Tactile planning Flashcards
Maverick approach
cost leadership- keeping costs low enough to be able to maintain high profits even when there is strong competition, there can only be one in the market
Differentiation- distinguishing the firm and its product from all competitors
Focus- concentrating on specific segments of the market
Impossible to do all 3
overall aims of promotional strategy
category need- persuade consumers product will meet a need
Brand awareness- fixing brand and characteristics in consumers mind
Brand attitude- trying to build a favourable attitude in the consumers mind
brand purchase intention
Purchase facilitation - geared to ensuring that the product is readily available and the consumer knows where to go get it
Push strategies
promoting products only to the next link down the distribution channel
selling hard to the wholesalers and in turn selling hard to retailers who then push the product onto consumers
cheap and relatively straightforward
Pull strategies
focusing the effort on the consumer on the basis that an increase in consumer demand for the product will pull it through the distribution chain
emphasise on consumer advertising and strong merchandising
Setting objectives SMART
Specific measurable achievable realistic time-bound
Product differentiation in campaign
aim to show how the product is better than competitors products by emphasising their differences
USP- unique selling point
ways to monitor market performance
sales analysis e.g. competitor sales, type of customer, industry
market cost analysis- costs of generating the income
Return on investment (ROI) looks at the response to digital marketing and social media and online campaigns
Marketing cost
Direct cost - eg. salespeople salaries
traceable common costs- eg. cost of advertising traced back to specific products
non-traceable common costs- eg. cost of PR, corporate advertising, cannot be allocated to any particular product range or brand
