MARKETING MIX Flashcards
COM EXAM
MARKETING MIX
A systematic combination of 4 elements - price, place, product and promotional activities used to satisfy the needs of an organization’s target market and at the same time achieve its market objectives
MARKETING MIX FEATURES
- increasing sales and profit
- integrated approach
- link
- equilibrium
PROMOTION MIX
The process of communication with potential buyers involving information, persuasion, influence.
It includes all types of personal and impersonal communications with customers
FUNCTIONS OF PROMOTION MIX
- to build an image
- to provide information
ELEMENTS OF PROMOTION MIX
- Advertising
- Personal Selling
- Sales Promotion
- Publicity
ADVERTISING
It is any paid form of nonpersonal presentation and promotion of ideas, goods and services by an identified sponsor
ADVERTISING FEATURES
- paid form
- non personal form
- identified sponsor
- mass communication
5.wide variety of media
ADVERTISING OBJECTIVES
- new product
- goodwill
- loyalty
- educate
- competition
SALES PROMOTION
Sales Promotion refers to all those activities other than advertising and personal selling that stimulates consumer purchasing and dealer effectiveness
Activities includes distribution of free sample, premium or bonus offers, free coupons, etc
FEATURES OF SALES PROMOTION
- not a routine
2.supplement advertising - short term
- targeted
OBJECTIVES OF SALES PROMOTION
- on the spot
- immediate sales
3.old stocks - supplement advertising
- demand
PERSONAL SELLING
Personal Selling is a process of informing, assisting and persuading people to buy a service through direct personal contact and involves face to face communication between the buyer and seller
FEATURES OF PERSONAL SELLING
- Personal interaction
- Art
3.Two way communication
4.Pervasive - long lasting benefit
OBJECTIVES OF PERSONAL SELLING
- increase
- introduce
- grievances
- switch
- feedback
PUBLICITY
Publicity is a news carried in the mass media about an organization and products, services and activities which are not paid for by it.
Publicity can be positive and negative.
It is free of cost as the company does not pay for any time and space in the media
Publicity is not always under control of the company