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68 Cards in this Set
- Front
- Back
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IMC what it means and what it represents
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Integrated Marketing Communication- Coordination of promotional and any other marketing efforts for maximum informational and persuasive impact. Sending a consistent message to consumers through any means.
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Primary Demand
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A demand for a category such as orange juice, bread, or gasoline. Not a specific brand though
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Pioneer Pomotion
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Promoting a new product on the market, such as XM or Sirius radio. Also various electronic items.
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Selective Demand
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Demanding a specific brand in a category, such as Tropicana OJ, Wonder Bread or Shell gas.
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Promotional mix
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Advertising, PR, Personal Selling, and sales promotions are all elements of the Promotional Mix.
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Marketing mix
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Product, Price, Promotion, and Placement or distribution. Everything that is involved with the product and what it takes to market the product.
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Advertising
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Paid, non-personal communication about an organization or a product. Targeted in many ways, media, magazine, radio......
Pros, reaches a large number of people, can be very effective, cost isn't bad for number reached Cons, very high initial costs, limited time frames for most forms Cons, |
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Public Relations
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Public relations are used to make a good image among the community.
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Personal Selling
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Paid personal communication that seeks to inform customers and persuade them to purchase. This form of selling is usually face to face. can be very effective due to directness, does not reach a lot of people
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Sales Promotion
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Sales promotions are special deals places offer on products or services. coupons........
pros are good incentives for customers to buy, generally used during off season on products not doing as well |
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Kinesic communication
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Communication through the movement of head, eyes, hands, legs or torso (body language)
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Proxemic communication
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Communication by varying the physical distance in face-to-face interactions
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Tactile communications
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communication through touching (waitresses)
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Buzz Marketing
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Buzz marketing is creating a buzz about a product throughout the community, get people talking.
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Push vs. Pull policy
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Push - promoting a product only to the next institution down the marketing channel, distributor...
Pull - Promoting a product directly to the consumer to develop strong consumer demand that pulls the products through the marketing channels |
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Criticisms and defenses of promotion
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Criticism- some say it can be deceptive, increase price, encourage materialism.
Defenses- doesn't increase price, and can be informative of products |
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Word-of-mouth communication
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Personal information exchanges of communication that customers share with one another.
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Characteristics of advertising
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Paid, non-personal, in many different forms consisting of many different delivery methods
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Institutional advertising
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advertising to promote an organizations ideas, images, and political views
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Advocacy advertising
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promotes a companies position on a public issue
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Product advertising
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Promoting the uses, features, and benefits of a product
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Competitive advertising
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Tries to stimulate demand by promoting its features in comparison to another brands
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Comparative advertising
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Trying to gain consumer share by comparing products in an attempt to discredit the competition
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Reminder advertising
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used to remind consumers about an established brand
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Reinforcement advertising
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Assures users they chose the right brand and tells them how to get the most satisfaction from it
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Advertising campaign
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The creation and execution of a series if advertisements to communicate with a particular target audience
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Steps in developing ad campaign
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Identify target audience
Define advertising objectives Create advertising platform Determine advertising appropriation Develop media plan Create advertising message Execute campaign Evaluate advertising effectiveness |
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Copy, Layout, Storyboard
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Copy- The verbal portion of advertisements
Layout- The physical arrangement of an advertisements illustration and copy Storyboard- A blueprint that combines copy and visual material to show the sequence of major events in the commercial |
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Coverage, Reach, and Frequency
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Coverage- the total # of people that can tune in 165,000
Reach- # of people actually tuning in to watch 10,000 Frequency- how often do the 10,000 people tune in a week |
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CPM
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Cost-Per-Thousand-Impressions
Price of ad divided by circulation times 1000 = CPM |
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Continuous, Flighting, Pulsing, and Checkerboard schedules
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Continuous- always advertising continuously
Flighting- running for a while then stopping, repeat Pulse- run lots, then little, then lots, then little Checkerboard- spreading it out randomly over the week to cover a wide variety of times |
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Public Relation tools
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Written materials, company magazines, news releases, blogs, and annual reports to communicate to stakeholders and the community
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Publicity
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Non-paid, forms to look good among the community, feature articles, captioned photograph...
