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Marketing Unit 3
| Term | Definition |
|---|---|
| Promotion | All activities that communicate the value of a product and persuade customers to buy it |
| Elements of the promotion mix | Advertising, sales promotion, personal selling, and public relations |
| Promotion Mix | Subset of marketing mix that includes four main elements of marketing promotion |
| Advertising | nonpersonal communication about goods, services, or ideas that is paid for by an identified sponsor |
| What are the objectives of an advertising campaign? | Informative advertising, persuasive advertising, and reminder advertising |
| Informative Advertising | attempts to develop initial demand for product |
| persuasive advertising | attempts to increase demand by highlighting benefits of a product |
| reminder advertising | A type of advertising that seeks to keep the product before the public in effort to reinforce previous promotional activity |
| Promotional tools for advertising | TV, Radio, Print, Digital etc |
| Promotional tools for sales promotion | Coupons, rebates, and sweepstakes |
| Sales Promotion | A set of nonpersonal communication tools designed to stimulate a more frequent purchase of a product |
| Personal Selling | The two way flow of communication between a salesperson and customer that is paid for by the firm and seeks to influence customers purchase decision |
| Promotional tools for personal selling | relationship selling |
| Public Relations | nonpersonal communication focused on promoting positive relations between a firm and its stakeholders |
| Promotional tools for public relations | blogs, annual reports, and media kits |
| TV Advertising | A: More creative control D: High cost |
| Print Advertising | A:good for local targeting D: a dying medium |
| Radio Advertising | A: cost effective and good for local targeting D: audio only |
| Outdoor Advertising | A: low cost and flexibility in creativity D: very little time to get attention |
| Supply Chain | The linked set of companies that perform or support the delivery of a company's goods or service to customers |
| Supply Chain Orientation | Management philosophy that guides actions of company members towards goal of actively managing upstream and downstream flow of goods, services, finances, and info |
| Supply Chain Management | The actions a firm takes to coordinate various flows with the supply chain (coordinates flow with the supply chain) |
| Inventory Carrying Costs | The costs required to make or buy a product, including risk of taxes, insurance, and warehousing space |
| Supply Chain Integration | -improves entire chain performance -relationship based strategies |
| Push Strategy | Supply chain strategy in which a company builds goods based on sales forecast |
| Pull Strategy | Supply chain strategy in which customer orders drive manufacturing and distribution operations |
| Disintermediation | reduction in the use of intermediaries between producers and consumers, for example by investing directly in the securities market rather than through a bank. |
| Sustainable sourcing | recognizes trade off between cots to society |
| Pricing | Amount of money, time, effort that a buyer exchanges wit ha seller |
| Price setting process | 1. Define pricing objectives 2. Evaluate demand 3. Determine the costs 4. analyze the competitive price environment 5. choose a price 6. monitor and evaluate the effectiveness of the price |
| Most common mistakes of pricing | underpricing |
| Escalator clause | clause that ensures that providers of goods and services do not encounter unreasonable financial hardship as a result of uncontrollable factors relating to the product |
| Digital Marketing | Marketing of goods and services using digital media |
| Social Media | Internet based applications enables users to upload content and share it with others |
| Three categories of media investments | paid media, owned media, earned media |
| Search Engine Marketing | Process of generating website traffic by purchasing advertisements on search engines |
| zero moment of truth ZMOT | moment when a customer used a digital device to begin looking for potential purpose |
| Search Engine Optimization | Adjusting or rewriting website content and site architecture to achieve a higher ranking in search engines |
Created by:
bobbybcat02
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