Marketing 16

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Marketing 16
2012-05-01 15:08:00

Marketing 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 (promotional mix)
  3. Competitive Advantage
    the unique set of features of a company and its products that are perceived by the target market as significant and superior to the competition
  4. Promotional Mix
    combination of promotional tools, including advertising, public relations, personal selling, and sales promotion. used to reach the target market and fulfill the organizations goals
  5. Advertising
    impersonal, one way mass communication about a product or organization that is paid for by a marketer
  6. Public Relations
    the marketing function that evaluates public attitudes, identifies areas within the org. that public may be interested in, and executes a program of action to earn public understanding and acceptance
  7. Sales Promotion
    marketing activities, other than personal selling, advertising, and public relations that stimulate consumer buying and dealer effectiveness
  8. Integrated Marketing Communications
    the careful coordination of all promotional messages to assure the consistency of messages at every contact point where a company meets the consumer
  9. Communication
    process by which we exchange or share meanings through a common set of symols
  10. Sender
    originator of the message in the communication process
  11. Encoding
    conversion of a senders ideas and thoughts into a message. usually in the form of words or signs
  12. Channel
    a medium of communication such as a voice, radio, or newspaper, for transmitting a message
  13. Noise
    anything that interferes with, distorts, or slows down the transmission of information
  14. Receiver
    person who decodes a message
  15. Decoding
    interpretation of the language and symbols sent by the source through a channel
  16. Feedback
    the receivers response to a message
  17. Goals and Tasks of Promotion (3)
    Informing, Reminding, + Persuading (all to target audience)
  18. AIDA Concept
    model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message
  19. Factors Affecting the Choice of Promotional Mix (6)
    • 1) Nature of the Product
    • 2) Stage in PLC
    • 3)Target Market Factors
    • 4)Type of Buying Decision
    • 5)Promotion funds
    • 6) Push or Pull Strategy
  20. Push Strategy (4 steps)
    • 1)Manufacturer promotes to wholesaler
    • 2)Wholesaler promotes to retailer
    • 3)Retailer promotes to consumer
    • 4)Consumer buys from retailer
  21. Pull Strategy (4 steps)
    • 1)Manufacturer promotes to consumer
    • 2)Consumer demands product from retailer
    • 3)Retailer demands product from wholesaler
    • 4)Wholesaler demands product from manufacturer
  22. Ethics + Marketing Communication (4)
    • 1)false or deceptive advertising
    • 2)misleading consumers about the advantages of buying a product
    • 3)Bribes
    • 4)Industrial espionage