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1.
With the personal
False
and targeted nature
of customer relationship management, consumers spend more time
making purchase decisions.
a. True
b. False
2.
Wesley Electronics Inc. b. designing and implementing marketing mixes
is a company that manufactures electronic gadgets. The marketing managers of the company
spend a great deal of
money on advertising in
order to create awareness of the company's
products among potential customers. They employ various methods
of advertising, such as
print, broadcast, and online advertising. According to the steps of market segmentation, what
is Wesley Electronics Inc.
most likely doing?
a. selecting a market
or product category for
study
b. designing and implementing marketing mixes
c. selecting segmentation descriptors for a
market
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d. profiling and analyzing market segments
3.
The distinctions bea. True
tween products created
through product differentiation can be either real
or perceived.
a. True
b. False
4.
What could Jell-O use to
determine if consumers
perceive a void in snacks
that are easy to handle and wholesome, and
if customers think Jell-O
Pudding Pops would fill
that void?
a. product positioning
b. a perceptual map
c. a trend analysis
d. predictive modelling
b. a perceptual map
The attributes of "easy to handle" and "wholesome" would be perceived as
significant attributes.
5.
Canon Cameras has de- d. a target market
veloped a new camera
for baby boomers with a
fewer options and larger buttons. What would
these baby boomers be
to Canon?
a. a heterogeneous segment
b. a responsive segment
c. an aggregated market
d. a target market
6.
Every six months or so, a. responsiveness
some manufacturer introduces a new shape
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or colour for the boxes
that house the hardware
to run PCs. These manufacturers ignore the
fact most people like
their technology in plain
wrappers. These bright
colours and odd shapes
have failed because the
market segment to which
they are targeted lacks
which of the following?
a. responsiveness
b. reliability
c. substantiality
d. identifiability and
measurability
7.
Scenario 8-2
a. demographic
ProtecTV is a product
that selectively mutes
words and phrases some
people find objectionable. It can be connected
to a television, DVD player, or satellite TV system.
The manufacturer of ProtecTV targeted parents
who did not want their
children exposed to what
they consider to be offensive language.
Refer to the scenario.
By helping parents who
want to protect the inno3 / 55
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cence of their children,
which type of segmentation is ProtecTV using?
a. demographic
b. benefit
c. competitive
d. geodemographic
8.
David is a vacuum sales- c. benefit segmentation
man and is looking for a
cell phone that will help
him to keep in touch with
family via texting, to keep
in touch with his office
while he is on the road,
and a phone that will let
him connect to the Web.
What type of segmentation should be used
here?
a. value-added segmentation
b. macrosegmentation
c. benefit segmentation
d. mass segmentation
9.
A firm's marketing mix is a. True
intended to bring about
a mutually satisfying exchange relationship with
a market.
a. True
b. False
10. Companies that adopt a c. Don't put all of your eggs in one basket.
concentrated marketing
strategy violate which of
the following old sayings?
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a. The grass is always
greener on the other side
of the fence.
b. Don't count your
chickens before they
hatch.
c. Don't put all of your
eggs in one basket.
d. You can't bake a pie
without breaking some
eggs.
11. DCS designed an excellent line of specialty barbecues, had good distribution, used effective
promotion with its market, and within four years
had a respectable market share. Yet financial
losses every year have
caused DCS to drop this
line. What might this market segment, relative to
the resources devoted to
it, have lacked?
a. substantiality
b. accessibility
c. reliability
d. identifiability and
measurability
Substantiality means the selected segment is
large enough to warrant developing and maintaining a special marketing mix. Serving the specific needs of this segment must be commercially
viable. Based on four years of losses, this one
apparently was not.
12. What type of segmend. geodemographic segmentation
tation clusters potential
customers into neighbourhood lifestyle categories and is a combination of geographic, demographic, and lifestyle
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segmentation?
a. microsegmentation
b. lifestyle segmentation
c. socio-cultural segmentation
d. geodemographic segmentation
13. What is the next step
after selecting a market for study and choosing bases for segmenting that market?
a. designing a marketing
mix
b. selecting segmentation descriptors
c. implementing and
maintaining a marketing
mix
d. profiling and analyzing segments
b. selecting segmentation descriptors
The steps in segmenting a market are (1) select a
market or product category for study; (2) choose
a basis or bases for segmenting the market; (3)
select segmentation descriptors; (4) profile and
analyze segments; (5) select target markets; and
(6) design, implement, and maintain appropriate
marketing mixes.
14. When making a purb. False
chase, satisficers consider numerous suppliers, solicit bids, and
study all proposals carefully before selecting
one.
a. True
b. False
15. Why do consumer goods b. because companies are introducing brands
companies take a region- appealing to local preferences
al approach to marketing?
a. because companies
have the opportunity to
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take more time to react to
competition
b. because companies
are introducing brands
appealing to local preferences
c. because baby
boomers and seniors
can be easily attracted
using this approach
d. because consumer
markets lack intense
competition
16. Which of the following d. should be redone periodically
identifies correctly how
often market segmentation should be done?
a. is rarely done by consumer products companies
b. should be done once a
month
c. needs to be done only
once for each product
d. should be redone periodically
17. What do we call a group a. a market
of people or organizations that has wants and
needs that can be satisfied by particular product
categories, and has the
ability to purchase these
products?
a. a market
b. a target
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c. a base
d. a firm
18. E&V Bridal Studios is
d. demographic
a wedding consulting
business designed to appeal to East Asians. At
one time it used the same
marketing mix for all of
its customers, but it has
discovered that it needs
a different marketing mix
to appeal to its ethnic
customers. E&V studios
are located in urban areas such as Toronto and
Vancouver.
Refer to the scenario. Which segmentation variable does the
company rely on to identify its market?
a. socio-cultural
b. socioeconomic
c. geographic
d. demographic
19. The computer market
c. market segmentation
can be divided in to
laptops, personal computers, mainframes, and
tablets. This market can
also be broken down via
the types of users who
will use the above types
of devices. What is this
process of dividing markets called?
