MKTG 3340 Final – SMU Questions With Complete Solutions

MKTG 3340 Final – SMU Questions With Complete Solutions What are Some Errors in Communication? ANS-sources may not adequately transform the abstract idea into an effective set of symbols a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver the receiver may not properly transform the set of symbols into the correct abstract idea feedback may be so delayed or distorted that it is of no use it the sender Encoding ANS-process of having the sender transform an idea into a set of symbols Decoding ANS-process of having the receiver take a set of symbols, the message, and transform them into an idea for effective communication you need.. ANS-a mutually shared field of experience (something that connects the user and reader, usually culturally understood) Response and Feedback Advertising ANS-any PAID form of NON-PERSONAL communication about an organization, product, idea, or service by an identified sponsor Sales Promotion ANS-A short term inducement of value offered to arouse interest in buying a certain product/service What are some advantages and disadvantages of Sales Promotion? ANS-Advantages: effective at changing behavior in short run. flexible Disadvantages: easily abused and duplicated. can lead to promotion wars Personal Selling ANS-two way flow of communication between a buyer and a seller designed to influence a person/groups purchase decision usually face to face What are some advantages and disadvantages of Personal Selling? ANS-Advantages: can control who is being communicated with, reducing wasted coverage. Seller can modify message based on intermediate consumer feedback. Immediate feedback Disadvantages: Flexibility can result in unorganized/ not universal message. very costly Product Life Cycle ANS-introduction growth maturity decline Introduction Stage ANS-Informing consumers in an effort to increase their awareness. Uses all of the promotional elements (focus on advertising) Growth Stage ANS-Persuade the consumer to buy the product rather than substitutes, so the marketing manager seeks to gain brand loyalty and solidify distribution Takes focus off of sales promotions and publicity Maturity Stage ANS-Maintain existing buyers Focus on sales promotions Decline Stage ANS-A period of phase out for the product. Little money spent on the promotional elements. 3 Categories for Product Characteristics ANS-1.Compatibility 2.Risk 3