Marketing Communication
Direct or face-to-face conversation between two or more people
What is interpersonal communication ?
One-way mass communication about the product which is paid for by the marketer
What is advertising?
A certificate that entitles consumers to an immediate price reduction
What is a coupon?
Revenue minus expenses.
What is profit?
Establish pricing goals
What is the first step in setting the right price?
A marketing strategy that stimulates consumer demand to obtain product distribution.
What is pull strategy?
cost of reaching one member of the target market
What is cost per contact?
An extra item offered to the consumer, usually in exchange for some proof that the promoted product has been purchased
What is a premium?
A company’s product sales as a percentage of total sales for that industry.
What is market share?
A pricing policy whereby a firm charges a relatively low price for a product initially as a way to reach the mass market.
What is penetration pricing?
Marketing function that evaluates public attitudes, areas within the organization that the public may be interested in
What is public relations?
A 30-minute or longer advertisement that looks more like a TV talk show than a sales pitch
What is an infomercial?
A promotional display set up at the retailer’s location to build traffic
What is point-of-purchase display?
The change in total costs associated with a one-unit change in output.
What is marginal cost?
An agreement between two or more firms on the price they will charge for a product.
What is price fixing?
Combination of promotional tools such as personal selling, advertising, etc.
What is promotional mix?
A form of advertising designed to enhance a company’s image rather than promote a particular product
What is institutional advertising?
Direct communication between a sales representative and one or more prospective buyers
What is personal selling?
Total costs equal total revenue
What is break even point?
A price tactic that offers all goods and services at the same price (or perhaps two or three prices).
What is single price tactic?
Careful coordination of all promotional messages
What is Integrated Marketing Communications ?
A form of advertising in which an organization expresses its views on controversial issues or responds to media attacks.
What is advocacy advertising?
To increase trial purchases, consumer inventories, and repeat purchases
What are the main objectives of sales promotion?
Consumers’ responsiveness or sensitivity to changes in price.
What is elasticity of demand?
Establishing two separate charges to consume a single good or service
What is two-part pricing?