Studied by 23 people
Promotion
Communicating information between the seller and potential buyer or others in the channel to influence attitudes and behavior
Personal selling
Involves direct spoken communicating between sellers and potential customers
Mass selling
Communicating with large numbers of potential customers at the same time
Advertising
any paid for of nonpersonal presentation of ideas, goods, or services by an identified sponsor
Sales promotion
refers to promotion activities--other than advertising, publicity, and personal selling-- that stimulate interest, trial, or purchase by final customers or others in the channel
Publicity
any unpaid form of nonpersonal presentation of ideas, goods, or services
Sales managers
those concerned with managing personal selling
Advertising managers
those who manage their company's mass-selling effort--in television, newspapers, magazines, online and social media sites
Sales promotion managers
Those who manage their company's sales promotion effort.
Public relations
Communications with noncustomers, including the press, labor, public interest groups, stockholders, and the govt.
Integrated marketing communications
The intentional coordination of every communication from a firm to a target customer to convey a consistent and complete message
The AIDA model
get ATTENTION
Hold INTEREST
arouse DESIRE
obtain ACTION
Communication process
A source trying to reach a receiver with a message
Source
the sender of a message
Receiver
potential customer
Noise
any distraction that reduces the effectiveness of the communication process
Encoding
The source in the communication process deciding what it wants to say and translating it into words or symbols that will have the same meaning to the receiver
Decoding
The receiver translating the message
Message channel
the carrier of the message
Pushing
Using normal promotion effort -- personal selling, advertising, and sales promotion -- to help sell the whole marketing mix to possible channel members
Pulling
Using promotion to get consumers to ask intermediaries for the product
Adoption curve
Shows when different groups accept ideas
Innovators
The first to adopt new products
Early adopters
The second group in the adoption curve to adopt a new product. These people are usually well respected by their peers and often are opinion leaders
Early majority
Those who avoid risk and wait to consider a new idea after many early adopters have tried it -- and liked it
Late majority
Those who are cautious about new ideas. often they are older and more set in their ways, so they are less likely to follow early adopters.
Laggards / Nonadopters
Those who prefer to do things the way they've been done in the past and are very suspicious of new ideas. They tend to be older and less well educated.
Primary demand
Demand for the general product idea-- not just for the company's own brand
Selective demand
Demand for a company's own brand rather than a whole product category
Task method
basing the budget on the job to be done
Advertising agencies
specialists in planning and handling mass-selling details for advertisers.
Advertising allowances
Price reductions to firms further along in the channel-- to encourage them to advertise or otherwise promote the firm's products locally
Cooperative advertising
involves producers sharing in the cost of ads with wholesalers or retailers.
Product advertising
Advertising that tries to sell a specific product
Institutional advertising
Advertising that promotes an organization's image, reputation, or ideas rather than a specific product
Pioneering advertising
advertising that tries to develop primary demand for a product category rather than demand for a specific brand.
Competitive advertising
advertising that tries to develop selective demand for a specific brand
Direct competitive advertising
Competitive advertising that aims for immediate buying action
Indirect competitive advertising
Advertising that points out product advantages to affect future buying decisions
Comparative advertising
Advertising that makes specific brand comparisons--using actual product names
Reminder advertising
advertising that tries to keep the product's name before the public.
Pay-per-click
Where advertisers pay media costs only when a customer clicks on the ad that links to the advertisers website.
Retargeting
displays ads to a web user based on sites he or she previously visited.
Click-through rate
the number of people who click on the ad divided by the number of people the ad is presented to (usually less than 1/1000
Influencers
trusted or well-known figures who can sway attitudes or purchase decisions among a particular target market- to promote a brand
Copy thrust
what the words and illustrations in an advertisement should communicate
Corrective advertising
ads to correct deceptive advertising
Trade promotion
refers to sales promotion aimed at intermediaries
Paid Media
messages generated by a brand and communicated through a message channel the brand pays to access
Owned media
Promotional messages generated by a brand communicated through a message channel the brand directly controls
website, youtube, instagram.. etc
Earned media
promotional messages not directly generated by the company or brand, but rather by third parties such as journalists or customers.
