L8-Promotion

L8 - Promotion ** Important Terms for this Lesson: ** • promotion-any form of communication that a company uses to inform, persuade, or remind consumers about its products or services • marketing mix- sometimes known as the 4 P’s – product, place, price and promotion • communication process-transfer of a message from a sender to a receiver • sender-source of the message being sent (the who in the communication process) • message-what is being communicated • encoding-when the sender converts an idea into a message that the receiver can understand • message channel-the vehicle by which the message travels or medium • receiver-the person or persons to whom the message is directed or any person who understands the message that is sent • decoding-the process by which the receiver interprets the transmitted language and symbols to comprehend the message • noise-any distracting information in the transmission, the message channel, or the receiver’s environment that may inhibit or distract from the message • feedback-receiver’s response to the message • interpersonal communication-any person-to-person exchange • mass communication-attempts to reach a wide audience, sometimes millions of people, through mass media such as radio, television, magazines, and newspapers • promotional mix-the combination of advertising, public relations, personal selling, and sales promotion • promotional plan-blueprint for how the elements of the promotional mix swill work together • advertising-any form of paid, non-personal communication that uses mass media to deliver a marketer’s message to an audience <span style="font-family: 'Arial','sans-serif'; font-size: 10pt; margin: 0in 0in 0pt;">• broadcast media-a signal is sent from a central transmitter to receivers in a geographic area <span style="font-family: 'Arial','sans-serif'; font-size: 10pt; margin: 0in 0in 0pt;">• publicity-any non-paid communication about a product <span style="font-family: 'Arial','sans-serif'; font-size: 10pt; margin: 0in 0in 0pt;">• public relations (PR)-the effort to reach consumers by generating positive publicity <span style="font-family: 'Arial','sans-serif'; font-size: 10pt; margin: 0in 0in 0pt;">• personal selling-person-to-person communication with a potential customer in an effort to inform, persuade, or remind the customer to purchase an organization’s products or services <span style="font-family: 'Arial','sans-serif'; font-size: 10pt; margin: 0in 0in 0pt;">• sales promotion-any activity or material that gives consumers a direct incentive to buy <span style="font-family: 'Arial','sans-serif'; font-size: 10pt; margin: 0in 0in 0pt;">• up-selling – the process of encouraging customers to purchase the larger size of a product (the next size up of a soft drink or fries, a 2 year warranty instead of a 1 year warranty on a product)