MRKTNG 3000 1nd Edition Lecture 13Outline of Last LectureI. Pricinga. Objectives b. Pricing strategy for new products c. Strategy for existing productsd. Pricing methods Outline of Current LectureII. Integrated marketing communications a. Personal sellingb. Sales promotionsc. Public relationsd. Advertising Current Lecture Ch.8 read ad budgeting area, 127-133 (advantages/disadvantages of media*, trade and consumer sales promotions, procedures for evaluating ad programs)Integrate marketing communications:-Personal selling-Sales promotions-Public Relations-Advertising-Concept of designing marketing activities- advertising, personal selling, sales promotion, public relations- to provide a consistent message across all audiences is referred to as integrated marketing communications (IMC)Promotion:Advertising- paid form of nonpersonal communicationPersonal selling- two way, personal communication, most expensive 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.Public relations- communications management that seeks to influence stakeholders Sales promotion- short-term inducement of value to arouse interests (e.g. coupons, samples, contests, etc.)Promotional mix: Target audience- stakeholders other than consumers-Channel members-ConsumersProduct life cycle:1. Introa. Publicity, advertising to stimulate, personal selling to channel members2. Growth a. Advertising differentiation, personal selling to channel members3. Maturity a. Reminder advertising, sales promotion4. Declinea. Very little promotion Complexity:-Technical sophisticationProduct characteristics Purchase risk: financial, social, physical Stages of buying decision:1. Pre-purchase2. Purchase3. Post-purchase Channel strategies: Push strategy (Target channel members)-Personal selling-Sales promotionPull strategy -Target consumers/end users-Advertising Message problems: Selective attention, distortion, and retention AIDA-A-Attention-Example: Hardees-Break through clutter -Right media-Relevant messageI- Interest-Generate interest in product-Talk to needs of marketD- DesireBuild by:-Logic-Emotion A- Action-Lead customers towards taking