ADVERTISING
PROMOTION/ ADVERTISING
LOSS LEADERS
PERSONAL SELLING
OTHER
100
the act or practice of calling public attention to one's product, service, need, etc.
What is Advertising?
100
short term incentives given to wholesalers, retailers or consumers by a firm to encourage sales. They are usually done to support personal selling or ad campaigns. Due to expenses it usually runs for a limited period. They include: free samples, coupons, premiums,price discounts,extra volume for the same price, contests and sweepstakes,trade shows.
what is sales promotion?
100
Products that are heavily discounted,often below cost in order to attract new customers
It is a successful strategy used by large retail firms
What are loss leaders?
100
A presentation made by individuals representing a sponsor to prospective buyers to persuade them to buy a product
What is personal selling?
100
Marketing goods and services via telephone to potential customers
What is telemarketing?
200
this type mainly informs and educates the public/consumers about a product or service.
What is Informative Advertising?
200
-Free Samples
-Coupons
-Premiums which are gifts which are given when a product is purchased
-Price Discounts
-Cash Refunds
-Getting more product for the same price
-Contests and Sweepstakes
-Trade Shows
what are techniques used in sale promotion?
200
- It is usually a product that is popular so consumers know it is being sold at a bargain price.
- There is a limit on how much a customer may buy
- Some items are perishable and therefore cannot be stockpiled
- Some are made scarce to discourage stockpiling
What is features of loss leaders?
200
In this aspect of personal selling the salesperson should be able to plan his sales strategy, demonstrate how to use product, make arrangements for payments,discount,installation of service and provide after sales service (basically do anything which would enhance sales)
What is merchandising and servicing?
200
the middlemen who work between the firm who wants advertisements and firms like newspaper and television stations that provide the advertising media
Who are advertising agents?
300
The aim of this type is to get the public to purchase a product in general rather than focusing on a particular brand of the product e.g. milk
What is Collective, Generic or Cooperative?
300
Introduces new products in the market- Advertising plays significant role in the introduction of a new product in the market. It stimulates the people to purchase the product.
Expansion of the market-It enables the manufacturer to expand his market. It helps in exploring new markets for the product and retaining the existing markets. It plays a sheet anchor role in widening the marketing for the manufacturer’s products even by conveying the customers living at the far flung and remote areas.
Increased sales-Advertisement facilitates mass production to goods and increases the volume of sales. In other words, sales can be increased with additional expenditure on advertising with every increase in sale, selling expenses will decrease.
what are the advantages of advertising?
300
- Moving or if there is an overstock in a particular item, a loss leader will not only free up shelf space but also increase cash flow
- Increased number of customers: this can help to increase the number of new customers
What are advantages of loss leaders?
300
This aspect of personal selling involves identifying prospective customers by selecting names from present customers, wholesalers, retailers or by telephone contacts
What is prospecting?
300
a way for firms to get valuable intel on their competitors, on customers to find out where the most profits are.It is also a way to promote and market their products or services from the apps available and they can also create an easy way for customers to buy into their goods and services
What is social media?
400
Direct- communicate directly to customers
Circulars and Catalogs
Free Samples or souvenirs
Indirect- Intended to build customer loyalty
Newspapers, magazines, trade papers
Television and Radio
Posters
Signs
What are forms of advertising?
400
High Price to Consumers-Advertising increases costs of product. Customers have to pay high price for the products heavily advertised. Companies do not forgo their profits. Thus, businessmen can earn more at a cost of customers.
Wastage of National Resources-Due to excessive use or proliferation of advertising, valuable national resources are wasted. In many cases, companies undertake rigorous advertising efforts without specific needs.
Impulsive Buying-It creates unnecessary needs. People are emotionally forced to buy the products. Sometimes, it instigates people to buy unnecessary products.
what are disadvantages of advertising?
400
- if done poorly, loss leader pricing can cause the business to lose money.
- Not all manufacturers and suppliers will allow the merchandise to be priced below their minimum advertised price or less than the selling price charged by other dealers for their products.Firms could find themselves facing lawsuits from manufacturers who deem this practice illegal.
- Firms have to constantly analyse their accounts for the loss leader items and items associated with them
What are the disadvantages of loss leaders?
400
This aspect of personal selling involves bringing across what the firm requires to prospective customers and being knowledgeable about the product and the competitor’s product to handle questions and make comparisons
What is communicating?
400
These professionals help a business or individual cultivate a positive reputation with the public through various unpaid or earned communications, including traditional media, social media, and in-person engagements. They also help clients defend their reputation during a crisis that threatens their credibility.
Who are Public Relations?
500
To identify brands and increase consumer awareness of brand
To provide information
To persuade consumers to purchase goods
To increase customer loyalty
What is Functions of Advertising?
500
These are the middlemen who work between the firm who wants advertisements and firms like newspaper and television stations that provide the advertising media. They do the following:
Create the advertisement
Produce the advertisement
Place the advertisement
what are advertising agents?
500
Gets the customers to purchase the loss leader item or items but also to purchase other full price items.
What is the aim of the loss leader strategy?
500
In this aspect of personal selling salespersons feed information to firms about their customers
What is gathering information?
500
a consumer behaviour pattern where consumers become committed to a particular brand and make repeat purchases over time.
Companies use creative marketing strategies,such as loyalty or rewards programs, trials, brand ambassadors, and incentives like free samples
What is brand loyalty?