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a. micromarketing
b. perceptual mapping
c. market segmentation
d. positioning
20. Sure Fit Inc. has begun d. its target market
a rebranding strategy to
let customers know it
no longer produces only
slipcovers, but also carries a line of rugs, window treatments, and bedding. What would it describe as women with
average annual household income of $60,000
or more?
a. its market differentiation
b. its perceived market
c. its market audience
d. its target market
21. Ten Thousand Villages is b. psychographic segmentation
a nonprofit retail store
that sells gift items made
by artisans from over 30
different countries. This
store provides employment to craftspeople in
developing nations and
markets their handiwork
at a fair price. The store
defines its market segment as people who believe in helping others
and who feel good about
helping others whenever
possible. Which type of
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segmentation does the
store use?
a. ethnic segmentation
b. psychographic segmentation
c. demographic segmentation
d. geodemographic segmentation
22. What is the term for the b. positioning
development of a specific marketing mix to
influence potential customers' overall perception of a brand, product line, or organization
in general, and is related to the place a product
occupies in consumers'
minds relative to competing offerings?
a. combination marketing
b. positioning
c. market differentiation
d. diversification
23. For a successful market b. False
segmentation, one marketing mix cannot be
used for another market
segment.
a. True
b. False
24. Ol' Roy (the Walmart
store brand) dry dog
food is sold at minimal
b. False
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cost with no promotion.
KAL KAN Foods markets Pedigree dry dog
food and spends time
and money to develop
ads to show the relationships between dogs and
their owners. Since the
two companies' products
provide the same level of
nutrients to dogs, these
products are undifferentiated.
a. True
b. False
25. You are an advertising
manager for a company
that sells health and fitness equipment to upscale professionals between the ages of 25
and 45. Your firm advertises during drive time
on easy-listening radio
stations and on television on the A&E and
the Discovery channels.
On what basis are you
most likely to segment
this market?
a. stage of family life cycle
b. region
c. usage
d. lifestyle
ANS: D
Lifestyle segmentation in this instance is the right
choice because the spending of leisure time is
key when the advertising is employed
26. Budweiser beer was one
of the official spon11 / 55
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sors of the 2010 World
c. geographic
Cup soccer champiGeographic segmentation includes segmenting
onship held in South
markets by region of the country or world
Africa. As such, Budweiser beer was the only
beer available in the
soccer stadium where
the games were played.
South Africans were
outraged because they
equate drinking Bud to
drinking water. In this
case, which type of segmentation should have
been primarily used?
a. social
b. usage-rate
c. geographic
d. economic
27. NASCAR racing fans are c. psychographic segmentation
some of the most diverse and loyal fans
in the world. They will
stand in the pouring
rain, the freezing cold,
or the blistering heat
for hours to shake the
hand and get the autograph of a NASCAR super driver. These fans are
not concentrated in any
one area, but are dispersed throughout the
United States and Canada. Which type of segmentation would be most
effective to determine a
target market for a web12 / 55
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site designed to market
NASCAR memorabilia?
a. usage rate segmentation
b. demographic segmentation
c. psychographic segmentation
d. geodemographic segmentation
28. A mobile home manufac- c. product differentiation strategy
turer has decided to add
food trailers to its product line. If all the current competitors in that
market use a differentiated product market strategy, which strategy would
make the most sense for
the manufacturer to implement?
a. undifferentiated product strategy
b. concentrated targeting strategy
c. product differentiation
strategy
d. multisegment targeting strategy
29. People with diabetes
d. benefit segmentation
who need to replenish
electrolytes lost during
activity or illness cannot
drink Gatorade because
it is high in sugar. As
a result, a manufacturer
has developed Champi13 / 55
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on Lyte, which contains
no sugar. Which type
of segmentation did the
manufacturer of Champion Lyte use to identify its
market?
a. demographic segmentation
b. geodemographic segmentation
c. usage-rate segmentation
d. benefit segmentation
30. Which of the following b. Birds of a feather flock together.
sayings best describes
why marketers find geodemographic segmentation so effective?
a. Every action has an
opposite and equal reaction.
b. Birds of a feather flock
together.
c. Don't put all of your
eggs in one basket.
d. A bird in the hand is
worth two in the bush.
31. What is the basic goal of a. to reduce costs through customer retention
one-to-one marketing? and increase revenue through customer loyalty
a. to reduce costs
through customer retention and increase revenue through customer
loyalty
b. to increase visibility and locate new customers
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c. to increase the market
for the product category
to new and current customers
d. to reduce the number of company employees and increase overall
sales
32. One of the trends that
a. True
will lead to the continued growth of one-to-one
marketing is the perception by consumers that
they have more things to
do and less time in which
to do them.
a. True
b. False
33. Single-variable segmen- b. False
tation is clearly more precise than multiple-variable segmentation
a. True
b. False
34. E&V Bridal Studios is
d. segmentation base
a wedding consulting
business designed to appeal to East Asians. At
one time it used the same
marketing mix for all of
its customers, but it has
discovered that it needs
a different marketing mix
to appeal to its ethnic
customers. E&V studios
are located in urban ar15 / 55
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eas such as Toronto and
Vancouver.
Refer to the scenario.
E&V Bridal Studios markets its services to its
customers by using ethnicity to divide its customers into segments.
Which of the following
would ethnicity be classified as?
a. environmental control
b. accessibility quotient
c. perceived image
d. segmentation base
35. June LaVista owns a
b. profiling and analyzing her market segments
health and fitness gym.
After dividing her customers into four segments based on income range, age, level
of fitness, and other selected segmentation descriptors, she wrote out
a description of each
segment's size, expected
growth, frequency of exercise, and overall profit
potential. What did LaVista engage in?
a. targeting promotions
to her market segments
b. profiling and analyzing her market segments
c. positioning her products to her market segments
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d. differentiating her
market segments
36. What is one advantage of
using a concentrated targeting strategy?
a. It can reach customers
in two or more segments
that might otherwise be
missed.
b. It enables the use of
a highly specialized marketing mix.
c. It means that organizations can view the total
market as receptive to its
product.
d. It avoids the danger
of putting all resources
in one micromarket.
b. It enables the use of a highly specialized marketing mix.
Concentrated targeting focuses on one target
market and develops a highly specialized mix.
37. E&V Bridal Studios is
d. multisegment marketing
a wedding consulting
business designed to appeal to East Asians. At
one time it used the same
marketing mix for all of
its customers, but it has
discovered that it needs
a different marketing mix
to appeal to its ethnic
customers. E&V studios
are located in urban areas such as Toronto and
Vancouver.
