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CSUF MKTG 351 Final Exam Questions
and Answers 100% Pass
Importance of services to the economy ✔✔- 55% of all US GDP
- 10 out of 11 service sectors increased their revenue last year
- Largest gains from Internet and Broadcasting: Google Facebook, Pandora, Spotify, SiriusM
--- Interpublic Group - One of the largest
How services differs from groups ✔✔- Intangible
- Inseparable
- Heterogeneous
- Perishable
Intangible ✔✔--- Services cannot be touched, seen, tasted, heard, or felt in the same way as goods. Tangible cues are often used to communicate a service's quality and nature. Facilities are a critical tangible part of a service.
--- Makes it harder to communicate benefits
Inseparable ✔✔-Producing and Consuming simultaneously
-- Services are often sold, produced and consumed at the same time.
-- Consumers are involved in the production of the Services they buy.
-- Consumer takes part in production
Heterogeneus ✔✔-- Services are less standardized and uniform than goods.
-- Because services tend to be labor-intensive, consistency and quality can be hard to achieve.
-- Standardization and training help increase consistency and reliability
-- Depend on employees for quality
--- Hard to achieve consistency
Perishable ✔✔-- Services cannot be saved, stored, warehoused, or inventoried
-- One of the most important challanges in many service industries is finding ways to synchronize supply and demand
Service Quality ✔✔-- Researches have shown that customers evaluate service quality by five components
-- Service quality is more sifficult to define and measure than is the quallity of tangible goods.
-- Business executives rank the improvement of service quality as one of their most critical challanges.
Services Marketing Mix ✔✔- Service Strategy
- Distribution
- Promotion Strategy
- Pricing Strategy
Marketing Mix - Agency ✔✔Positioning as a center
- Target Audience
- Pricing
- Go-to-Market Strategy
- Services Mix
Target Audience (Marketing Mix - Positioning) ✔✔What we know about them
Pricing Architecture (Marketing Mix - Positioning) ✔✔- Project-based
Steps of Pricing Architecture (Marketing Mix - Positioning) ✔✔- Build Brand (46%)
- Generate Leads (86%)
- Convert Sales (85%)
- Increase Loyalty (51%)
Go-to-Market Strategy (Marketing Mix - Positioning) ✔✔- Public Relations
- Direct Mail
- Networking/Referrals
- SEO
- PPC
Public Relations (Go-to-Market Strategy) ✔✔Press release
- Overview
- Positioning
- Distribution
- 3,000 National Newspapers
- 3,000 TV Stations & Shows
- 3,500 Radio Stations and Shows
- 4,000 News Web Data Bases (YAhoo, MSN, AOL, News Alert, Google News)
BusinessWire.com (Press Release - Distribution) ✔✔the go-to website for companies to transmit their full text press releases
- The hot topics right now includes H1N1 Virus
Blogs (Press Release - Distribution) ✔✔Provide value to the blog community
- Establish ourselves as experts
- Be seen as an asset
- Some blogs have readership as large as some major metropolitan newspapers
Direct Mail (Go-to-Market Strategy) ✔✔Hyper-targeted letters with PURL to selected prospects
Hyper-targeted letters with PURL (Direct Mail) ✔✔- Send 200 letters
- Initial Contact: hand written letter with personalized URL available on the agency web site
- Follow-up with phone call within three days to inquire about whats needed to move forward
SEO (Go-to-Market Strategy) ✔✔Search Engine Optimization
Search Engine Optimization ✔✔process of IMPROVING THE VOLUME or quality OF TRAFFIC to a website FROM SEARCH ENGINES via "natural" or un-paid (Organic or Algorithmic) as opposed to pay-per-click (PPC)
- TYPICALLY, THE EARLIER (or higher) a site appears in the results, the more visitors it will receive.
SEO Strategy ✔✔Making agency site attractive to search engines, as well as encouraging other sites to link back to us.
Keywords (SEO strategy) ✔✔- Look for words on competitive web site that have high density
- Look on community forums or applications like Twitter and Facebook
- Plural terms are more popular than singular search terms
Channel Intermediary ✔✔A business firm operating between the producer and the consumer or business purchaser
consumer ==> Business Firm ==> Consumer/Business User
Channel Intermediaries ✔✔- Direct Channel
- Retailer Channel
- Wholesaler Channel
- Agent/Broker Channel
Direct Channel (Channel Intermediary) ✔✔PRODUCER => CONSUMER
- Are used to sell products directly from the manufacturer/producer to consumers
- The shortest and simplest form of distribution channel
- Has become increasingly common since the advent of the internet
- No intermediaries are used
Benefits of Direct Channel ✔✔- COMPLEX, CUSTOMIZED and EXPENSIVE PRODUCTS tend to benefit more
- Direct sales can do a better job of EXPLAINING THE PRODUCT and PROVIDING PROFESSIONAL DEMONSTRATIONS than an intermediary can.
