Everything Else Flashcards
What is above the line promotion?
This is a form of promotion that is undertaken by a business by paying for communication with consumers
What is price elasticity of demand?
This is the responsiveness of a products demand to a change in pricing
- PED = percentage change in quantity demanded / percentage change in price
- anything below 1 counts as inelastic and anything above 1 counts as elastic
What is promotion?
The use of advertisement, sales promotion and other promotional methods to inform consumers and persuade them to buy
What is promotion mix?
The combination of promotional techniques that a firm uses to sell a product
What is advertisement?
This is paid for communication with consumers to inform rand persuade them
What is above the line promotion?
A form of promotion that is undertaken by a business by paying for communication with consumers
What is sales promotion?
This is incentives like special offers, which are directed at the consumers to achieve a short term sales increase
What is below the line promotion?
Promotion that is not a directly paid for means of communication, but based on short term incentives to purchase
What is viral marketing?
The use of social networking sites or SMS text messages to increase brand awareness or sell products
What is integrated marketing?
It is when the key marketing decisions compliment each other and work together to give the consumers a consistent message of the business
