MKT 327 introduction to marketing 1st Edition Lecture 19 Mass communication/ personal sellingOutline of Last Lecture A. Key components of conceptI. Selling taskII. Communication processIII. Steps in IMC planIV. Mass communications: Roles in value creationOutline of Current Lecture B. Mass communications: roles in value creationV. AdvertisingVI. Sales promotionVII. Basic sales: promotion decisionsVIII. Publicity/ sponsorshipIX. Social mediaX. Personal sellingXI. Types of personal sellingXII. Evaluation of personal sellingXIII. Sales managementCurrent Lecture1) Mass communications: roles in value creationa) Advertisingi) Informative ii) Remindingiii) Persuasiveiv) Reinforcingv) Differentiatingb) Sales promotioni) Encourage trialii) Stimulate purchase iii) Immediate salesc) Public relationsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.i) Corporate communication ii) Credibility 2) Advertising a) Budgeti) Purpose (1) The advertising budget decision reflects the importance of advertising relative to the other communication mix elements and establishes the level of resources available to accomplish advertising’s selling taskii) Message(1) Purpose(a) The specific wording, ender, format, structure and argument type for the advertisementiii) Media decision(1) Purpose(a) The advertising media decision involves selecting the means of transmitting the message from sender to receiver that best achieves thedesired exposure and communication effectiveness at lowest costiv) Measure results(1) Purpose(a) To identify the EXTENT the advertising campaign or program ACCOMPLISHED the SALES GOALS and/or SELLING TASKS established by the advertising objectives 3) Sales promotiona) Advantages i) Immediacyii) Targeted actioniii) Build relationships/ behavioral habitsb) Disadvantagesi) Long term effectii) Acclamation 4) Basic sales: promotion decisionsa) Establish objectivesb) Select targetsi) Markets ii) Behavior/ actionc) Develop budgetd) Select methods & implemente) Measure results 5) Publicity/ sponsorshipa) Purposei) To deliver a corporate level message and/or to establish credibility. IMPACTS value creation by providing ‘weight’ or ‘gravitas’ to the other aspects of the marketing plan and sometimes to generate ‘buzz’ or word of mouth.b) Advantagesi) Credibilityii) Imageiii) Get/hold attentionc) Disadvantagesi) Control ii) Cost 6) Social mediaa) Purposei) To create content that attracts traffic, holds attention and interest, and enable conversationsb) What it is, and what is noti) Brand marketingii) Direct response(1) This is a new dimension of marketing and it cannot be ignored anymoreiii) Social influence marketing(1) Pain assessment/ market validation(2) Commercial community building(a) Build brand equity(b) Increase influence(c) Promote services(d) Link-building and SEO(e) Increase traffic(3) Message management7) Personal sellinga) Purposei) To provide an avenue for 2-way communication to identify and solve problems, and build personal relationships that lead to exchange customer satisfaction and firm profits b) Roles & impact on value creationi) Information acquisitionii) Information disseminationiii) Persuasion(1) All  with respect to helping customers realize or experience form, time, orplace utilities iv) Negotiationv) Servicing(1) Both  with respect motivating, enabling, or supporting the customer taking ownership/possessionc) Advantagesi) 2-way communicationsii) Immediacyiii) Ability to build relationshipsiv) Effectiveness per contactd) Disadvantagesi) Cost per contactii) # Of contacts 8) Types of personal sellinga) Directi) Obtain salesii) Order getter(1) Telemarketing(2) Field selling(3) Technicalb) Order takeri) Service ii) Over-the-counterc) Missionaryi) Influence future sales(1) Inside support(2) Detail9) Evaluation of personal selling: a) Traditionali) Perspective(1) Conquer: market one customer at a time(2) Key tasks(a) Know product(b) Prospect(c) Persuade(d) Achieve volumeb) Consultativei) Perspective(1) Understand and solve customer problemsii) Key tasks(1) Know business(2) Communicate(3) Solve problems(4) Contribute to profits/ competitive advantagec) Relationshipi) Perspective(1) Total integration of respective operationsii) Key tasks(1) Know market(2) Partnering and tradeoffs (3) Build brands(4) Maximize loyalty and customer satisfaction10) Sales managementa) The process of planning the selling program and implementing and evaluating the personal selling effort of the firmi) Setting objectives ii) Organizing salesforceiii) Account management policiesiv) Recruiting v) Trainingvi) Compensationvii) Quantitative assessmentsviii) Behavioral