Marketing 18

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  1. Sales Promotion
    • Marketing communication activities, other than advertising, personal selling, and public relations, in which a short-term incentive motivates a purchase
    • -Advertising = Reason to buy
    • -Sales Promotion= Incentive to buy
  2. Coupon
    certificate that entitles consumers to an immediate price reduction when they buy the product
  3. Rebate
    cash refund given for the purchase of a product during a specific period
  4. Premium
    • extra item offered to the consumer, usually in exchange for some proof of purchase of the promoted product
    • -Ex: 2 for 1, bonus, Kellogs added two more pop tarts without increasing price
  5. Loyalty Marketing Programs
    • a promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers.
    • -rewards cards
  6. Contests + Sweepstakes
    • designed to create interest in a good or service, often to encourage brand switching. participants use some skill or ability to compete for prizes.
    • -not effective for generating long term sales
  7. Sampling
    • a promotional program that allows the consumer the opportunity to try a product or service for free. can increase sales by 40%.
    • -giving ppl at a health club a vitamin or supplement
  8. Point-of-Purchase Promotion (P-O-P)
    • a promotional display set up at the retailer's location to build traffic, advertise the product, or induce impulse buying.
    • -FLA entreprenuer joined growing vodka market with small budget so he made rounds of local bars and restaurants hosting cockatil comparisons to gain interest.
  9. Trade Sales Promotion: Trade allowance
    a price reduction offerred by manufacturers to intermediaries, such as wholesalers and retailers
  10. Trade Sales Prom: Push Money
    money offerred to channel intermediaries to encourage them to "push" products, or to encourage other members of the channel to sell the products
  11. Trade Sales Prom: Training
    sometimes a manufacturer trains an intermediaries personnel if the product is complex
  12. Trade Sales Prom: Free Merchandise
    often a manufacturer offers retailers free merchandise in lieu of quantity discounts.
  13. Trade Sales Prom: Store Demonstration
    manufacturers can arrange with retailers to perform an in store demonstration.
  14. Trade Sales Prom: Conventions + Trade Shows
    trade association meetings, conferences, and conventions are important aspect of sales promotion and a growing, multibillion dollar market.
  15. Personal Selling
    purchase situation involving a personal, paid for communication between 2 people in an attempt to influence each other
  16. Steps in Selling Process (7)
    • 1) Generate Leads
    • 2) Qualify Leads
    • 3) Probe Customer Needs
    • 4) Develop Solutions
    • 5) Handle Objectives
    • 6) Close the Sale
    • 7) Follow Up
  17. 1) Generate Leads (prospecting)
    • identify firms and ppl most likely to buy the sellers offerings.
    • -referrals, networking, cold calling
  18. 2) Qualify Leads
    determination of a sales prospects: 1) recognized need 2)buying power 3)receptivity and accessibility
  19. 3) Probe Customer Needs
    • preapproach- process that describes the "homework" that must be done by a salesperson before he or she contacts a prospect
    • needs assessment- determining customers specific needs and wants and range of option the customer has for satisfying them
  20. 4) Develop Solutions: sales proposal + presentation
    • Sales Proposal- formal written document or professional presentation that outlines how the salespersons product or service will meet or exceed prospects needs
    • Sales Presentation- formal meeting where the salesperson presents a sales proposal to prospective buyer
  21. 5)Handle objectives
    anticipate specific objections such as concerns about price, etc. to be effective
  22. 6) Close the Sale: negotiation
    Negotiation- process when both sides offer special concessions in an attempt to arrive at a sales agreement
  23. 7) Follow Up
    final step of selling process, where salesperson ensures that delivery schedules are met, the goods or services perform as promised, and that the buyers' employees are properly trained to use the products
Card Set
Marketing 18
Marketing 18
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