What can a retailer do to keep customers from being confused about the retailers image quizlet?

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Exclusivity
Convenience

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Since the 2007-2008 recession, retailers have increasingly relied on discounting to drive sales and encourage money-conscious shoppers to browse and make purchases in-store and online. This is especially true now with inflation raging and consumers cautious.

While discounting can be a very effective tactic for shifting stock, it can risk altering how a retailer is perceived by shoppers if it is over used or employed without careful consideration, potentially damaging the retailer’s reputation and hitting the bottom line.

To generate sales without cutting margins and avoid partaking in this race to the bottom, retailers should think about how else they can offer value to their customers. A sure-fire way that retailers can do this is to provide a service that shoppers cannot get elsewhere and are willing to pay a premium for.

Below are 5 ways that retailers can add value to their customers:

Service

It may sound simple, however the truth of the matter is that shoppers are much more likely to shop with you again and become loyal customers if you offer a better experience than your competitors. Retailers can ensure that they are meeting and exceeding the expectations of customers by providing training in the delivery of customer service to new and existing staff, and regularly providing refresher training.

Aside from delivering excellent customer service, retailers can effectively reward the loyalty of frequent shoppers and encourage repeat purchases through inviting shoppers to join a loyalty program. Perks such as money off future purchases or exclusive events can often make the difference between whether a consumer shops with your or a competitor.

Retailers should also consider the service they offer when things don’t go to plan. For instance, one could offer to contact shoppers when products that are out of stock become available, give shoppers plenty of time to return products that they are not completely happy with, or send a written apology.

Expertise

Shoppers prefer to buy from people rather than faceless companies, so they really value it when retailers offer them expert advice. This can transform the shopper and shopkeeper relationship from being purely transactional to being something much deeper and as a result can be a great way for businesses to build preference over a competitor. For instance, a fashion retailer could offer customers free appointments with personal stylists to help them pick out garments that flatter their figure and are within their budget.

Online retailers can provide expert advice to shoppers through interactive customer support via social media channels where many consumers will often look to source opinion before making a purchase. Retailers can go one step further by proactively producing content that shoppers may be searching for and will find useful, such as such as how to guides and step-by-step video tutorials. Retailers could even invite shoppers to share their own advice, whether it be a family recipe for cooking lasagna or a top tip for getting grass stains out of a white t-shirt.

Exclusivity

When you are selling the exact same product as your competitor it can be difficult to justify a higher price, especially in incredibly competitive markets where price changes are closely monitored and scrutinized. However, savvy retailers have realized that many shoppers are willing to pay a premium for items that they can’t buy elsewhere. This offers stores an opportunity to attract customers by offering limited edition products, such as a pair of shoes designed by a local designer or a signed copy of a book.

Retailers can also use exclusivity to reward loyal shoppers by offering them first refusal on new products before they are made available for the public to buy, through organizing special shopping events in store or giving shoppers exclusive access to special products or deals online.

Convenience

We all know that convenience stores charge a little more than other stores, but often we’re willing to pay the difference because it may save us a journey or mean that we can get our hands on a product we want faster. While opening a store in a more convenient location or extending the number of hours that a store is open can be effective on Main Street it’s clear that retailers cannot offer these benefits on the web.

Online retailers must consider how they can make the shopping experience as convenient as possible. For instance, offering free or next-day delivery options or in-store pickup service, gives shoppers the convenience to decide how they would like orders to be delivered and by when. Equally, making a wide range of payment methods available can give shoppers more flexibility when making purchases and can put to rest any concerns that shoppers may have about entering their bank details on the web.

Experience

Shopping should be more than a necessity; it should be something that consumers enjoy regardless of whether they are purchasing a designer hand bag or a can of beans. However this isn’t always the case. All too often consumers are let down by the experience that retailers deliver. Something as simple as a product being out of stock, a mobile website not working, or a store being in disrepair can take some of the shine off the consumer’s experience.

To avoid disappointing shoppers and potentially losing a sale – or worse a customer – it is absolutely vital that retailers pay close attention to the experience that they offer across all channels and aim to exceed expectations. The tried and tested approach of hiring a mystery shopper can be a really effective way for retailers to view the experience that they offer from a shopper’s viewpoint and gain honest feedback about how this could be improved.