Refer to the scenario.
What type of segmentation strategy does
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the wedding consultant
use?
a. concentrated targeting
b. geographic marketing
c. undifferentiated targeting
d. multisegment marketing
38. H&R Block launched
a $100 million marketing campaign to parlay
the company's intimate
knowledge of 20 million
customers' finances into
other services such as
mortgages and investment advice. H&R Block
has great brand recognition, but consumers care
about it only four months
out of the year. What
do its executives believe
they can use to make
people think of it as
a company offering services year-round?
a. reengineering
b. niche marketing
c. demarketing
d. repositioning
reposition
**Repositioning means changing the customers'
perceptions of a brand in relation to competing
brands.
39. Price can relate to any- not just money. When goods and services are
thing with perceived val- exchanged, the trade is called barter.
ue meaning
40.
Potential buyers carefully evaluate the price of
each product against the value of existing prod18 / 55
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what are 4 things that are ucts.
putting pressure on price
setting tasks?
Increased availability of bargain-priced private
and generic brands puts downward pressure on
overall prices.
Firms try to maintain or regain their market share
by cutting prices.
Internet and mobile access makes comparison
shopping seamless and in many cases results in
downward pressure on price.
41. how are prices affecting - more price sensitive
the business market?
-more adapted marketing information systems
-now can compare price and accuracy
-computer aided
-competition in general is increasing
42. the four step pricing
process
1] establish pricing objectives
2] estimate demand, costs, and profits
3] find a base price though a price strat
4] with price tactics fine tune that base price with
a final $
43. the types of pricing objectives
-profit orientation
-sales orientation
-status quo
44. Profit-Oriented Pricing
Objectives
-profit maximization
setting prices so ttl rev is as high as possible
compared to costs
does not mean unreasonable $
depend on competition
-satisfactory profits
reasonable > max
often connected to CSR
-target return on investment
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most common out of 3
[ROI]
this measures the overall effectiveness in generating profits with INVESTORS assets
use ROI as a pricing goal--usually 10~30%
45. Sales-Oriented Pricing
Objectives
-market share
% of total sales for that industry
many believe larger share = higher profits =
greater economies of scale = more power to
attract top quality employees
but b/c of extreme competition, many dont actually reach target ROI or even lose money
-sales maximization
ignore profits, competition, and environment as
long as sales are rising
this is effective in cases where when the firm
needs to generate a lot of cash in the short run
(uncertain future) or to sell off excess inv
should never be a long run, as it might means
little/no profits
46. Status Quo Pricing Objectives
-passive policy in a way, just adopting to the
existing prices that already exists in the market
dictated by the competition
-fewer price wars
-managers often have to check regularly if $$ is
comparable
47. after establishing the
estimate demand, costs, and profit
pricing objectives--what
to do next
-demand isnt structured, it fluctuates throughout
a product's lifetime.
-have to initally make assumptions about the
price sensitivity and elasticity of demand
48. describe the demand
-intro stage: demand will orginate in the core
thru a product life cycle market--cx who needs this product and so sometimes $ is inelastic
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-growth stage: $ start to stablize as competitiors
enter the market and increase supply. also product now appeals to broader market--economies
of scale
-maturity stage: more $ decrease w comp while
high cost businesses are eliminated distributions
-if they do face $ increases, it ususally due to just
costs and not demand instead
-product price reductions also dont stipulate
much change in demand anymore since more
producers in the market by now
-decline stage: further $ decrease, all producers
in this market trying to salvage the little demand
that is left
-when the others retire and one/few are left in the
market, the prices will stablize again and might
even eventually rise dramatically if the goods
become a "specialty good" like vinyl records
49. what is BEP
break even point
formula:
Fixedcosts/(variable price per unit - variable cost
per unit)
deno represents the margin earn on each sale
the result number is the UNITS SOLD that a firm
must meet in order to cover its costs
50. last step in pricing
choosing a price strat
first they did the frame work, then estimating
$/demand, now they gotta assess the direction
and price movements over the product life cycle
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51. price skimming
-high intro price alongside with heavy promotion
-make the most $$ while it is new and cx perceieves the product unique with special benefits
-then lower as time passes
-ex: flat screen tvs
-only/best used when the product is protected
legally, is a tech breakthrough, or is blocked from
competitiors
-as long as demand is greater than supply this
strat is doable
52. penetration pricing
opposite of skimming, this charges a low price as
a way to initally meet the mass market
-one of the best ways to obtain a large market
share
-does not mean lower profit per unit but prod
development cost recovery may be slow
53. experience curve
this term proposes that per unit costs will decrease as the firms production experience increases
find cost advantages
54. downsides to peneration can be disastorus for brand image esp with prespricing
tige brands
might destry img by flooding the market w lower
priced items
55. disadvantage of status
quo pricing
when u are charging a $ identical to the competition, u may have to ignore demand, cost, or borth
u dont really have a say
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but this is sometimes the safestest long term
method for survival
56. step 4 of setting the right choosing a base price
price for ur product
the general price lvl at which the company expects to sell the good or service ''
after base, they can help fine tune it a bit along
the way--does not change it significantly tho
like only discounts, promos, etc
like how apple is always gonna be expensive as
f
57. markup
businesses always need to strive to make a profit
so that results in a form of markup price
58. types of discounts and
allowances
base price lowered. these forms are used to encourage customers to do what they would ordinarily not do
common tactics:
-quantity disc: cumulative or non
-cash discount 2/10, promt payment, avoid bad
debt
-functional discounts for distribution channels like
whole/retailers. discounting a %
-seasonal discounts, helps to maintain steady
production
59. value based pricing
implemnted from quality movement
instead of determining $ on the basis of competitors prices, it focused on customer
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-the price of the product is set at a lvl that seems
to the cx to be a good $ compared to the other
options
60. geographic pricing
-many ship worldwide and the cost of freight can
greatly affect the total cost of a product
-can use tactics to moderate impact of costs on
distant cx
-FOB shipping
-Uniform delivered pricing; when they want costs
to be equal for all purchases of identical products.
