BUAD 332 FINAL EXAM QUESTIONS AND ANSWERS

direct marketing - connecting directly with carefully targeted individual consumers WHY?: to obtain an immediate response and cultivate lasting customer relationships direct mail marketing - LARGEST DIRECT MARKETING MEDIUM involves an offer, announcement, reminder, or other item to a person at a particular address -personalized -newer digital forms -effective -often perceived as "junk mail' catalog marketing - direct marketing through print, video, or digital catalogs that are mailed to select customers, made available in stores, or presented online catalog marketing trends - More and more catalogs are going DIGITAL (Minimizes costs, and web space is unlimited, Allows real-time merchandising) Print catalogs are still the PRIMARY MEDIUM (Drives web traffic and can create an emotional connection to the consumer) Telephone marketing - -Accounts for 17% of all direct-marketing driven sales -used in both consumer AND business-to-business markets -Do-not-call technology has forced companies to switch to other marketing -Outbound: selling directly to customer-Inbound: toll-free ordering or order faxing omni-channel marketing - interacting with the customer across multiple channels (brick-and mortar-, website, social media, mobile, etc.), and ensuring the experience across all channels is seamless. integrated, and consistent Search Engine Optimization - a way companies utilize web search engines to market ex: Purchasing ads in sites such as google or paying for keyword lookups. B2B online marketing - -Businesses using Web sites, e-mail, online catalogs, online trading networks, and other online resources -reach new business customers -serve current customers more effectively, and obtain buying efficiencies and better prices. -offer online product. information, purchasing, and support! -build stronger customer relationships. consumer-to-consumer (C2C) marketing - -online exchange of goods and information between final consumers -Auction sites such as eBay offer marketplaces to buy or exchange goods. - Blogs and forums facilitate information interchanges. (marketers use blogs as a medium to reach targeted consumers) ethical issues in direct marketing - -offending customers -taking unfair advantage of buyers -internet fraud/phishing -online security concerns-difficult to restrict access to vulnerable groups invasion of privacy in marketing - -database marketing gives customers offers closely matched to their interests -online privacy of children -legislators may step in if privacy abuse is not prevented. global marketing in the 21st century - -international trade is booming and accounts for 25% of US GDP higher risk with globalization -global competition is intensifying and comes with higher risk of globalization the international trade system - Restricts Trade: -tariffs, quotas, embargos, exchange controls, and non-tariff trade barriers. the WTO and GATT - Helps Trade -reduces tariffs and other international trade barriers. GATT replaced by WTO in 1995 China joined WTO in 2001 Free Trade Agreements - Groups of nations organized to work toward common goals in the regulation of international trade.