Characteristics of the Product The unique characteristics of a product should be used as inputs in determining the product’s marketing mix. LEARNING OBJECTIVES Examine how the characteristics of a product impacts the selection of a promotional mix KEY TAKEAWAYS Key Points The characteristics of the product are the features that differentiate it from other products on the market. When companies create a product they have specific features in mind. It… Read More »Characteristics of the Product

Target Market Characteristics The different characteristics of a target market are geographic, demographic, psychographic, behavioral, and product related. LEARNING OBJECTIVES Differentiate between different target market characteristics KEY TAKEAWAYS Key Points A geographic target market can be consumers in a city, state, or country. A demographic or socioeconomic target market would focus on a specific gender, age group, income level, or education level. A psychographic target market would be a market… Read More »Target Market Characteristics

Promotion Mix The promotion mix is an element of the marketing mix. It includes advertising, public relations, personal sales, and sales promotion. Mediums used for promotion include: the Internet, television, advertisements, special events, endorsements, newspapers, and magazines. Different approaches are needed for each medium in order to be successful. Marketing Mix: The marketing mix includes product, promotion, price, and place. Promotional Objectives There are three main objectives of a promotional… Read More »The promotion mix is an element of the marketing mix

Stages in the Product Life Cycle There are four stages in the product life cycle: introduction, growth, maturity, and decline. LEARNING OBJECTIVES Examine the various stages of the product lifecycle KEY TAKEAWAYS Key Points The introduction stage of the product life cycle is where a new product is launched into a market. In the growth stage of the product life cycle, the market has accepted the product and sales begin… Read More »Stages in the Product Life Cycle

Selecting the Promotion Mix for a Particular Product Promotional Objectives There are three main promotional objectives: inform the market, increase demand, and differentiate a product. LEARNING OBJECTIVES Explain the objectives and characteristics of a promotion mix KEY TAKEAWAYS Key Points Increase demand: These strategies are used during the product life cycle in order to increase sales. Present information about the product: In order for customers and consumers to want the… Read More »Selecting the Promotion Mix for a Particular Product

Types of Direct Marketing Tools There are many different direct marketing tools, including direct mail, telemarketing, couponing, direct response TV and radio, face-to-face selling, community campaigns, and grassroots campaigns. The Internet provides extraordinary reach. Marketers can use email, along with interactive static banner ads, pop ups, video and floating unit ads. Browser cookie analysis tag special interests and push appropriate products or services on personal websites. Marketers use search engine… Read More »Types of Direct Marketing Tools

Direct Marketing Direct marketing goes direct to customers via telephone, mail, fax, TV, radio, online, magazines, newspapers or face-to-face. LEARNING OBJECTIVES Distinguish direct marketing tactics from mass marketing tactics KEY TAKEAWAYS Key Points Direct marketing targets individual members of defined consumer groups. The message is based upon a clear “call to action” delivered directly to predisposed consumers. Direct marketing provides valuable and reliable consumer and sales data, as well as… Read More »Direct Marketing

Social Media Social media as a marketing tool is versatile, far-reaching, fast, inexpensive, fosters brand awareness, and can improve customer service. LEARNING OBJECTIVES Illustrate how social media can be used in the promotional mix KEY TAKEAWAYS Key Points As a marketing tool, social media is distinct from industrial or traditional media and is versatile, far-reaching, fast, relatively inexpensive, and fosters brand awareness and improves customer service. Social media used as… Read More »Social Media

Public Relations Public relations is the management of a message between an individual or organization and the public. LEARNING OBJECTIVES Describe the different aspects of public relations and its primary functions within the promotional mix KEY TAKEAWAYS Key Points Public relations is communicated through the media in the form of publicity events, speaking opportunities, press releases including video and audio news releases, newsletters, blogs, social media, press kits, and outbound… Read More »Public Relations : message between an individual or organization and the public

Sales Promotion Sales Promotion stimulates market demand, product availability and coordinates public selling, advertising and public relations. LEARNING OBJECTIVES Explain how sales promotion is used in the promotional mix KEY TAKEAWAYS Key Points Sales Promotions – increase the perceived value of a product and are usually offered for a limited amount of time. Consumer Sales Promotions – target the end user or the customer such as coupons or point of… Read More »Sales Promotion