Marketing and Advertising Terms and Definitions, Quizzes of Introduction to Business Management

Download Marketing and Advertising Terms and Definitions and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 Externalities DEFINITION 1 benefits or harm caused by sale or consumption of products to people who are not involved in the transaction and dint pay for the product. Social Costs TERM 2 Primary Demand DEFINITION 2 consumer demand for a whole category, not a brand. Gets new products off the ground by providing complete info TERM 3 Selective demand DEFINITION 3 demand for the particular advantages of one brand over another. used in declining markets. info about price TERM 4 Abundance principle DEFINITION 4 economy produces more goods and services than can be consumed. advertising then keeps consumers informed of their alternatives and allows companies ot compete more effectively for consumer dollars TERM 5 Added value DEFINITION 5 increase in worth or product or service as result of activity. communication of benefits over and above those offered by the product itself TERM 6 4 fundamental assumptions of free market DEFINITION 6 self interest, many buyers and sellers, complete information and abscense of externalities TERM 7 Puffery DEFINITION 7 exaggerated, subjective claims that cant be proven true or false. "the best" TERM 8 ethical advertising DEFINITION 8 doing what the advertiser and the advertisers peers believe is morally right in a situation TERM 9 Social responsibility DEFINITION 9 acting in accordance to what society views as best for the welfare of people in general or for a specific community TERM 10 Growing markets vs mature ones DEFINITION 10 Advertisers compete for shares of growth in growing markets. mature ones complete for each others shares TERM 21 copyright DEFINITION 21 giving the creator of an original work exclusive rights to it, usually for a limited time. TERM 22 broadcast standards department DEFINITION 22 advertisers must submit all commercials intended for a network or affiliated station to its broadcast stands department. TERM 23 consumerism DEFINITION 23 social action designed to dramatize the rights of the buying public TERM 24 advertisers DEFINITION 24 companies than sponsor ads for themselves and their products TERM 25 local advertising DEFINITION 25 half of all ad dollars spent here. ads for local businesses targeting customers in their geographic area. sometimes called retail advertising. very important. where relationships start and develop TERM 26 4 main types of local advertisers DEFINITION 26 1. dealers/local franchisee. 2. stores that sell a variety of branded merchandise. 3. speciality businesses and services. 4. governmental and nonprofit TERM 27 product advertising DEFINITION 27 intended to promote goods and services. building awareness of the business. TERM 28 sale advertising DEFINITION 28 used to stimulate sales of merch or increase store traffic. place emphasis on special reduced prices TERM 29 institutional advertising DEFINITION 29 creates favorable long-term perception of the business as a whole. long term range TERM 30 classified advertising DEFINITION 30 locate and recruit new employees, offer services TERM 31 IMC DEFINITION 31 constructive consistent messages through variety of media TERM 32 Co-op advertising DEFINITION 32 share of advertising costs by manufacturer and distributor or retailer. goal is to build manufacturer brand image and to help distributors,dealers or retailers increase sales. TERM 33 regional advertisers DEFINITION 33 operate in one part of the country and market exclusively to that region TERM 34 national advertisers DEFINITION 34 advertise in several geographic regions or throughout the country TERM 35 local vs national ads DEFINITION 35 national focus on building brands, local focuses on attracting customers to their location. big companies compete for market share and local compete for volume. local deal with customers everyday so get customer feedback. national think long term. local worry about that weeks ad TERM 46 departmental system DEFINITION 46 agency organizes its various functions into separate departments. divided by task TERM 47 group system DEFINITION 47 agency divided into # of little agencies or groups. divided by client TERM 48 3 ways for agencies to make $ DEFINITION 48 media commission, markups, fees/retainers TERM 49 media commission DEFINITION 49 15% on the space or time they purchased on behalf of their clients TERM 50 markup DEFINITION 50 ad markup to clients bill. 17.65% of invoice. TERM 51 fees DEFINITION 51 becoming more common. can do basic monthly fee along with commission. straight fee/trainer . commissions lead to agencies wanting clients to buy lots of air time which may not have been the best choice TERM 52 incentive system DEFINITION 52 pay for performance TERM 53 3 successful ways to develop new business DEFINITION 53 1. clients who champion your work. 2. have great presentation skills. 3. cultivate network of top executives TERM 54 4 C's affecting client/agency relationship DEFINITION 54 chemistry, communication, conduct. changes TERM 55 6 major media categories DEFINITION 55 1. print. 2. electronic. 3. digital interactive. 