What two distinctly different markets are Sales Promotions usually targeted towards?
Consumer sales promotion
: consumer market
Trade sales promotion
: wholesalers & retailers
What are the 4 types of consumers and the sales promotion goals for each?
: Reinforce behavior & Increase consumption
: Break loyalty & Persuade switching
: Increase Share
: Appeal to w/ low price
What are 6 types of Consumer promotions?
Coupons & Rebates
Loyalty Marketing Programs
What are 6 types of Trade Sales promotions?
Whereas Consumer Promotions _______ a product through the channel by ___________________, Trade Promotions ____________a product through the channel by _________________.
Push, creating a demand
What are the 7 steps in the Personal Selling Process?
Approaching the customer & probing needs
Developing & proposing solutions
Closing the sale
What are 5 key factors in determining if Personal Selling is the way to go?
Product value is High
Product is custom made
Product is complex and difficult to understand
The # of customers is few
The location of customers is concentrated
What is CRM and how does it work?
Customer Relationship Management
Building & maintaining profitable customer relationships by personalizing the interaction w/ each customer- (lemonade stand w/ customer database example)
Explain RFM & LTV analysis.
identifies those customers most likely to purchase again because they have boufht recently, frequentluy, or spent a specified amt of money with the firm.
This data can then be used to create a
Lifetime Value Analysis
which projects the future value of the customer over a period of years.
What are 8 common CRM Marketing Database Applications? Examples of each where possible.
Retaining Loyal Customers-loyalty programs
Cross-Selling Other Products
Designing Targeted Marketing Communications
Reinforcing Customer Purchase Decisions
Inducing product Trial by New Customers
Increasing Effectiveness of Distribution Channel Mktg
Improving Customer Service
Mktg Exam Ch18