Boundless Study Slides

Boundless Study Slides

Boundless Lecture Slides Available on the Boundless Teaching Platform Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication > Selecting the Promotion Mix for a Particular Pr... Selecting the Promotion Mix for a Particular Product Promotional Objectives Stages in the Product Lifecycle Target Market Characteristics Characteristics of the Product Type of Buying Decision Funds Available relative to Costs

Push and Pull Strategies Trade versus Consumer Promotions Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/marketing Integrated Marketing Communication > Selecting the Promotion Mix for a Particular Pr... Promotional Objectives Increase demand: These strategies are used during the product life cycle in order to increase sales. Present information about the product: In order for customers and consumers to want the product they need to understand what the product is. Differentiate a product: This is especially important if there are multiple competitors in the same market.

Marketing Mix View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/marketing/textbooks/boundless-marketing-textbook/integrated-marketing-communication-12/selecting-the-promotion-mix-fora-particular-product-84/promotional-objectives-419-4125 Integrated Marketing Communication > Selecting the Promotion Mix for a Particular Pr... Stages in the Product Lifecycle The introduction stage of the product life cycle is where a new product is launched into a market. In the growth stage of the product life cycle, the market has accepted the product and sales begin to increase. In the maturity stage of the product life cycle, sales will reach their peak.

In the decline stage of the product life cycle, sales will begin to decline as the product reaches its saturation point. There is no set schedule for the stages of a product life cycle. Firm Life Cycle View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/marketing/textbooks/boundless-marketing-textbook/integrated-marketing-communication-12/selecting-the-promotion-mix-fora-particular-product-84/stages-in-the-product-lifecycle-420-896 Integrated Marketing Communication > Selecting the Promotion Mix for a Particular Pr... Target Market Characteristics A geographic target market can be consumers in a city, state, or country. A demographic or socioeconomic target market would focus on a specific gender, age group, income level, or education level.

A psychographic target market would be a market that has similar attitudes, values, or lifestyle. The behavioral target market focuses on occasions and degree of loyalty. Product-related segmentation describes a target approach for customers who already own a specific product. Determining a target market approach to sales has many benefits.It can create a Geographic Target View on Boundless.com more specific marketing campaign, increase sales, and decrease the number of competitors in the market. Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/marketing/textbooks/boundless-marketing-textbook/integrated-marketing-communication-12/selecting-the-promotion-mix-fora-particular-product-84/target-market-characteristics-421-4126

Integrated Marketing Communication > Selecting the Promotion Mix for a Particular Pr... Characteristics of the Product The characteristics of the product are the features that differentiate it from other products on the market. When companies create a product they have specific features in mind.It can be characteristics that improve on an existing product or ones that fill a currently unfilled need.Promoting these features can be a successful approach. Characteristics of a product also help to determine the price of a product. Premium features may be able to fetch a premium price. It is the combination of demand for a product and its price that help to determine the marketing mix. Products

View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/marketing/textbooks/boundless-marketing-textbook/integrated-marketing-communication-12/selecting-the-promotion-mix-fora-particular-product-84/characteristics-of-the-product-422-4127 Integrated Marketing Communication > Selecting the Promotion Mix for a Particular Pr... Type of Buying Decision Buying decisions are based on buying behavior.Consumer behavior and business behavior can differ because their buying processes are different. Consumers will often buy on emotion or impulse whereas businesses will buy based on need. The type of buying decision impacts the marketing mix and the promotional mix for a product.It will also affect the product life cycle. Sometimes the type of product will make a difference in the buying decision.For

consumers, large ticket items, such as an appliance, a car, or a home, aren't impulse items. Market A company needs to know about the features of a product and how it will help fill View on Boundless.com a specific need.Businesses are also worried about price and return on investment. Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/marketing/textbooks/boundless-marketing-textbook/integrated-marketing-communication-12/selecting-the-promotion-mix-fora-particular-product-84/type-of-buying-decision-423-4891

