Expert answer:Principles of Marketing: Promotion methods and Com
Answer & Explanation:Principles of Marketing homework help;Unit VI Research Project Marketing Plan This week you will continue your comprehensive marketing plan researching the SAME company that you researched in previous units. Again, utilizing the CSU Online Library, you will research the various elements of the marketing plan as it relates to this company. In Unit VI you will provide a comprehensive discussion of the promotion strategies of your company. Promotion This section will provide a comprehensive look at the promotional strategies of your organization. Begin with a look at the promotional objectives or themes used by your company. From there, review the promotional mix, this should include a preliminary discussion of the importance of IMC to your company. Promotion methods such as personal selling mass selling (advertising and publicity) and sales promotion should all be addressed in detail. Competitive Advantage Competitive advantage is an important goal of every company, so address whether your company has a competitive advantage WITH RESPECT TO PROMOTION. The idea is to discuss whether your company has a competitive advantage with respect to how they promote their products. Again, this section should only discuss whether your company has a competitive advantage with respect to promotion (product, price and place are discussed in other sections). Once you have stated your position, remember to include your rationale. Your submission should be a minimum of two pages in length, double-spaced with a reference page and title page. References should include at least one additional, credible reference beyond the textbook. All sources used must be referenced; paraphrased and quoted material must have accompanying citations and cited per APA guidelines. Include the use of subheadings (this week consider Promotion and Competitive Advantage in Promotion). principles_of_marketing_unit_vi_study_guide.pdf
principles_of_marketing_unit_vi_study_guide.pdf
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UNIT VI STUDY GUIDE
Promotional Segments
Reading
Assignment
Chapter 13:
Promotion-Introduction to
Integrated Marketing
Communications
Chapter 14:
Personal Selling and
Customer Service
Chapter 15:
Advertising, Publicity, and
Sales Promotion
Suggested Reading
See information below.
Course Learning Outcomes for Unit VI
Upon completion of this unit, students should be able to:
1. Discuss the importance of determining value proposition to the consumer.
1.1 Relate the importance of the value proposition to competitive advantage
with respect to the promotional strategies of a company.
4. Explain how the marketing mix is used to reach the target market.
4.1 Analyze whether a company maintains a competitive advantage in
reaching its target market with respect to its promotional strategies.
10. Compare and contrast various factors that influence promotional strategies.
10.1 Explain how a company uses mass communication (advertising and
publicity), personal selling, and sales promotions as elements within its
promotional strategies.
Unit Lesson
In this unit, we will discuss the promotional strategies of an organization. Many times
students will enter this course thinking that marketing is promotion. The reality of it is
that promotion is a part of marketing, but as we have already learned, it is not
exclusively promotion. Perreault, Cannon, and McCarthy (2015) define promotion as
the communication of information between the seller and potential buyer or others in
the channel in order to influence their attitudes and/or behavior. Integrated marketing
communications (IMC) involves coordinating and blending the promotional efforts of
an organization in order to provide consistent communication throughout. The idea is
to create this consistent and memorable message with all the elements of
communication complimenting each other. While this may seem like a relatively simple
task, particularly with a small business, ensuring this consistent message on the part
of everyone within the organization can be challenging. Maintaining an effective
system of IMC within the organization sets it up for a consistent brand image leading
to the increased possibility of brand equity within the target market.
Each element of the IMC plays a significant role in developing this preferred brand
equity within an organization. Personal selling involves the direct, spoken
communication between sellers and potential customers. The art of a good
salesperson suggests that they are able to listen to the needs of the consumers.
Providing the advantages and disadvantages of their product with the idea of serving
the customer is one of the most effective traits of a good salesperson. Salespeople
are employed to provide the customer with information, not only about their products
but also about the competitors and the industry as a whole. The advantages of
employing a salesforce is that they are able to re-direct their marketing efforts based
upon the reaction of the consumer. This provides the ability to better influence and
serve the needs of that consumer. The largest disadvantage is that personal selling
teams are the most costly for an organization. The cost of employing and training an
individual is significant. At the end of the day, customers want to understand their
purchase and feel like they have made a good purchase. Salespeople are in a unique
BBA 3201, Principles of Marketing
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position to provide this service. Beyond the initial purchase, ensuring a solid line of
customer service for issues and concerns, as well as an available and knowledgeable
technical support team, is crucial to maintaining repeat business.
