Marketing: Unit 6- Promotion Concepts and Strategies – Flashcards
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Product Promotion
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Promotional method used by businesses to convince prospects to select their goods or services instead of a competitors brand
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Institutional promotion
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Create a favorable image for business, help it advocate for change, or take a stand on trade or community issues
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Promotional mix
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Product & institutional promotion
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Describe the 5 types of promotion
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1. Personal selling: expensive; direct contact between sales person and customer 2. Advertising: no personal promotion; pay to promote products in media outlets 3. Direct marketing: Mail, telemarketing, social media, e-marketing; message targeted to particular group 4. Sales promotion: coupons, displays, money-off promotion, product samples 5. Public relations: new releases, social media, publicity, activities that help influence a target audience
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Push policy
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Used by manufacturer to convince retailer to stock products being promoted, pushing product to retailer. Relies heavily on personal selling and promotion at trade shows Manufacturer>retailer>consumer
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Pull policy
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Create consumer interest in a product and therefore, encourage stores to stock the pulling consumers to the product. The strategy used a lot of advertising and sales promotion Consumer>retailer>manufacturer
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Trade promotions
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Push strategy! Sales promotions designed to get support for a product from manufacturers, wholesalers, and retailers
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5 examples of trade promotions
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1. Promotional allowances 2. Cooperative advertising 3. Slotting allowances 4. Sales force promotions 5. Trade shows & conventions
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Consumer promotions
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Pull strategy! Sales strategies that encourage customers &a prospects to buy a product or service
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Coupons
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A certificate that entitles a customer to a cash discount on goods or services
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Premiums
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Low cost item given to consumers at a discount or for free ex. Happy meal toy
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Price packs
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Sales promotions that provide consumers with a reduced price
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Incentives
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A higher priced product, award, or gift card given through contests, sweepstakes or special offers
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Product samples
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Ex: Charley's sandwich samples
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Promotional tie-ins
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Activity that involves sales promotions between one or more retailers or manufacturers, also called cross promotion/ cross selling
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Product placement
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iPhone in a movie, ford car in a chase scene
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Loyalty marketing programs
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Rewards customers by offering incentives for repeat purchases, such as frequent flyer
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Point of purchase kiosks
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Stand alone structure
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Difference between premium and incentive
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Premiums are low cost and incentives are high cost
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Give examples of promotions used in trade (business to business)
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Get support for a product from manufacturers, wholesalers and retailers
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Give examples of promotions used in the consumer market (family retail)
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Sales strategies that encourage consumers and prospects to buy a product or service
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why does visual merchandising include much more than just the display of products
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It's the whole package of sounds, smells, flooring, and lighting. The PHYSICAL elements that will grab customer attention
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What are the artistic elements of display?
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1. Color 2. Line 3. Shape 4. Direction 5. Texture 6. Proportion 7. Balance 8. Motion 9. Lighting
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What shape is recommended for creating a focal point and good eye movement
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Triangle
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Steps to create a display
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1. Select merchandise for display 2. Select the type of display 3. Choose a setting 4. Manipulate the artistic elements 5. Evaluate the completed display
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Customer space
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Restrooms, dressing rooms, sitting areas
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Employee space
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Break rooms
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Fixtures
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Permanent or moveable store furnishings that hold and display merchandise
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Selling space
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Merchandise for sale
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Storage space
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Extra stock
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How can a company use a push policy to promote the sale of its products?
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Use personal selling and promotion at trade shows
