MKT Midterm 3 review answers
MKT Midterm 3 review answers MKT201
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This 6 page Study Guide was uploaded by Emily Bonner on Saturday January 31, 2015. The Study Guide belongs to MKT201 at University of Miami taught by Dr. Ash in Fall. Since its upload, it has received 204 views. For similar materials see Fundamentals of Marketing in Marketing at University of Miami.
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Date Created: 01/31/15
MARKETING MIDTERM 3 REVIEW 0 64 MC 6 SHORT ANSWERS Chapter 4 9 MC 0 Why goal alignment is important 0 To avoid unethical behavior the short term goals of the employee must align with the long term goals of the firm 0 Corporate social responsibility 0 Refers to the voluntary actions taken by a company to address the ethical social and environmental impacts of its business operations and the concerns of its stakeholders 0 AMA Code of ethics 0 DO NO HARM 0 Ethical decision making framework 1 Step 1 Identify issues 2 Step 2 Gather information and identify stakeholders 3 Step 3 Brainstorm and evaluate alternatives 4 Step 4 Choose a course of action 0 Ethical decision making test 1 The Publicity Test Would I want to see this action that I m about to take on the front page of a newspaper 2 The Moral Mentor Test Would the person I admire the most engage in this activity 3 The Admired Observer Test Would I want the person I admire the most to see me doing this 4 The Transparency Test Could I give a clear explanation for the action I m contemplating including an honest and transparent account of all my motives that would satisfy a fair and dispassionate judge 5 The Person in the Mirror Test Will I be able 0 look at myself in the mirror and respect the person I see there 6 The Golden Rule Test Would I like to be on the receiving end of this action and all its potential consequences 0 How to integrate ethics into marketing strategy 3 phases of strategic planning 0 Planning Phase I Including a commitment to ethics in its mission statement I Is the firm prepared to support the development of an ethical climate that would maintain a strong ethical position 0 Implementation Phase a firms choice of target market and how they pursue it can lead to charges of unethical behavior 0 Control Phase managers must be evaluated on their actions from an ethical perspective 0 Key corporate responsibility stakeholders 0 Employees employees amp their families ensure a safe working environment free of threats to their physical safety health or wellbeing 0 Customers current amp potential respecting and protecting privacy in an electronic world and ensuring the healthiness of products especially those aimed at children 0 Marketplace partners amp competitors when one firm in the industry leads the way towards CSR its partners and competitors often have no choice but to follow or run the risk of not doing business or being left behind 0 Society community amp environment 95 of CEOs believe that society increasingly eXpects companies to take on public responsibilities Chapter 8 14 MC 0 Components of country market assessment 0 Economic analysis general economic environment market size and population growth real income 0 Infrastructure and technological analysis transportations channels communication commerce 0 Government actions or inactions tariff quota exchange control trade agreement 0 Sociocultural analysis power distance uncertainty avoidance masculinity time orientation 0 Gross domestic product 0 The market value of the goods and services produced by a country in a year Purchasing power parody 0 A theory that states that if the exchange rates of two countries are in equilibrium a product purchased in one will cost the same in the other if expressed in the same currency Infrastructure 0 Is defined as the basic facilities services and installations needed for a community or society to function such as transportation and communication systems water and power lines and public institutions like schools post offices and prisons Tariffs Duty 0 A tax levied on a good imported into a country Their purpose is to make imported goods more expensive and less competitive with domestic products artificially raise prices to lower demand Quotas 0 Designates the maximum quantity of a product that may be brought into a country during a specified time period they reduce the availability of imported merchandise Culture 0 The shared meanings beliefs morals values and customs of a group of people exists on two levels visible artifacts behavior dress symbols physical settings ceremonies and underlying values thought processes beliefs and assumptions Hofstede s cultural dimensions 0 Power distance willingness to accept social inequality as natural 0 Uncertainty avoidance the extent to which society relies on orderliness consistency structure and formalized procedures to address situations that arise in daily life 0 Masculinity the extent to which dominant values are male oriented 0 Individualism perceived obligation to and dependence on groups 0 Time orientation short versus longterm orientation Different global entry strategy 0 Exporting producing goods in one country and selling them in another least financial risk 0 Franchising a contractual agreement between a firm the franchisor and another firm or individual the franchisee that allows the franchisee to operate business using the name and business format developed and supported by the franchisor 0 Strategic alliance collaborative relationships between independent firms through the partnering firms do not create an equity partnership that is they don t invest in one another 0 Joint venture formed when a firm entering a new market pools its resources with those of a local firm to form a new company in which the ownership control and profits are shared 0 Direct investment requires a firm to maintain 100 ownership of its plants operations facilities and offices in a foreign country often through the formation of wholly