Mktg Chp 18

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Mktg Chp 18
2011-12-05 21:44:56
Marketing MKTG5

Chp 18
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  1. Consumer Sales Promotion
    sales promotion activities targeting the ultimate consumer
  2. Sales Promotion
    marketing communication activities, other than advertising, personal selling, and PR, in which a short-term incentive motivates consumers or members of the distribution channel to purchase a g/s immediately, either by lowering the price or by adding value.
  3. Trade Sales Promotion
    sales promotion activities targeting a marketing channel member, such as a wholesaler or retailer
  4. Coupon
    a certificate that entitles consumers to an immediate price reduction when they buy the product
  5. Rebates
    a cash refund given for the purchase of a product during a specific period
  6. Premiums
    • an extra item is offered to the consumer, usually in exchange for some proof of purchase of the promoted product
    • EX: McDonald's Happy Meal comes with toy for kids
  7. Loyalty Marketing Program
    a promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers
  8. Frequen Buyer Program
    a loyalty program in which loyal consumers are rewarded for making multiple purchases of a particular g/s
  9. Sampling
    a promotional program that allows the consumer the opportunity to try a product or service for free
  10. Point-of-Purchase (P-O-P) Display
    a promotional display set up at the retailer's location to build traffic, advertise the product or induce impulsive buying
  11. Tools for Trade Sale Promotion
    • trade allowances
    • push money
    • training
    • free merchandise
    • store demos
    • business meetings, conventions & trade shows
  12. Trade Allowance
    a price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers
  13. Push Money
    money offered to channel intermediaries to encourage them to "push" products - that is, to encourage other members of the channel to sell the products
  14. Relationship (consultative) Selling
    a sales practice that involves building, amintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships
  15. Sales Process (Sales Cycle)
    the set of steps a salesperson goes through in a particular organization to sell a particular product or service
  16. 7 Steps in the Personal Selling Process
    • generating leads
    • qualifying leads
    • approaching the customer and probing needs
    • developing and proposing solutions
    • handling objections
    • closing the sale
    • following up
  17. Lead Generation (Prospecting)
    identification of those firms and people most likely to buy the seller's offerings
  18. Referral
    a recommendation to a salesperson from a customer or business associate
  19. Networking
    a process of finding out about potential clients from friends, business contacts, coworkers, acquantances, and fellow members in professional and civic organizations
  20. Cold Calling
    a form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects' needs or fiancial status
  21. Lead Qualification
    determination of a sales prospect's 1) recognized need 2) buying power 3) receptivity and accessibility
  22. Preapproach
    a proces that describes the "homework" that must be done by a salesperson before he or she contacts a prospect
  23. Needs Assessment
    a determination of the customer's specific needs and wants and the range of options the customer has for satisfying them
  24. Needs Assessment Includes:
    • knowing the product or service
    • customers and their needs
    • the competition
    • the industry
  25. Sales Proposal
    a formal written document or professional presentation that outlines how the salesperon's product or service will meet or exceed the prospect's needs
  26. Sales Presentation
    a formal meeting in which the salesperson presents a sales proposal to a prospective buyer
  27. Negotiation
    the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement
  28. Follow-up
    the final step of the selling process, in which the salesperson ensures delivery schedules are met, g/s perform as promised, and the buyers' employees are properly trained to use the products