MGTA02H3 Study Guide - Ecash, Private Placement, Financial Industry Regulatory Authority
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MGTA02H3 Full Course Notes
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Chapter 6: developing and promoting goods and services. Promotion: any technique for selling a product. Communication mix: total message about a product sent to the consumer. The purpose of these promotions is to: Uses of promotion: communicating information through different mediums about the product or related things such as new developments and new availabilities, product positioning: establishing an easily identifiable image or the product in consumer"s minds. Appeals to a specific segment of the market: adding value, controlling sales volume: seasonal sales patterns can be smoothed through year-wide promotion (eg: hallmark card sales). Promotional strategies developed to meet these objectives: push strategy: company pushes the product to wholesalers and retailers, who then persuade consumers to buy, pull strategy: appeals directly to customers. Customers then influence the retails and wholesalers to offer the product, product is pulled to the market. Promotional mix: choosing the best combination of advertising. Advertising: paid, non-personal communication, sponsor informs audience about product.