Retailers can also adopt this approach to benchmark the experience that they offer to their customers by acting as secret shoppers themselves to assess the level of service offered by their competitors and identify areas for improvement.

George Chang is Chief Channels and Ecommerce Marketplace Officer for Spreetail

This article was originally posted in 2014 and has been updated

The advertisers use indirect advertisements to advertise their product so that the customers know about the actual product. This persuasive strategy appeals to credibility or character - to show that the company is more honest, reliable or credible so you should buy the product. To get a general impression of the market, the consumer, or the product, marketers typically start with qualitative research. test commercials are shown with noncompeting control commercials to determine their effectiveness, measure comprehension and attitude shifts, and detect weaknesses, respondents often rate the ones that make the best first impression as the highest in all categories. This persuasive strategy appeals to logic or reason. Information collected by the company or agency about a specific problem is called primary data; acquiring it is typically expensive and time-consuming. The process of communicating to an audience the details of a product or service for the purpose of selling, The probability that consumers will recognize a brand and associate it with a product, The likelihood that a consumer is able to identify the brand based on its logo, colors, song, or some other characteristic, Selling products and services directly to the public. include all communications vehicles available to a marketer; this includes radio, TV, newspapers, magazines, outdoor, online and direct mail, plus sales promotion, direct marketing, public relations activities and publicity, special events, brochures, and even shopping bags, Radio and TV commercials come in a variety of time units, and print ads are created in a variety of sizes and styles; IMC planners may also deal with the mechanics of nontraditional media, everything from shopping bags to multimedia kiosks to the Internet; the myriad media options now available offer exciting, creative ways to enhance consumer acceptance of the advertiser's message and offer the consumer a relevant purchase incentive, element refers to the overall strategy of selecting and scheduling media vehicles to achieve the desired message weight, reach, frequency, and continuity objectives; it offers the opportunity for creativity in planning, negotiating, and buying, domestic plan; a store serves only one town, or if a city has been chosen to test market a new product, then the advertiser will use this plan, domestic plan; may cover several adjoining metropolitan areas, an entire state or province, or several neighboring states. Here, the advertisers used punch lines which complement the consumers who buy their products. $$ As a result, the analyst has been warned not to ignore the cross-product between the real rate and inflation. Advertising in newspapers and magazines is a popular way to sell goods and services. measure a campaign's effectiveness in creating a favorable image for a company, its brand, or its products; presumably, favorable changes in attitude predispose consumers to buy the company's product. The opposite of bandwagon, this appeal makes the case that using the product means the consumer is better, smarter, richer and so onthan anyone else. d. Preferred stocks. But its research must reflect the universe (the entire target population) of prospective customers. When a company wants to know what consumers think, it can't ask everybody. Which advertising technique blends in with content on websites? The logic behind an advertisement is stated in objectives that focus on areas such as sales, news, psychological appeals, emotion, branding and brand reputation, Concept behind a message and how that message is expressed is based on research and consumer insights with an emphasis on creativity and artistry. the individuals, families, or companies being surveyed. some products together formed a union and claimed in their ad that if you buy any one of these products, you are going to help a child to go to school. a detailed version of the new-product idea stated in meaningful consumer terms, used to develop media strategies, select media vehicles, and evaluate their results, used to increase the likelihood of preparing the most effective messages, also called tracking; provides the marketer with useful guidelines for future advertising, merchandise, markets, motives, messages, and media. This type of technique involves convincing the customers to join the group of people who have bought this product and be on the winning side. Every day, people are bombarded with information about different products they can buy or services they can use. \text{4} & \text{2.000} & \text{12.50}\\ e. Define present value and illustrate it using a time line with data from part d. How are present values affected by interest rates? They may count the traffic that passes by a billboard, count a TV audience through instruments hooked to TV sets, or study consumer reactions to products displayed in the supermarket. Is the control issue likely to be of more importance to stockholders of publicly owned or closely held (private) firms? c. Observing that HL has a higher ROE, LLs treasurer is thinking of raising the debt-to-capital ratio from 30% to 60% even though that would increase LLs interest rate on all debt to 15%. b. The advertiser appeals to the consumer's fears, joys, sense of nostalgia and so on. Seeing and hearing these animals describe their products is funny, which gets people's attention. He goes to the store and buys this drink. One of the most common intensive research techniques is the focus group, in which the company invites six or more people typical of the target market to a group session to discuss the product, the service, or the marketing situation. True or False: Pay-Per-View digital ads are a mass marketing tactic to generate advertising reach and frequency. Words with strong associations like "family," "home," "dishonest" and "wasteful". \text{July} & \text{360.000}\\ The advertiser uses statistics, research or other data to make the product appear to be better than its competitors. The seller might say that the product is no longer available, but there is another product that costs more. For example, Jen sees a commercial for a new protein shake. a. (This could be in the form of a testimonial). Ask the store owner why and how product display choices were made Annotate your sketch with the comments and answers. c. Now suppose receipts from sales come in uniformly during the month (that is, cash receipts come in at the rate of 1/30 each day), but all outflows must be paid on the 5th. Will this affect the cash budget? Lease payments under long-term leases are$9,000 a month. e. Dealer commercial paper. If the message is an ad, an agency might test the headline, the text, the illustration, the typographyor the message concept. \text{December} & \text{90.000}\\ Some common advertising strategies include bandwagon arguments, bait-and-switch techniques, using a celebrity spokesperson, repetition, hype, romantic or sexual appeal, humor, claims, facts, and statistics. As a result, researchers can't be confident in the accuracy of the responses.

