Test 5 - WHAT YOU NEED TO KNOW FROM CH 18 AND 19 I...

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WHAT YOU NEED TO KNOW FROM CH. 18 AND 19: I. COMMUNICATION PROCESS FIG 18-1 P. 465 a. ENCODING : is the processes of having the sender transform an idea into a set of symbols. b. DECODING : is the process of having the receiver take a set of symbols, the message, and transform the symbols back to an idea. c. NOISE : includes extraneous factors that can work against effective communication by distorting a message or the feedback received. II. PROMOTIONAL ELEMENTS (together these elements make up the promotional mix – integrate these marketing elements common message) P. 466-469 FIG 18-2 P. 467 a. ADVERTISING : is any paid form of comm about an organization, good, service, or idea by an identified sponsor. o subset of promotion. Business school teaches « promotional strategies » but DOESN’T teach how to make ads o Mass o Fees paid for space or time o Strengths: efficient for reaching large #s of ppl o Weaknesses: high absolute costs and difficult to receive good feedback b. PERSONAL SELLING : the 2-way flow of communication between a buyer and seller, designed to influence a person’s or group’s purchase decision. o Unlike ad. Usually face-face o Customized o Fees paid to salespeople as either salaries or commissions o Strengths: immediate feedback; persuasive; can select audience (less wasted coverage ); can give complex info o Weaknesses: expensive per exposure; messages may differ between salespeople c. PUBLIC RELATIONS : a form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services. o Mass o No direct payment to media o Strengths: Often most credible source in the consumer’s mind o Weaknesses: Difficult to get media cooperation o Publicity : is a nonpersonal, indirectly paid presentation of an organization, good, or service. d. SALES PROMOTION: a short-term inducement of value offered to arouse interest in buying a good or service. Eg. Coupons, rebates, samples, contests, product displayed on endcap. o Offered to both intermediaries and to ultimate consumers
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o Mass o Wide range of fees paid, depending on promotion selected o Strengths: Effective at changing behavior in short run, very flexible o Weaknesses: Easily abused, can lead to promotion wars, easily duplicated e. DIRECT MARKETING : uses direct communication with consumers to generate a response in the form of an order, a request for further info, or a visit to a retail outlet. Customized Cost of communication through mail, telephone, or computer Strengths: Messages can be prepared quickly and facilitates relationship with customer Weaknesses: Declining customer response, database management expensive III. DEVELOPING THE PROMOTIONAL MIX P. 470-475 2 things must occur: 1. balance of the elements must be determined 2. coordinating a consistent promotional effort is necessary a. PIC FIG18-3 P.471 *MEMORIZE FOR EXAM i. INFORM : introduction stage (all promotional mix elements used at same time)
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