owned subsidiaries Global segmentation targeting and positions 0 Far more complicated than domestic STP because 1 firms considering a global expansion have much more difficulty understanding the cultural nuances of other countries 2 subcultures within each country also must be considered 3 consumers often view products and their roles as consumers differently in different countries Global communications issues 0 Global pricing strategies can be very complicated given government regulations costs differences competitive forces economic considerations 0 Global distribution strategies Global distribution networks form complex value chains that involve middlemen exporters importers and different transportation systems must consider channels between nations and channels within nations 0 Global communications strategies standard vs adapted problems with language customs regulations 0 Global Imperialism when one culture believes they are superior than other cultures Chapter 18 14 MC Various IMC disciplines integrated marketing communications represents the Promotion P from the fours Ps 0 General advertising 0 Personal selling 0000 0 Sales promotion Public relations Direct marketing Electronic media Community building promotional mix 0 Components of the communications process 0 O O O O O O O The sender originates the message and must be identified to the intended audience The transmitter develops the communications with the sender usually the ad agency Encoding converting the senders ideas into a message which could be verbal visual or both The communication channel medium that carried the message The receiver the person who reads hears or sees and processes the information contained in the message andor advertisement Decoding refers to the process by which the receiver interprets the sender s message Noise any interference that stems from competing messages a lack of clarity in the message or a aw in the medium and it poses a problem for all communication channels Feedback loop allows the receiver to communicate with the sender and thereby informs the sender whether the message was received and decoded properly 0 AIDA model thinkfeeldo model 0 O 0 Awareness I Brand awareness refers to a potential customer s ability to recognize or recall that the brand name is a particular type of retailer or productservice I Aided recall is when consumers indicate they know the brand when the name is presented to them I Topofmind awareness the highest level of awareness occurs when the consumers mention a speci c brand name first when they are asked about a product or service Interest communication must work to increase his or her interest level consumers must be persuaded that it is a product worth investigating Desire move the customer from I like it to I want it Action the ultimate goal of any marketing communications is to drive the receiver to action either searching for the product or making a purchase 0 Lagged effect 0 A delayed response to a marketing communications campaign it usually takes several exposures to an ad before a consumer fully processes its message 0 Goal of any marketing communications 0 As with any strategic undertaking firms need to understand the outcome they hope to achieve before they begin Goals can be short term like generating inquiries increasing awareness and prompting trial or long term in nature like increasing sale market share and customer loyalty Main goal of any marketing communications is action 0 AMA definition of advertising 0 I Clutter O The placements of announcements and persuasive messages in time or space purchased in any of the mass media by business firms nonprofit organizations government agencies and individuals who seek to inform andor persuade members of a particular target market or audience about their products services organizations or ideas Marketing clutter refers to the normally excessive amount of ad messages consumers are exposed to on a daily basis To cut through the clutter you must try to find the right time and place to connect with target customers and deliver impacting creative messages for your small business 0 Different methods to determine communications budget 0 0 Objective and task method determines the budget required to undertake speci c tasks to accomplish communication objectives set objectives choose media determine costs Rule of thumb method use prior sales and communication activities to determine the present communication budget Competitive parity budget is set so that the firm s share of communications expense equals its market share Percent of sales budget is set as a fixed percentage of forecasted sales 0 Affordable budget is set as the money available after operating costs and profits have been budgeted 0 Reach 0 Describes the percentage of the target population eXposed to a specific marketing communication such as an advertisement at least once how many people saw it 0 Frequency 0 How often the audience is eXposed to a communication within a specific time period how many times it aired Mobile marketing 0 Marketing through wireless handheld devices such as cellular phones Sales promotion 0 Special incentives or excitementbuilding programs that encourage the purchase of a product or service such as coupons rebates contests free samples and point of purchase displays 0 Direct marketing 0 Marketing that communicates directly with target customers to generate a response or transaction The increased use of customer databases has enabled marketers to identify and track consumers over time and across purchase situations which has contributed to the rapid growth of direct marketing Chapter 19 20 MC 0 First thing an ad has to do 0 Advertising entails the placement of announcements and persuasive messages in time or space purchased in any of the mass media by business firms nonprofit organizations government agencies and individuals who seek to inform andor persuade members of a particular target market or audience about their products services