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Chapter 17
Promotional Concepts and Strategies
| Term | Definition |
|---|---|
| promotion | one of the 4 p's in marketing that helps in the exposure or sale of a product - persuasive communication |
| AIDA | attract Attention, build Interest and Desire, ask for Action |
| product promotion | methods used to convince prospects to select their goods and services |
| promotional activities | explain the major features and benefits of the product, identify where it is sold, advertise sales, answer customer questions, and introduce new offerings |
| institutional promotion | method used to take a stand or advocate for change - do not directly sell product but build goodwill to enhance reputation and foster a favorable image |
| promotional mix | combination of personal selling, advertising, direct marketing, sales promotion, and public relations |
| personal selling | maintains direct contact with prospects - one of the most expensive forms of promotion |
| advertising | non-personal promotion where businesses pay to promote ideas, goods, or services - billboards, business cards, internet, newspapers, receipts |
| direct marketing | addresses individuals directly, direct mail to a home or business - goals are to generate sales/leads for sales representatives to pursue |
| e-marketing | any promotion delivered via internet |
| telemarketing | customers are called on the phone and asked directly for goods and services |
| social media | electronic media - people with similar interests generally have similar advertisements |
| sales promotion | marketing activity that boosts sales - coupons, competitions, money-off |
| public relations | activities that help influence a target audience - staff try to cultivate a positive image with reporter who may cover a specific industry (news release, publicity placement) |
| news release | an announcement using social media where businesses can interact with customers and get feedback on the company, its products, and services - the potential to reach prospective customers is tremendous |
| publicity (placement) | bringing news about an organization/business to the public to make them aware - advantage: less expensive and more credible - disadvantage: content is not controlled by the business |
| objectives of sales promotion | increase sales, inform potential customers, and create a positive image |
| most businesses... | use more than one type of promotion to achieve their goals - use a co-effective mix of promotional strategies (once product is recognized it is easier to sell) |
| how do you establish a promotional mix? | identify target market, establish objectives, design promotional message, select promotional activity, allocate budget amounts, and measure results |
| promotional budget | determining a budget is difficult - often based on the percentage of sales or estimation of cost |
| push policy | large retailers - manufacturing company wanting a business to buy it's merchandise |
| pull policy | consumers - half off deals or clearance sales |
| sales promotions | incentives that encourage customers to buy products or services - build brand awareness - reward customer loyalty |
| trade promotions | sales promotion activities designed to get support for a product from manufacturers, wholesalers, and retailers - promotional allowances, cooperative advertising, slotting allowances, sales force promotions, and trade shows and conventions |
| promotional allowances | represent cash payments or discounts given by manufacturers to wholesalers or retailers for performing activities to encourage sales |
| cooperative advertising | a manufacturer supports the retailer by helping to pay for the cost of advertising its product locally |
| slotting allowances | a cash premium paid by a manufacturer to a retailer to help the retailer cover the costs of placing the manufacturer's product on the shelves |
| sales force promotions | rewards given to dealers and employees who successfully meet or exceed a sales quota - may include cash bonuses or prizes |
| trade shows and conventions | showcase a particular line of products - provide businesses with opportunities to introduce new products, encourage increased sales of existing products, meet customers and partners in the distribution chain, and gain continued company/product support |
| customer promotions | sales strategies that encourage customers and prospects to buy a product or service |
| coupons | certificates that entitle customers to cash discounts on goods and services |
| premiums | low-cost items given to consumers at a discount or for free - traffic builders, factory packs, coupon plan |
| traffic builders | low cost premiums such as pens, key chains, pocket calenders, and coffee mugs |
| factory packs | free gifts placed inside product packages or as a container premium |
| coupon plan | ongoing programs offering a variety of premiums in exchange for labels or coupons obtained from a product |
| deal | offer short term price reductions that are marked directly on the label or package |
| incentives | higher-priced products, awards, or gift cards that are earned and given away through contests, sweepstakes, and special offers |
| product samples | free trial size of a product sent through the mail, distributed door to door, or given away at retail store and trade shows - detergent, tooth paste, perfumes |
| sponsorship | negotiate the right to use logos and names on retail products to enhance their corporate image. - company pays a fee for rights to promote itself and products or services |
| promotional tie ins, cross promotion, cross-selling | activities that involve sales promotions between one or more retailers or manufacturers - partners combine their advertising and sales promotional activities to conduct a promotion that will boost sales for one another |
| product placement | a consumer promotion that involves the verbal mention or appearance of a brand-name product in a television series, movie, or sporting event |
| loyalty marketing programs | reward customers by offering incentives for repeat purchases - frequent, buyer, reward, or frequent shopper |
| online loyalty marketing programs | one websites such as amazon and yahoo will awards points to users who buy from certain retailer or visit certain websites |
| point of purchase displays | displays designed primarily by manufacturers to hold or display products - promote impulse purchases and serve as in-store advertising |
| kiosks | point of purchase displays that are stand-alone structures - web-based or display-screen kiosks disseminate information to customers |
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jaynahiwen
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