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68 Cards in this Set

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IMC what it means and what it represents
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.
Primary Demand
A demand for a category such as orange juice, bread, or gasoline. Not a specific brand though
Pioneer Pomotion
Promoting a new product on the market, such as XM or Sirius radio. Also various electronic items.
Selective Demand
Demanding a specific brand in a category, such as Tropicana OJ, Wonder Bread or Shell gas.
Promotional mix
Advertising, PR, Personal Selling, and sales promotions are all elements of the Promotional Mix.
Marketing mix
Product, Price, Promotion, and Placement or distribution. Everything that is involved with the product and what it takes to market the product.
Advertising
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,
Public Relations
Public relations are used to make a good image among the community.
Personal Selling
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
Sales Promotion
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
Kinesic communication
Communication through the movement of head, eyes, hands, legs or torso (body language)
Proxemic communication
Communication by varying the physical distance in face-to-face interactions
Tactile communications
communication through touching (waitresses)
Buzz Marketing
Buzz marketing is creating a buzz about a product throughout the community, get people talking.
Push vs. Pull policy
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
Criticisms and defenses of promotion
Criticism- some say it can be deceptive, increase price, encourage materialism.
Defenses- doesn't increase price, and can be informative of products
Word-of-mouth communication
Personal information exchanges of communication that customers share with one another.
Characteristics of advertising
Paid, non-personal, in many different forms consisting of many different delivery methods
Institutional advertising
advertising to promote an organizations ideas, images, and political views
Advocacy advertising
promotes a companies position on a public issue
Product advertising
Promoting the uses, features, and benefits of a product
Competitive advertising
Tries to stimulate demand by promoting its features in comparison to another brands
Comparative advertising
Trying to gain consumer share by comparing products in an attempt to discredit the competition
Reminder advertising
used to remind consumers about an established brand
Reinforcement advertising
Assures users they chose the right brand and tells them how to get the most satisfaction from it
Advertising campaign
The creation and execution of a series if advertisements to communicate with a particular target audience
Steps in developing ad campaign
Identify target audience
Define advertising objectives
Create advertising platform
Determine advertising appropriation
Develop media plan
Create advertising message
Execute campaign
Evaluate advertising effectiveness
Copy, Layout, Storyboard
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
Coverage, Reach, and Frequency
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
CPM
Cost-Per-Thousand-Impressions
Price of ad divided by circulation times 1000 = CPM
Continuous, Flighting, Pulsing, and Checkerboard schedules
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
Public Relation tools
Written materials, company magazines, news releases, blogs, and annual reports to communicate to stakeholders and the community
Publicity
Non-paid, forms to look good among the community, feature articles, captioned photograph...
How should firms deal with negative publicity
they should react immediately and be honest.
7 General steps in personal selling
Prospecting
Preapproach
Approach
Making the presentation
Overcoming objectives
Closing the sale
Following up
Handling objections
Seek them out so you can address them and get them out of the way by countering them
Closing strategies
Closing can include the trial where they ask questions assuming the consumer will buy,
They can ask financial questions
Types of salesman
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
Sales Promotion
An activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it
Two primary categories of sales promotion
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
Price in reference to marketing mix
The value paid by a consumer for a product, competing on price bases is dangerous, try to differentiate your product.
Price vs. non-price competition
basing your competition solely on price can lead to bankruptcy, differentiating your product allows you to better dictate the price
Demand curve and inverted C curve.
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
The point between quantity and price for items of prestige
Elasticity of demand
A measure of the sensitivity of demand to changes in price, ex. An SUV will have more elasticity than an electrical bill
Break even point
the point where your cost and income meet.
Value conscience consumer
A consumer who is conscience of a products cost and quality
Price Conscience
Always looking for lowest price
Prestige Sensitive
Drawn to prestige products regardless of cost
Types of discounts
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.
Pricing objectives
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
3 Primary basis for pricing
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
Why would a marketer want to have a higher, lower or same price point as others.
Many reasons, to attract more customers, to steal market share from other competitors, to create demand, to compete.
Differentiated pricing
Charging different prices to different buyers for the same quality and quantity of product.
Negotiated Pricing
Establishing a final price through bargaining between seller and customer
Secondary-market pricing
Setting one price for the primary target market and a different price for a different market
Price skimming
Charging the highest possible price to buyers who desire the product will pay
Penetration pricing
Setting prices below those of competing brands to penetrate the market and gain a significant market share quickly
Reference pricing
Pricing a product at a moderate level and displaying it next to a more expensive model or brand
Comparison discounting
Setting a price at a specific level and comparing it with a higher price
Bundle pricing
Offering products at a discounted price when they are bundled with other products or in large quantity
Premium pricing
Pricing the highest quality or most versatile products higher than other products in the product line
odd-even pricing
Ending the price with certain numbers to influence buyers perceptions of the price or product
Loss leader
taking a loss on a item pricing it low to attract more people into the store.
Bait pricing
Pricing an item in a product line low with the intention of selling a higher-priced item in the line
captive pricing
Pricing the basic product in a product line low, while pricing related items higher