Undergraduate PROMOTION MIX

Undergraduate PROMOTION MIX - Promotion Management It is a...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
Promotion Management "Let advertisers spend the same amount of money improving their product as they do advertising, and they wouldn't have to advertise it." --Will Rogers “It is a luxury to be understood .” Ralph Waldo Emerson "The advertisers who believe in the selling power of jingles have never had to sell anything."  -  David Ogilvy " Advertising is a valuable economic factor, because it is the cheapest way of selling goods, particularly if the goods are worthless." -- Sinclair Lewis
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Definition Definition--any form of communication used by a firm to inform, persuade or remind consumers, channel members or important stakeholders about the company's offerings.
Background image of page 2
Importance Promotions generate sales, the principle source of revenue for firms. Oftentimes, promotion is an organization's chief source of differential advantage and is oftentimes very difficult to copy. Promotion occurs very close to the "moment of truth" and is, therefore, very important.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
5 Elements of the Promotion Mix Advertising: any paid form of non-personal presentation by an identified sponsor. Personal Selling: face-to-face interaction with a potential customer. Sales Promotion: short-term incentive programs to encourage trial or purchase. Public Relations: communications designed to promote or protect a company's image. Direct Marketing: use of nonpersonal contact tools to influence or persuade specific customers or prospects.
Background image of page 4
Tradeoffs in the Promotion Mix At different stages in the evolution of markets and products, different elements in the promotion mix after different levels of power. For example: Early in the PLC, person selling is very important in establishing relationships with channel members. Advertising is also important early in the product life cycle, so that customers become aware. Late in the life cycle, personal selling becomes too expensive and sales promotions become important .
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Tradeoffs in the Promotion Mix Click here to type bulleted text Stage of Product Life Cycle Introduction Advertising Personal Selling Sales Promotion Growth Maturity Decline Cost Effective- ness
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/13/2010 for the course MKT B280 taught by Professor Lawrence during the Fall '08 term at Loyola New Orleans.

Page1 / 31

Undergraduate PROMOTION MIX - Promotion Management It is a...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online