Integrated Marketing Communication > Selecting the Promotion Mix for a Particular Pr... Funds Available relative to Costs Each type of advertising is sold at a different rate and a company has a limited budget in which to promote a product. To determine the best type of promotional strategy, a company should look at its target market.Consumers in each type of market will have a preferred form of advertising. Other factors that affect the funds available for product promotion include the budget for the overall product launch and the expected length of the introduction phase. Tram Advertisement View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

www.boundless.com/marketing/textbooks/boundless-marketing-textbook/integrated-marketing-communication-12/selecting-the-promotion-mix-fora-particular-product-84/funds-available-relative-to-costs-424-895 Integrated Marketing Communication > Selecting the Promotion Mix for a Particular Pr... Push and Pull Strategies A push strategy places the product in front of the customer to make sure the consumer is aware of the existence of the product.This can work well when manufacturers have an established relationship with customers or when the product is an impulse purchase-type item. Push strategies include trade shows, showrooms, getting retailers to stock a product, and creating a supply chain to facilitate distribution. A pull strategy motivates customers to actively seek out a specific product and it best for new products or in the case when a manufacturer has a strong and visible brand.

Push-Pull Strategy Pull strategies include mass media advertising, referrals, customer relationship View on Boundless.com management, and sales promotions. Companies usually use a combination of push and pull strategies in a marketing mix. Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/marketing/textbooks/boundless-marketing-textbook/integrated-marketing-communication-12/selecting-the-promotion-mix-fora-particular-product-84/push-and-pull-strategies-425-4128 Integrated Marketing Communication > Selecting the Promotion Mix for a Particular Pr...

Trade versus Consumer Promotions The purpose of trade promotions is to help companies differentiate a product, increase product visibility, and increase the product purchase rate. The purpose of consumer promotions is to increase brand awareness and market acceptance. There are various types of trade and consumer promotions. Consumer promotion activities include rebates, coupons, premiums, contests, kids eat free programs,reward programs, and free samples. Point of Purchase Display View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/marketing/textbooks/boundless-marketing-textbook/integrated-marketing-communication-12/selecting-the-promotion-mix-fora-particular-product-84/trade-versus-consumer-promotions-426-4129 Appendix

Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication Key terms brand awareness Brand awareness is the extent to which a brand is recognized by potential customers and is correctly associated with a particular product. budget An itemized summary of intended expenditure, usually coupled with expected revenue. buyer behavior the process used to decide whether to purchase a product customer relationship management Customer Relations Management (CRM) is concerned with (among other things) the conversion rate: percentage of customers who "try and buy" the product. differentiate To show, or be the distinction between two things. Federal Trade Commission an independent agency of the United States government that seeks to promote consumer protection and the eliminate and prevent anti-competitive business practices, such as coercive monopoly marketing mix A business tool used in marketing products; often crucial when determining a product or brand's unique selling

point.Often synonymous with the four Ps: price, product, promotion, and place. price index A statistical estimate of the price level of some class of goods or services. product life cycle The process wherein a product is introduced to a market, grows in popularity, and is then removed as demand drops gradually to zero. pull strategy communication not demanded by the buyer push strategy communication demanded by the buyer target market a group of people whose needs and preferences match the product range of a company and to whom those products are marketed target market a group of people whose needs and preferences match the product range of a company and to whom those trade Those engaged in an industry or group of related industries. Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication

Marketing Mix The Promotional Mix is part of the Marketing Mix Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia. "4Ps." CC BY-SA http://commons.wikimedia.org/wiki/File:4Ps.jpg View on Boundless.com Integrated Marketing Communication Market Buyer behavior shapes buying decisions Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia. "Byward Market." CC BY-SA http://commons.wikimedia.org/wiki/File:Byward_Market.jpg View on Boundless.com Integrated Marketing Communication

