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Definition
| the interpersonal part of marketing communications, in which the sales force interacts/personal presentation with customers and prospects to build relationships and make sales |
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| short term incentives to encourage purchase or sale of a product or service |
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Term
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Definition
individual representing a company to customers by performing one or more of the following: prospecting, communicating, selling, servicing, information gathering, and relationship building
-order taker: salesperson who sits behind counter
-order getter: must use creative selling and relationship building for products and services
• Represent company to customers
• Represent customers to company |
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Definition
| the analysis, planning, implementation, and control of sales force activities. Includes designing sales force strategy and structure and recruiting, selecting, training, supervising, compensating, and evaluating the firm’s salespeople. |
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| Sales Force Structure (Territorial) |
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Definition
| assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company’s full line |
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| Product Sales Force Structure |
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Definition
| salespeople specialize in selling only a portion of the company’s line of products |
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| Sales Force Structure (customer) |
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| salespeople specialize in selling only to certain customers or industries |
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Definition
| calculated by using workload approach, in which the company groups accounts into different classes depending on size, status, or other factors related to how much work they will be. They then determine how many salespeople would be needed to call on each class of accounts the desired number of times. |
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| Outside Sales Force (field sales force) |
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Definition
| outside salespeople who travel to call on customers in the field |
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| inside salespeople who conduct business from their offices via telephone, the internet, or visits from prospective buyers |
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| using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts. |
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| Selling Process (7 steps to effective selling) |
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Definition
| Prospecting and qualifying, preapproach, approach, presentation and demonstration, handling objections, closing, follow up. |
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| the salesperson or company identifies qualified potential customers |
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| the salesperson learns as much as possible about a prospective customer before making a sales call |
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| the salesperson meets the customer for the first time |
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| the salesperson tells the ‘value story’ to the buyer, showing how the company’s offer solves the customer’s problems |
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| the salesperson seeks out, clarifies, and overcomes customer objections to buying |
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| salesperson follows up after the sale to ensure customer satisfaction and repeat business |
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| promotion tools used to boost short term customer buying and involvement or to enhance long term customer relationships |
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Definition
| creating a brand-marketing event or serving as a sole or participating sponsor of events created by others |
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Definition
| sales promotion tools used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, and push it to customers |
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| sales promotion tools used to generate business leads, stimulate purchases, reward customers, and motivate salespeople |
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| connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships |
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Definition
| convenient, easy, and private. Easy access to a wealth of products. Also a wealth of comparative information about companies, products, and competitors. Interactive and immediate. |
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Definition
| powerful tool for building customer relationships. Can target small groups or individual consumers and promote their offers through personalized communications. Low cost, efficient, speedy alternative for reaching markets. Greater flexibility. Finally, gives buyers access to sellers they can’t normally reach |
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Definition
| an organized collection of comprehensive data about individual customers or prospects, including geographic, demographic, psychographic, and behavioral data |
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| direct marketing by sending an offer, announcement, reminder, or other item to a person at a particular address |
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| marketing through print, video, or digital catalogs that are mailed to select customers, made available in stores, or presented online |
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| the phone to sell directly to customers |
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| New digital direct marketing technologies |
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Definition
| mobile phones, podcasts, interactive tv |
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Definition
| a private network that uses Internet protocols, network connectivity, and possibly the public telecommunication system to securely share part of an organization's information or operations with suppliers, vendors, partners, customers or other businesses |
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Definition
| a private computer network that uses Internet technologies to securely share any part of an organization's information or operational systems with its employees. |
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| a group of interconnected computers |
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| Business-to-consumer (B2C) online marketing- |
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Definition
| online marketing- selling goods and services online to final consumers Ex: the Gap, L.L. Bean, Amazon.com, Sears, Quicken Loans |
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| Business-to-business (B2B) online marketing |
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Definition
| using B2B websites, email, online product catalogs, online trading networks, and other online resources to reach new business customers, serve current customers more effectively, and obtain buying efficiencies and better prices. Ex: Cisco Systems, Suns Microsystems, Dell |
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| Consumer-to-consumer (C2C) online marketing |
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Definition
| online exchanges of goods and information between final consumers Ex: eBay, Amazon.com Auctions, Overstock.com |
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| Consumer-to-Business (C2B) online marketing |
