Chapter 17-20 Notes
Chapter 17-20 Notes MKT 3010
verified elite notetaker
verified elite notetaker
verified elite notetaker
verified elite notetaker
verified elite notetaker
verified elite notetaker
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This 10 page Study Guide was uploaded by Catherine Feeney on Sunday April 17, 2016. The Study Guide belongs to MKT 3010 at Clemson University taught by Dr. Knowles in Spring 2016. Since its upload, it has received 59 views. For similar materials see in Marketing at Clemson University.
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Date Created: 04/17/16
CHAPTER 17 Retailing and Omnichannel Marketing Retailing: defined as the set of business activities that add value to products and services sold to consumers for their personal or family use. Factors for Establishing a Relationship With Retailers 1. Choosing retailing partners 2. Identifying types of retailers 3. Developing a retail strategy 4. Managing an Omnichannel strategy: involves selling in more than one channel. The level of difficulty a mannufacturer experiences in getting retailers to purchase its products is determined by the degree to which the channel is vertically integrated, the degree to which the manufacturer has a strong brand or is otherwise desirable in the market, and the relative power of the manufacture and retailer. The larger and more sophisticated the channel member, the less likely that it will use supply chain intermediaries. Firms decide the appropriate level of distribution intensity: the number of channel members to use at each level of the marketing channel. Distribution intensity commonly is divided into three levels: intensive, exclusive, and selective. Intensive distribution strategy is designed to place products in as many outlets as possible. Exclusive Distribution policy by granting exclusive geographic territories to one or very few retail customers so no other retailers in the territory can sell a particular brand. Selective Distribution: which relies on a few selected retail customers in a territory to sell products. Like exclusive distribution, it helps a seller maintain a particular image and control the flow of merchandise into an area. Conventional Supermarket: a large, self service retail food store offering groceries, meat, produce, as well as some nonfood items such as health and beauty aids and general merchandise. Perishable goods including meat, produce, baked good, and dairy product account for 30 percent of super market sales and typically have higher margins than packaged goods. Limited Assortment Supermarkets or Extreme value food retailers: trim costs to over lower rates. Offer less brand variety and have store brands: example ALDI. Super centers are large stores that combine a supermarket with a full line discount store. Like walmart. Warehouse clubs are large retailers that offer a limited and irregular assortment of food and general merchandise, little service, and low prices to the gerbil public and small businesses. Costco, Sams Club, BJ’s. Convinence Stores: provide a limited variety and assortment of merchandise a convenient location in smaller stores with speedy checkout. The major types of general merchandise retailers are department stores, full line discount stores, speciality stores, category specialist, home improvement centers, off price retailers and extreme value retailers. Department Stores: are retailers that carry a broad variety and depp assortment, offer customer service and organize their store into distinct departments for displaying merchandise. Macy’s, Khols etc. Full Discount stores: are retailers that offer a broad variety of merchandise, limited service , and low prices. like Target , K mart. Specialty stores concentrate on limited number of complementary merchandise categories targeted toward a very specific market segments by offering depp but narrow assortments and sales associate expertise. Private Label Brands (also called store brands) which are products developed and marketed by a retailer and available only from that retailer. Exclusive Brand: is a brand that is developed by a national brand vendor, often in conjunction with a retailer and is sold exclusively buy the retailer. Retailing : the set of business activities that add value to the proudcts and services sold to consumers for their personal or family use. Channel Structure: refers to the way in which a manufacturer gets its products to the retailer channels. Off price retailer: is one that offers an inconsistent , often unpredictable, assortment of brand name merchandise at low prices. Price: helps define the value of the merchandise and the product. M Commerce: sales through mobile devices. CHAPTER 18 Integrated Marketing Communications Integrated Marketing Communications (IMC) represents the promotion P of the four P’s. Its encompasses a variety of communication disciples in combination to provide clarity, consistency, and maximum communicative impact. -Integration of elements to best meet the target audience. There are three elements in any IMC strategy: the consumer, the channels through