organizations or ideas 0 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 Assess impact 0 Various goals or objectives of advertising 0 Informative advertising communicates to create and build brand awareness 0 Persuasive advertising is used when a product has gained a certain level of brand awareness to motivate consumers to take action 0 Reminder advertising is the communication used to remind or prompt repurchases especially for products that have gained market acceptance and are in the maturity phase of the product life cycle Push strategy 0 Designed to increase demand by focusing on wholesalers distributors or sales people Pull strategy 0 The goal is to get consumers to pull the product into the supply chain by demanding it 0 How informative advertising is used 0 Retailers often use informative advertising to tell their customers about an upcoming sales event or the arrival of new merchandise Institutional advertising 0 Inform persuade and remind consumers about issues related to places politics an industry or a particular corporation 0 Importance of problem solving 0 The message should communicate its problem solving ability clearly and in a compelling fashion In this context advertisers must remember that products and services solve problems whether real or perceived 0 Various types of appeals Informational appeal helps consumers make purchase decisions by offering factual information and strong arguments logos rational logical built around relevant issues that encourage consumers to evaluate the brand favorably on the basis of the key benefits it provides Emotional Appeal aims to satisfy the consumers emotional desires rather than their utilitarian needs The key to a successful emotional appeal is the use of emotion to create a bond between the consumer and the brand The emotions often evoked in advertising include fear safety humor happiness love or seX comfort and nostalgia Unique selling proposition 0 Differentiates a product by establishing unique benefits The selling proposition communicated by the advertising must not only be unique to the brand but also meaningful to the customer it furthermore must be sustainable over time even with repetition How to choose the right medium 0 For each class of media each alternative has specific characteristics that make it suitable for meeting speci c objectives Advantage of niche media 0 Channels are more focused and generally used to reach narrower segments often with unique demographic characteristics or interests Different scheduling strategies 0 Continuous a schedule that runs steadily throughout the year and therefore is suited to products and services that are consumed continually at relatively steady rates and that require a steady level of persuasive andor reminder advertising 0 Flighting refers to an advertising schedule implemented in spurts with heavy periods of advertising followed by periods of no advertising Used for products whose demand uctuates 0 Pulsing combines the continuous and ighting schedules by maintaining a base level of advertising but increasing advertising intensity during certain periods Tracking 0 Includes monitoring key indicators such as daily or weekly sales volume while the advertisement is running to shed light on any problems with the message or the right medium Purpose of laws and regulations 0 The regulation of advertising involves a compleX miX of formal laws and informal restrictions designed to protect consumers from deceptive practices Public relations 0 Involves managing communications and relationships to achieve various objectives such as building and maintaining a positive image of the firm handling or heading odd unfavorable stories or events and maintaining positive relationships with the media Tools of public relations 0 O O O 0 Publications brochures specialpurpose singleissue publications such as books Video and audio programs public service announcements Annual reports Media relations press kits news releases speeches event sponsorships Electronic media websites email campaigns Sales promotions 0 Special incentives or excitementbuilding programs that encourage consumers to purchase a particular product or service typically used in conjunction with other advertising or personal selling programs Know the differences between the role of advertising and sales promotion 0 Whereas advertising offers reasons to buy a product or service sales promotions offers reason to by now Chapter 20 7 MC Advantages of personal selling 0 O O 0 Because of the onetoone nature of sales a salesperson is in the unique position to customize a message for a specific buyer Sales people provide information and advice Sales people save time and simplify buying Sales people build relationships Steps in the personal selling process Generate and qualify leads Prospecting Preapproach learning about prospective customers Sales presentation and overcoming reservations Closing the sale most difficult step Followup B2B buying process 0 Businesstobusiness transactions like manufacturers representatives selling to retailers or other businesses Sales management 0 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 Different types of sales force structure 0 Company sales force employees of the selling company you can control them 0 Independent agents manufacturers representatives sell a manufacturer s products on an extended contract basis but are not employees of the manufacturer cheaper alternative Different sales persons duties 0 Order getter identifies potential customers and engages those customers in discussions to attempt to make a sale 0 Order taker processes routine orders or reorders or rebuys for products 0 Sales support personnel enhance and help with the overall selling effort Evaluation sales peoples performance 0 Sales people should be evaluated and rewarded for only those activities and outcomes that fall under their control 0 Can be done objectively or subjectively m9WNr
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