seller pays the freight but bills every purchasers
a same flat freight charge
-zone pricing, divides into segement areas and
charges depending on the region
-freight absorption pricing seller pays for all/majority of freight
-basing point pricing, desinating a location and
charges all buyers the freight cost from that point
61. what is single price tactic offers all goods/services at the same price
netflix, watch unlimited for single $
effective in ways it can remove COMPARISON
from buyers decsiion making process
how can u rly compare this unlimited feature?
but a con is that in times of inflation they might
have to frequently
62. what is flexible pricing
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diff cx pay diff $
allows seller to adjust for competition
dealing with price conscious customers like car
dealers
con would be price wars or consistent profit margins
63. what is professional ser- used by ppl with a lot of exp, training and often
vices pricing
certification
laywer, dentist, etc
charge at an houuuuurly rate or sometimes on a
preformance of an act
they have an ethical responsibility not to over
charge but demand sometimes is highly inelastic
64. price lining
offering a product line with several items at specific price points
offering dresses at 40 70 100 no inbetween $
helps reduce confusion, make fewer markdowns,
carry smaller inv
cons could be that if costs are rising, u cant
leave these price points easily. may have to get
cheaper quality items because of this, changes
arent recieved well or causes confusion
65. what is loss leader pric- is selling a prod near or even below cost in
ing
the hope that shoppers will BUY OTHER ITEMS
ONCE THEY ARE IN THE STORE
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not limited to products, services could do this too
like one mo free trial for gyms
66. odd even pricing
aka psychological pricing
0.99
99.95
67. price bundling
marketing 2+ prods in a single package for a
special $
like microsoft bundle word, excel, etc
68. why do some cx prefer
two-part pricing
like charging a membership fee then a flat fee
afterwards depending what they use
prefer cause some might be uncertain about the
number and the types of activities they might use
like EX, pay to get in, then pay for every ride u go
on
69. bait pricing vs deceptive bait: tries to get a cx into the store with fake
pricing
bargain prices they advertized and then use high
pressured selling to get them to buy the more
expensive merch instead
deceptive: promoting a price/saving that is not
actually avail. they promote on an item that has
very little stock--or none at all. They make it look
like they have a lot in stock. Then cx is forced to
buy another alternative instead.
another form can be where a prod can have
double ticketing , selling prod at a price ABOVE
THE ADVERTIZED $
70. predatory pricing
does againt the ethics of pricing
company sets $ very low w the intention to drive
its competition out of the market
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after extended time and they have left, they raise
it back up
71. resale price maintenance manufacturer attempts to influence the retail
price of its product on the sales floor
illegal
72. 6 elements necessary for 1] 2 or 3 instances of discrim must have occurred
price discrimination to over tiem
occur
2] occured in a short time
3] must have been commodities or tangible
goods
4] must have charged different $ to 2 or more
buyers for the same prod
5] products must have been the same qual and
grade
6] the buyers of the goods must be competitors
73. how can 'place' can be a if done right, a well operated channel of distribusource of competitive ad- tion is difficult and expensive to emulate
vantage?
where has price, product, promotion can be
copied easier in comparison
ex: amazon, known for its investments it makes
and getting the products to cx in a timely matter
this convience has helped them grow immensely
74. why is a marketing chan- because it is in charge of moving products to their
nel seen as an indepen- final consumption destination
dent orgnaization?
transfer of ownership
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producter -> business owner/consumer
75. the marketing channel is getting the right item to the right place and right
all about
time
76. channel members vs
supply chain
cm: all the parties that negotiate/buy/sell/ and
facilitate the change of ownership
sc: both internal and external to the company,
the MEMBERS create this chain to preform the
channe; functions
77. what are the 3 key ac1 provding specialization and division of labour
tions in facilitating a distribution process?
2 overcoming discrepancies
3 providing contract efficiency
78. how do distribution
channels provide specialization and division
of labour?
y this useful?
the process of breaking down complex task into
smaller, simpiler tasks, allocating them to specialized ppl to preform
this has been proven creat greater efficiceny and
lower production $$
-> economies of scale
not only u get this from producing so much inv,
you also get this as you have such a large division
of labour
79. overcoming discrepan- since now we have such a large production, our
cies in distribtuion chan- ecn of scale can aid with overcoming discrepanels process
nies
[discrepancy of quantity]
- amount produced (a lot) vs. the amount that a
single cx needs
- by storing the product they can make it avail in
quantities that cx desires (warehouse)
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[discrepancy of assortment]
- when a cx does not have all the items needed
to receive full satisfaction from a product
- like when buying cake batter, u cant buy this
alone, u might need like icing, fruits, etc..
-this is why CHANNELS are needed, to assemble ONE place where they gather many related,
complementary items together (like no-frills)
[temporal discrepancy]
- when product is made but cx is not ready to buy
it rn
- so seasonal manufactures can operate ALL
YEAR ROUND since they can sell it to the wholesalers/retailers where these intermediaries can
hold the inv in anticipation of demand!
[spatial discrepancy]
- mass production needs a lot of buyers and
since they are spread out worldwide, channels
are useful to be set up at various locations that
are convenient to consumers
80. The third need fulfilled by is the contact efficiency provided by reducing
marketing channels is
the number of stores customers must shop in to
complete their purchases.
(Providing Contact Efficiency)
-without a retail intermediary like best buy, each
producer would have to make contact which each
and every customer!!
-so this reduces the required transactions!
81. what are the main char- [product characteristics]
acteristics that deter-is prod standard or custom?
mine what type of inter- -if a prod is custom and complex like insurace,
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mediary that should be
used by producers?
the intermediary that producers would want to
use would be like an agent or broker that is
specialized and represent multiple countries
-vs. a candy bar, this is a 'standardized product'
and would be sold to a wholesalers that would
then be reshipped to retailers
[buyer considerations]
-these effect the wholesaler's choice
-like how often the prod is purchased from retailers
-a student would might be willing to wait a few
days to buy a cheaper $ textbook.
-like if there is high demand like txtbook is required day1 for assignments, student would not
mind paying for it asap or even more!
[market characteristics]
-number of buyers in the market
-general location? dispersed?
-candy bars for example are prod in one location
then spread out when retailing
82. what are some marketing channel functions
performed by intermediaries?
[transactional]
-contacting cx, promo
-nego
-risk taking by buying and owning inv
[logistical]
-physical distribution/storage
-sorting
-storage
[facilitating]
-research
-finance, extending credits to cx
83.
