Bus 100 Ch 14

Bus 100 Ch 14 - Chapter 14 Pr omotion and Pr icing Str...

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Unformatted text preview: Chapter 14 Pr omotion and Pr icing Str ategies L e a r n i n g G o a l s 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. Discuss the major ethical issues involved in promotion. Outline the different types of pricing strategies. Discuss how firms set prices in the marketplace, and describe the four alter- native pricing strategies. Discuss consumer perceptions of price. 1 2 3 4 5 6 7 8 9 Promotion The function of informing, persuading, and influencing a purchase decision. Integrated marketing communications (IMC) Coordination of all promotional activities—media advertising, direct mail, personal selling, sales promotion, and public relations—to produce a unified customer-focused message. INTEGRATED MARKETING COMMUNICATIONS • 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. THE PROMOTIONAL MIX 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. Objectives of Promotional Strategy Providing Information • Major portion of U.S. advertising provides information about a product. Differentiating a Product • Communicate to buyers meaningful distinctions about the attributes, price, quality, or use of a good or service. Increasing Sales • Most common objective of a promotional strategy. Stabilizing Sales • Stable sales evens out the production cycle, reduces some management and production costs, and simplifies financial, purchasing, and marketing planning. Accentuating the Product’s Value • Explaining hidden benefits of ownership. ADVERTISING Advertising Paid nonpersonal communication delivered through various media and designed to inform, persuade, or remind members of a particular audience. • Consumers receive 3,500 to 5,000 marketing messages each day. • Television networks earn $22 billion annually from advertising. • In U.S., automotive, retail, and communications companies spend nearly $4 billion annually on advertising. Types of Advertising • Product advertising Messages designed to sell a particular good or service....
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This note was uploaded on 04/07/2008 for the course BUS 100 taught by Professor Choate during the Fall '07 term at Bradley.

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Bus 100 Ch 14 - Chapter 14 Pr omotion and Pr icing Str...

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