Geographic Target A geographic target market can include a city, state, or country. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia. "Worcester Street, Wolverhampton - geograph.org.uk - 1171930." CC BY-SA http://commons.wikimedia.org/wiki/File:Worcester_Street,_Wolverhampton_-_geograph.org.uk_-_1171930.jpg View on Boundless.com Integrated Marketing Communication Products The characteristics of a product determine the target market and price of a product. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia. "Dewar's products." CC BY-SA http://commons.wikimedia.org/wiki/File:Dewar%2527s_products.JPG View on Boundless.com

Integrated Marketing Communication Point of Purchase Display A point of purchase or end cap display can make consumers aware of new products. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia. "Easter PoS Display." CC BY-SA http://commons.wikimedia.org/wiki/File:Easter_PoS_Display.JPG View on Boundless.com Integrated Marketing Communication Tram Advertisement Different forms of advertising charge different rates and can impact the promotional mix budget. Free to share, print, make copies and changes. Get yours at www.boundless.com

Wikimedia. "koda 14T Philips advertisment." CC BY-SA http://commons.wikimedia.org/wiki/File:%25C5%25A0koda_14T_Philips_advertisment.JPG View on Boundless.com Integrated Marketing Communication Why does consumer buying behavior differ from business buying behavior? A) Because businesses always buy items with the best terms. B) Because consumers buy at the lowest price. C) Because each goes through a different thought process before they buy. D) There is no difference, they both buy based upon product features. Free to share, print, make copies and changes. Get yours at www.boundless.com

Integrated Marketing Communication Why does consumer buying behavior differ from business buying behavior? A) Because businesses always buy items with the best terms. B) Because consumers buy at the lowest price. C) Because each goes through a different thought process before they buy. D) There is no difference, they both buy based upon product features. Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/

Integrated Marketing Communication At what stage, in a product's life cycle, does a company make the most profit? A) Growth. B) Introduction. C) Decline. D) Maturity. Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication

At what stage, in a product's life cycle, does a company make the most profit? A) Growth. B) Introduction. C) Decline. D) Maturity. Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/ Integrated Marketing Communication

At what stage of a product's life cycle is competition the heaviest? A) Growth. B) Introduction C) Maturity. D) Decline. Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication

At what stage of a product's life cycle is competition the heaviest? A) Growth. B) Introduction C) Maturity. D) Decline. Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/ Integrated Marketing Communication

What product characteristics impact the selection of a promotional mix? A) Price and features. B) Improvements made to an existing product. C) How the product fulfills the needs of the target consumer group. D) All of these answers. Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication What product characteristics impact the selection of a promotional

mix? A) Price and features. B) Improvements made to an existing product. C) How the product fulfills the needs of the target consumer group. D) All of these answers. Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/ Integrated Marketing Communication A target market characteristic that focuses on repeat business is

________. A) Geographic. B) Demographic. C) Behavioral. D) Psychographic Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication A target market characteristic that focuses on repeat business is ________.

A) Geographic. B) Demographic. C) Behavioral. D) Psychographic Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/ Integrated Marketing Communication If a company selects a promotional mix based upon a target market that buys "green," the characteristic is ____________.

A) Behavioral. B) Product Related. C) Demographic. D) Psychographic. Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication If a company selects a promotional mix based upon a target market that buys "green," the characteristic is ____________. A) Behavioral.

B) Product Related. C) Demographic. D) Psychographic. Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/ Integrated Marketing Communication A trade promotion is important to the marketing mix of a product because________. A) It provides customers with better service.

B) It motivates retailers to stock and sell one product over another. C) It encourages retailers to stock products even if they are not selling through. D) It discourages competitors from vying for market share. Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication A trade promotion is important to the marketing mix of a product because________. A) It provides customers with better service. B) It motivates retailers to stock and sell one product over another.

C) It encourages retailers to stock products even if they are not selling through. D) It discourages competitors from vying for market share. Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/ Integrated Marketing Communication What promotional mix objective is predicated on a product having the competitive edge? A) Differentiation. B) Demand optomization.

