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Chpt 14 - > > > > > > > >Chapter 14 Promotion and Pricing...

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> > > > > > > > Promotion and Pricing Strategies Chapter 14
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Discuss how integrated marketing communications relates to a firm’s overall promotion strategy. Explain promotional mix and outline the objectives of promotion. Summarize the different types of advertising and advertising media. Outline the roles of sales promotion, personal selling, and public relations. Describe pushing and pulling promotional strategies. Outline the different types of pricing strategies. Discuss how firms set prices in the marketplace, and describe the four alternative pricing strategies. Discuss consumer perceptions of price. Learning Goals 1 2 3 4 5 6 7 8
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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
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Must take a broad view and plan for all form of customer contact. Create unified personality and message for the good, service, or brand. Elements include personal selling, advertising, sales promotion, publicity, and public relations. Integrated Marketing Communications
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Promotional mix - combination of personal and nonpersonal selling techniques designed to achieve promotional objectives. Personal selling - interpersonal promotional process involving a seller’s face-to-face presentation to a prospective buyer. Nonpersonal selling - advertising, sales promotion, direct marketing, and public relations. Promotional Mix
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Components of the Marketing Mix
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Objectives of Promotional Strategies
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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
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Advertising - paid nonpersonal communication delivered through various media and designed to inform, persuade, or remind members of a particular audience. Consumers receive 5,000 marketing messages each day. Firms need to be more and more creative and efficient at getting consumers’ attention. Advertising
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Product advertising - messages 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.
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