Maintaining or increasing market share, maximizing sales How to create an advertising campaign Categories of pricing objectives- Status Quo Pricing Obejctives Categories of pricing objectives- sales-oriented pricing objective Penetration pricing

Categories of pricing objectives- sales-oriented pricing objective

Marketing 221 Final

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Business - Advertising

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communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response

an effort to capture media attention, often initiated through press releases that further a corporation's public relations plans

activities other than advertising, personal selling, and public relations; Short-term incentives motivate consumers or members of the distribution channel to purchase a good or service immediately by lowering the price, and adding value; Goal is to give consumers an incentive to make an immediate purchase

product placements are arranged by this; trade of product for placement, through paid placements, or at no charge when the product is viewed as enhancing the vehicle it is placed in

the act of obtaining a desired object from someone by offering something in return

is a derivative contract; This financial agreement takes place between two parties to exchange assets that have cash flows for a set period of time

need to be specific, attainable, and measurable

profit maximization, satisfactory products, most common profit objective is a target return on investment (ROI), Marketing manager ca use the standard, such as ten percent ROI, to determine whether a particular price and marketing mix is feasible

Maintaining or increasing market share, maximizing sales

Maintains existing prices or meets the competition's prices; leads to less than optimal pricing as it ignores, customers' perceived value of the firm goods or services and goods or services offered by the competitors; this category requires little planning and is essentially a passive policy

very effective in attention and interest, somewhat effective with desire, and not effective with action

somewhat effective in attention and interest and very effective in desire and action

somewhat effective in attention and very effective in interest, desire, and action

very effective in attention and interest and somewhat effective in desire and action

net profit after taxes divided by total assets

designed to exchange a company's image rather than promote a particular product

the activity of making products or services known to the public and persuading people to buy them; for example, detergent is mainly marketed through consumer advertising to create brand loyalty and pre-sell the product

The quantity of a product that will be sold in the market at various prices for a specified period; the lower the price, the higher the demand for a product or service and vice versa

The quantity of a product that will be offered to the market by the supplier or suppliers at various prices for a specified period; at higher prices, supply increases as manufacturers earn more capital and vice versa

-Availability of substitutes -Price relative to purchasing power -Product durability -Product's other uses

-stages in the product life cycle (introductory stage, growth stage, maturity stage, and decline stage)

-competition, price matching, and customer loyalty

-distribution strategy

-the impact of the internet and extranets (shopping bots- search the web for the best prices for a particular item that one wishes to purchase which gives pricing power to consumers, and internet auctions which are B2B auctions may be the dominant form in the future)

-promotion strategy (price promotion is often used as a promotional tool to increase consumer interest)

-demands of large customers (such as department stores often make specific pricing demands that the suppliers must agree to)

-a relationship of price to quality (consumers tend to rely on high prices as a predictor of good quality when a purchase involves uncertainty, higher prices increase expectations and set a reference point against which people can evaluate their consumption experiences)

plan for the optimal use of the elements of promotion; advertising, public relations, personal selling, sales promotion, and social media

represents all the steps required to get the product to the customer

the process and channel through which companies make goods and services available to customers

Consumers' responsiveness or sensitivity to changes in price; situations in which consumer demand is sensitive to changes in price

Advertising in which an organization expresses its views on controversial issues or responds to media attacks

defines the initial price and gives direction for price movements over the product life cycle; sets a competitive price in a specific market segment based on a well-defined positioning strategy

The firm charges a high introductory price, coupled with heavy promotion

firm charges a relatively low price for a product when it is first rolled out as a way to reach the mass market

charge a price identical to or very close to the competition's price

one or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors

promotes the benefits of a specific good or product

designed to stimulate primary demand for a new product or product category

designed to influence demand for a specific brand (goal is to influence demand for a specific brand)

compares two or more specifically named or shown competing brands on one or more specific attributes (used when produced experience slow growth or when competition in the market is strong)

direct, face-to-face communication between two or more people; an example is a salesperson speaking directly to a customer

communication of a concept or message to a large audience through a mass medium

can be senders and receivers of messages

inform, persuade, and remind the target marker to take actions favorable to the purchase of the product

develop and adapt messages and spot new communication opportunities

the practice of charging a very low price for a product with the intent to drive competitors out of business or out of a market (illegal)

laws that prohibit wholesalers and retailers from selling below-cost

agreement between two or more firms on the price they will charge for a product

Series of related advertisements focusing on a common theme, slogan, and set of advertising appeals

a specific communication task that a campaign should accomplish for a specified target audience during a specified period

the target audience, the desired percentage change in some specified measure of effectiveness, and the time frame for the change

A method of determining what sales volume must be reached before total revenue equals total costs

Indicates how quickly producers shift production levels in response to price changes

the originator of the message in the communication process

the conversion of the sender's ideas and thoughts into a message, usually in the form of words or signs

a voice, radio, newspaper, computer, smartphone, or other communication medium; the response to these viral activities created a lot of free publicity

anything that interferes with distorts, or slows down the transmission of information

may be verbal, as in saying "I agree" or "I do not like this product"; mass communication is often cut off from direct feedback

costs that vary with changes in the level of output

a cost that does not change as output is increased or decreased

Sets the price at a level that seems to the customer to be a good price compared to other prices

Desirable, exclusive, and believable advertising appeal selected as the theme for a campaign

To use markup based on cost or selling price effectively, the marketing manager must calculate an adequate gross margin; the margin must provide adequate funds to cover selling expenses and profit

Shows the feedback channel as primarily impersonal and number's driven; consumers are now able to become senders (*answer* in two major ways)

is the one that management believes will meet the needs of the target market and fulfill the organization's overall goals

impersonal, one-way mass communication

evaluates, identifies, and executes action

stimulate consumer and dealer effectiveness

a situation involving a personal, paid-for communication

a crucial part of the promotion

Must be truthful, cannot be deceptive or unfair, and must be evidence-based

Growth stage- as the product enters the growth stage, prices generally begin to stabilize for several reasons. Competitors have entered the market, increasing the available supply, the product has begun to appeal to a broader market, economies of scale are lowering costs

Advertising is run heavily every other month or every two weeks

Advertising is run steadily throughout the period

a model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for attention, interest, desire, and action

advertisers must first gain the attention of the target market because a firm cannot sell something if the market doesn't know the good or service exists

Simple awareness of a brand rarely leads to a sale. The next step is to create interest in the product; for example, apple should use online videos on YouTube to show its target audience the new features of the iPad. They should not use a print ad.

Apple had to create brand preference with the iTunes music store

the strategy worked- more than 250 million people own an iPad

Newspapers

Magazines

Radio

Television

The internet

Outdoor media

-Shopping carts -Computer screen savers -Interactive kiosks -Advertisements before movies -Posters -Advertainments

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Marketing 221 Final

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