Mktg 16

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Mktg 16
2011-11-04 20:13:57

Chapter 16
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  1. Promotion
    communication by marketers that informs, persuades and reminds potential buyers of a product in order to influence an opinion or elicit a response
  2. Promotional Strategy
    a plan for the optimal use of the elements of promotion: advertising, public relations, personal selling and sales promotion
  3. Competitive Advantage
    the unique set of features of a company and its products that are perceived by the target arket as significant and superior to the competition
  4. Promotional Mix
    combo of promotional tools - including advertising, PR, personal selling and sales promotion - used to reach the target market and fulfill the organization's overall goals
  5. Advertising
    impersonal, one-way mass communication about a product or organization that is paid for by the marketer
  6. Public Relations
    marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance
  7. Publicity
    public information about a company, product, service or issue appearing in the mass media as a news item
  8. Sales Promotion
    • marketing activities - other than personal selling, advertising and public relations - that stimulate consumer buying and dealer effectiveness
    • a short-run tool used to stimulate immediate increases in demand
  9. Personal Selling
    a purchase sitation involving a personal, paid-for communication between two people in an attempt to influence each other
  10. Communication
    the process by which meanings are exchanged or shared through a common set of symbols
  11. Interpersonal Communication
    direct, face-to-face communication between two or more people
  12. Mass Communication
    communication of a concept of message to large audiences
  13. Sender
    the originator of the message in the communication process
  14. Encoding
    the conversation of a sender's ideas and thoughts into a message, usually in the form of words or signs
  15. Channel
    a medium of communication - such as a voice, radio or newspaper - for transmitting a message
  16. Noise
    anything that interferes with, distorts, or slows down the transmission of information
  17. Receiver
    the person who decodes a message
  18. Decoding
    interpretation of the language and symbols sent by the source through a channel
  19. Feedback
    the receiver's response to a message
  20. 3 Tasks of Promotion
    • inform: important for promoting complex & technical products ie, iphone
    • persuade: main promotional goal when product enters growth stage of life cycle
    • remind: prevails during the maturity stage of life cycle
  21. AIDA Concept
    model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for Attention, Interest, Desire & Action
  22. Factors for Choosing Promotional Mix
    • nature of the product
    • stage in the product life cycle
    • target market characteristics
    • type of buying decision
    • funds available for promotion
    • push or pull strategy
  23. Stage in Product Life Cycle
    • intro stage: goal of promotion is to inform that product is available
    • growth stage: promotion can be reduced bc consumers need fewer incentives to buy; should build & maintain brand loyalty
    • maturity stage: persuasive and reminder advertising are more strongly emphasized
    • decline stage: promotion is reduced
  24. Push Strategy
    marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise
  25. Pull Strategy
    • marketing strategy that stimulates consumer demand to obtain product distribution
    • involves: heavy sampling, cents-off campaigns and couponing
  26. Integrated Marketing Communications (IMC)
    careful coordination of all promotional messages for a product o ra service to assure the consistency of messages at every contact point where a company meets the consumer