Marketing Mix: Promotion PDF

MARKETING MIX: PROMOTION Compiled & Prepared By: Md. Sohel Rana, PhD  PROMOTION MIX OR MARKETING COMMUNICATIONS MIX ▪ The specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships....

MARKETING MIX: PROMOTION Compiled & Prepared By: Md. Sohel Rana, PhD  PROMOTION MIX OR MARKETING COMMUNICATIONS MIX ▪ The specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships. Compiled & Prepared By: Md. Sohel Rana, PhD  MAJOR PROMOTION TOOLS ▪ Advertising: Any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor. ▪ Sales promotion: Short-term incentives to encourage the purchase or sale of a product or service. ▪ Personal selling: Personal presentation by the firm’s sales force for the purpose of making sales and building customer relationships. Compiled & Prepared By: Md. Sohel Rana, PhD  MAJOR PROMOTION TOOLS ▪ Public relations: Building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events. ▪ Direct & Digital marketing: Direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships. Compiled & Prepared By: Md. Sohel Rana, PhD  EXAMPLES ▪ Advertising includes broadcast, print, internet, outdoor, and other forms. ▪ Sales promotion includes discounts, coupons, displays, and demonstrations. ▪ Personal selling includes sales presentations, trade shows, and incentive programs. ▪ Public relations (PR) includes press releases, sponsorships, special events, and web pages. ▪ And direct & digital marketing includes catalogs, telephone marketing, kiosks, the internet, mobile marketing, and more. Compiled & Prepared By: Md. Sohel Rana, PhD  INTEGRATED MARKETING COMMUNICATIONS (IMC) ▪ Carefully integrating and coordinating the company’s many communications channels to deliver a clear, consistent, and compelling message about the organization and its products. Compiled & Prepared By: Md. Sohel Rana, PhD THE COMMUNICATION PROCESS Compiled & Prepared By: Md. Sohel Rana, PhD  ELEMENTS OF THE COMMUNICATION PROCESS ▪ Sender: The party sending the message to another party. ▪ Encoding: The process of putting thought into symbolic form—for example, GP ad assembles words, sounds, and illustrations into a TV advertisement that will convey the intended message. ▪ Message: The set of symbols that the sender transmits—the actual GP ad. ▪ Media: The communication channels through which the message moves from the sender to the receiver—in this case, television and the specific television programs that GP selects. Compiled & Prepared By: Md. Sohel Rana, PhD  ELEMENTS OF THE COMMUNICATION PROCESS ▪ Decoding: The process by which the receiver assigns meaning to the symbols encoded by the sender—a consumer watches the GP commercial and interprets the words and images it contains. ▪ Receiver: The party receiving the message sent by another party—the customer who watches the GP ad. ▪ Response: The reactions of the receiver after being exposed to the message—any of hundreds of possible responses, such as the consumer likes GP better, is more likely to get service from GP next time. Compiled & Prepared By: Md. Sohel Rana, PhD  ELEMENTS OF THE COMMUNICATION PROCESS ▪ Feedback: The part of the receiver’s response communicated back to the sender—GP research shows that consumers are either struck by and remember the ad or they write or call GP, praising or criticizing the ad or its products. ▪ Noise: The unplanned static or distortion during the communication process, which results in the receiver getting a different message than the one the sender sent—the consumer is distracted while watching the commercial and misses its key points. Compiled & Prepared By: Md. Sohel Rana, PhD  STEPS IN DEVELOPING EFFECTIVE MARKETING COMMUNICATION ▪ Identifying the Target Audience ▪ Determining the Communication Objectives ▪ Designing a Message Message Content (Rational, Emotional, or moral appeal) Message Structure (To draw a conclusion or leave it to the audience) Message Format (colors in print ad, eye-catching in TV ad) ▪ Choosing Media ▪ Selecting the Message Source (Actor/Actress) ▪ Collecting Feedback Compiled & Prepared By: Md. Sohel Rana, PhD  PROMOTION MIX STRATEGIES ▪ Push strategy: A promotion strategy that calls for using the sales force and trade promotion to push the product through channels. The producer promotes the product to channel members who in turn promote it to final consumers. ▪ Pull strategy: A promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product, creating a demand vacuum that “pulls” the product through the channel. Compiled & Prepared By: Md. Sohel Rana, PhD PUSH VERSUS PULL STRATEGY Compiled & Prepared By: Md. Sohel Rana, PhD ANY QUERY ??? Compiled & Prepared By: Md. Sohel Rana, PhD