MARK 3321 1st Edition Lecture 14Outline of Last Lecture I. Break-Even PricingII. Profit-Maximizing PricingIII. Markup PricingIV. Other Determinants of PriceV. Relationship of Price to QualityVI. How to set a Price on Products/ServicesVII. Price StrategyVIII. Pricing SkimmingIX. Price Penetration X. Legality of Price StrategyXI. Tactics for fine-tuning the base price: Other pricing tacticsXII. Tactics for fine-tuning the base price: Consumer PenaltiesOutline of Current Lecture I. Product LinePricingII. The Role of PromotionIII. Marketing CommunicationIV. Communication ProcessV. Characteristics of the Elements in the Promotional MixVI. AIDA ConceptVII. Promotional Mix and AIDAVIII. Integrated Marketing CommunicationsIX. Factors affecting the Promotional MixX. Push vs Pull StrategyCurrent Lecture- Product line pricingo Product line pricing Setting prices for an entire line of productso Joint costs Costs that are shared in the manufacturing and marketing of several products in a product lineCH 15 – Marketing CommunicationsThese 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 promotiono 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 taskso Target audience Informing- PLC stages – Introduction, Early growth Reminding- PLC stage – Maturity  Connecting- PLC stages – all stages Persuading- PLC stages – Growth, Maturity- The role of promotiono Promotional strategy (competitive advantage) A plan for the optimal use of the elements of promotion:- Advertising- Public relations- Sales promotion- Personal selling- Social media- Communicationo The process by which meanings are exchanged or shared though a common set of symbols- Marketing communicationo 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 Communicationso 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 Mixo Nature of the producto Stage in PLCo Target market factorso Type of buying decisiono Promotion fundso Push or pull strategy- Push vs Pull