Marketing Management Review Flashcards

Flashcards covering key concepts and terms from the Marketing Management lecture notes.

What pricing strategy is especially effective for ego-sensitive products like perfumes and designer clothing?

Image pricing

What does 'fair price' refer to in marketing?

What consumers feel the product should cost.

What pricing strategy should a company use to maximize market share?

Market-penetration pricing

What is the relationship between price and demand in a demand curve?

The higher the price, the lower the demand.

What strategy do companies use when they believe higher sales volume leads to lower unit costs?

Maximize their market share.

What type of costs includes rent, heat, interest, and salaries?

Fixed costs.

What is the most elementary pricing method?

Markup pricing.

What is the first step in developing an effective marketing communication program?

Setting the objectives.

In a marketing communications model, what is the sequence of consumer responses for LCH's products?

Do-feel-learn.

Which is easier to achieve, brand recognition or brand recall?

Brand recognition.

What is the focus of the objective when crafting a communication objective?

The communication benchmarks.

What two key components define a company's communication strategy?

Identifying the target audience and developing the communication message.

What communication format is helpful for challenging consumer misconceptions?

Public relations.

Which category of media is likely to have the highest credibility with audiences?

Earned media.

What does 'reach' refer to in marketing communications?

The number of different persons or households exposed to media at least once.

What does reach times average frequency times average impact equal?

Weighted number of exposures.

What marketing communications element involves creating brand-related interactions with consumers?

Events and experiences.

What type of integration aligns communication objectives with high-level marketing strategy goals?

Vertical integration.

What coordinates a company's communication with external collaborators?

External communication.

What creative element is credited with the success of Aflac's commercials?

The duck that squawks the company name.

What is native advertising?

Materials resembling the publication's editorial content intended to promote an advertiser's product.

What is a disadvantage of using television as an advertising medium?

High relative cost.

What activities improve the likelihood of high rankings for brand links in unpaid searches?

Search engine optimization (SEO).

What describes the activities of paying search engines to feature in keyword searches?

Search engine marketing (SEM).

Why is packaging key in piquing buyer's interest?

Packaging is perceived during a buyer's first encounter with the product.

What involves direct interaction with prospective buyers for making presentations?

Personal selling.

What type of marketing involves recruiting independent distributors?

Multilevel marketing.

What is a prospect exhibiting if reluctant to let go of an old product?

Psychological resistance.

What step is a salesperson in when assessing buyer interest via mail or phone?

Qualifying.

What includes resistance to interference and an anxious attitude toward money?

Psychological resistance.

What might consist of objections to price or delivery?

Logical resistance.

How should a company that sells to one industry in many locations organize its sales force?

By geographic territories.

What is the oldest form of direct marketing?

Personal sales calls.

What type of marketing is characterized by receiving a catalog from a large store?

Direct marketing.