MARK 3321 Final Exam Flashcards
communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response
promotion
a plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, sales promotion, and social media.
promotional strategy
the set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition
competitive advantage
direct, face-to-face communication between two or more people
interpersonal communication
involves communicating a concept or message to large audiences
mass communication
the careful coordination of all promotional messages—traditional advertising, direct marketing, social media, interactive, public relations, sales promotion, personal selling, event marketing, and other communications—for a product or service to assure the consistency of messages at every contact point where a company meets the consumer
integrated marketing communications
public information about a company, product, service, or issue appearing in the mass media as a news item
publicity
to influence demand for a specific brand. Often, promotion becomes less informative and appeals more to emotions during this phase. Generally, this is where an emphasis on branding begins
competitive advertising
directly or indirectly compares two or more competing brands on one or more specific attributes
comparative advertising
is intended to stimulate primary demand for a new product or product category. Heavily used during the introductory stage of the product life cycle
pioneering advertising
identifies a reason for a person to buy a product
advertising appeals
the series of decisions advertisers make regarding the selection and use of media, enabling the marketer to optimally and cost-effectively communicate the message to the target audience.
media planning
that which is given up in an exchange to acquire a good or service.
price
refers to consumers’ responsiveness or sensitivity to changes in price
elasticity of demand
a situation in which consumer demand is sensitive to price changes
elastic demand
an increase or a decrease in price will not significantly affect demand for the product.
inelastic demand
an increase in sales exactly offsets a decrease in prices, so total revenue remains the same.
unitary elasticity
a cost that varies with changes in the level of output
variable cost
does not change as output is increased or decreased. Examples include rent and executives’ salaries.
fixed cost
