Business Final Exam Study Cards For Chp. 13

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PROMOTION

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The function of informing, persuading, and influencing a purchase decision.

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INTEGRATED MARKETING COMMUNICATIONS (IMC)

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The coordination of all promotional activities- media advertising, direct mail, personal selling, sales promotion, and public relations - to produce a unified customer-focused message.

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PROMOTIONAL MIX

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Combination of personal and nonpersonal selling components designed to meet the needs of their firm's target customers and effectively and efficiently communicate its message to them.

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PERSONAL SELLING

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The most basic form of promotion: a direct person-to-person promotional presentation to a potential buyer. Face-to-face meeting, telephone, video conference, or interactive computer link.

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NONPERSONAL SELLING

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Advertising, sales promotion, direct marketing, and public relations; sponsorships.

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ADVERTISING

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The best known form of nonpersonal selling.

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PRODUCT PLACEMENT

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Marketers pay placement fees to have their products showcased in various media, ranging from newspapers and magazines to television and movies;

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POSITIONING

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Concept in which marketers attempt to establish their products in the minds of customers by communicating to buyers meaningful distinctions about the attributes, price, or use of a good or service.

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GUERILLA MARKETING

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Innovative, low-cost marketing efforts designed to get consumers' attention in unusual ways;

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ADVERTISING

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Paid nonpersonal communication usually targeted at large numbers of potential buyer; global activity; comsumers are bombarded with messages; firms need to be more creative and efficient at getting consumers' attention.

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TOP FIVE CATEGORIES FOR GLOBAL ADVERTISEMENTS

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Personal care, automotive, food, pharmaceuticals, and entertainment.

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PRODUCT ADVERTISING

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Messages designed to sell a particular good or service; Apple, and Capital One are examples.

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INSTITUTIONAL ADVERTISING

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Messages that promote concepts, ideas, philosophies, or goodwill for industries, companies, organizations, or government entities. "Walk for the Cure"

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CAUSE ADVERTISING

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A form of institutional messaging that promotes a specific viewpoint on a public issue as a way to influence public opinion and the legislative process; literacy, hunger and poverty.

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INFORMATIVE ADVERTISING

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Builds initial demand for a product in the introductory phase of the product life cycle; cell phone ads contain new features, colors, designs and pricing.

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PERSUASIVE ADVERTISING

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Attempts to improve the competitive status of a product, institution, or concept, usually in the growth and maturity stages.

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COMPARATIVE ADVERTISING

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Compares products directly with their competitors either by name or by inference; Tylenol mention side effects from other generic brands, not mentioning names.

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REMINDING-ORIENTING ADVERTISING

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Appears in the late maturity or decline stages to maintain awareness of the importance and usefulness of a product; Triscuits are an old product, but Nabisco attempts to produce up to date ads.

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SPONSORSHIP

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Involves providing funds for sporting or cultural events in exchange for a direct association with the event; Sport sponsorship 2/3 or total sponsorship in US alone.

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SALES PROMOTION

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Forms of promotion such as coupons, product samples, and rebates that support advertising and personal selling; provide consumers extra incentives to buy.

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PREMIUMS

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Items given free or at reduced price with the purchase of another product.

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CONSUMER ORIENTED PROMOTIONS

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To get new and existing customers to buy products.

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SPECIALTY ADVERTISING

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Promotional items to prominently display a firrm's name, logo, or business slogan.

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TRADE PROMOTION

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Sales promotion geared to marketing intermediaries rather than to consumers to encourage retailers to stock new products, continue carrying existing ones, promote both new and existing products effectively.

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POINT OF PURCHASING ADVERTISING

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Displays or demostrations that promote when and where consumers buy them, such as in retailers; Swiffer introduced, in-store try outs.

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16 MILLION

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Sales and Sales-related jobs employ about 16 million U.S. workers.

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PUBLIC RELATIONS

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A public organization's communications and relationships with its various audiences;

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PUBLICITY

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Nonpersonal stimulation of demand for a good, service, place, idea, event, person, or organization by unpaid placement of information in print or broadcast media.

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PUSHING STRATEGY

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Relies on personal selling to market an item to wholesalers and retailers in a company's distribution channels; promote product to member of market channel not end user.

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PULLING STRATEGY

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Promote a product by generating a consumer demand for it, primarly through advertising and sales promotion appeals. Buyer request suppliers to carry product, pulling it into distribution channel.

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COOPERATIVE ADVERTISING

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Allowances provided by marketers in which they share the cost of local advertising of their firm's product or product line with channel partners.

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PRICE

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Exchange value of a good or service.

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PRESTIGE PRICING

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Establishing a relatively high price to develop and maintain an image of quality and exclusiveness.

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SKIMMING PRICES

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Setting an intentionally high price relative to the prices of competing products; helps market set a high end product from competitors.

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PENETRATION PRICING

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Setting a low price as a major weapon; used with new products.

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EDLP

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Maintaining continuous low prices rather than relying on short term price-cutting tactics,

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COMPETITIVE PRICING

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Reducing the emphasis on price competition by matching other firms’ prices; concentrating marketing efforts on the product, distribution, and promotional elements of the marketing mix

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ODD PRICING

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Setting prices in uneven amounts or amounts that sound less than they really are