User-generated content
any type of communication created by customers for other customers
Search engine optimization (SEO)
The process of designing a website so that it ranks high in a search engines unpaid results
Pass-along
occurs when one customer passes information on to one or more other customers
Branded services
valued services a brand provides that are not directly connected to a core product offering. They are designed to share a message
White paper
an authoritative report or guide that addresses important issues in an industry and offers solutionsC
Case studies
success stories about how a company helped another customer
Landing page
a customized web page that logically follows from clicking on an organic search result, online ad, or other link
Blog
a regularly updated website, usually managed by one person or a small group and written in an informal, conversational style
Infographic
a visual image such as a chart or diagram used to represent information or data
Branded apps
sponsored software applications that benefit customers by providing entertainment, solving a problem, and/or saving tine.
Brand community
a group of customers joined around a particular brand or common set of shared interests.
referral program
offers a current customer an incentive for recommending a new customer to a business
Social media
websites or software applications that allow users to create and share ideas, information, photos, and videos and interact in a social network
Marketing automation software
tracks individual customers' behavior and triggers actions in response to specific customer actions.
Price
the amount of money that is charged for "something" of value
Target return objective
sets a specific level of profit as an objective.
Profit maximization objective
seeks to get as much profit as possible
Sales oriented objective
seeks some level of unit sales, dollar sales, or share of market (without referring to profit)
Status quo-objectives
don't-rock-the-pricing-boat objectives. Stabilize prices, meet competition, or avoid competition
nonprice competition
aggressive action on one or more of the P's other than price
Administered prices
consciously set prices aimed at reaching the firm's objectives
One-price policy
offering the same price to all customers who purchase products under essentially the same conditions and in the same quantities
Flexible-price policy
means offering the same product and quantities to different customers at different prices
Dynamic pricing
pricing products at a particular customer's perceived ability to pay
Skimming price policy
tries to sell the top (skim the cream) of a market--the top of the demand curve-- at a high price before aiming at more price sensitive customers
Penetration pricing policy
tries to sell the whole market at one low price
Introductory price dealing
temporary price cuts-- to speed new products into market and get customers to try them. Raise prices as soon as the introductory offer is over
Allowances
reductions in price given to final consumers, customers, or channel members for doing something or accepting less of somethingA
Advertising allowances
price reductions given to firms in the channel to encourage them to advertise or otherwise promote the supplier's products locally.S
Stocking allowances / slotting allowances
Given to an intermediary to get shelf space for a product.
Push money (prize money) allowances
given to retailers by manufacturers or wholesalers to pass on to the retailers salesclerks for aggressively selling certain items
Trade-in allowance
Price reduction given for used products when similar new products are bought
Sale price
a temporary discount from the list price
Everyday low pricing
setting a low list price rather than relying on frequent sales, discounts, or allowances
Rebates
refunds paid to consumers after a purchase
Lease
gives a customer the right to use something for a specified period of time in exchange for regular payments
Unfair trade practice acts
put a lower limit on prices, especially at the wholesale and retail levels.
Dumping
pricing a product sold in a foreign market below the cost of producing it or at a price lower than in its domestic market.
Phony list prices
prices customers are shown to suggest that the price has been discounted from the list.
Wheeler-Lea act
bans "unfair or deceptive acts in commerce"pr
price-fixing
competitors getting together to raise, lower, or stabilize prices
Price discrimination
selling the same products to different buyers at different prices --if it injures competition
Discounts
reductions from list price given by a seller to buyers who either give up some marketing information or provide the function themselves
Quantity discounts
discounts offered to encourage customers to buy in larger amounts.
Cumulative quantity discounts
apply to purchases over a given period, the discount usually increases as the amount purchased increases
Noncumulative quantity discounts
apply to individual orders.
Seasonal discounts
Discounts offered to encourage buyers to buy earlier than present demand requires
Net
payment for the face value of the invoice is due immediately
Cash discounts
reductions in price to encourage buyers to pay their bills quickly
Note 
Flashcard (27)