[direct]
ex: producer -> cx
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what are the 4 marketing
channe;s for consumer [retailer]
products?
[wholesaler]
[agent/broker]
ex: producer -> ag/brokr -> whole -> retail -> ex
listed from the least amount of transactions to the
most
84. example of a business recall direct channel;
that uses direct chnnles? selling directly to cx without any intermedaries
ex: mail order cataloges, producer-owned stores
like rocky mountain chco factory
85. what is an [agent/broker] typically used by smaller manufacturers as they
channel
lack the resources to find others
broker/agents help bring manu/whole/retailers
together for negociations but DOES NOT TAKE
TITLE TO THE MERCH
86. what does the term
'breaking bulk' mean?
in terms of intermedaries, this is reffering to how
WHOLESALERS are usually the ones who buy
so much inventory and they are the ones who
need to organize and store them all
term orginated from the olden times where cargo
ships did them
87. how has the interweb has enabled VIRTUAL DISTRIBUTORS to
net forced traditional in- emerge.
dustrial distributord to
change
many industrial users or cx who used to use
the tradtionial method now has dropped it and
created [exchanges] which is making purchases
online and saving them $$
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additionally now there are [private exchanges]
which are basically AUTOMATED internet supply
chains
-dell, ibm for exmaple uses this to save on distrib
and frieght costs
88. why do some companies these are cooperative aggreements between
form [strategic channel firms to USE ONE OF THE MANFUACTORS
alliances]
ALREADY ESTABLISHED CHANNELS
used whne the creation of a new channel is too
expensive and time consumming
ex starbucks contracted pepsi to develop a bottle
for this RTD cofffee
89. what . are factors that af- [market factors]
fect the channel choice -who are the cx
-when do they buy
-how?
-like those buy in bulk require more service
-geographics? ->concentrated on one area = direct selling
[product factors]
-the more standarized the product is, the
. LONGER the channcel can be and the
GREATER number of intermedaries can be invovled
-like gum
-products life cycle: perish. like milk needs to
have a fairly short marketing chnnl
[producer factors]
-smaller or weaker firms must rely on services of
intermediaries
-whereas companies with large . resources have
the abilitiy to hire and train their own sales force
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to warehouse their own goods and extend credit
. to their cx
90. types of distribution intensities and why
[intensive distribution]
-aimed at maximum coverage, ensure product in
every outlet that a potential cx might buy at
-used often for convenience goods-where it
needs to be very accessible
[selective distrib]
-desire to maintain a superior product image by
creating demand and make the cx seek out the
product themself
-charge a premium $$
[exclusive dist]
-most restrictive
-confined to consumer specialty goods and industrial equipment
91. channel power vs chan- power: is a channel members capacity to control
nel control
or influence the behaviour of other channel members
control: intentionally affects another behavhoiur
92. conflicts in distr channels
[horizontal]
-conflict on the same level like among 2 warehousers who handle the same brands
-this type is found most often when manufacturers practice dual or multiple distributiors
-also occurs when channel members feel that
other members of the same lvl are treated differently
[vertical]
-many refer to horizontal as healthy competition
but its more serious when it is vertical
-usually between producer vs. whole/retail
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93. benefits of supply chain -report lower costs of inv, transportation, waremanagment
housing, and packaging
-imporved cx service
-higher revs
94. what is logistic managing in the supply chain
-the process of the strat managing in the efficient
flow and storage of raw materials, in process inv
components:
1] sourcing and procurement of raw materials
2] production scheduling
3] order processing
4] inv control
95. mass customization va
mass marketing
custom is growing in popularity--it is the production that is NOT SCHEDULED until and order
specifics come in
-tailors to the needs to maintain competitive edge
-flexibility is critical to a manu success
96. Just-in-time manufactur- -borrowed from jap
ing (JIT)
-reqs manus to work closely with suppliers and
transportation providers to get the items to the
assembly line
-means to supply the cx immedediately after
completion
-JIT means lowercosts, shorter lead times, and
products that meet the needs of cx more closely
97. order processing is be- electronic data interchange EDI
coming more automated
thru the use of
-idea of replacing paper documents
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-typical EDI msg would include the invoice, prod
code, quantity, and transportation details
98. how does JIT have a sig- b/c supplies are delivered exactly when they are
nificant impact on reduc- needed on the factory floor, little inv is needed
ing inv levels?
and they can order the materials in sml quantites
-means more savings since $$ is less with reduced needs for storage facilities
99. phehnomenon of adver- a phenomenon in which spending for ad and
tising response function sales promo increases sales or market share up
to a certain lvl but then produces diminishing
returns
100. how to impact cx deads CANNOT change deeply rooted values and
pending on the message attitdues
u want to send?
but they might can negative -> positive attitudes
to change negative, serious or dramatic ads
humorous ads increase involvement
even when u have a neutrual outlook, ads often
postively influence them
101. other than impacting
can also affect the way consumers rank a brands
customer attitudes, ex- attributes
posure, how else can ads
effect a product?
-cars used to emphasized on just speed and fuel
efficiency but today ads outline more stuff like
saftey, tech, customizations, etc and this set the
standardsfor the general consumer
102. when would u use insti- to determine the TYPE, look at the goal of the
tutional ads vs product promo plan
ads
improve image -> inst
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enhance sales -> prod
103. advocacy advertising
is a form of institutional ads in which and organization expresses its views on an issue or cause
104. why has advocacy ads b/c the benefits of publicly supporting social ishave seen increased in- sues and causes that their target consumer is
vovlement over the years committed to have proven valuable
105. what determines what
the product's stage in its life cycle
type of product advertising is used
pioneering, competitive, comparative
and what types?
106. pioneering advertising
is intended to stimulate new product or product
catagory
-used in intro stage of prod life cycle
-seek to create interest
107. competitive advertising -to influence demand
-less informative, appealing to emotions instead
-stress subtle differences
-emphasis on brand call
108. Comparative advertising -either directly or indirectly compare 2+ competiting brands on 1+ specific attributes
-used most when products are experiencing
sluggish growth
-when there are strong competitiors
109. advertising campaign
-series of related ads w a common theme, slogan, and set of ad appeals
110. DAGMAR
Defining Advertising Goals for Measured Advertising Results
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-define the target audience
-the desired percentage change in a specificed
measure of effectiveness
-and the time frame for the change
111. explain "Customers do
not buy attributes, they
buy benefits"
"Sell the sizzle, not the
steak."
