What is the difference between advertising and sales promotions?
Advertising is any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor. Sales promotions on the other hand are short-term incentives to encourage the purchase or sale of a product or service.
Define an integrated marketing communications plan.
An intergrated Marketing Communication plan is a plan that integrates all forms of communication channels and makes them all get the same message to customers in the best way possible.
What are the advantages and disadvantages of digital and social media advertising?
Advantages: High selectivity, low cost, immediacy, engagement capabilities
Limitations: potentially low impact; high audience control of content and exposure
What is product placement?
Product Placement is when a company gets their products put into shows or other forms of media that allows for customers to see their product "Being used
What are the 5 promotion mix tools?
Advertising
Sales promotion
Personal selling
Public Relations
Direct and digital marketing
Discuss personal selling
Personal selling is when personal customer interactions take place by a firm's sales force. They do this so customers are engaged, and make purchases. They can do this by building good customer relationships and having good sales.
Discuss the difference between a push vs. pull promotion strategy.
A Push promotion strategy involves the company aiming most of its marketing tools (mostly personal selling and trade promotion) at channel members to entice them into carrying their products and promoting them to the final customers. This way the products
Discuss the 3 types of advertising
Informative advertising: used heavily when introducing a new product category. The objective is to build primary demand. Communicating customer value, building a brand and company image, telling the market about a new product, explaining how a product wor
What are the types of sales force structure a firm can utilize?
Territorial sales force structure: Each salesperson is assigned to an exclusive geographic area and sells he company's full line of products or services to all customers in that territory.
Product sales force structure: in which the sales force specialize
Discuss the phenomenon of social selling.
Social selling is using online, mobile, and social media to engage customers, build stronger customer relationships, and argument sales performance.
What is a salesperson's role?
Salespeople play many roles depending on their company and what job they have. They are usually the face of the company to customers, they represent the company every time they interact with customers. They prospect, communicate, sell, service, gather inf
Discuss the steps in the personal selling process. What happens in each stage?
Prospecting and qualifying: identifying qualified potential customers. They want to call on those who are most likely to appreciate and respond to the company's value proposition.
Preapproach: before calling on a prospect the sales person should learn as
Discuss salesperson compensation. What components are fixed and which are variable?
To attract good salespeople, a company must have an appealing compensation plan. Compensaion consists of four elements: a fixed amount, a variable amount, expenses and fringe benefits. The fixed amount is usually a salary, gives the salesperson a stable i
Discuss the different types of sales promotions and consumer promotion tools.
Sales promotion consists of short- term incentives to encourage the purchase or sale of a product or service.
Customer promotion tools consists of: samples, coupons, refunds, premiums, and point-of-purchase displays to contest, sweepstakes, and event spon
What are the advantages of digital marketing?
For buyers direct and digital marketing are convenient, easy, and private. Give customers access to unlimited assortment of goods and a wealth of product and buying information. Buyers can interact with sellers by phone or on the seller's web site or mobi
What are blogs?
Online forums where people and companies post their thoughts and others content, usually related to narrowly defined topics.
What is the first step a company takes when online marketing?
Make a website
What is mobile marketing? Discuss the Macy's example from class lecture.
Marketing messages, promotions, and other marketing content delivered to on-the-go consumers through mobile phones, smartphones, tablets, and other mobile devices.
Macy's app targeted consumers on their mobile devices, when walking around a store you coul
What is email marketing?
Sending highly targeted, tightly personalized, relationship-building marketing messages via email.
What is viral marketing?
The digital version of word- of- mouth marketing: videos, ads, and other marketing content that is so infectious that customers will seek it out or pass it along to friends.
What form does online display advertising usually take that we discussed in our class activity?
Banner advertisements
Define barter.
It is when products or services are trades for other products or services instead of using money or other forms of medians to go through.
What is a tariff?
Taxes on certain imported products designed to raise revenue or protect domestic forms.
Why was Disneyland Paris initially a failure according to the case we discussed in class?
Disney did not do a good enough job getting a feel for the culture in Paris. They did little research on it and just kind of figured it would work.
