Market Research
Data collected for the first time
Primary data
When a lead has not been contacted and are not expecting you to contact them, they are considered:
Cold
Optimizing the visibility of your website
SEO (Search Engine Optimization)
Emotional advertising strategy that invokes what could happen if you don't use someone's product/service
Fear
The 5 parts of the promotional mix are...
Advertising
Public Relations
Professional Selling
Sales Promotion
The follow-up is also referred to as this, which is intended to keep a prospect happy after you already closed the deal to avoid them "flaking"
Nurture
Rate at which your ads are being clicked and visited relative to the number of people viewing them
Click-through-rate
Pricing strategy that tries to convey a "bargain"
Odd pricing
discounts with the goal of stimulating short-term sales
Sales promotion
Data dealing with the quality of something
Qualitative data
When a prospect gives you a reason they don't want to buy, it is called an:
Objection
When a social media platform charges you every time your ad gets clicked on their platform
Cost-Per-Click
Pricing strategy that groups together multiple units of a product priced as one
Multiple pricing
Why might a company choose direct marketing over other forms of promotion?
-Fits their target market
-Low-cost promotional method
-Easy to track/measure the effectiveness of the campaign
Asking people their thoughts on the idea of an Oreo-flavored gatorade
Concept testing
What is the proper framework for handling an objection?
Feel, Felt, Found
***DAILY DOUBLE***
Unconventional advertising strategies that generally follow a low-cost model
Guerilla Marketing
What are the 4 factors of production? (Econ)
How could a business make their website more visible online?
SEO (search engine optimization)
Testing out a product/service on a small scale before taking it to market
Test marketing
Someone who is in your sales pipeline is referred to as a:
The 3 intentions of advertising are to:
Inform, Persuade, or Remind
Define Scarcity
The gap between our limited resources and unlimited wants
What are the key elements of Public Relations? (4)
Media Relations
Community Relations
Crisis Communication
Brand Reputation