-attribute is simply a feature of the product.
-the benefit is what the consumer will receive or
achieve by using the product
sizzle -> how well its prepared, how it will taste
steak -> just the tangible item. like uncooked it
would jus be an inedible item
112. advertising appeals
identifies a reason for a person to buy a product
and what are the criterias typically plays off cx emotions or adress needs
used for the evaluation and wants
on which appeal to focus
on ?
ex: profit, health, love, etc
--desireability (positive), exclusiveness (unique so
they can distiguish between competitiors), and
believeability (not farfetched)
113. unique selling proposition
after looking at criterias,
after assessing the advetising appeals and
choosing one,
the appeal chose is the unique selling proposition--become all or part of the ad slogan
114. Executional styles of ads these often DICTATE what type of media is used
to convey the message
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message examples:
-animated (telus)
-mood/image (dior, expressing femininity and
luxury)
-demonstration (tide)
like for
-tide, the media chose would most likely be tv
or some video! the media of radio would be less
effective
-doir would proabably use magazines where cx
can stare at it and be induced!
115. pros and cons with inis a popular and effective executional style
jecting humour into ads
-most often used in radio and tv because the other unspoke medias, its harder to communicate
-used mainly for low risk, low involvement, routine purchases
-need to make sure the brand itself is remembered! sometimes humor can take away from
imporance
116. how can testing ad effec- before:
tiveness be done before managers use pre-tests to determine best apand after the actual cam- peal, layout, and media
paign
after:
use several montioring techniques to see if it has
met goals
see what could have been done, which factors
contributed to its success
117. programmatic buying
using an automated systems to make media buying decisions in real time
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-provides for a more efficient and effective buying, creating real time evluation
118. what is "medium" to ad- the channel used to convey a msg to the target
vertisers
market
they need to plan for this to optimize the use of
media and cost effectiveness and how long run
119. types of the major medias used for ads
+pros and cons
[newspaper]
p: creditable, year round, geographic selective
c: little demographic selectivity, low pass along
rate
[maga]
p: good reproduction, demo, region, and local
market selectivity is good, high pass along rate
c: slow audience build up, limited demonstration,
less urgency
[radio]
p: low $, immediacy, short notice schedule
c: no visual, distraction from backgrounds, often
cluttered
[tv]
[outdoor media]
p: high creativity, geographic, flexibility
c: short msg
[direct response]
p: one2one contact, personalized, contain multiple msg and offers
c: low response rats, high $, poor image
[digital and mobile]
p: fastest growing, able to reach narrow targets,
engaging
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c: not all consumers use social media, relies on
'click ads'
120. media mix is based on
what factors?
cost per contact
-compare between media types
reach
-the number of cx who are exposed to a msg at
least once during a time frame (usually 4 months)
-generally reffered to as GRP [gross rating pts] to
evaluate how much contact it does
frequency
-# of times of a cx see this
audience selectivity
-ex want females -> put ads on sephora
flexibility of the medium
noise level
-the level of distraction the cx will get w that
medium
lifespan of the medium
121. media fragmentation
b/c media channels are increasing with new
times, it forces companies to pay as much attention to where they place their advertising as to
how often the ad is repeated
122. media schedule is divid- continuous
ed into 3 types:
-to run steadily thruout the period
-like boston pizza tv ad
flighted
-schedule ads heavily during specific
times/dates
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days nights to promote cx to want to go for the
weekend
pulsing
-combined of both above.
123. media buying
purchase media
the rates depend on supply and demand
like expensive during super bowl
124. public relations in the
promotion mix?
evaluates public attitudes, identify concerns, and
executes grograms to gain public understanding
and acceptance
strive to maintain a positive img in the eyes of
public
125. types of public relation
tools
product publicity
-relese media, posts, etc to generate news about
their new product
product placement
-reinforces personality and positioning
-digital tech now can also enable firms to virtually
place their products in any audio or video
sponsorship
-comapny spends $ to suporrt an issue, a cause,
or an event that is consistent w corporate objectives
-[cause related marketing] is a type which is the
assoication with a non-profit organization bell lets
talk
-[ambush marketing] when firm tries to position
them to be afflicated with a cause or event but IS
NOT TRUE
experiential
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-helps cx experience the brand and crease a
more memorable and emotional connection
company websites
-website can intro new prods, provide info, obtain
feedback etc
-social media becoming more large
126. Direct-response commu- provides the opportunity for one-to-one communication is often referred nication resulting in more targeted messaging
to as direct marketing.. and relationship building.
what is dis
successful because the targeted communication
is often more appealing to the consumer than
mass-market communication
Not-for-profits, whose objective is to raise awareness and generate donations, rely heavily on
this form of communication because it can be
tailored, its effectiveness is measurable, and it
builds relationships that are key to effective stewardship.
127. The Tools of Direct-Re- Direct-response broadcast uses television and
sponse Communication radio
infomercials
call-to-action tool (the phone number) to enhance the success of radio as a direct-response
medium.
Direct-response print includes newspapers,
magazines, and inserts.
decline in subscribers to these types of publications is affecting this tool
Telemarketing
Direct Mail
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Direct Response Using the Internet
128. Sales promotion is
a communications tool that provides a short-term
incentive to the consumer or members of the
distribution channel as a motivation to try or purchase a good or service immediately. Sales promotion is used because it can have more effect
on behaviour than on attitudes.
129. Sales promotion, in con- is easy to measure. Marketers know the precise
trast to advertising
number of samples handed out, the number of
clicks through to a website, or the number of
contest entries received
130. Shopper marketing
used to be referred to as point-of-purchase
(P-O-P) promotion.
focuses on the consumer from the point at which
the need is stimulated through to selection and
purchase of the item.
Shopper marketing strategy leverages that
knowledge to create effective point-of-purchase
opportunities in the store to engage and influence the shopper.
131. shelf talkers vs shelf ex- these are used as [shopper marketing]
tenders
talker: signs attatched to store shelves
extend: stand out by extensions
132. consumer promotions vs consumers are for the customers--PUSH a prodtrade promotions
uct thru the distribution channel
trade for manufacturers and intermediaries--PUSH a prod thru
133.
