Chapter 15 Review.pdf

1 Iyania Messinga Professor Holmes MK341A 09 November 2023 Chapter 15 Review Integrated marketing communications is the coordination of various marketing efforts to achieve maximum informational and persuasive impact on customers. It includes synchronizing promotion elements, such as mass media adv...

1 Iyania Messinga Professor Holmes MK341A 09 November 2023 Chapter 15 Review Integrated marketing communications is the coordination of various marketing efforts to achieve maximum informational and persuasive impact on customers. It includes synchronizing promotion elements, such as mass media advertising, database marketing, marketing analytics, and digital media, to send a consistent message. This helps improve the efficiency and effectiveness of promotion budgets. As technology and customer interests become increasingly dynamic, integrating and customizing marketing communications while protecting customer privacy has become a major challenge. The communication process involves a source encoding a message to a receiver, who then decodes it and provides feedback. Noise can reduce the clarity and accuracy of the message, so the source must consider characteristics of the receiver and use a suitable communications channel to ensure the message is received. Promotion is a form of communication used to inform and persuade one or more audiences in order to build and maintain relationships. Organizations use promotion to increase awareness of their brands, products, images, operational characteristics, and more. Promotion can also be used to stimulate primary or selective demand, differentiate products from competitors, and increase the number of product uses. Integrated marketing communication also 2 takes into account informal methods of communication, such as word of mouth and independent information sources on the internet. Promotion is an important part of a business' marketing mix. It involves encouraging product trial with free samples, coupons, test drives, or limited free-use offers, contests, and games. It also includes identifying prospects by running advertisements that encourage viewers to visit a company's website. Retaining loyal customers is achieved with frequent-user programs and special offers for existing customers, while facilitating reseller support is done by sharing a portion of retailers' advertising expenses, providing wholesalers and retailers with special offers and buying allowances, and working with retailers in the presentation and promotion of products. Additionally, promotion can be used to combat competitive promotional efforts and reduce sales fluctuations. The promotion mix includes advertising, personal selling, sales promotion, and public relations. Advertising is a paid, non-personal communication about an organization and its products transmitted to a target audience through mass media. It is changing to cater to smaller, more personalized audiences and is used to promote goods, services, ideas, issues, and people. The promotion mix consists of four elements: personal selling, public relations, sales promotion, and publicity. Personal selling involves a paid personal communication between a salesperson and a customer that seeks to inform customers and persuade them to purchase products. Public relations is a broad set of communication efforts used to create and maintain favorable relationships between an organization and its stakeholders, and includes components such as publicity and event sponsorships. Sales promotion is an activity or material that acts as a direct inducement, offering added value or incentive for the product to resellers, salespeople, or customers. Finally, publicity is nonpersonal communication in news-story form about an 3 organization, its products, or both. The size of an organization's promotional budget, its promotional objectives, and its policies all influence the promotional mix elements that are chosen. When selecting the elements of a promotion mix, marketers consider the characteristics of the product, the cost and availability of promotional methods, and the 'push' and 'pull' channel policies. Generally, promotion mixes for business products concentrate on personal selling and advertising plays a major role in promoting consumer goods. Marketers also consider the price and use of the product when developing a promotion mix. When determining which promotional methods to use, cost and availability are taken into consideration. Lastly, marketers decide between a push or pull policy for their product, or use both simultaneously. Word-of-mouth communication is an informal, personal exchange of communication between customers that involves discussing products, brands, and companies. It has been identified as a key factor in acquiring new customers, and effective marketers often attempt to identify opinion leaders and encourage them to try their products. Consumers are more likely to share negative word-of-mouth information than positive, and electronic word-of-mouth communication takes place through websites, blogs, emails, social networks, and online forums. Buzz marketing and viral marketing are strategies to get consumers to share a marketer's message, and word-of-mouth is most effective for new-to-market and more expensive products. Product placements, which involve the strategic placement of products or product promotions within entertainment media content, have also become a successful method of reaching consumers. Despite this, criticisms and defenses of promotion exist, such as the issue of whether it is deceptive or increases prices.