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Chapter 14 - Chapter 14 Tuesday 6:40 PM Promotion and...

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Promotion and Pricing Strategies Promotion: is the function of informing, persuading, and influencing a purchase decision - Integrated marketing communications (IMC): is the coordination of all promotional activities--media advertising, direct mail, personal selling, sales promotion, and public relations--to produce a unified customer- focused message - Promotion "Great products and price" Must take a broad view and plan for all forms of customer contact - Create unified personality and message for the good, service, or brand - Integrated Marketing Communications Promotional mix: combination of personal and non-personal selling techniques designed to achieve promotional objectives - Disadvantage: bad appearance leads to bad selling, can only reach a few people, bad sells men sells nothing Advantage: people like to see a face, immediate feedback, easier to persuade, can adapt to different types of people Personal selling: interpersonal promotional process involving a seller's face-to-face presentation to a prospective buyer - Non-personal selling: advertising, sales promotion, direct marketing, and public relations - Promotional Mix Components of the Marketing Mix Differentiate product - Provide information - Stabilize sales - Accentuate product value - Objectives of Promotional Strategies Chapter 14 Tuesday, November 30, 2010 6:40 PM Intro To Business Page 1
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Product placement: marketers pay placement fees to have their products showcased in various media, ranging from newspapers and magazines to television and movies - Guerilla marketing: innovative, low-cost marketing efforts designed to get consumers' attention in unusual ways - Promotional Planning Advertising: paid non- personal communication delivered through various media and designs to inform, persuade or remind members of a particular audience - Firms need to be more and more creative and efficient at getting consumers' attention Consumers receive 5,000 marketing messages each day - Advertising Product advertising: message designed to sell a particular good or service - Institutional advertising: messages that promote concepts, ideas, philosophies, or goodwill for industries, companies, organizations, or government entities - Cause advertising: institutional messaging that promotes a specifi viewpoint on a public issue as a way to influence public opinion and the legislative process - Types of Advertising Informative advertising - used to build initial demand for a product in the i ntroductory phase.
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