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personal selling becomes more important
as
the number of potential customers decreases, as
the complexity of the product increases, and as
the value of the product grows
a salesperson is needed to determine the
prospective customer's needs, explain the product's basic advantages, propose the exact features and accessories that will meet the client's
needs
134. Traditional selling and re- Traditional selling efforts are transaction orientlationship selling
ed, focusing on generating as many leads as
possible, making as many presentations as possible, and closing as many sales as possible.
In contrast, the salesperson practising relationship selling emphasizes an upfront investment
in the time and effort needed to uncover each
customer's specific needs and wants and meet
them with the product or service offering.
135. seven basic steps make Generating leads
up the personal selling Qualifying leads
process:
Approaching the customer and probing needs
Developing and proposing solutions
Handling objections
Closing the sale
Following up
136. Before the advent
of more sophisticated methods of lead
generation, most sales
prospecting was done
through
cold calling—a form of lead generation in which
the salesperson approaches potential buyers
without any prior knowledge of the prospects'
needs or financial status. Although this method
is still used, many sales managers have realized
the inefficiencies of having their top salespeople
use their valuable selling time cold calling
137. A highly effective tool for Networking
gaining new clients or referrals is
is using friends, business contacts, co-workers,
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acquaintances, and fellow members in professional and civic organizations to identify potential
clients.
138. Lead qualification involves determining the
sales prospect's
(1) recognized need, (2) buying power, and (3)
receptivity and accessibility.
Companies must be diligent in ensuring that the
lead offers potential
139. Communication can be
divided into two major
categories
interpersonal communication and mass communication.
Interpersonal communication is direct,
face-to-face communication between two or
more people. can see the other's reaction and
can respond almost immediately.
Mass communication involves communicating a
concept or message to large audiences. A great
deal of marketing communication is directed to
consumers as a whole, usually through a mass
medium, such as television or magazines. generally does not personally know the people with
whom it is trying to communicate
140. Marketers are both
send: attempts to inform, persuade, remind, consenders and receivers of nect
messages. explain
reci: listen to the target marget so they can develop the appropirate msgs, spot new communication opportunities, connect w the target audience
141. Transmission of a message requires a
channel—a voice, radio, newspaper, or other
communication medium. A facial expression or
gesture can also serve as a channel
142. most media are cluttered —anything that interferes with, distorts, or slows
by noise what noise
down the transmission of information. Transmission can also be hindered by situational factors in
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the physical surroundings, such as light, sound,
location, and weather; the presence of other people; or the temporary moods consumers might
bring to the situation.
143. Decoding is the
interpretation of the language and symbols sent
by the source through a channel. Effective communication requires a common understanding
or common frame of reference between two
communicators. Therefore, marketing managers
must ensure a proper match between the message to be conveyed and the target market's
attitudes and ideas.
144. Even if a message has
been received, it will not
necessarily be properly
decoded because
selective exposure, selective perception, and selective retention. When people receive a message, they tend to manipulate, alter, and modify
it to reflect their own biases, needs, knowledge,
and culture.
145. Feedback
Feedback may be verbal, as in saying, "Yes, I
will buy," or nonverbal, as in nodding, smiling,
frowning, or gesturing. Feedback can also occur
digitally
Because mass communicators are often cut off
from direct feedback, they must rely on market
research, social media, or an analysis of viewer
responses for indirect feedback.
146. Promotion can perform inform the target audience, persuade the target
one or more of four tasks audience, remind the target audience, or connect
the target audience
147. The Promotional Mix
may include advertising, publicity, sales promotion, personal selling, direct-response communication, and social media
148. Advertising
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it is any form of impersonal ONE WAY MASS
communication about a product or organization
that is paid by the marketer
149. benefits of advertising -can communicate to a lrg num of ppl at one time
compared to the other
-cost per contact low
points in the promo mix -able to reach the masses
-but can also microtarget smller groups
-cost ber contact is low BUT cost to advertise is
very high
150. Publicity
is a mass communication tool that is not paid
for by marketers but can be used to earn public
understanding and acceptance. Publicity is often achieved by the execution of public relations
strategies.
151. examples of sales promotions
samples
contests sweepstakes
premiums
trade shows
coupons
152. Relationship selling em- win-win outcome and the accomplishment of muphasizes a
tual objectives that benefit both buyer and salesperson in the long term. Rather than focusing
on a quick sale, relationship selling attempts to
create a long-term, committed relationship that is
based on trust, increased customer loyalty, and
a continuation of the relationship between the
salesperson and the customer
153. how is personal advs differentnet from advs, public relations, and sales
promotions
are generally impersonal, one-way means of
mass communication controlled by the marketer.
Because these elements of the promotional mix
provide no opportunity for direct feedback, altering the promotional message and adapting to
changing consumer preferences, individual differences, and personal goals is difficult to do
quickly.
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Personal selling, on the other hand, is personal,
two-way communication offering the opportunity to adjust the message as required. Personal
selling, however, is very slow in dispersing the
marketer's message to large audiences.
154. Direct-response commu- dependent on the medium used to reach the
nication is hgihly depen- intended target.
dant of
155. promotional tactics can media types—paid, earned, or owned
also be categorized according to
p
-paid media have included television, magazine,
outdoor, radio, or newspaper advertising.
e
-based on the traditional publicity model. The
idea is to get people talking about the
brand—whether through media coverage (as in
traditional public relations) or through word of
mouth
o
-often referred to as branded content. Owned
media include a company's own website and its
official presence on Facebook, Twitter, YouTube
channels, blogs, and other platforms. These media are controlled by the brand but continually
keep the consumer in mind.
156. consumer-generated
content.
Internet has changed the landscape tremendously.
Both the marketer and the consumer, sharing the
communication space.
Consumers can pass judgment on a brand or the
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brand's message in a public forum, through online posts and they can alter the communication
message immediately or create their own.
157. AIDA concept
attention, interest, desire, and action—the
stages of consumer involvement with a promotional message.
but a repeat purchase or a low-risk purchase may
not require the consumer to pass through all four
stages.
158. The AIDA model, if taken Action as the end goal suggests a purchase (or
too literally, has its limita- a donation, in the case of a charity), but a single
tions.
purchase or donation is not the end goal. Marketers are concerned about loyalty—continual
purchase behaviour.