which the message is communicated, and the evaluation of the results of the communication. The Communication Process -The Sender: the message originates from the sender, who must be clearly identified to the intended audience. -The Transmitter: the sender works with a creative department, whether in house or from a marketing agency, the develop marketing communications to highlight the new product. The marketing department or external agency receives the information and transforms it for use in its role as the transmitter. -Encoding: means converting the sender’s ideas into a message, which could be verbal, visual , or both. -The communication channel is the medium - print, broadcast, the internet and so fourth - that carries the message. -The receiver is the person who reads, heard or sees the and processes the information contained in the message and or advertisement. the send hopes that the person receiving it will be the one for whom it was originally indeed. -Decoding: refers to the process by which the receiver interprets the senders message. -Noise: any interferences that stems from competing messages, lack of clarity, or flaw in the medium. -The feedback loop: allows the receiver to communicate with the sender and thereby informs the sender whether the message was received and decoded property. Receivers decode messages differently. Senders adjust messages according to the medium and receivers’ traits. The AIDA model: most common, suggests that Awareness leads to Interest, which leads to Desire, which leads to Action. At each stage the consumer makes judgements about whether to take the next step in the process. Brand Awareness: refers to a potential customer’s ability to recognize or recall that the brand name is a particular type of retailer or product/ service. Aided Recall: indicate that they know the brand when the name is presented to them. Top of the mind awareness: highest level of awareness, occurs when consumers mention a specific brand name first when they are asked about a product or service. Once customer is aware that the brand exists , they must increase the customers INTEREST. After they have their interest, you want the customer to have a DESIRE. The Ultimate goal is to get ACTION. Advertising: the placement of persuasive messages in time or space. Public Relations: the organizational function that manages the firm’s communications to achieve a veariety of objectives, including building and maintaining a pposittive image, handling or heading off unfavorable stories or events, and maintaining positive relationships with the media. Sale Promotions: are special incentives or excitement building programs that encourage the purchase of a product or service, such as coupons, rebates, contests. Personal selling: the two way flow of communication between a buyer and seller that is designed to influence the buyer’s purchase decisions. Rule of thumb method: use prior sales and communication activities to determine the present communication budget. Impressions: the number of times an ad appears in front of a user. CHAPTER 19 Advertising, Public Relations , and Sales Promotions Advertising: a paid form of communication delivered through media from an identifiable source about an organization, product, service, or idea designed to persuade the receiver total some action now or in the future. Advertising Plan: subsection of firm’s overall marketing plan that explicitly analyzes the marketing and advertising situation, identifies the objective of the advertising campaign, and clarifies strategy for accomplishing objectives. Pull Stregy: objective in advertising to consumers, in which the goal is to get consumers to pull the product into the marketing channel by demanding is Push Strategy: are designed to increase demand by focusing on wholesales, retailers, or salespeople. Motivate seller to highlight the product. Informative Advertising: a communication used to create and build brand awareness, with the ultimate goal of moving the consumer through the buying cycle to a purchase. Persuasive Advertising: after the product has gained certain brand awareness, firms uses this to motivate consumers to take actions. Usually occurs in growth and early stages of a products life. Product Focused Advertisements inform., persuade, or remind consumers about a specific product or service. Institutional advertisements inform, persudae or remind consumers about issues related to places, politics, pr an industry. The message provides the target audience with reasons to respond in the desired way. Unique Selling Proposition: or value proposition, differentiates a product. often the common theme or slogan in an advertising campaign. Advertisers use different appeals to portray their products or services and persuade consumers to purchase them, though advertising tends to combine the types of appeals into two categories: informational and emotional. Informational appeals: help consumer make purchase decisions by offering factual information that encourages consumers to evaluate the brand favorable on the basis of the key benefits it provides. Emotional