Companies put their ads where they think the target audience is likely to see or hear them. This is why many advertisements incorporate humor.

How important do you suppose control is for the average stockholder of a firm whose shares are traded on the New York Stock Exchange? Which of the following is this an example of? These ads never show anyone drinking actual liquor and in place of that they are shown drinking some mineral water, soft drink or soda. \text{Project } & \text{Cost} & \text{Expected Rate of Return}\\ \begin{matrix} It appeals to credibility, which has to do with trust and believability. \begin{matrix} researchers can elicit a full range of responses from people and thereby infer how well advertising messages convey key copy points. By asking indirect questions (such as "What kind of people do you think shop here? \end{matrix} TV offers advertisers sight and sound to attract consumers.

In the distance, they see a red sign with the letter C that looks like a chicken, and they decide that is the food place where they want to eat.

You might think that you should simply alert consumers to the products or services you are selling. Some researchers use a process called benefit testing. Using intuition, marketing savvy, and analytical skill, the media planner determines this second element; how much to budget and where to allocate it. The dealer had the advertised car in stock, but only had one car. Assume that it uses a 365-day year. Indicate whether the following instruments are examples of money market or capital market securities. Adamson Corporation is considering four average-risk projects with the following costs and rates of return: Depreciation charges are $36,000 a month. Most important, pretesting guides the improvement of commercials. Most ads are directed to a target audience, a group of people that advertisers believe will buy a product or use a service.

Companies may pretest a strategy or particular commercials with different markets.

