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BUSN 101 Notes - Week 3 - 10.3.2016

by: Tim Ulrich

BUSN 101 Notes - Week 3 - 10.3.2016 BUSN 101-A

Marketplace > Drexel University > Business > BUSN 101-A > BUSN 101 Notes Week 3 10 3 2016
Tim Ulrich

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Monday BUSN 101 Lecture from Dr. Finnin
Foundations of Business 1
Mr. Christopher Finnin
Class Notes
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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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