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A set of flashcards covering key concepts in marketing, promotions, advertising, pricing, and customer relationship management.
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What is Promotion in marketing?
One of the 4Ps focused on communicating to inform and persuade buyers.
What are the key elements of the Promotional Mix?
Advertising, Public Relations, Sales Promotion, Personal Selling, Social Media.
What is the goal of a promotional strategy?
To convince buyers of the product's competitive advantage.
What are the stages of the product life cycle regarding promotion?
Informing, Persuading, Reminding, and Connecting.
What does the A-I-D-A model stand for?
Awareness, Interest, Desire, Action.
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.
Describe Institutional Advertising.
Promotes the company as a whole, focusing on brand image.
What is the Advertising Response Curve?
It shows the relationship between ad spending and sales, resembling an elongated S shape.
What is Price Elasticity in marketing?
A measure of how sensitive customer demand is to changes in price.
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.
Name two common types of sales promotions.
Coupons & Rebates, Loyalty Programs.
What is CRM?
A strategy that focuses on understanding and meeting customer needs to increase satisfaction and sales.
What is Integrated Marketing Communications (IMC)?
Aligning all elements of the promotional mix for consistency and effectiveness.
What is the purpose of Public Relations?
To build a positive public image and manage brand reputation.
What factors affect the choice of promotional mix?
Product type, product life cycle stage, buying decision type & stage, and push vs. pull strategies.
Explain the concept of 'Break-Even Pricing'.
Setting prices to ensure total revenue equals total costs, resulting in neither profit nor loss.
What is the definition of price fixing?
An illegal practice where competitors agree on a price.
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.
What is the significance of media planning in advertising?
It involves choosing the right media types, mix, and scheduling strategies for ad placement.