4. out of home. 5 direct mail. 6 .other TERM 56 source DEFINITION 56 party that formulates the idea, encodes it as a message, sends it vial channel to receiver. company doing the advertising. must appear knowledgeable, trustworthy TERM 57 message DEFINITION 57 oral communication, idea forumlated and encoded by the source adn sent to the receiver TERM 58 encoded DEFINITION 58 translating an idea or message into words, symbols and illustrations TERM 59 semiotics DEFINITION 59 study of how humans use words, gestures, signs and symbols to convey feelings, thoughts, ideas TERM 60 channel DEFINITION 60 medium through which an encoded message is sent o receiver TERM 71 nonpersonal influences DEFINITION 71 factors influencing decision process that are out of consumers control like time, place, environment TERM 72 postpurchase decision DEFINITION 72 determining whetther a pirchase has been satisfactory or not TERM 73 steps in promoting a new product DEFINITION 73 1. create awareness (perception)2. provide enough copelling info so customers become interested and informed (learning and persuasion)3. stimulate customers desires to satisfy their needs (motivation) TERM 74 perception DEFINITION 74 personalized way we sense, interpret and comprehend stimuli. how things go from outside in TERM 75 stimulus DEFINITION 75 physical in nature, stimulate our senses in ways that can be measured TERM 76 perceptual screens DEFINITION 76 physical or psychological filters that messages must pass through TERM 77 innate vs learned factors DEFINITION 77 innate: consumer's personality and instinctive human needs. learned such as self- concept, interests attitudes beliefs and lifestyle TERM 78 self concept DEFINITION 78 the images we carry in our minds of the type of person we are and who we desire to be TERM 79 selective perception DEFINITION 79 focus on some things and ignore others. focus on what fits well with their current experiences, needs, desires, attitudes, beliefs TERM 80 cognition DEFINITION 80 point of awareness and comprehension as a stimulus. comprehending a stimulus. perception has occured. agree with it, store it. becomes reality TERM 81 mental files DEFINITION 81 can only hold up to 7 brands in our heads at once. resist opening new files TERM 82 learning DEFINITION 82 permanent change in thought process or behavior that occurs as result of reinforced experience TERM 83 cognitive theory DEFINITION 83 views learning as a mental process of memory, thinking, and rational application of knowledge to practical problem solving. learning from experience, evaluate a complex purchase TERM 84 conditioning theory DEFINITION 84 theory that leaning is a trial and error process. triggers consumer need or want and in turn creators the drive to respond. learning what you like and dont like by trail and error TERM 85 consumer involvement DEFINITION 85 helps determine if its conditioning theory or cognitive theory. involvement is high with big purchases (cognitive) or low with everyday stuff (conditioning) TERM 96 informational motives DEFINITION 96 negatively originated motives like problem removal, problem avoidance. most common energizers of consumer behavior TERM 97 needs DEFINITION 97 human forces that motivate us to do soemthing TERM 98 wants DEFINITION 98 needs learned during a person's lifetime TERM 99 hierarchy of needs DEFINITION 99 physiologicalsafetysocialesteemself-actualization TERM 100 positively originated motives DEFINITION 100 consumers motivation to purchase and use a product based on positive bonus that the product promises like sensory gratification intellectual stimulation or social approval. Treats, beer. aka transformational motives TERM 101 interpersonal influences DEFINITION 101 social influences on the consumer decision-making process, including family, society and cultural environment TERM 102 social classes DEFINITION 102 traditional division in societies. TERM 103 reference groups DEFINITION 103 people we try to emulate or whose approval concerns us. can be personal (family, friends, co-workers) or impersonal (political parties, religious, professional associations) TERM 104 opinion leaders DEFINITION 104 someone whose beliefs or attitudes are respected by people who share and interest in some activity TERM 105 culture DEFINITION 105 homogenous group's whose set of beliefs, attitudes and ways of doing. handed down from generation TERM 106 subculture DEFINITION 106 segment within a culture that shares set of meanings, values or activities that differ in certain respects from those of an overall culture TERM 107 cognitive dissonance DEFINITION 107 try to justify their behavior by reducing degree of being unhappy wit a purchase TERM 108 FCB Grid DEFINITION 108 categories consumer products into 4 quads based on high involvement or low involvement and think or feel. high involvement/thinking products lend themselves to logical explanations and consumers will probably follow the traditional learn-feel-do TERM 109 Kim-Lord grid DEFINITION 109 allows for the fact that level of consumer involvement in a product does not have to be high think and low feel or vice versa. can be high in both categories TERM 110 primary role of marketing DEFINITION 110 bring in revenue TERM 121 central hudson test DEFINITION 121 is it legal product? assert the govt interest substanitally? directly advance govt interest? restrictions no more than necessary TERM 122 international media DEFINITION 122 CNN world. same across nations. global markets, refined tM TERM 123 foreign media DEFINITION 123 transational markets. use of media that is only in that country TERM 124 psychographic segmentation DEFINITION 124 values, personality, attitude, lifestyle TERM 125 behavioralistic segmentation DEFINITION 125 purchase occasionbenefit soughtuser statususage rate TERM 126 user status DEFINITION 126 sole, semisole, discount, aware non-tries, trial/rejectors, repertoire. repertoire has 2 brands they like and switch between, target of brand ads, buy at full price TERM 127 segmentation DEFINITION 127 putting like groups together. large enough to be useful, small enough to be meaningful TERM 128 order to loyalty DEFINITION 128 attitude, interest, habit, loyalty TERM 129 informative ads DEFINITION 129 car. high involvement, high thinking TERM 130 affective ads DEFINITION 130 high involvement, high feeling, jewelery TERM 131 habit forming ads DEFINITION 131 low involvement, high tihnking, laundry, toothpaste TERM 132 self satisfaction ads DEFINITION 132 low invovement, high feel. gum chocolate TERM 133 utility DEFINITION 133 products ability to satisfy funtional needs and symbolic wants TERM 134 hidden difference DEFINITION 134 not readily apparent TERM 135 family branding DEFINITION 135 marketing different products under same umbrella name