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📊 PRICING DEFINITIONS Odd-Even Pricing Pricing items slightly below whole numbers (e.g., $9.99) to make them seem cheaper. Penetration Pricing Setting a low initial price to quickly attract customers and gain market share. Skimming Price Strategy Setting a high initial price and gradually lowering it over time. Price Elasticity The degree to which demand changes when the price changes. Prestige Pricing Setting high prices to create an image of quality or luxury. Cost-Plus Pricing Determining price by adding a markup to the cost of the product. ❓ Key Concepts Best strategy for price-sensitive customers Penetration pricing—because lower prices attract them. Best strategy when you have unique advantages Skimming pricing—because customers are willing to pay more. Last step in setting initial price Finalizing the price after evaluating all factors. 💸 Costs Fixed Costs Expenses that do not change regardless of production level. Variable Costs Expenses that vary depending on production volume. ⚡ Other Pricing Concepts Dynamic (On-Demand) Pricing Adjusting prices in real time based on demand, competition, or other factors. Demand The quantity of a product consumers are willing and able to buy at a given price. Status Quo (Competitive) Pricing Setting prices based on what competitors are charging. 🎯 Pricing Objectives Maximize Sales Focus on increasing the number of units sold. Maximize Profits Focus on achieving the highest possible profit. Maximize Market Share Aim to capture the largest portion of the market. Specific Return on Investment (ROI) Set prices to achieve a targeted financial return. Bundle Pricing Offering several products together at a lower combined price than if purchased separately. 📢 PROMOTION DEFINITIONS Promotion Communication activities used to inform, persuade, and remind customers about a product. Integrated Marketing Communication (IMC) Coordinating all promotional tools to deliver a consistent message. Public Relations (PR) Managing a company’s image and relationships with the public. 🧰 Public Relations Tools News Releases Official statements given to media to share information. Public Service Announcements (PSAs) Messages promoting social good, often free of charge. ⚖️ Strengths & Weaknesses Public Relations Strengths → Credible, low cost Weaknesses → Little control over how message is presented Sales Promotion Definition Short-term incentives to encourage purchase. Strengths → Immediate results Weaknesses → Short-lived impact Advertising Definition Paid, non-personal communication through media. Strengths → Large audience, message control Weaknesses → Expensive, easily ignored Personal Selling (Professional Selling) Definition Direct interaction between a salesperson and a customer. Strengths → Personalized, builds relationships Weaknesses → Costly, time-intensive 🎯 Key Promotion Concepts Lead Element for Mass Consumer Audiences Advertising—reaches large groups efficiently. Lead Element for Business-to-Business (B2B) Personal selling—focuses on relationships. Promotion Strategy in Growth Stage Increasing advertising and sales promotions to build demand. 💵 Budgeting METHODS Objective Task Approach Setting budget based on specific goals and tasks needed to achieve them. Pros → Accurate, goal-oriented Cons → Time-consuming, complex Competitive Comparison Budgeting Setting budget based on competitors’ spending. Percentage of Sales Budgeting Allocating a fixed percentage of sales revenue to promotion. 📊 ADVERTISING TERMS Touch Points Any interaction between a customer and a brand. Reach The number of different people exposed to a message. Frequency The number of times a person sees the message. 🛍️ SALES PROMOTION TYPES Trade Promotions Incentives aimed at retailers or wholesalers to carry or promote products. Consumer Promotions Incentives aimed directly at consumers. Rebate A partial refund given after purchase. Coupons Certificates offering discounts on products. Contests Promotions where skill is required to win. Sweepstakes Promotions where winners are chosen randomly. 📞 SELLING TERMS Cold Calling Contacting potential customers without prior interaction. Lead Generation Identifying and attracting potential customers