Week 2 Introduction Flashcards
Define Promotion.
Informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response.
Bring brand awareness.
Define Promotional Strategy.
Plan for the optional use of the elements of promotion.
Types of Promotions.
- Advertising
- PR
- Personal Selling
- Sales Promotion
- Social Media
Define Competitive Advantage.
One or more unique aspects of an organisation that cause target consumers to patronise that firm rather than competitors.
Unique positioning/selling point.
List some Competitive Advantage features.
- High product quality
- Rapid delivery
- Low prices
- Excellent service
- Unique features
Define Communication.
Process by which meanings are exchanged or shared through a common set of symbols.
What is interpersonal communication?
Direct, f2f communication between 2 or more people
e.g. salesperson speaking directly with customer
Define Mass Communication.
Communication of a concept or message to a large audiences through a mass medium.
Successful ways to communication?
- Make them like you
- Convincing argument
- Consumer research
Define Senders.
Inform, persuade, and remind the target market to take actions favourable to purchase of product.
Define Receivers.
Develop and adapt messages and spot new communication opportunities.
How does social media impact consumers?
Consumers are able to become senders as opposed to only brands being senders.
Explain how feedback works on social media?
Platforms enable marketers to personalise the feedback channel through direct communication.
Tasks of promotion.
- Informative promo
- Persuasive promo
- Reminder promo
- Connect promo
Define Informative promo.
Converts an existing need into a want or stimulates interest in a new product.
Define Persuasive promo.
Stimulates a purchase or an action.
Define Reminder promo.
Keeps the product and brand in the public’s mind.
Define Connect promo.
Forms relationships with customers through social media.
Explain the rise of capitalism.
Competition for resources, stimulative demand for goods and services.
What is the principle of limited liability?
Restricts an investor’s risk in a business venture to only his or her shares in a corporation.
Define Branding.
Developing brand names to be focused and identified by the consumers.
Characteristics of old media advertisement.
- printed
- dailies
- heavy copy
- no regulation
- low creativity
Define consumer culture.
Way of life centred on consumption.
What types of advertisement were popular during WWII?
- Sales promotion
- Good times come with side effects. remedy = product
- Working women (colour)
- Patriotism - love for country
- Fascination with scientific discoveries
- Discovery of vast youth market