Discuss the 3 market entrance strategies. Which strategy is the least risky? Specifically discuss the entrance strategy of licensing.
Exporting is the simplest way of entering the foreign market. The company passively exports its surpluses from time to time, or it may make an active commitment to expand exports to a particular market. In either case, the company produces all its goods i
What is the difference between standardized and adapted global marketing? What are the different types of standardized and adaptation strategies?
Standardized global marketing essentially uses the same marketing strategy approaches and marketing mix worldwide.
Adapted global marketing is when the producer adjusts the marketing strategy and mix elements to each international target market, resulting
What is sustainable marketing?
Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
Discuss the concepts of deceptive pricing, promotion and packaging.
Deceptive pricing includes practices such as falsely advertising "factory" or "Wholesale" prices or a large price reduction from a phony high retail list price.
Deceptive promotion can be bad because it misleads customers into believing the product is som
What are the consumerism and environmentalism movements?
Consumerism is an organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers.
Environmentalism is an organized movement of concerned citizens, businesses, and government agencies designed to pro
Discuss the societal classification of products. (societal marketing concept)
Deficient products, such as a bad-tasting and ineffective medicine, have neither immediate or long-run benefits.
Pleasing Products, high immediate satisfaction but may hurt consumers in the long run, cigarettes and junk food.
Salutary products, low immedi
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 firm's sales force for the purpose of engaging customers, making sales, and building customer relationships.
Public Relations:
building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events.
Direct and digital marketing
Engaging directly with carefully targeted individual consumers and customer communities to both obtain and immediate response and build lasting customer relationships.
Informative advertising:
used heavily when introducing a new product category. The objective is to build primary demand. Communicating customer value, building a brand and company image, telling the market about a new product, explaining how a product works, suggesting new uses f
Persuasive advertising:
has become known as comparative advertising or attack advertising, in which accompany directly or indirectly compares its brand with one or mother other brands. Building brand preference, encouraging switching to a brand, changing customer perceptions of
Reminder advertising:
is important for mature products; it helps to maintain customer relationships, and keep consumers thinking about the product. Maintaining customer relations, reminding consumers hat the product may be needed in the near future, reminding consumers where t
Territorial sales force structure:
Each salesperson is assigned to an exclusive geographic area and sells he company's full line of products or services to all customers in that territory.
Product sales force structure:
in which the sales force specializes along product lines. For specializes along product lines.
Customer (or market) sales force structure
a company organizes its sales force along customer or industry lines.
Prospecting and qualifying
identifying qualified potential customers. They want to call on those who are most likely to appreciate and respond to the company's value proposition
Preapproach:
before calling on a prospect the sales person should learn as mucha s possible about the organization and its buyers.
Approach:
the salesperson should know how to meet and greet the buyer and get the relationship off a good start.
Presentation and demonstration:
the salesperson tells the "value story" to the buyers, showing how the company's offer solves the customers problems.
Handling objections
customers usually has doubts during the presentation stage, in the handling objections stage the salesperson should use a positive approach, seek out hidden objections, ask the buyer to clarify any objections take objections as opportunities to provide mo
Closing
Salespeople should know how to recognize closing signals from the buyer, including physical actions, comment, and questions
Follow-up:
is necessary if the salesperson wants to ensure customer satisfaction and repeat business. Right after closing, the salesperson should complete any details on delivery time, purchase terms, and other matters. Then they should schedule a follow up call.
Exporting
is the simplest way of entering the foreign market. The company passively exports its surpluses from time to time, or it may make an active commitment to expand exports to a particular market. In either case, the company produces all its goods in its home
Joint venturing
is the second method of entering a foreign market- joining with foreign companies to produce or market products or services. Joint venturing differs from exporting in that the company joints with a hose country partner to sell or market abroad.
Licensing
is a simple way for a manufacturer to enter international marketing. The company enters into an agreement with a licensee in the foreign market. For a fee or royalty payments, the licensee buys the right to use the company's manufacturing process, tradema
Direct investment
is the biggest involvement and the biggest risk in a foreign market. The development of foreign- based assembly or manufacturing facilities