Principles of Marketing - Chapter 14

Promotion Mix (marketing communications mix) (14)

Specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships

Advertising (14)

Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor

Sales Promotion (14)

Short-term incentives to encourage the purchase or sale of a productt/srevice

Personal Selling (14)

Personal presentation by the firm's sales force for the purpose of making sales and building customer relationships

Public Relations (14)

Building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events

Direct Marketing (14)

Direct connections with carefully targeted individuals consumers to both obtain an immediate response and cultivate lasting customer realtionships

Integrated Marketing Communications (IMC) (14)

Carefully integrating and coordinating the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its products

Buyer-readiness Stages (14)

The stages consumers normally pass through on their way to a purchase: awareness, knowledge, liking preference, conviction, and purchase

Personal Communication Channels (14)

Channels through which two or more people communicated directly with each other, including face to face, on the phone, via mail or email, or even through internet chat

Word-of-mouth Influence (14)

Personal communications about a product between target buyers and neighbors, friends, family members, and associates

Buzz Marketing (14)

Cultivating opinion leaders and getting them to spread information about a product or service to others in their communites

Non-personal Communication Channels (14)

Media that carry messages without personal contact or feedback, including major media, atmospheres, and events

Affordable Method (14)

Setting the promotion budget at the level management thinks the company can afford

Percentage-of-sales Method (14)

Setting the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price

Competitive-parity Method

Setting the promotion budget to match competitor's outlays

Objective-and-task Method (14)

Developing promotion budget by: defining specific promotion objectives, determining the tasks needed to achieve these objectives, and estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget

Push strategy (14)

A promotion strategy that calls for using the sales force and trade promotion to push the product through channels. The producer promotes the product to channel members who in turn promote it to final consumers

Pull Strategy (14)

A promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product, creating a demand vacuum that "pulls" the product through the cahnnel