its plants, operation facilities, and offices in a foreign country

direct investment

this global entry strategy is often the formation of wholly owned subsidiaries

direct investment

this global entry requires the highest investment and highest risk

direct investment

what is the most common way to assess the market potential of an economy?

looking at its standard metrics of output

what are the standard metrics of output?

GDP and GNI

this is the market value of the goods/services produced by a country in ayear

Gross Domestic Product (GDP)

this consists of GDP plus the net income earned from investments abroad

Gross National Income (GNI)

what is one level of market potential?

the relative level of imports and exports

this results when a country imports more goods than it exports

trade deficit