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How should firms deal with negative publicity
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they should react immediately and be honest.
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7 General steps in personal selling
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Prospecting
Preapproach Approach Making the presentation Overcoming objectives Closing the sale Following up |
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Handling objections
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Seek them out so you can address them and get them out of the way by countering them
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Closing strategies
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Closing can include the trial where they ask questions assuming the consumer will buy,
They can ask financial questions |
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Types of salesman
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Order getters- A salesperson who sells to new customers and increases sales to current customers
Order takers- Salespeople who primarily seek repeat sales Support personnel- Sales staff members who facilitate selling but usually are not solely with sales Missionary salespeople- People who help customers sell to their own customers Trade salesman- Helps a producers customers promote a product Technical salesman- Gives technical assistance to a firms current customer Team selling- A team of experts lead by one to conduct the personal selling process Relationship selling- Building a relationship through regular communication over a long period of time |
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Sales Promotion
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An activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it
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Two primary categories of sales promotion
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Trade- Methods intended to persuade wholesalers and retailers to carry a producers products and market them aggressively.
Consumer- Sales promotion techniques that encourage consumers to patronize specific stores or try particular products |
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Price in reference to marketing mix
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The value paid by a consumer for a product, competing on price bases is dangerous, try to differentiate your product.
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Price vs. non-price competition
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basing your competition solely on price can lead to bankruptcy, differentiating your product allows you to better dictate the price
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Demand curve and inverted C curve.
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Demand curve- A graph of the quality of products expected to be sold at various prices if other factors remain constant.
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Inverted C demand curve
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The point between quantity and price for items of prestige
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Elasticity of demand
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A measure of the sensitivity of demand to changes in price, ex. An SUV will have more elasticity than an electrical bill
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Break even point
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the point where your cost and income meet.
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Value conscience consumer
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A consumer who is conscience of a products cost and quality
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Price Conscience
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Always looking for lowest price
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Prestige Sensitive
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Drawn to prestige products regardless of cost
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Types of discounts
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Trade- Reduction off the list price of a producers gives to an intermediary for performing functions
Seasonal- Discounts given based on the season or time of year Quantity- discounts for consumers who buy products in large quantities. |
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Pricing objectives
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Survival- adjusting price levels to simply break even
Profit- Identifying cost amounts so firm can price product to allow for a profit Return on Investment- Identify price levels that allow firm to yield targeted ROI Market Share- Adjusting prices to maintain or increase sales compared to competitors sales Cash Flow- Set price levels to encourage rapid sales Status Quo- Finding price points that help establish demand and sales Product Quality- Set prices to recover research and development expenditures and establish a high quality image |
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3 Primary basis for pricing
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Cost Based- Adding a dollar amount or or percentage to the cost of the product
Demand Based- Pricing based on the level of demand for the product Competition Based- Pricing based primarily on the pricing of competitors |
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Why would a marketer want to have a higher, lower or same price point as others.
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Many reasons, to attract more customers, to steal market share from other competitors, to create demand, to compete.
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Differentiated pricing
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Charging different prices to different buyers for the same quality and quantity of product.
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Negotiated Pricing
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Establishing a final price through bargaining between seller and customer
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Secondary-market pricing
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Setting one price for the primary target market and a different price for a different market
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Price skimming
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Charging the highest possible price to buyers who desire the product will pay
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Penetration pricing
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Setting prices below those of competing brands to penetrate the market and gain a significant market share quickly
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Reference pricing
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Pricing a product at a moderate level and displaying it next to a more expensive model or brand
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Comparison discounting
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Setting a price at a specific level and comparing it with a higher price
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Bundle pricing
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Offering products at a discounted price when they are bundled with other products or in large quantity
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Premium pricing
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Pricing the highest quality or most versatile products higher than other products in the product line
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odd-even pricing
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Ending the price with certain numbers to influence buyers perceptions of the price or product
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Loss leader
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taking a loss on a item pricing it low to attract more people into the store.
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Bait pricing
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Pricing an item in a product line low with the intention of selling a higher-priced item in the line
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captive pricing
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Pricing the basic product in a product line low, while pricing related items higher
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