159. Ideally, marketing communications from each
promotional mix element
(advertising, public relations, sales promotion, personal selling, direct-response communication, and social media)
should be integrated
that is, the message reaching the consumer
should be the same regardless of whether it
is from an advertisement, a salesperson in the
field, a magazine article, a Facebook page, or a
coupon in a newspaper insert.
160. To prevent this disjointed communication
from happening, companies today have adopted
the concept of
integrated marketing communications (IMC).
IMC is the careful coordination of all promotional messages—traditional advertising, public
relations, sales promotion, personal selling, direct-response communication, and social media—for a product or service to ensure the consistency of messages at every contact point
where a company meets the consumer.
161. Characteristics of the
product itself can in-
ex As business products are often custom-tailored to the buyer's exact specifications, they
are typically not well suited to mass promotion.
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fluence the promotional Therefore, producers of most business goods,
mix
such as computer systems or industrial machinery, rely more heavily on personal selling than on
advertising
The costs and risks associated with a product
also influence the promotional mix. As a general
rule, when the costs or risks of buying and using
a product increase, persuasive personal selling
becomes more important. The more expensive
the item is, whether it be a consumer or business
good, the more important it is that a salesperson be available to assure buyers that they are
spending their money wisely and not taking an
undue financial risk.
162. Product Life Cycle and
the Promotional Mix
introduction stage,
-the basic goal of promotion is to inform the target
audience that the product is available
-heavy ad + public relation
growth stage
- sales promotion can be reduced because consumers need fewer incentives to purchase. The
promotional strategy is to emphasize the product's differential advantage over the competition
-Persuasive promotion is used to build and maintain brand loyalty
maturity stage
-competition becomes fiercer and thus persuasive; reminder advertising is more strongly emphasized.
-Sales promotion comes back into focus as product sellers try to increase their market share.
decline stage
-All promotion, especially advertising, is reduced
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163. ________ are the most
productive promotion
tools to use for routine
decisions.
Advertising, social media, and sales promotion
>>The promotional mix also depends on the type
of buying
164. If the buying decision is advertising, social media, in particular brandneither routine nor com- ed content, and public relations help establish
plex what promo mix to awareness for the good or service.
focus on?
An advertisement, a blog post by a hiker, a review
on a website will help to establish the brand
preference in the purchase decision.
165. In general, the cost per
contact is very high for
personal selling, public relations, and sales promotions, such as samplings and demonstrations
166. push strategy
Manufacturers may use aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell their merchandise
The wholesaler, in turn, must often push the
merchandise forward by persuading the retailer
to handle the goods. The retailer then uses advertising, displays, and other forms of promotion
to convince the consumer to buy the pushed
products
167. pull strategy
-consumer demand to obtain product distribution.
-manufacturer promotes to END CONSUMER
instead of WHOLESALER
-so that the cx demands from the retail, then
retail demand from wholesaler, and then whole
demand from manu
168. how has social media
from one-way content production to two-way conreshoped the natural in- versations and, ultimately, community-building
stinct of promotioers
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169. how does S/M effect
co-marketing
Social media as communication tools provide
marketers with the opportunity not only to respond immediately but also to listen. Marketers
who listen can tap into co-marketing—capitalizing on consumer input to create message content. Co-marketing relies on a continual dialogue
with the consumer, who is empowered to vocalize likes and dislikes.
170. which generation is the Gen Z users are the most prolific users of social
most proflicit users S/M media, clocking in an average of 48 minutes per
day, most of it through a smartphone rather than
any other device.
171. crowdsourcing
Crowdsourcing describes how the input of many
people can be leveraged to make decisions that
used to be based on the input of only a few
people.
Asking consumers to provide feedback on marketing campaigns and products and responding
to the feedback increases the chances of success and also creates brand advocates. Crowdsourcing is the foundation of co-branding.
172. Social Commerce
subset of e-commerce that involves the interaction and user contribution aspects of social
media to assist in the online buying and selling
of products and services.
relies on user-generated content on websites to
help consumers with purchases
173. different ways that inter- inbound, earned, and paid media
active marketers can categorize media types, typically arriving at three
distinct classifications:
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174. Inbound media
Inbound media are online content that an organization creates and controls. This includes
a brand's websites, blogs, and all social media
channels. The purpose of inbound media is to
develop deeper relationships with customers
175. Earned media
Earned media is a public relations term connoting free media, such as mainstream media
coverage. In an interactive space, media are
earned through word of mouth or online buzz
about something the brand is doing. Earned media include viral videos, retweets, comments on
blogs, and other forms of customer feedback
resulting from a social media presence. When
consumers pass along brand information in the
form of retweets, blog comments, or ratings and
recommendations, this is an example of earned
media.
176. To leverage all three
First, they must maximize inbound media by
types of media, marreaching out beyond their existing websites to
keters must follow a few create portfolios of digital touchpoints.
key guidelines.
Second, marketers must recognize that aptitude
at public and media relations no longer translates
into earned media. Instead, marketers must learn
how to listen and respond to stakeholders. This
will stimulate word of mouth.
Finally, marketers must understand that paid media are not dead but should serve as a catalyst
to drive customer engagement.
177. return on investment
(ROI)
the greater your investment in time, money, and
human resources, the greater return you can
expect.
(profit/SM investment)*100
178.
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six categories of social
media users:
-creators
-critics
-collectors
-joiners
-spectators
-inactives
As marketers come to understand how consumers engage with social media to the same extent that they understand consumer engagement
with traditional media, they will be able to create
integrative marketing communication campaigns
179. near field communication (NFC
small chips hidden in or behind products that,
when touched by compatible devices, will transfer the information on the chip to the device.
180. Creating an effective so- -set SM objectives
cial media plan has six
stages:
-listening stage
-identify target audience
-develop strats, citing results from the listening
phase
-select the tools and platforms
-implement and montior
181. 8 stages of effective lis- 1 being without an objective
tening
2 tracking brand mentions
3 identify market risks and opportunities
4 improve campaign efficiency
5 measure cx satisfaction
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6 responding to cx inquires
7 understand cx better
8 be proactive, anticipate demands
182. key to successful SM
marketing
Listening to customers and industry trends and
continually revising the social media plan to meet
the needs of the changing social media market
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