CSUF MKTG 351 Final Exam Review|Brand New Expert Exam Questions with Clear Correct Verified Answers| All Graded A+| Latest Premium Update()| 100% Guaranteed Success.

CSUF MKTG 351 Final Exam Review|Brand New Expert Exam Questions with Clear Correct Verified Answers| All Graded A+| Latest Premium Update()| 100% Guaranteed Success. Promotional Mix - Answer1) advertising 2) public relations 3) sales promotions 4) personal selling 5) social media promotion - AnswerCommunication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response promotional strategy - Answera plan for the optimal use of the elements of promotion to elicit a particular response; main goal is to convince buyers that the products offer competitive advantage advertising - Answermass communication, high control, relatively low cost per customer, low credibility public relations - Answerunpaid, effective, limited control, higher credibility sales promotion - Answerall non-advertising and public relations activities that focus on promoting sales; typically short-term although may have spillover long-term effect; intended to induce product trial and additional sales personal selling - Answerin-person selling, more costly; more effective; works well for high cost items; aimed to inform and influence customers social media - Answerrecent addition to promotional mix, shift of control of communication efforts to consumers Integrated Marketing Communications (IMC) - Answeraims to align all elements of the promotional mix for the best possible results marketing communication - Answerthe process by which marketers impress on the buyers the value that their products have to offer Promotional Goals - Answerinforming (early stages), persuading (late intro/ early maturity), reminding (later stages), connecting (ongoing) AIDA concept - AnswerAttention: gain awareness of target market Interest: create appealing message for target market Desire: convince to create preference for Action: communication should have call to action- go out and buy it factors affecting promotional mix - Answer-nature of the product -stages in the product life cycle -type of buying decision -push and pull strategies nature of the product - Answermass media (advertising) will work well for mass produced, consumer products where personal selling will work better for customized, business products Stages of Product Life Cycle - Answerearly stage: advertising/public relation for awareness and sales promotion to induce trial growth stage: advertising and public relations for establishing differential advantage, reduce sales promotion maturity stage: persuasive reminder advertising and sales promotion to increase sales decline stage: advertising reduced, personal selling efforts continue Type of Buying Decision - Answersimple/routine: require no deliberation, reminder advertising and sales promotion can be very effective complex/ high involvement: personal selling can work well Push and Pull Strategies - AnswerPush: incentivize wholesalers or retailers to carry the product (ex. trade discounts) Pull: incentivizes end consumers directly advertising - Answerimpersonal, one-way mass communication paid for by a marketer to increase sales in the long run advertising response function - Answerelongated S shaped figure- starts with too little to do much for sales, moves over to relatively high effectiveness where increase will lead to increase in sales, then to a saturation point where more advertisement won't do much Major Types of Advertising - Answerinstitutional and product institutional advertising - AnswerAdvertising that promotes organizational image as a whole; makes sense for parent brands and advocacy advertising advocacy advertising - Answera form of advertising in which companies promote a positive image or try to overcome negative perceptions product advertising - Answerpromotes individual products; three types: pioneer, competitive, and comparative advertising pioneer advertising - Answerearly stages of product; explaining benefits of product class, not brands competitive advertising - Answergrowth stage of product; new companies enter market; shift to focus on persuasion of individual brands comparative advertising - Answerexplicit comparison made between brands; effective for smaller brands; more prominent in highly competitive markets; illegal in many countries advertising budget methods percentage of sales method - Answerfixed percentage of sales assigned to advertising budget; during downturn in sales this method would encourage reducing advertising when more might be needed competitive parity method - Answeradvertising budget is set at a level comparable to other brands; questionable method bc each company has different standings and strategies