Marketing Strategies Overview

A test used in print media to measure reader engagement with an ad. It determines if readers saw, associated, or engaged with the ad.

Ambush marketing involves a non-sponsor associating with an event to appear as a sponsor, creating the illusion of sponsorship without actually paying for it. It can be seen as a 'sneaky' way to gain exposure.

Rebates are most effective during the maturity stage of a product's lifecycle, when a company is trying to maintain market share and attract new customers.

PR impact on brand awareness is measured by tracking media mentions, changes in public attitude, and Advertising Value Equivalency (AVE).

Retail selling involves selling products directly to customers in a store, while direct selling involves selling products outside of a traditional retail setting, such as through home parties or online platforms.

Personal selling involves presenting features and benefits of a product to a buyer to persuade them to make a purchase. Consultative selling takes a more collaborative approach, focusing on understanding the customer's needs and providing solutions.

The seven steps in the personal selling process are: Prospecting, Pre-Approach, Approach, Presentation, Handling Objections, Closing, and Follow-Up.

Consumer promotions target the end customer and aim to drive trial or repeat purchases, while trade promotions target wholesalers or retailers and aim to encourage them to stock and promote the product.

Slippage refers to the phenomenon where customers fail to redeem rebates they've earned, often due to complex processes or forgetting. This is beneficial for businesses as it reduces their redemption costs.

The three levels of PR measurement are Outputs, Outcomes, and Business Results. Outputs track reach and frequency, Outcomes measure changes in attitudes or behaviors, and Business Results assess ROI or market share growth.

The key metric for PR success is Advertising Value Equivalency (AVE), which compares the value of PR coverage to the equivalent cost of advertising space.

Advantages of PR include cost-effectiveness, building lasting relationships with stakeholders, and generating credibility. Disadvantages include lack of control over media presentation and being resource-intensive.

A push strategy uses trade promotions to push products through the distribution channel to consumers (e.g., incentives for retailers), while a pull strategy uses consumer promotions to create demand and pull the product through the channel (e.g., coupons).

The most common objectives of consumer promotions include encouraging trial purchase, increasing repeat purchase, and boosting brand awareness.

Common types of trade promotions include allowances, contests and incentives, and displays and merchandising support.

The average redemption rate of coupons in Canada is about 1.26 percent.

Product sampling involves giving free samples of a product to consumers to encourage trial and create awareness.

Sales promotion effectiveness can be measured through redemption rates (e.g., coupons), ROI, trial purchase rates, and contest participation levels.

Breakage refers to the unused portion of a prepaid product, service, or promotion that the business retains as profit because the customer didn't use it.

PR focuses on earning trust and credibility through free, third-party coverage in the media. Advertising involves paid placements to directly buy attention and control the message.

Product seeding involves giving a free product to influencers or trendsetters with the hopes that they will promote it to their network.

Internal publics, such as employees, shareholders, and suppliers, are important for a company's PR strategy as they can contribute to the company's image and reputation by their actions and behavior.

Reputation management is the process of proactively shaping a company's public image to mitigate any negative incidents and build a strong brand reputation.

Publicity, earned through media coverage, is often perceived as more credible and legitimate than advertising because it is seen as a third-party endorsement.

Preparing for crisis situations in PR involves training senior executives to handle media inquiries effectively, developing clear communication protocols, and having a plan for responding to potential issues.

The three key areas of knowledge required by a salesperson are product knowledge (features and benefits), company knowledge (culture and policies), and competitor knowledge (what other companies are doing).

Product features are the specific attributes of a product, while product benefits are the advantages or results that a customer gets from using those features.

The two main types of closing techniques are asking for the order directly and using alternative-choice closing, where the customer is presented with choices to make a decision.

The objectives of event sponsorship include increased brand awareness, brand association with the event, reaching a desired target audience, and generating sales leads.

Event marketing is the process of planning, organizing, and executing an event that involves a variety of communications elements to achieve specific marketing objectives.

Key factors to consider include exclusivity (avoiding brand competition), complementarity (matching target audiences), image alignment (matching values), and measurable benefits (such as awareness, sales, or media coverage).

Experiential marketing aims to create memorable and interactive experiences for consumers that build emotional connections and engagement with a brand.

Trade shows offer several benefits, including generating leads from potential customers, gathering valuable market feedback, and building relationships with key industry contacts.

The steps in primary research involve defining the research problem, developing a research design, collecting data, analyzing data, and presenting findings.

Starch is a complex carbohydrate used to measure reader engagement with an ad by determining whether readers saw, associated with, or read most of it.

Ambush marketing involves a non-sponsor associating with an event to appear as a sponsor, creating the illusion of sponsorship without paying for it.

Rebates are most effective during the maturity stage of a product's lifecycle, when a company wants to maintain market share and attract new customers.

PR impact on brand awareness is measured by tracking media mentions, changes in public attitude, and Advertising Value Equivalency (AVE).

Retail selling directly sells products to customers in a store, while direct selling uses channels like home parties or online platforms outside of traditional retail settings.

Personal selling presents product features and benefits to persuade customers. Consultative selling focuses on understanding customer needs and providing solutions.

Consumer promotions target end customers to drive trial or repeat purchases. Trade promotions target wholesalers or retailers to encourage stocking and promoting the product.

The three levels of PR measurement are Outputs (reach, frequency), Outcomes (attitudes, behaviors), and Business Results (ROI, market share).

A push strategy uses trade promotions to encourage retailers to stock and promote a product, essentially 'pushing' it towards consumers.

A pull strategy uses consumer promotions (e.g., coupons) to create demand, 'pulling' the product through the distribution channel.

The average coupon redemption rate in Canada is about 1.26 percent.

Sales promotion effectiveness is measured through redemption rates, ROI, trial purchase rates, and contest participation levels.

Internal publics (employees, shareholders) contribute to a company's image and reputation.

Publicity, earned through media coverage, is often perceived as more credible and legitimate due to third-party endorsement.

Preparation involves training executives, developing communication protocols, and having a plan for responding to potential issues.

The three key areas are product knowledge, company knowledge, and competitor knowledge.

The two main types are asking for the order directly and using alternative-choice closing, where the customer is presented with choices to make a decision.