MKT study guide exam 2

Extraneous factors that can work against effective

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Extraneous factors that can work against effective communication by distorting a message or the feedback received THE PROMOTIONAL ELEMENTS Advertising Any paid form of nonpersonal communication about an organization, product, service, or idea by an identified sponsor Advantages: efficient means for reaching a large number of people Disadvantages: high absolute costs, difficult to receive good feedback Personal Selling Two way flow of communication between and buyer and seller often in a face to face encounter designed to influence a person’s or group’s purchase decision Advantages: immediate feedback, very persuasive, can select audience, can give complex information Disadvantages—extremely expensive per exposure, messages may differ between salespeople Public Relations A form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, potential customers, stockholders, suppliers, employees, and others about a company and its product or services Advantage: most credible source in the consumers mind Disadvantages: difficult to get media cooperation Sales Promotion A short term offer designed to arouse interest in buying a product or service Advantages: effective at changing behavior in the short run, very flexible Disadvantages: easily abused, can lead to promotion wars, easily duplicated Direct Marketing Promotional element that uses direct communication with consumers to generate a response in the form of an order, a request for further information or a visit to a retail outlet Advantages: message can be prepared quickly, facilitates relationship with customer
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Disadvantages: declining customer response, database management is expensive INTEGRATED MARKETING COMMUNICATIONS—DEVELOPING THE PROMOTIONAL MIX Channel Strategies Push Strategy—directing the promotional mix to channel members to encourage them to order and stock a product o Goal: get channel members to push it to their customers Pull Strategy—directing the promotional mix at ultimate consumers to encourage them to ask the retailer for the product DEVELOPING AN (Integrated Marketing Communications) IMC PROGRAM PLANNING PHASE Identifying the Target Audience Specifying Promotional Objectives Hierarchy of effects —the sequence of stages a prospective buyer goes through o Awareness—the consumers ability to recognize and remember the product or brand name o Interest—an increase in the consumer’s desire to learn about some of the features of the product or brand o Evaluation—the consumers appraisal of the product or brand on important attributes o Trial—the consumers actual first purchase and use of the product or brand o Adoption—through a favorable experience on the first trail the consumers repeated purchase and use of the product or brand Setting the Promotion Budget Methods o Percentage of sales o Competitive parity—match the competitors level of spending o All you can afford- o Objective and task Determines its promotion objectives
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