Study Guide 3 - Marketing 3000 Exam 3 Study Guide PROMOTION...

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Marketing 3000 Exam 3 Study Guide PROMOTION I. Definition: communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response I. Promotional strategy: a plan for optimal use of elements of promotion II. Main function I. Convince target customers that goods and services offered provide competitive advantage II. Cause target consumers to patronize that firm rather than competition III. Communication types I. Interpersonal—face to face II. mass—large audiences IV. Goals of promotion I. Informing—complex and technical products II. persuading—growth stage III. reminding—maturity stage V. PLC and Promotional mix I. pre-intro—small amount of advertising II. Intro—heavy advertising build awareness, personal selling-->obtain distribution III. growth—advertising build brand loyalty, less sales promotion, personal selling--> maintain distribution IV. maturity—advertising build brand loyalty, less sales promotion, personal selling--> maintain distribution V. decline—advertising drastically decrease, sales promotion and personal selling low II. Methods (Promotional Mix) I. Advertising: paid by a sponsor I. generally mass media II. benefits I. Ability to communicate to a large number of people at one time I. Lower cost per contact II. higher total cost II. Microtargeted to small groups II. Public Relations: not paid directly I. involves outside groups such as news media II. article written in newspaper III. Uses I. Positive image II. educate public III. introduce new products IV. help support sales effort III. Sales promotion I. short term incentives to increase sales II. Free samples, giveaways, etc. IV. personal selling I. one to one communication between seller and potential buyer II. Planned presentations (win-lose outcomes)
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III. B2B or B2C (win-win outcomes) IV. Look at chart V. Advantages I. detailed explanation II. message to qualified prospects III. controlled by adjusting size of sales force IV. more effective than other promotional mixes III. Steps to the selling process I. Generate leads I. ID buyers most likely to purchase II. Referrals, networking, cold-calling II. Qualify leads I. recognize need, buying power, receptivity, accessibility III. Probe customer needs I. preapproach “homework” II. needs assessment IV. Develop solutions I. Sales proposal—formal written document of presentations V. Handle objections VI. Close the sale I. Look for customer signals—what are they saying? I. Do you deliver? II. Negotiate—model of washing machine (sale) III. Provide incentives I. If you buy today you got something in return II. Monetary, concern, item IV. Trial/presumptive close I. Assume the customer will buy II. Saying you will deliver assuming the customer is willing to buy VII. Follow up IV. Types of Presentations I. Formula selling—same list (prepared) or script I. Ex. brand candy sells II. Stimulus response—large purchase commitment and sell on related items
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This note was uploaded on 03/02/2011 for the course MARK 3000 taught by Professor Emmelhainz during the Fall '07 term at University of Georgia Athens.

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Study Guide 3 - Marketing 3000 Exam 3 Study Guide PROMOTION...

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