Principles of marketing ebook
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Personal selling is the most effective in certain stages of the buying process, but is quite costly. Advertising can reach masses of geographically dispersed buyers at a low cost, but it cannot be as persuasive as people. The promotion mix consists of five tools.
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The sum of these costs is the proposed promotion budget. Objective– and-task method: developing the promotion budget by (1) defining specific promotion objectives, (2) determining the tasks needed to achieve these objectives and (3) estimating the cost of performing these tasks.Competitive– parity method: setting the promotion budget to match competitor’s outlays.Percentage– of-sales method: setting the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales prices.Affordable method: setting the promotion budget at the level management thinks the company can afford.When setting the total promotion budget, there are four common methods that can be used. The marketer must research the effect on the target audience. Highly credible sources are more persuasive. Atmospheres are designed environments that create the buyer’s leanings toward buying a product. Non-personal communication channels are media that carry messages without personal contact or feedback, including major media, atmospheres and events. Buzz marketing is cultivating opinion leaders and getting them to spread information about a product or a service to others in their communities. Personal communication channels include word-of-mouth influence: personal communications about a product between target buyers and neighbours, friends, family members and associates. Personal communication channels are channels through which two or more people communicate directly with each other, including face to face, on the phone, via e-mail or even through Internet chat. Choosing the channels of communication.Marketers must also decide the message structure and the format. Emotional appeals attempt to stir up emotions that can motivate purchase. Rational appeals relate to the audience self-interest and their benefits. The marketer determines the content of the message. Attention, interest, desire and action come together as the AIDA model. The message should get attention, hold interest, arouse desire and obtain action. A goal of a marketer is to move target customers through the buying process. The buyer-readiness stages are the stages consumers normally pass through on their way to a purchase, including awareness, knowledge, liking, preference, conviction and finally the actual purchase. The target audience can be in any stage of the buyer-readiness stages. Determining the communication objectives.
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There are different steps necessary in developing effective marketing communication. A message is send from a sender to a receiver via media, but can be interrupted by noise or encoding/decoding differences. In order to develop marketing communications, an understanding of the communication process is required. IMC recognizes all touchpoints where the company and customers meet and ties together all messages. These changes come together in a need for integrated marketing communications (IMC) which involves carefully integrating and coordinating the company’s many communications channels to deliver a clear, consistent and compelling message about an organisation and its products. Finally, communications technology is changing the way companies and customers communicate with each other. Also, marketing strategies are shifting away from traditional mass marketing. First, consumers are changing: they are better informed and more empowered. Several factors are changing today’s marketing communication.