CLEP Principles of Marketing Study Notes

Publicity often has greater credibility among

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objective--it is primarily informative, not persuasive. Publicity often has greater credibility among consumers because as a news story it may appear more objective . However, negative publicity is just as credible, and can easily tarnish a company's image. Public Relations - broad set of communication activities used to create and maintain favorable relations between the organization and the community, and enhancing the company's image. Often includes using publicity. Personal selling involves using salesmen, and is the most precise promotion method, but also the most expensive . Using salesmen who inform customers and persuade them to purchase products through personal communication falls under personal selling . There are 3 types of salesmen: 1. Order Getters are responsible for increasing the firm's sales by selling to new customers and by increasing sales to existing customers. Responsible for securing new business for the company.
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2. Order Takers - Using salesmen who inform customers and persuade them to purchase products through personal communication falls under personal selling , 3. Support Personnel - usually are not involved solely with making sales . Provide assistance to both the order getters and order takers. There are 2 types of support personnel . Missionary salespersons are employed by manufacturers, and assist the producer's customers in selling to their own customers. Technical salespersons give technical assistance to the organization's current customers. Sales Potential - maximum possible sales for a firm within a market in a specific time period. Certain percentage of the Market Potential. Sales Potential is that percentage of Market Potential which a specific firm will get in sales. Sales Force Allocation – talent & ability of salesperson to characteristics of customers within territory. Market Potential - total amount of a product that customers will purchase within a market in a specific time period from all firms. Sales potential is influenced by market potential, industrywide marketing activities, and the company's marketing activities. For many non-profit organizations, the price of a product or service is set so that the organization can hit its break-even point . Goal is to set a price that will allow them to hit the break-even point, or the point at which the revenue equals the costs. Some non- profit organizations do work towards a profit, but it is for the purpose of putting that profit into offering more services or offering some other benefit for the customers. Selling Process is a 7 step process which many salespersons move through as they sell products: 1. Prospecting - involves developing a list of potential customers. A salesperson seeks the names of prospects from previous sales records, referrals, trade shows, and many other sources. The Salesperson then qualifies these leads, or determines whether each prospect is willing and able to buy the product.
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