Pricing Concepts

Media scheduling

Continuous, flighted, or pulsing schedule.

Economies of scale

Cost advantages as output increases.

Media selection criteria

Cost, reach, frequency, and audience selectivity.

Marginal costs

Costs of producing additional products.

Variable costs

Costs that change with output.

Fixed costs

Costs that remain the same regardless of output.

Privacy concerns in social media

Data collection, microtargeting, undisclosed advertising, content driven by algorithms.

DAGMAR

Defining Advertising Goals for Measured Advertising Results.

Sales management

Defining sales goals, determining sales force structure, recruiting and training sales force, compensating and motivating sales force, evaluating sales force.

Advantages of personal selling

Face-to-face communication, high impact, relationship building.

Importance of social media

Facilitating conversation and social interaction, marketing integration.

Identifying product benefits

Focusing on customer benefits rather than attributes.

Push strategy

Forcing product through channel using personal selling.

Product placement

Getting a brand to appear in media as part of the narrative.

Steps in CRM

Identify customer relationships, understand interactions, capture customer data, leverage customer information.

Advertising

Impersonal, paid, mass communication.

Competitive parity

Spending at a comparable level to competitors.

Advertising appeals

Stressing specific aspects to appeal to customers.

Percentage of sales method

Setting advertising budget as a percentage of sales.

Sales promotion

Short-term tactics to induce product trial or increase sales.

Sales Promotions

Short-term tactics to induce trial or increase sales.

Integrated Marketing Communications (IMC)

Aligning all elements of the promotional mix for best results.

Marketing communication

All communication that informs and persuades buyers.

Pull strategy

Appealing to end consumers to request product from retailers.

Media planning

Choosing appropriate media mix and schedule.

Promotion

Communication that elicits a particular response.

Post-campaign evaluation

Comparing pre and post campaign settings to evaluate success.

Comparative Advertising

Comparing two or more brands, effective for smaller brands.

Creative decisions

Determining the appeal, execution, and evaluation of ads.

Executing the message

Determining the best way to convey the message.

Personal Selling

Expensive, face-to-face selling for big ticket purchases.

Pioneer Advertising

Informative advertising for new products.

Promotional mix

Integration of all promotional elements.

Social Media

Internet-based services for communication and interaction.

Steps in personal selling

Lead generation, qualifying leads, approaching customers, proposing solutions, handling objections, closing the sale, following up.

Social media uses

Listen and learn about brands, build relationships with customers, promote products and services, manage reputation.

Customer Relationship Management (CRM)

Managing every contact with customers to understand their needs and increase sales.

Revenue

Price multiplied by units sold.

Public Relations (PR)

Proactive communication to impact public attitudes.

Media types

Newspapers, magazines, television, radio, outdoor, internet.

Personal selling

Paid, face-to-face communication to inform and influence customers.

Social media tools

Paid, owned, and earned media, SEO and SEM.

Competitive advantage

Perceived superiority of a company's products over others.

Competitive Advertising

Persuasive advertising to increase recall and preference.

Promotional strategy

Plan for optimal use of all elements of promotion.

Product Advertising

Promoting individual products.

Institutional Advertising

Promoting the corporation as a whole.

Informing

Promotional goal in early stages of product life cycle.

Persuading

Promotional goal in growth stage of product life cycle.

Reminding

Promotional goal in later stage of product life cycle.

Trade promotion

Promotions directed at intermediaries.

Advertising Response Function

Relationship between advertising and sales.

Effects of price

Sacrifice effect, reward effect, value effect.

AIDA concept

Sequential steps of creating attention, interest, desire, and action.

Average costs

Total costs divided by output.

Public Relations

Unpaid communication to create favorable publicity.