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Definition
| online exchanges in which consumers search out sellers, learn about their offers, and initiate purchases, sometimes even driving transaction terms Ex: Priceline.com, Planetfeedback.com |
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Term
| 7 C’s of Effective Internet Design |
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Definition
1. Context- the site’s layout and design
2. Content- the text, pictures, sound, and video that the web site contains
3. Community- the ways that the site enables user-to-user communication
4. Customization- the site’s ability to tailor itself to different users or to allow users to personalize the size
5. Communication- the ways the site enables site-to-user, user-to-site, or two-way communication
6. Connection- the degree that the site is linked to other sites
7. Commerce- the site’s capabilities to enable commercial transactions |
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Term
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Definition
| taxes charged by foreign governments on certain imported products designed to raise revenue or to protect domestic firms |
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Term
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Definition
| limit the amount of foreign exchange and the exchange rate against other currencies |
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| biases against U.S. company bids, restrictive product standards, or excessive regulations ex: China |
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Term
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Definition
• Buyback- the seller sells a plant, equipment, or technology to another country and agrees to take payment in the resulting products
• Counterpurchase- the seller receives full payment in cash but agrees to spend some of the money in the other country |
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Term
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Definition
| - General Agreement on Tariffs and Trade, designed to promote world trade by reducing tariffs and other international trade barriers |
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| industrial structure and income distribution |
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Definition
shapes its product and service needs, income levels, and employment levels. 4 types of industrial structures:
o subsistence economies- vast majority of people engage in simple agriculture, they consume most of their output and barter for the rest of the simple goods and services. Offer few market opportunities
o raw material exporting economies- rich in one or more natural resources but poor in other ways. Much of their revenue comes from exporting these resources. These countries are good markets for large equipment, tools and supplies. If there are many foreign residents and a wealthy upper class, they will also have a market for luxury goods
o industrializing economies- manufacturing accounts for 10-20% of the country’s economy. As manufacturing increases, the country needs more imports of raw textile materials, steels, and heavy machinery. Creates new rich class and small but growing middle class
o industrial economies- major exporters of manufactured goods, services, and investment funds. Trade goods amongst themselves and also export them to other types of economies for raw materials and semifinished goods Large middle class, good market for all kinds of goods |
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Definition
| how many low, medium, and high-income households there are |
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Definition
| entering foreign markets by joining with foreign companies to produce or market a product or service |
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Term
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Definition
| method of entering foreign market in which the company enters into an agreement with a license in the foreign market, offering the right to use a manufacturing process, trademark, patent, trade secret, or other item of value for a fee or royalty |
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Definition
| a joint venture in which a company contracts with manufacturers in a foreign market to produce the product or provide its service |
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| a joint venture in which the domestic firm supplies the management know-how to a foreign capital; the domestic firm exports management services rather than products |
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| a joint venture in which a company joins investors in a foreign market to create a local business in which the company shares joint ownership and control |
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Definition
| entering a foreign market by developing foreign-based assembly or manufacturing facilities |
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| Standardized global marketing |
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Definition
| an international marketing strategy for using basically the same marketing strategy and mix in all the company’s international markets |
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Definition
| an international marketing strategy for adjusting the marketing strategy and mix elements to each international target market, bearing more costs buy hoping for a larger market share and return |
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| Straight product extension |
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Definition
| marketing a product in a foreign market without any change |
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Definition
| adapting a product to meet local conditions or wants in a foreign market |
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Definition
| creating new products or services for foreign markets |
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Definition
| a global communication strategy of fully adapting advertising messages to local markets |
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Definition
| designing international channels that take into account the entire global supply chain and marketing channel, forging and effective global value delivery network |
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| Marketing Criticisms- 3 factors |
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Definition
1. high costs of distribution- too many intermediaries to be marketed to from, so distribution costs to much to use them all, therefore prices of the products are higher
2. high advertising and promotion costs- packaging and promotion add only to the psychological value not the function, therefore not worth it to spend extra on
3. excessive markups- companies mark up goods excessively and in unfair situations, such as funeral homes and auto repair |
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Term
| Deceptive marketing practices (3) |
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Definition
1. Deceptive pricing- falsely advertising ‘factory’ or ‘wholesale’ prices or a large price reduction from a phony high retail list price
2. Deceptive promotion- misrepresenting the products features or performance or luring the customers to the store for a bargain that is out of stock
3. Deceptive packaging- exaggerating package contents through subtle design, using misleading labeling, or describing size in misleading terms |
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Term
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Definition
| make you need to buy the new version before the product become broken and actually ‘needs’ replacement, just can’t be used anymore because it’s out of date. Also constantly changing what is in ‘style’ as to encourage more buying |
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