The advertiser appeals to the consumer's vanity by implying that smart, rich, popular people buy the product. provides messages on behalf of a good cause such as stopping drunk driving or preventing child abuse. Intensive techniques, such as in-depth interviews, also require great care to administer properly. Virtually all testing assesses both cognitive change (e.g., increased awareness of a brand or the memorability of a slogan or benefit) and evaluative change (e.g., brand interest or more positive brand attitudes). In other words, Brandtly does not pay any dividends, and it has no plans to pay dividends in the near future. b. The greatest accuracy is gained from random probability samples because everyone in the universe has an equal chance of being selected. Have you ever seen an advertisement with a suave actor in a car or a model wearing lingerie? "Lizol floor cleaner cleans 99.99% germs" or "Colgate is recommended by 70% of the dentists of the world" or Eno - just 6 seconds. Revlon says "Because you are worth it.". After shopping, Mara and her friends decide to get something to eat. When interviewing, meeting with, and inquiring about your salesforce for selling points, anecdotes, and benefits, this is called What is a network affiliate? b. Some marketers refer to this as motivation research. Paul watches a commercial that shows kids his age drinking an energy drink. The company estimates that it can issue debt at a rate of $\mathrm{r}_{\mathrm{d}}=10 \%$, and its tax rate is 30%. Ads using this strategy will often have evidence and statistics. Which of the following is usually a company's most lasting asset? Consumers' motives are outside a company's control, but the messages they create to appeal to those motives are not. This technique is generally used by the companies which cannot advertise their products directly. No calculations are required, although if you prefer, you can use calculations to illustrate the effects. This technique of advertising is done with help of two factors - needs of consumers and fear factor. A creative commercial that runs frequently can reach a target audience and help bring success to a business. a. Brandtlys WACC is 9%, the market value of its debt and preferred stock totals $75 million; and it has 7.5 million shares of common stock outstanding. Advertising persuades people to buy things, is a paid form of persuasive communication that uses mass and interactive media to reach broad audiences in order to connect an identified sponsor with buyers , provide information about products and interpret the product features in terms of the customer's needs and wants, an umbrella term that refers to all forms of communication about a brand that appear in a variety of media, Brand Advertising, Retail or Local advertising, direct-response advertising, business-to-business advertising, institutional advertising, nonprofit advertising, public service advertising, most visible type of advertising; national or consumer advertising; focuses on the development of a long-term brand identity and image, focuses on retailers, distributors, or dealers who sell their merchandise in a certain geographical area; retail advertising has information about products that are available in local stores, tries to stimulate an immediate response by the customer to the seller; it can use any advertising medium, particularly direct mail and the Internet, also called trade advertising, is sent from business to another, also called corporate advertising, focuses on establishing a corporate identity or winning the public over to the organization's point of view. broad media categories of print, electronic, digital interactive, direct mail, and out-of-home, refer to newspapers or magazines, radio or TV, and so on, are the size or length of an ad: half- page or full- page ads, 15- or 30- second spots, 60- second commercials, and so forth, a sophisticated set of procedures designed to generate a continuous, orderly flow of information for use in making marketing decisions; these systems ensure that managers get the information they need when they need it, aka exploratory research; second step used to learn more about the market, the competition, and the business environment, and to better define the problem. Consumers get the idea that these products will make their experiences more exciting and their lives better. The advertiser offers a discount, coupon, free gift or other enticement to get people to buy a product. They use digital advertising to let people know about what they have to offer and to maintain their brand image. E.g. Nonprobability samples don't give every unit in the universe an equal chance of being included, so there's no guarantee the sample is representative. One more cellular company ad had a celebrity showing that if the customers use this company's sim card, then they can help control population of the country. Ethos, pathos and logos are advertising strategies/techniques used by advertisers to get consumers to purchase products. Whats the difference between a call for sinking fund purposes and a refunding call? For e.g. Effectiveness means meeting objectives and in order to determine if that has happened, there must be testing. Do any companies come to mind? \text{Project S} & \text{- \$ 1.000} & \text{\$ 870} & \text{\$ 250} & \text{\$ 25} & \text{\$ 25}\\ Amway advertisement keeps on asking questions like who has so many farms completely organic in nature, who gives the strength to climb up the stairs at the age of 70, who makes the kids grow in a proper and nutritious ways, is there anyone who is listening to these entire questions. The ad showed how he impressed his wife by making the smart choice of buying this brand. Beginning with the invention of television and its introduction into most homes, television commercials have glutted the airwaves. Even today, television ads reach more of a target audience than many other kinds of media. List two groups that would be considered stakeholders. another word for product concept; Companies may pretest many things: the package design, how a message positions the brand, or how well it communicates the product's features. what are the pros and cons of tv advertising. E.g. Discuss with your class whether it is ethical for the restaurant to keep running this promotion. Companies use quantitative research to gain reliable, hard