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ADMS 3920 (34)
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Department
Administrative Studies
Course
ADMS 3920
Professor
Cameron Johnston
Semester
Fall

Description
Chapter 7 Chapter 7: Promotional and Pricing Strategies Communications involve: i) source/sender, ii) message, iii) channel, iv) receiver Promotion: consists of marketing communications that inform consumers about a firm’s product and persuade them to use it. Promotional Mix: a blend of selling, advertising, and promotional tools aimed at a target market. Four Factors determining a promotional mix create awareness & cost-effective 1. Geography of market 2. Target customer profile 3. Product characteristics 4. Available budget Advertising Practices for a small business  Advertising seeks to sell by informing, persuading, and reminding customers of the existence or superiority of a firm’s product or service. Advertising in traditional media is on the decline while online marketing and advertising is growing at double-digit rates.  Product advertising: make potential customers aware of a particular product or service and their need for it  Institutional advertising: conveys information about the business itself. Forms of advertising media  Paid: television, radio, newspaper, magazine, Web banner advertisement, pop-up ads…The advertiser pays for the space and controls the message it is sending out to consumers  Owned  Earned  Sold  hijacked Online Marketing Strategies  paid Keyword Ads - Pay-per-click (PPC), or as “search engine marketing”, advertisers can pay search engine providers to have their ad come up on the right side or top of the natural list of sites or top of the nature list of sites in response to keyword searches.  Natural Rankings - The technique known as “search engine optimization”, or SEO, is a method of having a company’s website com up on the first page of a search-engine search. - Two methods: embedding keywords in all of the pages of a company’s website and linking campaigns. 1 Chapter 7 - Keywords related to the company’s name are very useful if the company has a strong brand.  Online newsletters  Online press releases  Social media marketing Sales Promotion Options for small firms, tools  Specialties  Free merchandise  Contests  Sampling  Premiums  Coupons  Trade show exhibits  Mail in refund  Point-of-purchase displays  Loyalty programs Trade show checklist  Plan ahead  Create a presence on the show floor  Create moving billboards  Make the booth interactive  Quality leads immediately  Recruit customers Personal Selling: a sales presentation delivered in a one-on-one manner; personal selling includes the activities of both the inside salespeople of retail, wholesale, and service establishments and the outside sales representatives who call on business customers and final consumers.  Requires: - Meeting with prospective customer - Well-prepared sales presentation - Ability to build rapport & goodwill - Importantly: need great product knowledge, good sales, methodology and technique, ability to handle objections, & confidence. Sales activities: prospecting  Prospecting: a systematic process of continually and systematically looking for new customers  Prospecting techniques - Personal referrals: salesperson initiates customer contact through referral by another party known to the customer - Impersonal referrals: information on potential new
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