Marketing 245 Final Exam

Adaptive Selling
A selling process that begins with a script or presentation and the sales person is taught to listen for questions, watch for signals from the prospect, and change the presentation to meet the prospect’s needs
Advertising
A promotion that uses media, such as television, radio, newspaper, and magazines that are not necessarily well targeted but instead reach large mass markets.
Back Translation
A process of translating a message to a different language and then translating it back to the original language to make sure the message is the same.
Blog
a website consisting of entries (also called posts) appearing in reverse chronological order with the most recent entry appearing first (similar in format to a daily journal).
Caveat Emptor
Let the buyer beware
Close
Obtain a purchase commitment from the prospect and create a customer
Code of Ethics
The standards to which everyone in a profession should adhere.
Communication
the process of conveying a message to others and it requires six elements
Consultative Selling
A selling process that starts with a discussion of the customer’s needs and wants then proceeds to a proposal that demonstrates how the product or service meets the prospect’s requirements.
Cost Per Thousand (CPM)
A payment option for display advertising for which a cost is set for each 1,000 people that view an ad. This is referred to as CPM because the M is the Roman numeral for 1,000.
Cross-Cultural Analysis
Comparing a firm’s domestic culture with the culture of a foreign market to determine similarities and differences. It is important to consider when entering the foreign market
Culture
The set of values, ideas and attitudes that are learned and shared among the members of a group
Customs
Practices and events people within a given culture participate in as a reflection of the cultural values.
Decode
The act of interpreting the message.
Direct Market
Targeted marketing that is sent directly to a consumer.
Direct Investment (Global Market Entry)
The act of establishing local operations in a foreign market without the assistance of a joint venture partner.
Economic Infrastructure
a country’s communication, transportation, financial, and distribution systems
Encode
The process of ensuring that the message fits the media and conveys the intended information and motivation.
Ethics
The principles of right and wrong that are generally accepted by an individual, organization, or industry.
Exporting (global market entry)
The act of shipping or transmitting products from one country to another.
Facebook
free social networking website that allows registered users to create profiles, upload photos and video, send messages and keep in touch with friends, family and colleagues
Fear Appeals
the average number of times a person in the target audience is exposed to an advertisement
Foreign Corrupt Practices Act
A policy developed in the United States to prevent U.S. individuals and firms from bribing government officials in order to obtain business.
Frequency
the average number of times a person in the target audience is exposed to an advertisement
Global Brand
Brands that are primarily consistent in image all around the world
Global Marketing Strategy
The practice of standardizing marketing activities when there are cultural similarities and adapting then when cultures differ.
Hierarchy of Effects
A prospective buyer goes through a sequence of stages from initial awareness of a product to eventual action (either trial or adoption of the product). The stages include awareness, interest, evaluation, trial, and adoption
Integrated Marketing Communications
The systematic collective effort of all marketing mechanisms within a business to reinforce and support one another in order to achieve the desired marketing goals.
Joint Venture
The act of partnering with a firm in the foreign country
Licensing
The act of selling the rights to manufacture and distribute their products in the foreign country
LinkedIn
a social networking site designed specifically for the business community. The goal of the site is to allow registered members to establish and document networks of people they know and trust professionally.
Noise
Personal communications at work, home, among friends, and by other marketing messages that can prevent a marketing message from being received by the target audience
Order Takers
A sales person who facilitates the transaction but does not actively sell to prospective customers
Click-Through Rate
The ratio of how many users see an ad versus actually clicking on an ad
Cost Per Thousand
A payment option for display advertising for which a cost is set for each 1,000 people that view an ad. This is referred to as CPM because the M is the Roman numeral for 1,000
Personal Selling
A form of promotion where a sales person engages a prospective customer for the purpose of completing a transaction
Personal Selling Process
A sequence of events that order getters use which includes prospecting, gathering information, approaching the prospect, presentation, closing and handling objections, and follow-up
Promotional Mix
Tools used to accomplish IMC, which include advertising, sales promotion, personal selling, direct marketing, and public relations
Prospecting
Search for and qualify prospects
Protectionism
The process of creating barriers to entry or restrictions for foreign firms doing business in local markets in an effort to protect domestic firms from the competition
Quota
A form of protectionism where imports are limited in quantity
Reach
The portion of the target market that can possibly read, watch, hear, or view a particular advertisement based on the media vehicle chosen
Receiver
An individual who is part of the target audience for the message
Sales Management Process
The organization’s efforts, including hiring, training, developing, and evaluating sales personnel, aimed at improving the effectiveness of personal selling
Source
A company or brand that sends a message to consumers
Spam
Electronic communication that is unwelcome and unsolicited. This can include email, forum messages, blog comments, text messages, and messages on social media platforms
The Communication Process
a source, a message,a channel of communication, a receiver, and the processes of encoding and decoding
Twitter
social networking microblogging service that allows registered members to broadcast short posts called tweets
World Trade Organization
An institution that sets rules governing trade between its members through a panel of trade experts
Youtube
video sharing website that makes it easy to watch online videos. a person can even create and upload their own videos to share with others
Corporate Culture
the behavior, ethics, commitment of individuals part of that organization. It builds the product
Field of Experience
experiences you have with other products, may block the way you receive another products message
Humorous Appeals
funny commercials or ads that bring people to your product
Cost Per Click
google ad words, you pay google per click to direct people to your website
Comparative Product Advertisements
test coke vs pepsi taste testing
Pioneering Product Advertisements
new entrance into the market place
Reminder Product Advertisements
reinforce previous knowledge
Self-Regulation
a company attempts to police itself
Viral Marketing
word of mouth gone digitally
Wasted Coverage
advertising to people who don’t care about your product
Bounce Rate
the percentage of visitors to a particular website who navigate away from it
Consumer Safety
the consumer has a right to safety and protection
Sales Evaluation
evaluating your sales team, it’s a behavioral analyst how well they sell your product