statistics about specific market conditions or situations. Find the following values. Sales response may not be immediate, and sales tests, particularly field studies, are often costly and time- consuming. Compounding/discounting occurs annually. General and administrative salaries are approximately $27,000 a month. a. What factors might explain the change in the slope? setting the brand apart by stressing a particular product feature important to consumers, positioning on the basis of price or quality, positioning on the basis of how a product is used (e.g., Arm & Hammer), positioning the brand against other products that, while not the same, offer the same class of benefits, positioning against the particular group that uses the product, positioning against competitors (e.g., Avis/Hertz), using the strength of the competitor's position to help define the subject brand, positioning apart from competitors through the creation or use of some recognized symbol or icon, blends the various marketing elements the company controls: product, price, distribution, and communications, the opposite of standard, top-down marketing planning, bottom-up marketing focuses on one specific tactic and develops it into an overall strategy; , Marketing Tactics --> Marketing Strategies --> Marketing Results, specific action for helping to accomplish a strategy, traditional planning process with four main elements: situation analysis, marketing objectives, marketing strategy, and tactics or action programs, provides the framework for developing, implementing and controlling the organization's IMC program; first section of the plan should summarize briefly the situation analysis and SWOT analysis, review the target market segments, itemize the long- and short- term marketing objectives, and restate decisions regarding market positioning and the marketing mix; "Marketing sells, IMC tells", blends the elements of the creative mix: target audience, product concept, communications media, and advertising message, includes target audience, product concept, communications media, and advertising message, the specific people the IMC will reach; typically larger than the target market, "bundle of values" the marketer presents to the consumer, uses the outside-in process, and starts with the customer; marketers learn about what media customers use, the relevance of their message to the customers, and when customers and prospects are most receptive to the message; IMC activities begin with the customer and work back to the brand; dedicated to building and maintaining brand equity through a united focus on stakeholder loyalty, developed by Wang and Schultz; the marketer sets objectives based on the needs of the customer or prospect; all forms of marketing are thus turned into communication, and all forms of communication into marketing, shows some of the tasks IMC can perform; represents the learn- feel- do model of effects; that is, it assumes that people rationally consider a prospective purchase, and once they feel good about it, they act; the theory is that IMC affects attitude, and attitude leads to behavior; reflects the traditional mass marketing monologue: the marketer talks and the customer listens, IMC pyramid; to acquaint people with the company, product, service, and brand, IMC pyramid; to communicate enough information about the product so that some percentage of the aware group recognizes the product's purpose, image, or position, and perhaps some of its features, IMC pyramid; to persuade a certain number of people to actually believe in the product's value; once convinced, IMC pyramid; some people may be moved by their conviction to want the product, IMC pyramid; some percentage of those who desire the product will do something; they may request additional information, send in a coupon, visit a store, or actually buy the product, integrated marketing communications; building relationships to ensure a constructive encounter with the company, brand, consumer, stakeholder through a variety of media/other contacts; IMC approach treats the sale as part of the broader relationship between the customer and the brand; IMC affects sales, but it is just one of many influences on consumers, it's not a result of sales and it doesn't create sales, may involve a do-feel-learn model, in which behavior leads to attitude ( picking up a pack of gum or a magazine after every visit to the supermarket), academics Kim and Lord recognized that people can be both cognitively and affectively involved at the same time; depicts the degree and the kind of involvement a consumer brings to the purchase decision for different products; some purchases, like cars, require a high degree of personal involvement on both the cognitive and affective levels; others, like detergent, involvement is low on both axes; a product's location on the grid also indicates how the product is purchased (learn- feel-do or feel-learn-do) and how campaign copy should be written (more emotional or more rational), all the vehicles that might transmit the marketer's message; include traditional media such as radio, TV, newspapers, magazines, and billboards, plus the Internet, direct marketing, public relations, special events, sales promotion, and personal selling, what the company plans to say and how it plans to say it, both verbally and nonverbally; the combination of copy, art, and production elements forms the message, companies use a number of methods to determine how much to spend on IMC, including the percentage of sales, percentage of profit, unit of sale, competitive parity, share of market, and objective/task methods. An important way to know that you are getting what you paid for and what you want is to be aware of the different ways that companies promote their goods and services to you, the consumer. Use portfolio concepts to explain why people buy life insurance in spite of low expected returns. Firm HL, however, has a debt-to-capital ratio of 50% and pays 12% interest on its debt, whereas LL has a 30% debt-to-capital ratio and pays only 10% interest on its debt. For e.g. Why might it be rational for a small firm that does not have access to the capital markets to use the payback method rather than the NPV method? Who can argue with 88 percent of anything? The higher a program's rating, the more people are watching, by adding the ratings of several media vehicles (as we did for gross impressions) we can determine the message weight of a given advertising schedule, refers to the total number of unique (or different) people or households exposed, at least once, to a medium during a given period of time, usually four weeks; for example, if 40 percent of 100,000 people in a target market tune in to radio station WKKO at least once during a four-week period, the reach is 40,000 people; may be expressed as a percentage of the total market (40 percent) or as a raw number (40,000); should not be confused with the number of people who will actually be exposed to and consume the advertising, though; it is just the number of people who are exposed to the medium and therefore have an opportunity to see the ad or commercial, measures the intensity of a media schedule, based on repeated exposures to the medium or the program; important because repetition is the key to memory; is calculated as the average number of times individuals or homes are exposed to the medium, the duration of an advertising message or campaign over a given period of time; few companies spread their marketing efforts evenly throughout the year; they typically heavy up before prime selling seasons and slow down during the off-season; to save money, a media planner for a new product might decide that after a heavy introduction period of, say, four weeks, a radio campaign needs to maintain continuity for an additional 16 weeks but on fewer stations; while frequency is important to create memory, continuity is important to sustain it, describes the quality of exposure; it measures the number or percentage of the audience who receive enough exposures to truly receive the message; some researchers maintain that three OTSs over a four-week period are usually enough to reach an audience, defined as the average number of times a person must see or hear a message before it becomes effective; in theory, effective frequency falls somewhere between a minimum level that achieves message awareness and a maximum level that becomes overexposure, which leads to "wearout" (starts to irritate consumers), the number of people in a medium's audience. For example, the target audience for a company that makes running shoes are people who are on track teams, work out in gyms, or run marathons. The present value of $200 due in 10 years at 4%. This enables researchers to gain insight into both the population whose opinion will be sampled and the subject matter itself. Explain. What is its accounts receivable balance? \begin{matrix} \text{1} & \text{\$ 2.000} & \text{16.00\\%}\\ They show a florescent color line covering whole body of each family member when compared to other people who don't use this soap. researcher Erwin Ephron suggests this concept, based on "the sensible idea that most advertising works by influencing the brand choice of consumers who are ready to buy"; therefore, the important thing for advertising is to be there when the consumer is ready to buy, and that suggests continuity. \text{June} & \text{180.000}\\ Every unit (person) must be known, listed, and numbered so each has an equal chance of being selected an often prohibitively expensive and sometimes impossible task, especially with customers of nationally distributed products. Most consumers read, see, or hear advertisements for most of their waking hours. Also, since it offers programming that appeals to different groups, TV advertising can insert whatever content best fits prospective viewers. an overwhelming majority 91% of this group think that advertisers don't understand them. \text{November} & \text{162.000}\\ The seller's intent, however, is to substitute a more expensive or poorer quality product. What is Adamsons WACC? E.g. Have you ever seen a full-page ad in a magazine? \text{Project L} & \text{- \$1.000} & \text{\$ 0} & \text{\$ 250} & \text{\$ 400} & \text{\$ 845}\\ What is a post-audit; why do firms use them; and what problems can arise when they are used? "), the researcher tries to involve consumers in a situation where they can express feelings about the problem or product. \text{November} & \text{360.000}\\ Jen thinks her friends must know the shakes are healthier than other food options, so she purchases the protein shakes too. respondents are shown test commercials, usually in shopping centers, and questions are asked before and after exposure. A few days later at school, Jen sees some of her friends drinking the protein shake for lunch. Four of the latest techniques are paid searches, clickbait, native advertising, and pixel ads. They may think having the product is a great way to meet people and have a fun time. It uses strong adjectives, exclamations, and large images so that products seem as if they are the greatest. To get hard numbers about specific marketing situations, they may perform a survey or use some other form of quantitative research . You probably want to start with a marketing strategy. These Advertising Techniques are commonly used by businesses and marketers in order to get consumers to purchase their products. What is the cost of each of the capital components? While that is a necessary step, it is not the first step. In the in- depth interview, carefully planned but loosely structured questions help the interviewer probe respondents' deeper feelings. $$

The ad always has a neat and well furnished home, well mannered kids and the family is a simple and sweet kind of family. Calculate the return on equity (ROE) for each firm. Advertisers use projective techniques to unearth people's underlying or subconscious feelings, attitudes, interests, opinions, needs, and motives. What is the present value of the free cash flows projected during the next 4 years? \text{August} & \text{882.000}\\ While some advertisers consider radio advertising a thing of the past, there are many people who still listen to the radio in their cars and at work. This type of advertising tactic is known as celebrity spokesperson advertising. a dettol soap ad shows everyone in the family using that soap and so is always protected from germs. Most common appeals under need are: This technique involves giving away samples of the product for free to the consumers. Without making any calculations, discuss how the companys current and debt ratios would vary during the year if all financial requirements were met with short-term bank loans.