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29 Cards in this Set
- Front
- Back
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promotional strategy |
a plan for the optimal use of the elements of promotion |
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promotion |
communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response |
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competitive advantage |
one or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors |
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marketing communication |
when a company develops a new product, changes an old one, or simply tries to increase sales of an existing good or service, it must communicate its selling message to potential customers |
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promotional mix |
advertising, public relations, sales promotion, personal selling, social media |
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The communication process |
a two way process- sender & receiver |
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sender |
the originator of the message in the communication process |
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encoding |
the conversion of a sender's ideas and thoughts into a message, usually in the form of words or signs |
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channel |
a medium of communication- such as a voice, radio, or newspaper- for transmitting a message |
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noise |
anything that interferes with, distorts, or slows down the transmission of information |
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receiver |
the person who decodes a message |
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decoding |
interpretation of the language and symbols sent by the source through a channel |
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feedback |
the receiver's response to a message |
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goals of promotion |
informing, persuading, reminding, connecting |
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informative promotion |
seeks to convert an existing need into a want or to stimulate interest in a new product |
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persuasive promotion |
designed to stimulate a purchase or an action- typically becomes the main promotion goal when the product enters the growth stage of its life cycle |
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reminder promotion |
used to keep the product and brand name in the public's mind- prevails during the maturity stage of the life cycle and assumes the target market has already been persuaded of the merits of the good or service |
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connecting promotion |
the idea behind social media is to form relationships with customers and potential customers through technological ties |
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promotional mix |
the combination of promotional tools used to reach the target market and fulfill the organizations overall goals |
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advertising |
impersonal, one-way mass communication about a product or organization that is paid for by a marketer |
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public relations |
the 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 |
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sales promotion |
marketing activities that stimulate consumer buying and dealer effectiveness |
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personal selling |
a purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other |
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AIDA concept |
attention-interest-desire-action; a 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, and action |
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integrated marketing communications (IMC) |
the careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every contact point at which a company meets the consumer |
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factors that affect the promotional mix |
nature of the product, stages in the product life cycle, target market characteristics, type of buying decision, available funds, push and pull strategies |
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product life cycle and the promotional mix |
introduction stage: heavy advertising to build brand awareness growth stage: building brand loyalty; personal selling to maintain distribution maturity stage: advertising slightly decreased- more persuasive and reminder in nature decline stage: advertising drastically decreases; sales promo maintained at low levels |
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push strategy |
a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise |
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pull strategy |
a marketing strategy that stimulates consumer demand to obtain product distribution |