Mass selling is the communication of information to large groups of potential
customers. This includes advertising, which involves any paid form of communication,
and publicity, which is any non-paid form of communication. Paid communications
involve a variety of modes, including television commercials, and radio spots. Nonpaid forms of communication might include a newspaper article about a new product
offering by the company. This involves television/cable, direct mail, internet,
newspapers, magazines, radio, outdoor/cinema and yellow pages/directories. While
there is some degree of targeting based upon time of day, the overall ability to target a
certain segment of the population is less than many other means of promotion.
Another popular form of advertising is that of contracting for commercials on the
National Football League (NFL) Super Bowl Sunday. This event is viewed live and
experienced by most of the country at the same time. Because of this, a commercial
presence on this broadcast has a great significance and impact for a brand. The costs
for advertising with a 30-second spot for this day have been near $4 million dollars just
for the insertion rates. This does not include the costs associated with producing the
advertisement. In spite of this, companies believe that Super Bowl advertising is one
of the best deals out there. Besides the audience size, viewers also have developed
an interest in the commercials. Companies know this and are bringing out the biggest
and best with respect to entertainment value. Consumers actually anticipate the
commercials to the point of looking for certain company’s commercials. Examples of
this might include the Budweiser Clydesdales or the E-trade babies. Chatter around
the commercials extends well beyond Super Bowl Sunday because YouTube provides
a significant second life for these commercials.
Sales promotion refers to everything else beyond the advertising, publicity, and
personal selling. This could involve contests, coupons, loyalty plans, pens, t-shirts,
trade shows, sponsorships, and samples. These can be aimed at final consumers,
wholesalers/retailers, or even the company’s own sales force. As these items tend to
be less costly than some of the other promotional alternatives, small businesses use
these quite frequently. Additionally, companies tend to use these to encourage sales
in a mature market.
With the use of each of these elements of the promotional mix, the marketer needs to
be cognizant of the rate of adoption of the consumer. Perreault et al. (2015) discuss
an adoption curve that demonstrates when certain groups accept ideas. The list below
describes the adoption curve tool:
BBA 3201, Principles of Marketing
Innovators: This group represents only 3-5% of the population. They are the
first to adopt, are risk takers and tend to be young and well-educated. These
are the individuals you see camped outside of a store when a new product is
coming out the next day.
Early Adopters: This group represents about 10-15% of the population. They
tend to be opinion leaders and have a significant amount of contact with the
salesperson. These are the individuals that provide for a significant amount of
word-of-mouth advertising for the company.
Early Majority: These individuals represent about 34% of the population.
These consumers avoid risk and want to ensure that the product is of quality
before they make the purchase. These people conduct significant research
from a variety of sources before making the purchase.
Late Majority: These individuals account for about 34% of the population and
tend to be very cautious about their purchases. They tend to be older and
maintain their established buying patterns more than other groups.
Laggards or Non-adopters: These individuals represent 5-16% of the
population. These consumers prefer to do things the way they always have
and do not adopt new ideas.
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In looking at these adoption curve groups, it is notable that the early majority and late
majority groups represent about 68% of the entire population. Although marketers
need to re-construct their promotional campaigns in reaching each of these groups,
these two groups do represent the majority. While the innovators might only need to
receive a new product announcement, early adopters need significant salesforce
interaction. The early and late majority groups need significant levels of information
through a variety of different promotional venues in order to be influenced. Realizing
that the laggards probably will not be influenced, marketing dollars might not be wellspent here. Another interesting fact is that consumers could fall into different adoption
groups for different product types. For instance, a consumer could be an innovator
when it comes to the newest technology while being in the early majority when it
comes to clothing, and even in the late majority when it comes to household
appliances. Think about where you might fall with respect to your personal purchasing
habits with different product types.
In summary, promotion is the communication of product/service attributes to the
consumer. The promotional elements include mass selling (advertising and publicity),
personal selling, and sales promotions. IMC involves the integration and coordinating
of all these promotional elements within a company to project a consistent image of
the company and brand.
References
Perreault, W., Jr., Cannon, J., & McCarthy, J. (2015). Essentials of marketing: A
marketing strategy planning approach (14th ed.). New York, NY: McGraw-Hill.
Suggested Reading
Click here to access a PowerPoint presentation of the Chapter 13 material.
Click here to access a PDF version of this presentation.
Click here to access a PowerPoint presentation of the Chapter 14 material.
Click here to access a PDF version of this presentation.
Click here to access a PowerPoint presentation of the Chapter 15 material.
Click here to access a PDF version of this presentation.
BBA 3201, Principles of Marketing
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