Term
| Integrated Marking Communication (IMC) |
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Definition
| IMC- Intergraded Marketing Communication. Coordinating all of our tools (weapons) to reach our target audience and send them a consistent message. |
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| Primary demand is demand for a product category rather than for a specific brand (orange juice) |
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| Pioneer promotion is promotion that informs consumers about a new product (MP3, Digital TV, satellite radio) |
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| Selective demand is demand for a specific brand |
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| Personal Selling, Advertising, Public Relations, Sales Promotions |
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| A paid non-personal communication about an organization and its products transmitted to a target audience through mass media (e.g. TV, Radio, Newspaper, Magazines) |
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| Publicity is a non-paid non-personal communication in a news story form about an organization or its products, or both, transmitted through a mass medium for free. Public Relations activities are used to generate publicity. (+Credible, non-paid) |
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| A paid personal communication that seeks to inform customers and persuade them to purchase products in an exchange situation |
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| An activity or material that acts as a direct inducement, offering added value or incentive for the product, to resellers, salespeople, or consumers. |
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| Closeness or distance from a person |
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| Buzz marketing and viral advertising are marketers’ attempts to take advantage of word-of-mouth communications |
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| Word-of-mouth communication has a strong impact on consumers’ buying proclivities. Is NOT advertising. |
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| Cars in movies, tv shows, whatever a product seen by viewers |
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| letters, directly addressing the consumer |
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| Pushing communication from the producer to the wholesaler to the retailer to the consumer |
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| Pulling communication from the product and giving it directly from the producer to the consumer |
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| Paid non-personal communication about an organization and its products transmitted to a target audience through mass media |
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| Institutional, product, advocacy |
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| The physical arrangement of an ad’s illustration and copy. |
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| Creating the Advertising Message Storyboard: A mockup combining copy and visual material to show the sequence of major scenes in a TV commercial. (also: animatics) |
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| People who can be reached |
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| how often do they tune in |
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Definition
| Cost of ad divided by circulation times 1000 = cost per media |
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| Continuous advertising schedule |
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Definition
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| Flighting advertising schedule |
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Definition
| Stop and start (firework stands) |
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| pulsing advertising schedule |
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Definition
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| Checkerboard advertising schedule |
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| Communications efforts used to create and maintain favorable relations between an organization and its stakeholders (e.g. New Belgium) |
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| A news story type of communication transmitted through a mass medium at no charge |
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| Dealing w/ Negative Publicity |
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Definition
| Proactive, honest, don't run, plan ahead to address problems that may come up |
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Term
| 7 general steps in personal selling |
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Definition
| Prospecting, pre-approach, approach, making the presentation, overcoming objections, closing the sale, following up |
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Definition
Generally, best to handle objections as they arise
Anticipate objections and counter them during the presentation if a problem is well known |
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Definition
“Trial” closing: asking questions (what, how, or why) that assume the customer will buy the product
Asking for a tryout order: low-risk way for customer to try out the product (sample, test) |
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Definition
| The salesperson who sells to new customers and increases sales to current ones. (market share & share of customer) |
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The salesperson who primarily
seeks repeat sales |
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| sales staff members who facilitate selling but usually are not involved solely with making sales |
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| Support salespersons who assist the producer’s customers in selling to their own customers (e.g. pharmaceutical reps) |
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| Salespersons involved mainly in helping a producer’s customers promote a product (.e.g. rack jobbers) |
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| Support salespersons who give technical assistance to a firm’s current customers (e.g. tech support) |
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| Salary, commission, combination |
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| An activity and/or material that acts as a direct inducement to resellers or salespeople to sell a product or consumers to buy it. |
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| -Ways of persuading wholesalers and retailers (middlemen) to carry a producer’s products and to market them aggressively. |
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| Sales Promotion: Consumer |
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| encourage or stimulate consumers to patronize specific stores or to try particular products |
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| It relates directly to generation of revenues and quantities sold. (demand) |
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| Emphasizing price and matching or beating competitors’ prices |
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| Emphasizing factors other than price to distinguish a product from competing brands. (Consider the use of the other 3 p’s with respect to class examples.) |
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| Being able to increase demand and maintain the same price |
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| Prestige items! Shits expensive and once it gets to a certain amount less people are gonna buy it. Looks like a backwards c |
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| A measure of the sensitivity of demand to changes in price—the greater the change in demand for a specific change in price, the more elastic demand is |
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| The point at which the costs of producing a product equal the revenue made from selling the product |
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| Concern about both price and quality |
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| Striving to pay lowest prices |
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| Being drawn to products that signify prominence and status (conspicuous consumption) |
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| 2/10 net 30 = 2% discount off within 10 days, full price within 30. Maybe fee after 30days |
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| Cash discount, trade discounts, quantity discounts |
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| Survival, profit, return on investment, market share, cash flow, status quo, product quality |
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| Primary bases for Pricing: Costs |
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Definition
| How much did we pay for the item? |
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| Primary bases for Pricing: Demand |
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Definition
| Peak versus off-peak demand, supply/demand |
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| Primary bases for Pricing: competition |
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Definition
| What are the threat of substitutes? How do we want to position ourselves against the competition? |
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Definition
| Adding to the cost of the product a predetermined percentage of that cost. Easy and used frequently for lower cost convenience and shopping items. |
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| Competition based pricing |
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Definition
| Pricing influenced primarily by competitors’ prices |
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| Charging different prices to different buyers for the same quality and quantity of product |
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| Establishing a final price through bargaining |
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| Charging the highest possible price that buyers who desire the product will pay. |
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Definition
Setting prices below
those of competing
brands to penetrate a
market and gain a
significant market share
quickly. |
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Definition
| Pricing a product at a moderate level and positioning it next to a more expensive model or brand. Perception? |
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| Setting a price at a specific level and comparing it with a higher price on the same item. (often confused with reference pricing –comparing 2 different items) |
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| Packaging together two or more complementary products and selling them for a single price. (e.g. value meals, cruises). Perception? |
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| Setting prices at an artificially high level to convey prestige or a quality image. (positioning tool, conspicuous consumption) |
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| Ending the price with certain numbers to influence buyers’ perceptions of the price or product. Perception? |
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| loss leader (price leader) pricing |
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Definition
| Products priced below the usual markup, near cost, or below cost |
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Definition
| Pricing an item in the product line low with the intention of selling a higher-priced item in the line |
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Definition
| Pricing the basic product in a product line low while pricing related items (e.g. components) at a higher level. (AKA “Razor & Blades” pricing) |
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