Class Notes (839,394)
Canada (511,324)
MGTA02H3 (143)
Lecture

Chapter 8 Notes.docx

4 Pages
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Department
Management (MGT)
Course Code
MGTA02H3
Professor
Bill Mc Conkey

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Description
Chapter 8: The 4 Ps – Promotion Terms: Promotion: any technique designed to sell a product Product Positioning: the establishment of an easily identifiable image of a product in the minds of consumers Push Strategy: a promotional strategy in which a company aggressively pushes its product through wholesalers and retailers, which persuade customers to buy it Pull Strategy: a promotional strategy in which a company appeals directly to customers, who demand the product from retailers, which demand the product from wholesalers Promotional Mix: that portion of marketing concerned with choosing the best combination of advertising, personal selling, sales promotions, and publicity and public relations to sell a product Advertising: promotional tool consisting of paid, non-personal communication used by an identified sponsor to inform an audience about a product Informative Advertising: an advertisement strategy, appropriate to the introduction stage of the product life cycle, in which the goal is to make potential customers aware that a product exists Persuasive Advertising: an advertisement strategy, appropriate to the growth stage of the product life cycle, in which the goal is to influence the customer to buy the firm’s product rather than the similar product of a competitor Comparative Advertising: an advertisement strategy, appropriate to the maturity stage of the product life cycle, in which the goal is to influence the customer to switch from a competitor’s similar product to the firm’s product by directly comparing the two products Reminder Advertising: an advertisement strategy, appropriate to the latter part of the maturity stage of the product life cycle, in which the goal is to keep the product’s name in the minds of customers Advertising Medium: the specific communication device – television, radio, newspapers, direct mail, magazines, billboards – used to carry a firm’s advertising message to potential customers Direct Mail: printed advertisements, such as flyers, mailed directly to consumers’ homes or places of business Word of Mouth: opinions about the value of products passed among consumers in informal discussions Ecommerce: buying and selling processes that make use of electronic technology Internet Marketing: the promotional efforts of companies to sell their products and services to consumers over the internet Personal Selling: promotional tool in which a salesperson communicates one-on-one with potential customers Sales Force Management: setting goals at top levels of an organization; setting practical objectives for salespeople; organizing a sales force to meet those objectives; implementing and evaluating the success of a sales plan Retail Selling: selling a consumer product for the buyer’s own personal or household use Industrial Selling: selling products to other businesses, either for manufacturing other products or for resale Order Processing: in personal sales, the receiving and follow-through on handling and delivery of an order by a salesperson Creative Selling: in personal sales, the use of techniques designed to persuade a customer to buy a product when the benefits of the product are not readily apparent or the item is very expensive Missionary Selling: in personal sales, the indirect promotion of a product by offering technical assistance and/or promoting the company’s image Prospecting: in personal sales, the process of identifying potential customers Qualifying: in personal sales, the process of determining whether potential customers have the authority to buy and the ability to pay for a product Closing: in personal sales, the process of asking the customer to buy the product Sales Promotion: short-term promotional activities designed to stimulate consumers buying or co- operation from distributors and other members of the trade Coupon: a method of sales promotion featuring a certificate that entitles the bearer to stated savings off a product’s regular price Point-of-Purchase (POP) Display: a method of sales promotion in which a pr
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