Chapter 16 and Chapter 17 Notes
Chapter 16 and Chapter 17 Notes mkt
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This 4 page Class Notes was uploaded by jj on Sunday December 6, 2015. The Class Notes belongs to mkt at Clemson University taught by Carter Willis McElveen in Fall 2015. Since its upload, it has received 18 views.
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Date Created: 12/06/15
Chapter 16 Factors for establishing a relationship with retailers 1 Choosing retailing partners manufacturer s asses how likely it is for certain retailers to carry their products Manufacturers also consider where their target customer expect to find the products because those are exactly the stores in which they want to place their products The overall size and level of sophistication of the manufacturer will determine how many of the marketing channel functions it performs and how many it will hand off to other channel members The type of availability of the product and the image the manufacturer wishes to portray will determine how many retailers within a geographic region will carry the products 2 Identifying types of retailers although the choices is often obvious manufacturers may have a choice of retailer types for some products 3 Developing a retail strategy manufacturers and retailers develop their strategy by implementing the 4 P s 4 Managing a multichannel strategy involves selling in more than one channel ex Store catalog and internet Consists of examining the circumstances in which sellers may prefer to adopt a particular strategy Manufacturers may consider these factors all simultaneously or in a different order Retailing the set of business activities that add value to products and services sold to consumers for their personal or family use includes products bought at stores through catalogs and over the internet as well as services like fastfood restaurants airlines and hotels Distribution Intensity the number of supply chain members to use at each level of the supply chain Intensive Distribution a strategy designed to get products into as many outlets as possible Exclusive Distribution in which only selected retailers can sell a manufacturer s brand Selective Distribution lies between the intensive and exclusive distribution strategies uses fa few selected customers in a territory Choosing Retailing Partners Channel Structure Customer Expectations Channel Member Characteristics Distribution Intensity Identify Types of Retailers Food Retailers supermarkets supercenters warehouse clubs convenience stores General Merchandise Retailers department stores fullline discount stores specialty stores drug stores category specialist extreme value retailers offprice retailers Service Retailers auto rental health spa vision center bank Developing a Retail Strategy Using the 4 P s Product providing the right mix of merchandise and service that satisfies the needs of the target market is one of the retailer s most fundamental activities Offering assortment gives customers a choice EXCLUSIVE COBRAND Price helps define the value of both the merchandise and the service defines its image Promotion mobile commerce share of wallet and cooperative advertising Place location Benefits of Stores for Consumers Browsing Touching and feeling products Personal service Cash and credit payment Entertainment and social experience Immediate gratification Risk Reduction Benefits of the Internet and Multichannel Retailing Deeper and Broader Selection Personalization personalized customer service and personalized offering Expand market presence Effective Multichannel Retailing Integrated CRM customer relationship management system with a centralized customer data warehouse that houses a complete history of each customer s interaction with the retailer Brand Image Pricing Supply Chain Chapter 17 Integrated Marketing Communications IMC represents the promotion P of the 4 P s It encompasses a variety of communication disciplines advertising personal selling sales promotion public relations direct marketing and online marketing including social media in combination to provide clarity consistency and maximum communicative impact Communicating with Consumers The Communication Process The Sender the firm from which an IMC message originates the sender must be clearly identified to the intended audience The Transmitter an agent or intermediary with the sender works to develop the marketing communications for example a firm s creative department or advertising agency Encoding the process of converting the sender s ideas into a message which could be verbal visual or both The Communication Channel the medium print broadcast the internet that carries the message The Receiver the person who reads hears or sees and processes the information contained in the message or advertisement Decoding the process by which the receiver interprets the sender s message Noise any interference that stems from competing messages a lack of clarity in the message or a aw in the medium a problem for all communication channels Feedback Loop allows the receiver to communicate with the sender and thereby informs the sender whether the message was received and decoded properly How Consumers Perceive Communication 0 O Receivers decode messages differently Senders adjust messages according to the medium and receivers traits The AIDA Model 0 AIDA a common model of the series of mental stages through which consumers move as a result of marketing communications Awareness leads tointerests which lead to desire which leads to action Awareness brand awareness familiar with the brand and what it stands for aided recall occurs when consumers recognize a name topofmind awareness a prominent place in people s memories that triggers a response without them having to put any thought into it Interests Desire move from I like it to I want it Action drive the receiver to action The Lagged Effect a delayed response to a marketing communication campaign Elements of an Integrated Marketing Communication Strategy Advertising Public Relations PR Sales Promotions Personal Selling Direct Marketing Online Marketing websites blogs social media Planning for and Measuring IMC Success Goals Setting and Allocating the IMC Budget Measuring Success using Marketing Metrics traditional media and web based media Planning implementing and evaluating IMC Programs An illustration of google advertising
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