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Introduction to Business – Chapter 13

integrated marketing communications (IMC)
coordination of all promotional activities – media advertising, direct mail, personal selling, sales promotion, and public relations – to produce a unified, customer-focused promotional strategy
promotion
function of informing, persuading, and influencing a purchase decision
promotional mix
combination of personal and nonpersonal selling components designed to meet the needs of their firm’s target customers and effectively and efficiently communicate its message to them
personal selling
the most basic form of promotion: a direct person-to-person promotional presentation to a potential buyer
nonpersonal selling
consists of advertising, sales promotion, direct marketing, and public relations
positioning
concept in which marketers attempt to establish their products in the minds of customers by communicating to buyers meaningful distinctions about the attributes, price, quality, or use of a good service
product placement
form of promotion in which marketers pay placement fees to have their products showcased in various media, ranging from newspapers and magazines to television and movies
guerilla marketing
innovative, low-cost marketing efforts designed to get customers’ attention in unusual ways
advertising
paid nonpersonal communication usually targeted at large numbers of potential buyers
product advertising
consists of messages designed to sell a particular good or sevice
institutional advertising
involves messages that promote concepts, ideas, philosophies, or goodwill for industries, companies, organizations, or government entities
cause advertising
form of institutional advertising that promotes a specific viewpoint on a public issue as a way to influence public opinion and the legislative process
sponsorship
involves providing funds for a sporting or cultural event in exchange for a direct association with the event
infomercial
form of broadcast direct marketing; 30-minute programs that resemble regular TV programs, but are devoted to selling goods or services
sales promotion
consists of forms of promotion such as coupons, product samples, and rebates that support advertising and personal selling
specialty advertising
promotional items that prominently display a firm’s name, logo, or business slogan
trade promotion
sales promotion geared to marketing intermediaries rather than to final customers
point-of-purchase (POP) advertising
displays or demonstrations that promote products when and where consumers buy them, such as in retail stores
order processing
form of selling, mostly at the wholesale and retail levels, that involves identifying customer needs, pointing them out to customers, and completing orders
creative selling
persuasive type of promotional presentation
missionary selling
indirect form of selling in which the representative promotes goodwill for a company or provides technical or operational assistance to the customer
telemarketing
personal selling conducted entirely by telephone, which provides a firm’s marketers with a high return on their expenditures, an immediate response, and an opportunity for personalized two-way conversation
public relations
organization’s communication and relationships with its various public audiences
publicity
nonpersonal stimulation of demand for a good, service, place, idea, event, person, or organization by unpaid placement of information in print or broadcast media
pushing strategy
personal selling to market an item to wholesalers and retailers in a company’s distribution channels
cooperative advertising
allowances provided by marketers in which they share the cost of local advertising of their firm’s product or product line with channel partners
pulling strategy
promote a product by generating consumer demand for it, primarily through advertising and sales promotion appeals
price
exchange value of a good or service
profitability objectives
common objectives included in the strategic plans of most firms
volume objectives
bases pricing decisions on market share, the percentage of a market controlled by a certain company or product
prestige pricing
establishes a relatively high price to develop and maintain an image of quality and exclusiveness
cost-based pricing
formulas that calculate total costs per unit and then add markups to cover overhead costs and generate profits
breakeven analysis
pricing-related technique used to determine the minimm sales volume a product must generate at a certain price level to cover all costs
skimming pricing
strategy that sets an intentionally high price relative to the prices of competing products
penetration pricing
strategy sets a low price as a major marketing weapon
everyday low pricing (EDLP)
is a strategy devoted to maintaining continuous low prices rather than relying on short-term price-cutting tactics such as cents-off coupons, rebates, and special sales
competitive pricing
strategy that tries to reduce the emphasis on price competition by matching other firms’ prices and concentrating on their own marketing efforts on the product, distribution, and promotional elements of the marketing mix
odd pricing
pricing method using uneven amounts, which appear less than they really are to consumers

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