promo selling pricing

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Presentation Transcript

Elements of the Promotion Mix: 

Elements of the Promotion Mix Advertising Ingredients of the Promotion Mix Public Relations Personal Selling Sales Promotion

The Communication Process: 

The Communication Process Receiver Decoding Channel Encoding Sender Noise Channel

Goals and Tasks of Promotion: 

Goals and Tasks of Promotion Informing Reminding Persuading Target Audience

AIDA and the Hierarchy of Effects: 

AIDA and the Hierarchy of Effects Attention Interest Desire Action Awareness Knowledge Liking Preference Conviction Purchase

When Elements of Promotion Are Most Useful: 

When Elements of Promotion Are Most Useful Advertising Personal selling Sales promotion Public relations Either not effective or inefficient Very effective Somewhat effective Awareness Knowledge Liking Preference Conviction Effectiveness Purchase

Factors that Affect the Promotion Mix: 

Factors that Affect the Promotion Mix Push–and–Pull Strategies Nature of the Product Stage in the Product Life Cycle Target Market Characteristics Type of Buying Decision Available Funds $ $ $

Creating a Promotion Plan: 

Creating a Promotion Plan Choose Promotion Mix Develop Promotion Budget Set Promotion Objectives Identify Target Market Analyze the Marketplace

Criteria for Setting Promotion Objectives: 

Criteria for Setting Promotion Objectives Promotion objectives should: be measurable, concrete be based on sound research, with a well-defined target audience be realistic reinforce the overall marketing plan and relate to specific marketing objectives

Examples of Promotion Objectives: 

Examples of Promotion Objectives Objective: To Remind To remind consumers that Peter Pan peanut butter is the creamiest peanut butter and is available at their nearest grocery and convenience stores Objective: To Inform (Awareness) To increase the top-of-mind awareness level for Peter Pan peanut butter from 16 percent to 24 percent Objective: To Persuade (Attitudinal) To increase the percentage of parents who feel that Peter Pan peanut butter is the best peanut butter for their children from 22 percent to 35 percent

Techniques for Setting Promotion Budgets: 

Techniques for Setting Promotion Budgets • Arbitrary Allocation • All - You - Can - Afford • Competitive Parity • Percent of Sales • Market Share • Objective and Task

Regulation of Promotion: 

Regulation of Promotion Self-Regulation • National Advertising Division (NAD) • National Advertising Review Board (NARB) Federal Regulation • Federal Trade Commission (FTC)

Effects of Advertising: 

Effects of Advertising Advertising Spending Return on Advertising Expenditures Increasing efficiency as ad budget becomes sufficient Diminishing returns on additional spending

Major Types of Advertising: 

Major Types of Advertising Corporate Image Advocacy Advertising Types of Advertising Pioneering Competitive Comparative Product Advertising Institutional Advertising

Advertising Campaign Decision Process: 

Advertising Campaign Decision Process Determine the campaign objectives. Make creative decisions. Make media decisions. Evaluate the campaign.

Common Advertising Appeals: 

Common Advertising Appeals

Executional Styles for Advertising: 

Executional Styles for Advertising Mood or Image Musical Demon- stration Scientific Real/ Animated Product Symbols Fantasy Lifestyle Spokes-person/ Testimonial Slice-of-Life Humorous

Methods Used to Evaluate Advertising Campaigns: 

Methods Used to Evaluate Advertising Campaigns Pretests Examples: • Consumer jury tests • Portfolio or unfinished rough tests • Physiological tests Post-tests Examples: • Recognition tests • Recall tests • Attitude measures • Audience size measurement

The Tools of Public Relations: 

The Tools of Public Relations Major Tools Used By PR Professionals New Product Publicity Product Placement Customer Satisfaction Phone Lines Consumer Education Event Sponsorship Issue Sponsorship Web Sites

Types of Consumer & Sales Promotion Goals: 

