Pricing
Which pricing strategy involves setting high prices to convey exclusivity and premium quality?
Prestige pricing
How does a retailer decide what type or level of customer service to offer?
What fits with their overall strategy.
What would customers find valuable?
What are competitors doing? Are services a good point of distinction?
What's your pricing strategy? Is this an area to save expenses?
Describe "owned" social media content.
Content that the brand creates and publishes on its own social media channels.
What is IMC?
Marketing activities should be carefully integrated to deliver a unified and consistent message and theme to the target audience.
What is the first step in the personal selling process where the salesperson identifies potential customers and gathers information about them?
Prospecting
What pricing strategy focuses on setting prices based on consumers' perceived value of the product or service?
Value-based pricing
_______ are the physical characteristics and appearances of a retail environment.
atmospherics
How does engagement differ from conversions in social media marketing?
Engagement focuses on building brand awareness and fostering relationships with the audience, while conversion aims to drive specific actions, such as purchases or sign-ups.
What is personal selling?
a seller’s promotional presentation conducted
person-to-person with a buyer
A sales strategy that focuses on building long-term relationships with customers.
Relationship selling
A retailer purchases a product from a wholesaler for $50 and wants to apply a markup of 40% to determine the selling price. What is the selling price of the product?
$70
To calculate the selling price with a 40% markup:
Selling Price = Cost Price + (Markup Percentage * Cost Price)
= $50 + (0.40 * $50)
= $50 + $20
= $70
Why would consumers want to shop at a warehouse-style retailer?
Offer customers the opportunity to buy merchandise in bulk at discount prices
Offer food and general merchandise products, usually in larger quantities and at discounted prices
What is SEO?
Activities on and off a website to improve how the website ranks for certain keywords in search engine results.
What are some objective measures used to evaluate salespeople?
Can be gathered from the firm's internal data, ex. sales revenue, gross profit, and total expenses.
A type of sales where reps conduct business activities outside of the office or company headquarters.
Field Selling
A retailer wants to achieve a profit margin of 30% on a product that costs $120. What should be the selling price of the product to achieve this margin? (Round to the nearest dollar)
C) $171
What is the disadvantage of an off-price retailer?
Ex. TJ Maxx
Inconsistent merchandise/inventory
Little to no sales assistance
What three categories of metrics did we discuss in class?
Activity, Engagement, Conversion
an approach that emphasizes advertising messages with direct or indirect comparisons to dominant brands in the industry
Comparative advertising
In the approach step of the selling process, what is the main objective?
Identify customer need(s)
Describe a "skimming" pricing strategy.
Skimming pricing sets high initial prices to target early adopters or customers willing to pay a premium for new products or features.
What are planned shopping centers?
A group of retail
stores designed, coordinated, and marketed to
shoppers in a geographic trade area
Name two ways digital marketing is distinct from traditional marketing activities.
Direct measurement/analytics
Immediate execution and feedback
Allows for hypertargeting
Name three elements of the promotional mix
Personal selling, sales promotion, advertising, direct mkt, public relations
Concerns, hesitations, or challenges raised by potential buyers during the sales process