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Test 3 - Test 3 Chapter 16 The Role of Promotion in the...

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Test 3 Chapter 16 The Role of Promotion in the Marketing Mix o Promotion-communication by marketers that informs, persuades and reminds potential buyers of a product in order to influence an opinion or elicit a response o Promotional Strategy-a plan for the optimal use of the elements of promotion; advertising, public relations, personal selling and sales promotion o Marketing managers determine the goals of the company’s promotional strategy in light of the firm’s overall goals for the marketing mix to reach the target market o Main function is to convince target customers that the goods and services offered provide a competitive advantage(the unique set of features of a company and its products that are perceived by the target market as significant and superior to the competition) Goals:inform, remind, persuade The Promotional Mix o The combination of promotional tools-including advertising, PR, personal selling and sales promotion-used to reach the target market and fulfill the organization’s overall goals o Advertising Any form of impersonal one way mass communication about a product or organization in which the sponsor or company is identified Traditional media-tv, radio, nespapers, magazines, books, direct mail, billboards, transit cards (most commonly used) New Media-web sites, blogs, banner ads, viral marketing, email, interactive video, social media Ability to communicate to large number of people but can also be microtargeted, low cost per contact o Public Relations Marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance Helps an organization communicate with its customers, suppliers, stockholders, government officials, employees, and the community Educates the public about company goals and objectives and introduces new products and helps support the sales effort Publicity-public information about a company, product, service, or issue appearing in the mass media as a news item;organizations generally do not pay for it and are not identified as the source of information but it can be very beneficial (news releases, staging special events, persuading media personnel to broadcast or print publicity messages) o Sales Promotion Marketing activities-other than personal selling, advertising, and public relations- that stimulate consumer buying and dealer effectiveness Short run tool used to stimulate immediate increases in demand Can be aimed at end consumers, trade customers, or a company’s employees Includes free samples, contests, premiums, trade shows, vacation giveaways, and coupons
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Improves the effectiveness of other ingredients in the promotional mix o Personal Selling A purchase situation involving a personal, paid for communication between two people in an attempt to influence each other Buyer and seller have specific objectives
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