Retailer Channel (Channel Intermediary) ✔✔PRODUCER => RETAILER => CONSUMER
- Are used to sell products directly from the manufacturer (producer) to retailers who then sell directly to the consumer
- Not always, but in many cases, PERISHABLE PRODUCTS such as certain foods (i.e. fruit/vegetables) usually require this channel because of their short shelf lives - versus using a wholesaler
- The same principle applies to FRAGILE PRODUCTS to reduce the amount of transportation and handling.
Wholesaler Channel (Channel Intermediary) ✔✔PRODUCER => WHOLESALER => RETAILER => CONSUMER
- Is used to sell products from the manufacturer to the wholesaler than to the retailer
- PRODUCTS OF LOWER VALUE that are MANUFACTURED IN HIGH QUANTITIES may be influenced to take distribution channel involving a wholesaler
- This way, it REDUCED THE ISSUE OF STORAGE, for the producer as wholesaler will buy in bulk.
- FRAGILE PRODUCTS
Example of Wholesaler Channel ✔✔Kimberly Clark/P&G
- PRODUCTS OF LOWER VALUE that are MANUFACTURED IN HIGH QUANTITIES
- CANNED FOODS, BOTTLED BEVERAGES, BREAD and other NON-PERISHABLE GROCERIES
Example of Agent/Broker Channel ✔✔ADX/Riva
Blue mics/Mo-Fi Headphones
Market Centre ✔✔A full line distributor providing SPECIALTY, NATURAL, AND ETHNIC foods to major chains and independent grocery retailers throughout the WESTERN US
Market Centre* ✔✔- is the result of bringing together the STRENGTHS OF 4 SEPARATE DIVERSE COMPANIES to provide the retail partners a one-stop shop for the foods their customers are looking for.
- Focus on a specific consumer segment or shopping experience
- Careful product selection tied directly to target demographics around each store featuring national and regional brands as well s local and unique items
Market Centre 4 Separate Diverse Companies ✔✔- Gourmet Specialties (Specialty and Natural Food Products)
- Grocer Specialty Company (largest distributor of Hispanic Products)
- Rex Pacific (distributor of Asian products)
Sosnick (distributor of Kosher products)
Gourmet Specialties (Market Centre 4 Separate Diverse Companies) ✔✔Specialty and Natural Food Products
Grocer Specialty Company (Market Centre 4 Separate Diverse Companies) ✔✔largest distributor of Hispanic Products
- Market Centre Hispanic division is regarded as the NATIONAL LEADER IN MERCHANDISING AND MARKETING in the Hispanic category.
- Hispanic cookware and household items
- To make sure they STAY AHEAD OF CURRENT PRODUCT TRENDS and continue to BRING CONSUMERS THE ITEMS THEY NEED
- Each month they meet with 25 to 30 of their Hispanic retailers to SOLICIT THEIR INPUT.
- Sales Promotion
- Personal Selling
- Social Media
==> Promotion Plan
Product Life Cycle ✔✔Factor in designing a Promotional Mix
- Introduction
- Growth
- Maturity
- Decline
Introduction Stage (Product Life Cycle) ✔✔- The basic goal of promotions is to inform the target audience of the product availability.
- ADVERTISING and PUBLIC RELATIONS inform the target audience
- SALES PROMOTION encourages early trial.
- PERSONAL SELLING gets retailers to carry the product.
Advertising and Public Relations (Introduction Stage - PLC) ✔✔Inform the target audience
Sales Promotion (Introduction Stage - PLC) ✔✔Encourages early trial
Personal Selling (Introduction Stage - PLC) ✔✔Get retailers to carry the product
Growth Stage (Product Life Cycle) ✔✔- ADVERTISING AND PUBLIC RELATIONS continue to be important
- SALES PROMOTION can be reduced because customers need fewer incentives to purchase.
- The PROMOTIONAL STRATEGY is to emphasize the product's differential competitive advantage.
- PERSUASIVE PROMOTION is used to build and maintain brand loyalty.
PERSONAL SELLING has succeeded in obtaining adequate distribution for the product.
Advertising and Public Relations (Growth Stage - PLC) ✔✔continue to be important
Sales Promotion (Growth Stage - PLC) ✔✔can be reduced because customers need fewer incentives to purchase.
Decline Stage (Product Life Cycle) ✔✔- All PROMOTION, especially ADVERTISING, is reduced
- PERSONAL SELLING and SALES PROMOTION efforts may be maintained, particularly at the retail level.
All Promotion, especially Advertising (Decline Stage - PLC) ✔✔Is reduced
Personal Selling and Sales Promotion (Decline Stage - PLC) ✔✔Efforts may be maintained, particularly at the retail level
Public Relations ✔✔A strategic communications process where a company uses the news or business press to convey a positive story/image about that company to the public
Traditional Advertising Media ✔✔- Television
- Radio
- Newspaper
- Magazines
- Books
- Direct Mail
- OOH
New Advertising Media ✔✔- Digital (Hulu, Pandora, Spotify, XM)
- Social Media
- Portals
- Behavioral Targetingg
OOH ✔✔Drive to Walk
OOH: Drive to Walk ✔✔Strategically placed outdoor advertising around March locations
Ads locations ✔✔Public Transportation/Transit
Billboards
Grocery Store
Content Targeting Strategy ✔✔Web Site Strategies