C) Consumer Knowledge. D) Supply. Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication What promotional mix objective is predicated on a product having the competitive edge? A) Differentiation. B) Demand optomization. C) Consumer Knowledge.

D) Supply. Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/ Integrated Marketing Communication Which of the following statements about consumer promotions is TRUE? A) They are never used in conjunction with trade promotions. B) They include bonuses and incentives for the salesperson who has sold the most. C) They must rely on retailer incentive programs to work properly. D) Their primary purpose is to appeal to the end user and motivate them

to buy. Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication Which of the following statements about consumer promotions is TRUE? A) They are never used in conjunction with trade promotions. B) They include bonuses and incentives for the salesperson who has sold the most. C) They must rely on retailer incentive programs to work properly. D) Their primary purpose is to appeal to the end user and motivate them to buy.

Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/ Integrated Marketing Communication Goodyear Tire is a well known and highly respected brand. What marketing strategy are they using when they advertise a special rebate sale through an extensive mix of marketing channels? A) A push strategy because retailers will need to stock product in large quantities. B) A consumer promotion strategy aimed at the end user. C) A pull strategy because they have developed a powerful and recognizable brand. D) A trade promotion strategy involving retailers.

Free to share, print, make copies and changes. Get yours at www.boundless.com Integrated Marketing Communication Goodyear Tire is a well known and highly respected brand. What marketing strategy are they using when they advertise a special rebate sale through an extensive mix of marketing channels? A) A push strategy because retailers will need to stock product in large quantities. B) A consumer promotion strategy aimed at the end user. C) A pull strategy because they have developed a powerful and recognizable brand. D) A trade promotion strategy involving retailers. Free to share, print, make copies and changes. Get yours at www.boundless.com

Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/ Integrated Marketing Communication Which of the following best describes the rationale for the amount of funds available relative to costs in the promotion mix? A) The cost of the product being sold so that marketing costs can be easily recouped. B) The advertising that will connect with targeted market and if the product is new or established. C) The amount of money lost on past product launches. D) If there will be a mix of trade and consumer promotions included in the marketing plan. Free to share, print, make copies and changes. Get yours at www.boundless.com

Integrated Marketing Communication Which of the following best describes the rationale for the amount of funds available relative to costs in the promotion mix? A) The cost of the product being sold so that marketing costs can be easily recouped. B) The advertising that will connect with targeted market and if the product is new or established. C) The amount of money lost on past product launches. D) If there will be a mix of trade and consumer promotions included in the marketing plan. Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/

Integrated Marketing Communication The process wherein a product is introduced to a market, grows in popularity, and is then removed as demand drops gradually to zero. A) product life cycle B) brand awareness C) budget D) Customer Relationship Management Free to share, print, make copies and changes. Get yours at www.boundless.com

Integrated Marketing Communication The process wherein a product is introduced to a market, grows in popularity, and is then removed as demand drops gradually to zero. A) product life cycle B) brand awareness C) budget D) Customer Relationship Management Free to share, print, make copies and changes. Get yours at www.boundless.com

Integrated Marketing Communication A group of people whose needs and preferences match the product range of a company and to whom those products are marketed. A) brand awareness B) target market C) differentiate D) budget Free to share, print, make copies and changes. Get yours at www.boundless.com

Integrated Marketing Communication A group of people whose needs and preferences match the product range of a company and to whom those products are marketed. A) brand awareness B) target market C) differentiate D) budget Free to share, print, make copies and changes. Get yours at www.boundless.com

Integrated Marketing Communication To show, or be the distinction between two things. A) marketing mix B) target market C) differentiate D) price index Free to share, print, make copies and changes. Get yours at www.boundless.com

Integrated Marketing Communication To show, or be the distinction between two things. A) marketing mix B) target market C) differentiate D) price index Free to share, print, make copies and changes. Get yours at www.boundless.com

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