MKT 350 Exam 5 Review

MKT 350 Exam 5 Review - CHAPTER 18: Integrated Marketing...

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CHAPTER 18: Integrated Marketing Communications I. Integrated Marketing Communications a. Coordination of promotion and other marketing efforts for maximum information/persuasive effect; major goal is to send a consistent message to customers II. Communication Process a. Communication—sharing of meaning through transmission of info b. Source—person, group, or organization with a meaning it tries to share with audience c. Receiver—individual, group, or organization that decodes a coded message d. Coding—converting meaning into series of signs or symbols e. Communications Channel—medium of transmission f. Decoding—conversion of signs or symbols into concepts and ideas g. Noise—anything which reduces a communications clarity and accuracy h. Feedback—receivers response i. Channel capacity—limit on volume of information channel can handle effectively III. Objectives of Promotion (Promotion—communication to build and maintain relationships by informing or persuading a. Create awareness—crucial to initiating product adoption process; refresh interest in existing brands b. Stimulate Demand—pioneer promotion informs consumers about new product i. Primary demand—for product category ii. Selective demand—for specific brand c. Encourage Product Trial—free samples, coupons, test drives, etc. d. Identify Prospects—customer-response promotions generate sales leads e. Retain loyal customers—cheaper; frequent user programs f. Facilitate reseller support—advertising by producers promotes sales for resellers; trade sale promotion g. Combat competitive promotional efforts—counter competitors offerings h. Reduce sales fluctuations—raise sales in off-peak periods IV. Promotion Mix Elements a. Advertising—paid non-personal communication transmitted to target thru mass media i. Benefits—flexible, cost efficient, message repetition, adds value to product
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ii. Limitations—rarely immediate feedback, difficult to measure effect, limited time exposure b. Personal Selling—paid personal communication that seeks to inform and persuade i. Advantage—impact specifically, immediate feedback, message adjustment ii. Limits—expensive per contact, labor intensive and time consuming c. Public Relations—broad set of communication efforts used to create/maintain favorable relationships between organization and its stakeholders i. Publicity is non-personal communication in news story form about organization ii. News releases, press conference, feature articles d.
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MKT 350 Exam 5 Review - CHAPTER 18: Integrated Marketing...

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