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Chapter 7

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Administrative Studies
ADMS 3920
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3October2012CHAPTER 7 PROMOTIONAL AND PRICING STRATEGIESPromotion consists of marketing communications that inform consumers about a firms product and persuade them to use it THE COMMUNICATION PROCESS IN PROMOTION The challenge of effective communication is twofold 1 to create the promotions that will be most effective in creating awareness and motivation to buy in the target market and 2 creating a costeffective promotion program A promotional mix involves a combination of the various promotional methodspersonal selling advertising and using promotional tools The composition is determined by four major factors Geographical NatureTarget MarketProducts CharacteristicsBudget ADVERTISING PRACTICES FOR SMALL FIRMSAdvertisingthe impersonal presentation of a business idea through mass media All advertising starts with a set of objectivesSeeks to sell by informing persuading and reminding customers of the existence or superiority of a firms product or service To be successful advertising must rest on a foundation of product quality and efficient service The two basic types of advertising are1Product advertisingis designed to make potential customers aware of a particular product or service and their need for it 2Institutional advertising conveys information about the business itself It is intended to keep the public conscious of the company and enhance its image5 forms of media1Traditional Paid includes television radio newspaper magazine Web banner advertisements and so on The advertiser pays for the space and controls the message it is sending out to customers
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