Types of Consumer & Sales Promotion Goals Type of buyer Desired results Sales promotion examples Loyal customers Reinforce behavior, • Loyalty marketing programs, People who buy your increase consumption, such as frequent-buyer cards product most or all change purchase timing or frequent-shopper clubs of the time • Bonus packs that give loyal consumers an incentive to stock up or premiums offered in return for proofs-of-purchase Competitor’s Break loyalty, persuade • Sampling to introduce your customers to switch to your brand product’s superior qualities People who buy a compared to their brand competitor’s product • Sweepstakes, contests, or most or all of the time premiums that create interest in the product Brand switchers Persuade to buy your • Any promotion that lowers the People who buy a brand more often price of the product, such as variety of products coupons, price-off packages, in the category and bonus packs • Trade deals that help make the product more readily available than competing products Price buyers Appeal with low prices • Coupons, price-off packages, People who or supply added value refunds, or trade deals that consistently buy the that makes price less reduce the price of brand to least expensive brand important match that of the brand that would have been purchased Source: From Sales Promotion Essentials, 2E by Don. E. Schultz, William A. Robinson, and Lisa A. Petrison. Reprinted by permission of NTC Publishing Group, Lincolnwood, IL.

Tools for Consumer Sales Promotion: 

Tools for Consumer Sales Promotion Coupons Premiums Frequent Buyer Programs Contests and Sweepstakes Samples Point-of-Purchase Displays Six Categories of Consumer Sales Promotions

Tools for Trade Sales Promotion: 

Tools for Trade Sales Promotion

Advantages of Personal Selling: 

Advantages of Personal Selling

Advertising Versus Personal Selling: 

Advertising Versus Personal Selling Personal Selling is more important if... The product has a high value. It is a custom-made product. There are few customers. The product is technically complex. Customers are geographically concentrated. Advertising/Sales Promotion is more important if... The product has a low value. It is a standardized product. There are many customers. The product is simple to understand. Customers are geographically dispersed.

Differences Between Traditional & Relationship Selling: 

Differences Between Traditional & Relationship Selling Traditional Personal Selling Sell products (goods and services) Focus on closing sales Limited sales planning Spend most contact time telling customers about product Conduct “product-specific” needs assessment “Lone-wolf” approach to the account Proposals and presentations based on pricing and product features Sales follow-up focused on product delivery Relationship Selling Sell advice, assistance, and counsel Focus on improving the customer’s bottom line Considers sales planning as top priority Spend most contact time attempting to build a problem-solving environment with the customer Conduct discovery in the full scope of the customer’s operations Team approach to the account Proposals and presentations based on profit impact and strategic benefits to the customer Sales follow-up is long term, focused on long-term relationship enhancement Source: Robert M. Peterson, Patrick L. Shul, and George H. Lucas, Jr., “Consultative Selling: Walking the Walk in the New Selling Environment,” National Conference on Sales Management, Proceedings, March 1996.

Steps in the Selling Process: 

Steps in the Selling Process Basic Steps in the Selling Process Generating Sales Leads Qualifying Sales Leads Making the Sales Approach Making the Sales Presentation Handling Objections Closing the Sale Following Up

Functions of Sales Management: 

Functions of Sales Management Motivate Sales Force Evaluate Sales Force Manage Turnover Train Sales Force Develop Compen-sation Plan Structure Sales Force Determine Sales Force Size Recruit Sales Force Set Sales Objectives

Cost Determinants of Price: 

Cost Determinants of Price Dollars Quantity MC ATC AVC AFC

Break-Even Analysis: 

Break-Even Analysis Quantity (units) Price ($) Fixed Costs Total Revenue Total Costs Profits Losses Break Even

Steps in Setting the Right Price: 

Steps in Setting the Right Price $ $ $ $ $ $ $ $ Fine-Tune Base Price Choose Strategy Estimate Demand, Costs, and Profits Establish Pricing Goals Right Price

Legal and Ethical Issues in Pricing: 

Legal and Ethical Issues in Pricing Unfair Trade Practices Key Legal and Ethical Issues Related to Price Price Fixing Price Discrimination Predatory Pricing

Discounts, Allowances, and Rebates: 

Discounts, Allowances, and Rebates Price Reductions

Geographic Pricing: 

Geographic Pricing Basing-Point Freight-Absorption Zone Pricing Uniform Delivered FOB Origin Pricing Tactics Based on Geography

Special Pricing Tactics: 

Special Pricing Tactics Odd-Even Pricing Two-Part Pricing Bundle Pricing Bait Pricing Price Lining Flexible Pricing Professional Services Leader Pricing Single Price