MKT 320F Lecture Notes - Lecture 6: Competitive Advantage, Online Advertising, Personal Selling
Document Summary
Chapter 15: marketing communications - sections (15. 1 - 15. 5) 15. 1 the role of promotion in the marketing mix. Promotion: communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit response. Promotional strategy: a plan for the optimal use of the elements of promotion - advertising, public relations, personal selling, sales promotion and social media. The main function of a marketer"s promotional strategy is to convince target customers that the goods and services offered provide a competitive advantage over the competition. Competitive advantage: the set of unique features of a company and its products that are perceived by the target marketing as significant and superior to those of the competition. As humans, we assign meaning to feelings, ideas, facts, attitudes, and emotions. Communication: the process by which meanings are exchanged or shared through a common set of symbols.
