BMGT350 Chapter 14 - BMGT350 Chapter 14 Integrated...

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BMGT350 Chapter 14 Integrated Marketing Communications Promotion: communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence their opinion or elicit a response Promotional strategy/ Promotional mix: a plan for the optimal use of the elements of promotion: Advertising Public relations Personal selling Sales promotion Promotional plan then becomes an integral part of the marketing strategy for reaching the target market *The main function of a marketer’s promotional strategy is to convince target customers that the goods and services offered provide a competitive advantage over the competition Competitive advantage: the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. Such features can include: High quality Rapid delivery Low prices Excellent service A feature not offered by the competition *Promotion is a vital part of the marketing mix, informing consumers of a product’s benefits and thereby positioning the product in the marketplace THE PROMOTIONAL MIX: Promotional mix: the combination of promotional tools (advertising, public relations, personal selling, and sales promotion) o The proper promotional mix is one that management believes will meet the needs of the target market and fulfill the organization’s overall goals Advertising: any form of impersonal paid communication in which the sponsor or company is identified o Traditional media: TV, radio, newspapers, magazines, books, direct mail, billboards, and transit cards o New methods: web sites, e-mail, blogs, and interactive video technology located in stores o Primary benefit of advertising is its ability to communicate to a large number of people at one time. o Reaches masses (national television networks), but can also be microtargeted to small groups of potential customers (targeted cable network) o COST PER CONTACT= very low o TOTAL COST= very high Public Relations: the 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 o Helps an organization communicate with its customers, suppliers, stockholders, government officials, employees, and the community in which it operates o Used to maintain a positive image and to educate the public about the company’s goals and objectives, introduce new products, and help support the sales effort o Publicity: public information about a company, product, service, or issue appearing in the mass media as a news item Organizations do not pay for publicity and are not identified as the source of information, but they can benefit tremendously from it Should not be viewed as free Public relations generated favorable publicity
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Sales Promotion: consists of all marketing activities- other than personal selling, advertising, and public
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