AEM1200_0220ToPost

AEM1200_0220ToPost - AEM1200 Introduction to Business...

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Unformatted text preview: AEM1200, Introduction to Business Management. AEM1200, Friday 2/20 The four Ps: Promotion Marketing (IV) Advertising Sales promotion Customer Relationship Management Small businesses and B2B marketing Promotional Mix and Strategies Promotional Advertising Personal selling Sales promotions Public relations Push strategies Personal selling Sales incentives Trade promotions Pull strategies Advertising Consumer promotions Loyalty programs Advertising Expenditure by Media (2005) Advertising Advantages and Disadvantages of Various Advertising Media Various Sales Promotions Strategies Sales B2B vs B2C Markets B2B B2B Sales Promotion B2B Trade shows Portfolios for salespeople Deals (price reduction) Catalogs Conventions Steps in Personal Selling Steps Prospect and qualify Preapproach Approach Make presentation Answer objections Close the sale Follow up Customer Relationship Management Customer The customer life cycle Acquire, through differentiation, innovation and convenience; Enhance, through bundling, cost reduction and customer Enhance, service; service; Retain, through adaptability, communication and new Retain, products. products. Direct marketing Cross-sell and up-sell Fulfillment Customer support Proactive service, retention and loyalty programs Sales force automation. Solutions Customer Acquisition and Retention Customer Acquiring new customers Differentiation is key Innovation Convenience Enhancing the profitability of existing customers Bundling is key Reducing costs Customer service Retaining profitable customers Adaptability is key Listening New products The Business-to-Business Market The Few, relatively large customers in any given segment; Geographical and social concentration; Rational (as opposed to emotional) decision makers; Sales tend to be direct rather than through Sales wholesalers and retailers; wholesalers Much more emphasis on personal selling. Much personal Takeaways Takeaways The supply chain is an integral part of the value The added of a product. added Logistics is a significant source of competitive Logistics advantage for an organization (ie. Wal-Mart). advantage Never confuse advertising or public relations Never with promotion. Implement the integrated with Implement marketing approach across the organization. marketing The most common source of failure among new The businesses is insufficient promotion and, more generally, marketing efforts. Do not make that mistake. mistake. ...
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