MARK 3321 1st Edition Lecture 14 Outline of Last Lecture I Break Even Pricing II Profit Maximizing Pricing III Markup Pricing IV Other Determinants of Price V Relationship of Price to Quality VI How to set a Price on Products Services VII Price Strategy VIII Pricing Skimming IX Price Penetration X Legality of Price Strategy XI Tactics for fine tuning the base price Other pricing tactics XII Tactics for fine tuning the base price Consumer Penalties Outline of Current Lecture I Product LinePricing II The Role of Promotion III Marketing Communication IV Communication Process V Characteristics of the Elements in the Promotional Mix VI AIDA Concept VII Promotional Mix and AIDA VIII Integrated Marketing Communications IX Factors affecting the Promotional Mix X Push vs Pull Strategy Current Lecture Product line pricing o Product line pricing o Setting prices for an entire line of products Joint costs Costs that are shared in the manufacturing and marketing of several products in a product line CH 15 Marketing Communications These 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 The role of promotion o Promotion Communication by marketers that informs persuades and reminds potential buyers of a product in order to influence an opinion or elicit a response Goals and tasks o Target audience Informing Reminding Promotional strategy competitive advantage A plan for the optimal use of the elements of promotion Advertising Public relations Sales promotion Personal selling Social media Communication o PLC stages Growth Maturity The role of promotion o PLC stages all stages Persuading PLC stage Maturity Connecting PLC stages Introduction Early growth The process by which meanings are exchanged or shared though a common set of symbols Marketing communication o Categories of communication Interpersonal communication Direct communication face to face Mass communication Normally to large audiences usually through some type of media The communication process Characteristics of the Elements in the Promotional Mix The AIDA Concept The Promotional Mix and AIDA Integrated Marketing Communications o The careful coordination of all promotional messages to assure the consistency of messages at every contact point where a company meets the consumer Factors affecting the Promotional Mix o Nature of the product o Stage in PLC o Target market factors o Type of buying decision o Promotion funds o Push or pull strategy Push vs Pull Strategy