Marketing and Promotions Review

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A set of flashcards covering key concepts in marketing, promotions, advertising, pricing, and customer relationship management.

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119 Terms

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What is Promotion in marketing?

One of the 4Ps focused on communicating to inform and persuade buyers.

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What are the key elements of the Promotional Mix?

Advertising, Public Relations, Sales Promotion, Personal Selling, Social Media.

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What is the goal of a promotional strategy?

To convince buyers of the product's competitive advantage.

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What are the stages of the product life cycle regarding promotion?

Informing, Persuading, Reminding, and Connecting.

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What does the A-I-D-A model stand for?

Awareness, Interest, Desire, Action.

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What is the difference between Push and Pull strategies?

Push incentivizes channel members to promote products; Pull creates consumer demand to encourage retailers to stock products.

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Describe Institutional Advertising.

Promotes the company as a whole, focusing on brand image.

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What is the Advertising Response Curve?

It shows the relationship between ad spending and sales, resembling an elongated S shape.

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What is Price Elasticity in marketing?

A measure of how sensitive customer demand is to changes in price.

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How is Customer Lifetime Value (CLV) calculated?

As the net present value of all future earnings from the customer minus the cost of acquiring the customer.

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Name two common types of sales promotions.

Coupons & Rebates, Loyalty Programs.

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What is CRM?

A strategy that focuses on understanding and meeting customer needs to increase satisfaction and sales.

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What is Integrated Marketing Communications (IMC)?

Aligning all elements of the promotional mix for consistency and effectiveness.

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What is the purpose of Public Relations?

To build a positive public image and manage brand reputation.

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What factors affect the choice of promotional mix?

Product type, product life cycle stage, buying decision type & stage, and push vs. pull strategies.

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Explain the concept of 'Break-Even Pricing'.

Setting prices to ensure total revenue equals total costs, resulting in neither profit nor loss.

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What is the definition of price fixing?

An illegal practice where competitors agree on a price.

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What is the difference between Paid Media, Organic Media, and Earned Media?

Paid Media is paid advertising, Organic Media is company-created content, and Earned Media is public conversations and mentions.

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What is the significance of media planning in advertising?

It involves choosing the right media types, mix, and scheduling strategies for ad placement.

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