* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download U 3 Study Guide key
Music industry wikipedia , lookup
Marketplace Fairness Act wikipedia , lookup
Multi-level marketing wikipedia , lookup
Social media marketing wikipedia , lookup
Youth marketing wikipedia , lookup
Advertising management wikipedia , lookup
Food marketing wikipedia , lookup
Neuromarketing wikipedia , lookup
Marketing communications wikipedia , lookup
Market penetration wikipedia , lookup
Direct marketing wikipedia , lookup
Advertising wikipedia , lookup
Targeted advertising wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Global marketing wikipedia , lookup
Online shopping wikipedia , lookup
Pricing strategies wikipedia , lookup
Green marketing wikipedia , lookup
Marketing strategy wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Product lifecycle wikipedia , lookup
Sales process engineering wikipedia , lookup
Planned obsolescence wikipedia , lookup
Product placement wikipedia , lookup
Advertising campaign wikipedia , lookup
Visual merchandising wikipedia , lookup
Sensory branding wikipedia , lookup
Predictive engineering analytics wikipedia , lookup
Marketing, Unit 3 Promotion Promotion – any form of communication a business or organization uses to inform, persuade, or remind people about its products and improve its public image product promotion – used to convince potentials customers to buy products from it instead of from a competitor explains the major features and benefits of its products tells where those products are sold advertises sales on those products answers customer questions introduces new products institutional promotion – create a favorable image for itself – does not sell a certain product Types of Promotion Advertising – any paid form of nonpersonal presentation and promotion of ideas, goods or services by an identified sponsor is distinguished from other forms of promotion by time or space devoted to it is paid for uses a set format to carry the message rather than personal, one-on-one selling identifies the sponsor of the message Advantages of using advertising a large number of people usually see the message advertising costs per potential customer (whether that customer is a viewer, reader, or listener) are usually lower than other forms of promotion businesses can choose the most appropriate media to reach their target market, since there are many ways to advertise a business can control the content of an advertisement and adapt it to the medium and method of presentation advertisements are subject to repeat viewing - this helps to keep the advertiser’s message in people’s minds advertisements can “presell” products – that is, they can influence people to make up their minds about a purchase before they shop Disadvantages of using advertising advertising cannot focus well on individual needs because the message is the same for all customers some forms of advertising, such as television, can be too expensive for many businesses can be wasteful and inefficient – many people that read magazine ads or view television, are not potential customers advertisements must be brief (because of cost) Publicity – placing newsworthy information about a company, product, or person in the media principal function of publicity – building an image (the way a business or organization is defined in people’s minds – impression based on a combination of factors, physical surroundings, personal experiences, and things written or said in the media) publicity is free audience for news is huge, held in high esteem by the public business give up control over the message (publicity may be negative) Sales Promotion – all marketing activities other than advertising, personal selling, and publicity that are used to stimulate consumer purchasing and sales effectiveness usually involves short-term activities usually offers some type of incentive to make a purchase can be successfully used in all channels of distribution with manufacturers, wholesalers, retailers, and consumers may be either consumer-oriented or trade-oriented Trade Promotions – sales promotion activities designed to gain manufacturers, wholesalers, and retailers support for a product slotting allowances – is a cash premium paid by the manufacturer to a retail chain for the costs involved in placing a new product on its shelves – other uses of slotting allowances include cents-off specials, charges for store shelves, penalties if a product does not sell, and store advertising and display costs buying allowances – special price discount given by manufacturers to wholesalers and retailers to encourage them to either buy a product or buy a larger quantity of a product trade shows and conventions – provide businesses with opportunities to introduce new products, encourage increased sales of existing products, and gain continued company and product support sales incentives – awards given to managers and employees who successfully meet or exceed their company’s set sales quota for a particular product or line of products Consumer Sales Promotions – designed to encourage customers to buy a product licensing – organizations such as manufacturers, movie makers, sports teams, or celebrities may license for a fee their logo, trademark, trade characters, names and likenesses, or personal endorsements to a business to be used in promoting the business’s products promotional tie-ins – involve sales promotional arrangements between one or more retailers or manufacturers visual merchandising and displays – visual merchandising refers to the coordination of all physical elements in a place of business so that it projects the right image to its customers displays refer to the visual and artistic aspects of presenting a product (window, floor, counter, etc.) premiums and incentives – most frequently used promotions – increase sales by building product loyalty and attracting new customers premiums – low-cost items given away free to consumers as a condition of purchase o coupons o factory packs – free gifts placed in product packages o traffic builders – low-cost items given away free to consumers for visiting a new store or attending a special event o coupon plans product samples – free trial size that is sent through the mail, distributed door-to-door, or through retail stores and trade shows Personal Selling – making an oral presentation to one or more potential buyers Order-taking personnel – cashiers, counter clerks, sales associates Order-getting personnel – informing customers, helping them to buy (real estate, automobiles, appliances) Promotional Mix – combination of different types of promotion