Marketing Final Chapter 16 – Flashcards

A plan for the optimal use of the elements of promotion: Advertising Public Relations Personal Selling Sales Promotion Social Media communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response

-The main function of a marketer's promotional strategy is to convince the target market that the goods and services offered provide a competitive advantage. -A competitive advantage is the set of unique features of a company and its products that are perceived as superior over the competition. These features are: High product quality, Rapid delivery, Low prices, Excellent service, Unique features

-The process by which meanings are exchanged or shared through a common set of symbols -As humans, we assign meaning to feelings, ideas, facts, attitudes, and emotions

direct, face-to-face communication between two or more people

communicating a concept or message to larger audiences, usually through a mass medium such as television or newspapers

-Marketers are both senders and receivers of messages. As senders, marketers inform, persuade, and remind the target market to adopt courses of action. -As receivers, marketers attune themselves to the target market in order to develop and adapt messages, and spot new communication opportunities. -Marketing communication is a two-way process.

The originator of the message in the communication process

The conversion of a sender's ideas and thoughts into a message

A medium of communication used to transmit a message

Anything that interferes with, distorts, or slows down the transmission of information

-The person who decodes the message in the communication process -In interpersonal communication, the receiver's response to a message is called feedback

The interpretation of the message transmitted by the sender

Impersonal Numbers driven Unquantifiable consumer behavior

Personal Direct communication Feedback driven Highly visible communication

-Promotion seeks to modify behavior and thoughts in some way. It also strives to reinforce existing behavior. -Promotion has four basic tasks. It can inform, persuade, remind, or connect with the target audience. Often a marketer will try to accomplish two or more of these tasks at the same time.

seeks to convert an existing need into a want or to stimulate interest in a new product. It is more prevalent during the early stages of the product life cycle

designed to stimulate a purchase or an action. It becomes the main promotion goal when the product enters the growth stage of its life cycle

used to keep the product/brand name in the public's mind. It is effective during the maturity cycle

designed to form relationships with customers and potential customers to encourage them to be brand advocates. This helps introduce new products, stimulate purchase, and keep the brand in customer's minds, which makes connecting important for all stages in the PLC

A combination of promotion tools used to reach the target market and fulfill the organization's overall goals. The promotional mix includes: -Advertising -Public Relations -Sales Promotion -Personal Selling -Social Media

Most commonly distributed by traditional media, though increasingly through non-traditional media, such as Web sites, e-mail, blogs, and interactive video kiosks in malls and supermarkets

-Advertising has the advantage of being able to reach larger numbers of people, but it can also be microtargeted to small groups. -Although the cost per contact in advertising is low, the total cost to advertise is typically very high, and can be restrictive of advertising on a national level.

Evaluates public attitudes, identifies areas within the organization that public may be interested in, and executes a program to earn public understanding

-generally a short-run tool used to stimulate immediate increases in demand. -used to improve the effectiveness of other ingredients in the promotion mix, especially advertising and personal selling

Planned presentation to one or more prospective buyers for the purpose of making a sale

planned presentation to one or more prospective buyers. The seller tries to persuade the buyer to accept a point of view or take action. Frequently, the traditional view of personal selling creates a win-lose outcome at the expense of the buyer

emphasizes a win-win outcome and the accomplishment of mutual objectives that benefit both buyer and salesperson in the long-term. The goal is a long-term, committed relationship based on trust and customer loyalty

Promotion tools used to facilitate conversations among people online

Shift from one-way communication to customer-controlled, customized, many-to-many communication. -Consumer-generated content -Paid media -Earned media -Owned Media

media based on the traditional ad model where a brand pays for media space

media based on a public relations or publicity model that gets customers talking about the brand

new category of media based on brands publishing their own content to maximize brand value

Attention Interest Desire Action

The careful coordination of all promotional messages to assure the consistency of messages at every contact point where a company meets the consumer

-Proliferation of thousands of media choices. -Fragmentation of the mass market. -Slash of advertising spending in favor of promotional techniques that generate immediate response

-Nature of the product -Stages in PLC -Target market characteristics -Type of buying decision -Promotion funds -Push or Pull strategy

the most effective promotional tools are advertising and especially sales promotion

advertising and public relationships help establish awareness.

need large amounts of information, and personal selling is the most effective tool. Print ads are also effective for conveying large amounts of information.