Describe the Communication Process
Sender encodes messageàcommunication channelà
Receiver decodes message
What is Promotional Mix? What are its parts? How do they differ?
Promotional Mix: Tools marketers use to achieve communications objectives.
Combination of promotional methods used to promote a specific product.
Strategically selected combination of advertising, personal
selling, sales promos & public relations determined to be the most cost
effective way of reaching promotional goals.
Paid Personal:
Personal selling
Paid Non-personal:
Advertising
Non-Paid Personal:
Word-of-Mouth
Non-Paid
Non-Personal: Public Relations
What are the steps in the selling
process? In what ways are sales forces
compensated?
1. Prospecting
2. Pre-Approach
3. Approach
4. Presentation
5. Overcoming
Objections
6. Closing
7. Follow-up
Sales forces are compensated in Straight Salary, Straight
Commission, or a Combination
What is Sales Promotion? What are some of the major types of sales
promotions?
Paid, personal & non personal efforts to create a
specific response. Activity or material
acting as a direct inducement, offering added value for the product to
resellers, salespeople, or consumers.
What is advertising? Objectives?
Advertising platform?
Advertising: Paid non-personal communication about an
organization & its products transmitted to a target audience through mass
media.
Objectives:
1. Increased
sales/market share/brand awareness
2. Product
positioning/repositioning
3. Image
building/rebuilding
4. Brand
building
5. Attitude
change
Ad Platform: Selling point or theme around which campaign
is built
What are the steps in creating an
advertising campaign?
1. Identify
& analyze target audience
2. Define
advertising objectives
3. Create
ad platform
4. Set
ad budget
5. Develop
media plan
6. Create
ad message
7. Execute
campaign
8. Evaluate
ad effectiveness
How is advertising effectiveness evaluated?
1. Pretest
2. Consumer
jury
3. Post
test
4. Recognition
test
What are two major battles of
advertising? How does advertising work?
1. Eyeballs- getting the ad noticed
2.
Interest-
involve & hold them for 7 seconds or more
What is public relations? How is it different than advertising?
-Non-paid, non-personal communication through mass
media.
-Used to create and maintain favorable relations between
organization and stakeholder.
-Enhances the image of the organization and is more credible
than ads.
What is Strategic Planning?
Creating & maintaining fit between organizations
objectives & resources & evolving market opportunities. Goal= long-term profitability and growth.
3 questions of strategic planning?
1. Where
are we?
2. Where
do we go?
3. How
do we get there?
Core Competency= Something
a firm does well, giving it an advantage over competitors.
Market Opportunity=
Combination of circumstances & timing allowing firm to reach a target
market.
Competitive
advantage= Core Competency + Market Opportunity
What is a mission statement?
Aspiration vision of what the organization wants to
become. Answers who are our customers,
and what is the core competency
How do corporate, business units and
marketing goals relate?
Corporate strategy
identifies the resources needed to reach organizational goals.
Strategic Business
Unit (SBU): Division product line within parent company
What is portfolio analysis?
Set of SBU’s a firm owns= portfolio
Involves classify performance capabilities of SBU to
determine allocation of resources around them.
What are marketing objectives?
Objectives: What is to be accomplished. Should match strengths to opportunities; convert
weaknesses to strengths.
What is the marketing strategy?
Tool for identifying & analyzing target markets &
developing marketing mix suitable for mutually beneficial exchanges
What is the marketing planning cycle?
What are major parts of marketing plan?
1. Executive
Summary- synopsis of plan
2. Analysis
of Marketing Environment- SWOT, competitive, economic, legal, regulatory,
technology
3. Target
Market- Description & assessment of who you are marketing towards
4. Current
Objectives
What is SWOT?
Strengths: Competitive
advantages/competencies
Weaknesses:
Limitations on competitive capability
Opportunities:
Favorable conditions
Threats: Conditions/barriers to reaching objectives
What are Implementation and Control?
Implementation: Actions or activities to carryout the
marketing strategy
Control: How success is measured.