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promotion

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A comprehensive term for all of the communication activities initiated by the seller to inform, persuade, and remind the consumer about products, services and/or ideas offered for sale Informs about a product or service Persuades one party that the item will satisfy his/her wants or needs

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promotion

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The goal of the seller is to have consumers respond by purchasing what is offered Messages created by sellers are intended to attract, inform, and urge buyers to action means different things to different people

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role of promotion

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a business activity a basic element of a free enterprise system a social phenomenon

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a business activity

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Communication with the target market

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a basic element of a free enterprise system

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To create awareness of product availability Helps manufacturers and merchandisers make consumers aware of the products and services that are available

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social phenomenon

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Various causes in social, legal, ethical environment

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reasons of globalization

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reduced cost, increased consumer demand, higher interests in fashion

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trade agreements

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NAFTA- north American free trade agreement WTO- world trade organization Broken down traditional trade barriers and led to global expansion of traditional US retail stores

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globalization

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The integration of international trade and foreign investment, resulting in worldwide trade of merchandise and resources Understanding world cultures and economies are essential tools for individuals doing business and providing communication and promotion messages to consumers

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globalization of fashion industry

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Fashion items imported Retailers went global manufacturing to offshore production sites

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manufacturing moved to offshore production sites

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Reduced cost Increased consumer demand

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gross domestic product

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the amount of goods and services produced b a country in one year

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high brand awareness due to

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International television Fashion magazines Internet

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transitioning to a global perspective

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economic growth improved economic status of developing countries increased global communication with emerging communication technologies improved transportation systems institutional arrangements by business and government

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economic growth

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Added demand overseas

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improved economic status of developing countries

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Developing nations have been exporting manufactured products such as apparel, rather than exporting agricultural products and material, thus taking steps toward more economic and industrial expansion

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improved global communication with emerging communication technologies

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Advances in communication technologies allow importers and exporters to conduct business more quickly than ever before Worldwide communication efforts have stimulated demand for products in various parts of the globe where demand never existed before

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improved transportation systems

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Made it easier for buyers to access areas almost anywhere in the world, travel farther and faster

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institutional arrangements by business and government

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Various institutional arrangements have been implemented to facilitate the exchange of goods and services and transfer the funds for the payment of those goods and services

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global business strategy

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standardized strategy localized strategy

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standardized strategy

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Focuses on commonality of different cultures, reflecting beliefs about the cultures as viewed by outsiders Uses one approach for multiple markets, can be used in most countries Allow the firm to benefit from economies of scale Modern consumers are similar enough Economies of scale benefit Mostly vertically integrated (Firms manufacture goods at self-owned factories and sell through self-owned retail stores)

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localized strategy

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Unique aspects of each culture- its own norms, value systems, conventions, and regulations The cultural variations to meet the needs of the local market Glocalization

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glocalization

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A combination of global branding practices and localized marketing

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marketing mix

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product price promotion place Fundamental challenge is to synthesize these four elements into a program that will lead to exchange in the market

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merchandising

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A set of activities for max sales of a product (e.g., assortment, timing, styling, pricing tactics)

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merchandising

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The methods, practices, and operations conducted to promote and sustain certain categories of commercial activity

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merchandising

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The planning involved in marketing the right merchandising at the right place at the right time in the right quantities at the right price

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merchandising

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Forecasting what customers want to buy, investigating where to find that merchandise in the marketplace, determining the price the customer is willing to pay, and making it available through the retail store or other outlets where the customer is willing to buy the merchandise

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merchandising includes

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Market research Product assortment Product promotion Profit generation

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set of activities for max sales of product line

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Assortment Timing Styling Pricing

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merchandising environment

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Incorporates all of the products and services relating to personal and home surroundings

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marketing

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The process of planning and execution to create exchanges that satisfy individual and organizational objectives

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marketing

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The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives

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exchange

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how a product is conceived and moved through various channels from producer to consumer fundamental concept to marketing

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for exchange to occur

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2 + participants Something of value to both parties Sacrifice to obtain the object/service

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global marketing

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International marketing activities

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merchandising vs marketing

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Merchandising: activities when the product category is already decided to promote and sell the products to the target consumers Merchandising encompasses "planning involved in marketing the right merchandise or service at the right place, at the right time, in the right quantities, at the right price" Merchandising is more retail sales driven Details like merchandising distribution, product assortment planning, etc. are included in merchandising

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communication

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The transmission or exchange of information and/or messages Must be some common thinking between the message sender and the message receiver and requires an understanding of information passed from one to another

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communication process model

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Source - encoding - message - decoding - receiver