Appeal: aims too satisfy emotional desires.. Media Planning: refers to the process of evaluating and selecting the media mix - the combination of the media used and the frequency of advertising in each medium - that will deliver a good message to intended audience. Media Buy: the actual purchase of airtime or print pages, is generally the largest expense in the advertising budget. Mass Media channels include outdoor billboards , newspapers, magazines, radio, and television are ideal for reaching large numbers of anonymous audience members. Niche Med channels are more focused and generally used to reach narrower segments, often with unique demographic characteristics or interests. Advertising Schedule: specifies the timing and duration of advertising. There are three types: 1. Continous Schedule: runs steadily through the year 2.Flighting: implemented in spurts with periods of heavy advertising followed by periods of no advertising 3. Pulsing: companies the continuous and flighting by maintain a base level but increasing intensity during certain periods. Headline: large type in an ad designed to draw attention. Subhead: provides more information. Pretesting: refers to assessments performed before an add Tracking: monitoring key indicators 3. Posttesting: evaluation of the campaign’s impact after it has been implemented. Sales Promotions: special incentives or excitement building programs that ecoourage consumers to purchase a particular product or service. Steps in Planning and Executing an Ad Campaign 1. Identify Target Audience 2. Set Advertising Objectives 3. Determine the advertising budget 4. Convey the message 5. Evaluate and select media 6. Create advertisements 7. Access the impact. CHAPTER 20 Personal Selling and Sales Management Personal Selling is the two way flow of communication between a buyer or buyers and a seller, designed to influence the buyers purchase decision. Can take place face to face, video teleconferencing, telephone internet. The Value Added by Personal Selling -Salespeople provide information and advice -Salespeople Save Time and Simplify Buying -Sales people build Relationships -relationship selling refers to a sales philosophy and process that emphasizes a commitment to maintaining the relationship over the long term and investing in opportunities that are mutuallyy beneficial to all parties. Relationship oriented sales people work either customers to find mutually beneficial solutions to their wants and needs. The Personal Selling Process 1. Generate Quality Leads -Generating a lost of potential customers (leads) and assess their potential (qualify). If you already have a relationship with your customers skip this step. -Inbound Marketing: Marketing activities that draw the attention of cus tomers through blogs, Twitter, LinkedIn, and other online sou rces, rather than using more traditional activities that require having to go out to get customers’ attention, such as making a sales call. -Trade Shows: offer an excellent forum for finding leads. Major events attended by buyers who choose to be exposed to products and services. -Cold Calls: could be on phone or in person -Telemarketing: similar to cold call but always occur on the phone. 2. Pre approach: occurs prior to meeting the customer for the first time and extends the qualification of leads procedure . 3. Sales Presentation and Overcoming Reservations 4.Closing the Sale: means obtaining a commitment from the customer to make a purchse. Without a successful close the salesperson goes away empty-handed, so many sales people find this part of the sale very stressful. 5. Follow Up Managing the Sales Force Sales Management: involves the planning, direction, and control of personal selling activities, including recruiting, selecting, training, motivating, compensating, and evaluating as they apply to the sales force.. Company Sales Force: comprises people who are employees of the selling company. Independent Agents: also known as manufacturer’s representatives, or reps, are salespeople who sell a manufacturer’s products on an extended contract basis but are not employees of the manufacturers. Compensated by commissions and do not take ownership or physical possessions of the merchandise. Salesperson Duties: Order Getter: is a salesperson whose primary responsibility are identifying potential customers and engaging those customers in discussions to attempt to make a sale. Also responsible for following up. Order Taker: salesperson whose primary responsibility is to process routine orders, reorders, or rebuts fr the products. Sales Support Personnel: enhance and help with the overall selling effort. Selling teams: combine sales specialist whose primary duties are order getting , order taking, or sales support but who work together to service important accounts. -Recruiting and Selecting Salesperson -Training Them -Motivating and Compensating Salespeople -Salary, commission, bonus. -Sales Contest: short term incentive designed to elicit a specific response from the sales force. -Non financial Awards.
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