Intro to Marketing Final Exam Review

5 major promotion tools that form the Promotion Mix
Advertising, Sales Promotion, Personal Selling, Public Relations, Direct/Digital Marketing
Advertising
paid, non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.
Sales Promotion
short-term incentives to encourage purchase or sale of a product or service.
Personal Selling (Sales)
personal relationships w/customers. People actually doing the selling “on the street”
Public Relations (PR)
Building good relations w/company’s consumers, investors, media, and, communities via favorable publicity
Direct/Digital Marketing
connecting w/group through targeted way. (Online) Goal–> to create immediate response and cultivate lasting customer relationships.
Integrated Marketing Communications
Carefully blended mix of promotion tools
4 Major Decisions involved in developing an advertising program
Objectives setting, Budget Decisions, Decisions about Message and Media, Advertising Evaluation
Return on Advertising Investment
net return on advertising investment DIVIDED by costs of advertising investment
Functions of a PR Department
1. Press relations or press agency
2. Product publicity
3. Public affairs
4. Investor relations (Keeping up the image so you can sell stock)
5. Development
The Role/Impacts of PRs
1. Strong impact on public awareness
2. Can be lower cost than advertising
3. Can be a powerful brand-building tool
4. Should work with advertising w/in an integrated marketing communications program
Common PR Tools
1. Special events
2. Written materials (e.g. Annual Reports)
3. Corporate identity material (consistent look and feel)
4. Public service activities
5. News
6. Website
The Role of Salespeople
representing the company to their customers and doing the selling.
A sales person performs:
1. Prospecting
2. Communicating
3. Selling
4. Servicing
5. Information gathering
6. Relationship building
Major Steps in Sales Force Management
(1)Designing sales force strategy and structure, (2)Recruiting and selecting sales people, (3)Training salespeople, (4)Compensating salespeople, (5)Supervising salespeople, (6)Evaluating Salespeople
Personal Selling Process
Prospecting and qualifying, preapproach, approach, presentation and demonstration, handling objections, closing, follow-up
3 Types of Sales Promotion
Consumer, Trade, and Business Promotion
Consumer Promotion
urge short-term consumer buying or enhance consumer brand involvement
ex: samples, coupons, rebates
Trade Promotion
Getting retailers to carry new items and more inventory, buy ahead, or promote company’s products + give more shelf space.
Business Promotion
Generate Business leads, stimulate purchases, reward customers
ex:conventions and trade shows, sales contests
Consumer Experience
“Sum of all experiences a customer has with a supplier over the duration of their relationship*”
Net Promoter Score (NPS)
companies will rate your company using customer feedback and determine the Promoters vs. Detractors. That score is a benchmark for your company.
6 Major International Marketing Decisions
(1)[email protected] global marketing environment, (2)Deciding whether or not to go global, (3)Deciding which markets to enter, (4)Deciding how to enter the market, (5)Develop global marketing program, (6)global marketing organization
Sustainable Marketing
Socially & environmentally responsible :
1. Meets present needs (consumers and businesses)
2. Encourages strategies that preserve the world for the future
Marketing Career Paths
Corporate (Global, Field), Sales, Logistics, Marketing Research/Intelligence, Digital Marketing, Consulting
Various Career Considerations
Industry Focus, Consumer vs. B2B, Travel, Self-Directed or Controlled environment, Company Characteristics, Long-Term Aspirations, be open to new paths. 🙂
Don’t forget to study the Comprehensive Focus!!!