Unit 8- Promotion Flashcards
what is the push strategy?
manufacturer convinces wholesalers, distributors, or retailers to sell its products
move products through the channel by convincing channel members to offer them
(use of company’s sales force & trade promotion activities to create consumer demand for a product)
what is the promotion mix?
the marketers “bag of tools” for communicating with customers/stakeholders
what is pull strategy?
creates demand for a product among consumers so that businesses agree to sell the product
move products through the channel by building desire among consumers, convincing retailers to respond to demand
(high spending on advertising & consumer promotion to build up consumer demand for a product)
what is the top down budget?
top management sets the overall amount the company will spend on promotional activities for the year
what is the bottom-up budget?
PLC: to allocate more money during the introduction stage of a new product than in later stages when the product is established
what are the types of advertising?
product advertising, institutional or corporate advertising, retail/local advertising, do-it-yourself advertising
what are the types of agencies?
limited service agency
full service agency
what are the main roles of the agencies?
account management
creative services
research/marketing services
media planning
what’s an advertising campaign
a coordinted, comprehensive plan that carries out promotion objectives & results in a serious of ads placed in media over a period of time
what is USP?
unique selling propostion- gives consumer a single reason why one product is better at solving the problem
advertising in traditional media?
television, radio, newspapers, magazines, ng, directories, out-of home media, place-based media
advertising with online ads?
text ad, banners, rich media, full page, interstitail/pop-up ads, map advertisement, social media
what are the 5m’s of advertising?
mission- goals money- budget message media- vehicles measure- metrics
what is personal selling?
company representative interacts directly with prospective customer to communicate about a good/service
what is personal selling important?
when firm uses push strategy
b2b contexts & services
with inexperienced consumers who need hands-on assistance & complicated products such as electronics
products bought infrequently/ high involvement
Cost per contact is very high
what is transactional selling?
high pressure process that focuses on making an immediate sale w/no concern for developing long term customer relationshp
what is relationship selling?
process of building long-term customers by developing mutually satisfying, win-win relationships with customers
what are sales promotion?
programs designed to build interest in or encourage purchase of a product during a specified period of time
-deliver short-term sales results
target end: consumers, channel partners, employees
sales promotion toward trade?
discounts & deals
increasing industry visibility
sales promotion towards consumers ?
price based
attention getting
what is public relations?
publicity: unpaid communication about an organization that gets media exposure
responsible for preparing a crisis management plan
what is direct marketing?
allows organizations to target specific individuals
direct communication to a consumer or business recipient designed to generate a response in the form of -an order, a request for further info, a visit to a store or other place of business for purchase of a product
what are the types of direct marketing?
mail order, telemarketing, direct-response tv, mobile phone
what is WOM?
word of mouth.. the act of consumers providing information to other consumers
what is WOM marketing?
giving people a reason to talk about your products & services, & making it easier for that conversation to take place
what is Organic WOM?
generated through day-to day customer experiences
what is IMC?
Integrated Marketing Communications
provide an approach designed to deliver one consistent message to buyers through an organizations promotions
what are the promotional mix elements?
advertising, consumer sales promotion, trade promotions, direct marketing, professional selling
what are consumer sales promotions?
consist of short-term incentives such as coupons, contest, games, rebates, & mail in offers that supplement the advertising & sales efforts
what is the communication process?
to encode or translate ideas into messages that can be correctly interpreted by buyers it illustrates how messages are sent & received
what is vehicle?
the specific means, such as a particular magazine or specific television show, within a medium to reach a selected target market
what is the AIDA model?
includes several different promotion objectives, including attention, interest, desire & action
what is primary demand?
demand for a product category
what is selective demand?
demand for a specific brand
what is the affordable method?
a budgeting technique whereby companies spend what they think they can afford promoting a product
what is competitive parity method?
a budgeting method whereby companies make sure their promotion budgets are comparable to their competitors
what are objective & task method?
a budget based on a company’s promotion objectives & the costs of the activities n tasks necessary to accomplish those objectives
what are the different types of sales promotions?
conventions, or meetings, with groups of professionals
sales contests
trade allowances
free merchandise
what are public relations materials?
press releases
publicity
news conferences
whats a press release?
news story written by an organization to promote a product, organization or person
can used for damage control purposes
what salespeople do?
creating value for their firms customers
managing relationships
relaying customer & market information back to their organizations
who are missionary salespeople?
missionary salesperson calls on people who make decisions about products but don’t actually buy them & while they call on individuals, the relationship is b2b
who are trade salespeople?
someone who calls on retailers & helps them display, advertise & sell products to consumers
who are prospectors?
whose primary function is to find prospects, or potential customers
who are account managers?
responsible for ongoing business w/a customer who uses a product
what’s the sales process?
approach, needs identification, presentation, objection handling, close, implement & provide customer service
what is the sales cycle?
basic unit of measurement indicating how long it takes to close a sale
what is lead management?
the process of identifying & qualifying leads in order to grow new business
what is closed loop lead management systems?
information systems that are able to track leads all the way from the point at which the marketer identifies them to when they are closed
what does marketing do for sales?
marketing shortens the sales cycle, mkt improves conversion ratios by scoring leads,
what are conversion ratios?
measure how good a salesperson is at moving customers from one stage in the selling cycle to the next
what are activity goals
number of sales calls of each type a representative has to be make in a certain period of time
whats a win loss analysis
an “after the battle” review of how well a salesperson perfomed given the opportunities face
what’s a bonus?
paid at the end of a period of time based on the total amount sold
what’s commission
typically thought of as a payment for each sale
