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Marketing > Promotion (9.1, 9.2, 10.1, 10.2) > Flashcards

Promotion (9.1, 9.2, 10.1, 10.2) Flashcards

1
Q

Promotion

A

Using all elements of the 4ps to communicate with customers

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2
Q

4 Parts of Promotion (IRPB)

A

Inform, Remind, Persuade, Build Relationships

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3
Q

Integrated Marketing Communications (IMC)

A

A Promotional communications strategy should coordinate diverse forms of marketing to deliver a consistent message

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4
Q

The One to many Advertising Model

A

Advertising, Sales, PR

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5
Q

One to one model

A

Database marketing, direct marketing, personal selling

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6
Q

Many to Many Model

A

Buzz Building, Social media

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7
Q

5 Elements of Promotional Mix

A

Advertising
Sales Promotion
Personal Selling
PR
Direct Marketing

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8
Q

IMC Step 1

A

Identify Target Audience

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9
Q

IMC Step 2

A

Establish Communication Objectives
- Create Awareness
- Inform market
- Create Desire
- Encourage trial
-Build Loyalty

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10
Q

IMC Step 3

A

Determine and allocate budget

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11
Q

Top-Down budgeting techniques

A

Management decides on how much (focused on sales)

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12
Q

Bottom-up budgeting techniques

A

Management identifies promotional goals first

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13
Q

Push Strategy

A

Push product through retailers

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14
Q

Pull Strategy

A

Pull consumers to product and convinces retailers to invest

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15
Q

IMC Step 4

A

Designing the promotional Mix

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16
Q

IMC Step 5

A

Evaluate the effectiveness of the plan

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17
Q

Developing an AD campaign

A

Understand target market
Establish

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18
Q

3 typed of Digital Media Advertising

A

Owned (Socials run by the company) ,
Paid (Ads on websites),
Earned (Other people posting)

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19
Q

Branded entertainment

A

Putting and hiding brands in entertainment

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20
Q

Native Advertising

A

Trying to make ad not look like an ad

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21
Q

Pro active PR

A

Part of a plan

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22
Q

Reactive PR

A

Responding

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23
Q

Merchandising allowance

A

Reimbursing retailer for in store support

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24
Q

Case Allowance

A

Discounts for retailers based on volume

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25
Issues with Price Breaks
Forward buying - Retailers only buy during discounted promotional offers Diverting -Retailers selling extra stack to other retaielrs
26
Sales Promotions towards customer downsides
Too many promotions may hurt brand image
27
Personal Selling (Push)
advertising for retailers (large order or highly technical)
28
Transactional Selling
Short term relationships with customer often making them feel manipulated
29
Relationship Selling
Long-term to maintain a relationship
30
Price Elasticity of demand
Percentage change in demand over price
31
Elastic
Change in price will hurt demand
32
Inelastic
Change in price wont hurt demand r
33
Average Fixed costs
More items you produce will lower this average fixed costs
34
Break even anaylsis
Produce enough to cover costs
35
Cost Based price
Setting a price to generate profit
36
Demand Based Price
Find a pleasing pricce and considering how much retailers will mark up
37
Yield Management pricing
Different price for different people
38
Competition based pricing
Near the industry standard
39
Needs based pricing
everyday low pricing with no promos
40
Skimming pricing
Starting with high prices and slowley dropping -apple
41
Penetration Pricing
Low price to dominate the market
42
Trial Pricing
Low price so consumers try the product
43
Price segmentation
Student discounts
44
Payment Pricing
Monthly installments to make more accessible
45
Price bundling
Putting together products and maik9ng them cheaper
46
Captive pricing
Selling products that only work together
47
Distribution based pricing
Depending on costs of transport
48
Discounting for channel members
Quanitity discount, cash discount, seasonal discounts
49
Internal reference price
Customers ideal price range for a product
50
Assimilation
Customer will buy cheaper product if next to a more expensive
51
Contrast effect
Customer will buy more expensive product if next to a cheaper
52
Price lining
Iphone tiers
53
Prestige pricing
Artificially high
54
Disintermediation
Reducing layers of intermediation (Online
55
Independant Wholesale intermedieries
Manufacturer to retail
56
Full service merchant whole salers
transport included
57
Rack Jobber
Supply retailers with specialty items and often restock
58
Merchandise agents and brokers
Selling agent to help with the process
59
Direct to consumer pros/cons
+ price is set by you - a lot to manage
60
Indirect to consumer pros/cons
+ Efficiency to target market + includes delivery to customer + increases market coverage
61
B2B
Large orders
62
Dual Channel
Most common
63
Step 1 Distribution strat
Objectives
64
Step 2 Distribution strat
Evaluate external/ Internal
65
Step 3 Distribution strat
Choose a distribution strat
66
Conventional distribution strat
Manufactuer -> Wholesale -> Retail -> consumer
67
Vertical Marketing system
Same but manufacturing, wholesale, and retail are 1
68
Administered VMS
Big brands being powerful and controlling among retailers OR Big retailers being powerful and controlling product in store
69
Corperate VMS
Single firm owning manufacturer, wholesale, and retailing
70
Contractual VMS
Wholesale sponsor cooperating with retailer Group of retailers creating a wholesale operation
71
Franchise VMS
Finding entrepreneurs to take over
72
Horizontal Marketing System
Star alliance
73
Intensive distribution
Maximizing market coverage by selling everywhere
74
Exclusive distribution
Luxury stores at specific places
75
Selective Distribution
Mix of exclusive and intensive for investment goods
76
Selecting channel partners based on...
Will they contribute to profit? how much controll you need? How much service does the customer want? What are competitors doing?
77
Wheel of retailing hypothesis
Vulnerability (high prices great service) Entry Phase (Low margin no services) Trading up phase (Moderate prices some services
78
When does the wheel not apply?
Luxury stores, Recession,
79
Intangibility of services
Reveiws, certificates
80
Perishability of services
Impossible to store for later consumption (encourage demand during low periods )
81
Inseperibility Services
Employee and customer must be connected
82
The service encounter
Social and physical
83
SERVQUAL
angibles, reliability, responsiveness, assurance, empathy
84

Marketing (8 decks)

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