FSU Valencia MAR3023 Final-Flashcards

Final.

Integrated Marketing Communications

Coordination of promotional efforts to deliver a consistent message to customers for maximum impact.

Main Goal of IMC

To send a consistent, persuasive message across all promotional tools.

Why IMC is Increasingly Important

Mass media is less effective and more expensive; digital tools allow for more targeted marketing.

Promotion

Communication to build and maintain relationships by informing and persuading audiences.

Promotion Mix

Combination of promotional methods used to promote a product.

Advertising

Paid, nonpersonal communication transmitted via mass media to a target audience.

Personal Selling

Paid personal communication to inform and persuade customers in an exchange situation.

Advantages of Personal Selling

More specific, greater impact, immediate feedback.

Disadvantages of Personal Selling

Expensive.

Kinesic Communication

Nonverbal communication via body movements.

Proxemic Communication

Communication by adjusting physical distance.

Tactile Communication

Communication through touch.

Public Relations

Communication efforts to build favorable relationships with stakeholders.

Publicity

Nonpersonal communication in news form transmitted at no charge via mass media.

Sales Promotion

Direct inducement offering added value or incentive (e.g. coupons, samples, contests).

Profit-Oriented Pricing Objectives

Achieve a target return or maximize profits.

Sales-Oriented Pricing Objectives

Increase sales volume or market share.

Status Quo Pricing Objectives

Stabilize prices or match competition.

Market-Skimming Pricing

High initial price to maximize profits from early adopters.

Market-Penetration Pricing

Low initial price to quickly gain market share.

One-Price Strategy

All customers are charged the same price.

Odd-Pricing Strategy

Prices set in odd amounts (e.g. $9.99) to seem cheaper.

Price Lining

Pricing products at predetermined price points.

Flexible-Price Strategy

Different prices for different customers or situations.

High-Low Pricing

Alternating between high regular prices and sales.

Leader Pricing

Setting low prices on popular items to attract customers.

Loss Leader

Product sold at a loss to draw in customers.

Everyday Low Price (EDLP)

Consistently low prices with no need for sales.

Unfair Practices Acts

Regulations that prevent deceptive or unfair pricing.