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source

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sender starts the process

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encoding

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combination of words or symbols to be presented orally or in written/visual form, arrangement of a combination of word or symbols presented by the sender

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channels

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the methods by which the message is translated

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word-of-mouth

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direct or face to face communication

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decode

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transform the message back into thought, interpret what he or she believes the sender wanted the receiver to know and is dependent upon the receiver's frame of reference or past experiences, interpretation of the message to transform back into thought

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noise

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Any outside factors that may interfere with the reception of the information or lead to some distortion of the message (encoding or decoding phases)

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feedback

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When the receiver sends back some type of response, the sender will know if the intent of the message has been understood

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business to consumer market

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Promotion messages are sent to people who consume the goods and services, and the audience is considered to be a consumer market Aim messages to the audience of ultimate consumers

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business to business market

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Trade market Firms want to build awareness, heighten an image for the company, generate leads for its sales force, or strengthen buyer confidence in purchasing from the firm Message is being sent from one business to another Targeted to individuals who purchase raw materials to be converted into saleable products or finished products that will eventually be sold to ultimate consumers

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global market

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Cultural experiences and language differences create difficulties Must take local customs, historical perspectives, and language into consideration Promotional blunders can be avoided by taking several steps

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ways to avoid promotional blunders

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Conduct research about the intended consumers, especially in foreign markets, taking into consideration customs and culture in addition to language Select a good translator Solicit feedback through retranslating and local input

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promotion mix

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The basic tools used for achieving a firm's communication and marketing goals sales promotion, advertising, personal selling, public relations, direct marketing

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sales promotion

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Incentives designed to stimulate the purchase or sale of a product, usually short term coupons, sweepstakes, trade shows consumer oriented or trade oriented

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consumer oriented

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contests, coupons, gift-with-purchase, purchase-with-purchase, point-of-sale displays, refunds, rebates, sweepstakes, and sampling

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trade oriented

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promotional and merchandising allowances, price deals, sales contests, special counter displays or sales fixtures, trade show discounts

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advertising

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Any non-personal, paid presentation and promotion of ideas, goods, or services by an identified sponsor Print ad, tv, radio, billboards

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personal selling

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Direct interaction between the customer and the seller for the purpose of making a sale Sales presentation, telemarketing, samples

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public relations

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Non-paid, non-personal stimulation of demand for a product, service, or business unit by planting significant news about it or a favorable presentation of it in the media Newspaper articles, charitable donations, speeches

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personal selling

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Process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation

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advertising

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Information about the organization, product, service, or idea created by the sponsoring firm to influence sales

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advertising

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One of the most effective methods of distributing information to a large audience at an effective cost

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public relations

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The management function that establishes and maintains mutually beneficial relationships between an organization and the public on whom its success or failure depends

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public relations

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Function of management team, two-way communication between org and stakeholders, foster mutually beneficial relationships, identifies policies procedures and actions, produces measurable changes in awareness, opinions, attitudes, and behavior

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public relations tools

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Development, internal relations, investor relationships, issues management, lobbying, press agentry, public affairs, publicity

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publicity

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Information with news value, information is uncontrolled by the source because the source does not pay the media for placement and is provided by public relations specialists to be used in the mass media

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direct marketing

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the marketing process by which organizations communicate directly with target consumers to generate a response or transaction

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direct-response mail

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mail, telephone, magazines, internet, radio, or tv with messages aimed directly to the target consumer

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interactive media

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back-and-forth flow of information whereby users can participate in and modify the form and content of the information they receive in real time

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really simple syndication

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a method used to send product alerts to internet users who have set up personalized web pages on yahoo, google, and other sites

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integrated marketing communications

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A concept of marketing communications planning that recognized the added value of a comprehensive plan that evaluates the strategic roles of a variety of communication disciplines and combines these disciplines to provide clarity, consistency, and maximum communications impact

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IMC

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Big-picture/umbrella for planning promotion Coordination of the various communications, marketing, and promotion functions

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why IMC is important now

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Major changes in the advertising and media industry requires this strategy The bulk of marketing dollars is spent on the creation and distribution of the ad Once the key marketing pieces have been tested, the researched elements can then be applied to other contact points: letterhead, packaging, trucks, customer service representative training, and more, to complete the cycle

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7 shifts in IMC From

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Media advertising Mass media (targeting mass consumer) Manufacturer-donated market General-focus advertising Low agency accountability Traditional compensation Limited Internet access

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7 shifts in IMC to

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Multiple forms of communication Specialized media (specific target audience) Retailer-dominated market Data-based marketing Greater agency accountability Performance-based compensation Widespread Internet access

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