EXAM 2 CHP 15-19 Flashcards
Can be senders and receivers of messages.
Sender - Inform, persuade, remind.
Receiver - Develop and adapt messages -
encodes message sends message through channel - to receiver who decodes
message may be misconstrued bc of noise
The Communication Process
What are the 4 tasks of promotion?
- Inform
- Persuade
- Remind
- Connect
If at first, you don’t succeed…
Encode a new message.
One voice. All messages feature that one voice.
Integrated Marketing Communication (IMC)
How do you establish a price between the demand curve and the supply curve?
You establish the price at the equilibrium between the two.
How much units stretch in a change in price. Over -1, stretchy. Under -1, not stretchy.
Price Elasticity of Demand
(Maximum reservation price + variation price)/2 = Optimal price
Profit Maximization
What are the 4 social media tools and platforms?
- Social Networks
- Blogs
- Microblogs
- Media Sharing Sites
What are the 5 social media objectives?
- Listen and learn
- Build Relationships and Awareness
- Promote Products and Services
- Manage Reputation
- Improve Customer Service
What are the 3 stages of effective listening?
- Listening without objectives
- Tracking your mentions
- Identifying risks and opportunities
Identifying and understanding customer relations, capturing and leveraging customer information.
Customer Relationship Management (CRM)
You can explain, vary the message, focus on only qualified prospects.
Advantages of personal selling
Trying to sell a product once, close the deal, little planning, focusing on the product.
Traditional Selling
Trying to sell a product twice, focusing on a customer’s needs, considerable planning.
Relationship Selling
