BUSN 101 Notes - Week 3 - 10.3.2016
BUSN 101 Notes - Week 3 - 10.3.2016 BUSN 101-A
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This 2 page Class Notes was uploaded by Tim Ulrich on Monday October 3, 2016. The Class Notes belongs to BUSN 101-A at Drexel University taught by Mr. Christopher Finnin in Fall 2016. Since its upload, it has received 6 views. For similar materials see Foundations of Business 1 in Business at Drexel University.
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Date Created: 10/03/16
Promotional Mix - combo of promotional tools used by an organization IMC (Integrated Marketing Communications) o provides strategy about how to get the word out about the product we want to sell. o uses promotional tools to create a comprehensive strategy o As a part of putting strategy and convincing people to buy your stuff - you have 6 steps 1. Identify a target market sub-group of people who identify with what you are selling o Analyze primary and secondary data to figure out what consumers are purchasing and gear marketing and products toward them o What are our objectives? 2. Define objectives 3. Determine a promotional budget 4. Develop a unique message 5. Implement the plan 6. Evaluate effectiveness Advertising o As part of promotional mix non-personal communication through different means in order to reach people who identify with your message o Goals of advertising Inform (of a product that is being offered) Persuade (that it is better than the others) Remind (of benefits that it has to offer) o T.V. advertising is the most dominant media D.V.R. poses problem for t.v. ads because they are skipped over Product placement advertisers pay to have their product strategically placed in T.V. or movies so the audience will see and be influenced by their product o Online Advertising "Brand messaging is key" "Site Must be easy to navigate" "Users want fast, readable sites" "Users with disabilities should be able to navigate"\ o Global Advertising Requires a single product and promotional strategy that will reach the whole world Problems can arise due to using a single promotional campaign in other countries with different cultures and poor translations Personal Selling o "Face to face presentation and promotion of a product, including the salesperson's search for new prospects and follow up service." o Vital for salespeople to listen to the needs of the consumers. Help reach a solution and help make each transaction as easy as possible. o Steps in the SELLING PROCESS 1. Prospect and qualify 2. Pre-approach 3. Approach 4. Make a presentations 5. Answer objections 6. Close the sale Trial close - a statement or question that determines whether the consumer is ready to close o putting the idea of closure into the comsumers minds 7. Follow up o Prospecting researching potential buyers and what they are most likely to buy Publicity o Any information about an individual, product or organization that is distributed to the public through the media and is not paid for or controlled by the seller o Advantages of publicity free reaches those who would otherwise not look at the ad has credibility over advertising
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