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Introduction to Business

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Introduction to Business ­MGT 211
VU
Lesson 32
ADVERTISING PROMOTION
Advertising--promotional tool consisting of paid, non-personal communication used by an
identified sponsor to inform an audience about a product. The average U.S. resident is
exposed to roughly 250 ads every day through a variety of media -- including floor ads. All
forms of advertising have three objectives: to create product awareness, to create and
maintain the image of a product, and to stimulate consumer demand. It not only determines
what we buy, but it shapes our view of the world.
Advertising: (1) The best form of promotion for reaching mass audiences quickly at a low
per-person cost. (2) Gives the organization the greatest control over the message. (3)
Promotes goods, services, or ideas, using a full range of creative approaches and media to
convey your message. (4) Must conform to the law, as well as the ethical and moral standards
of the medium and trade associations.
Advertising Strategies --- The advertising strategies used for a product most often depend
on which stage of the product life cycle the product is in. During a product's growth and
maturity stages, marketers may choose one of three common approaches:
i.
Persuasive  Advertising--advertising  strategy  that  tries  to  influence
consumers to buy one company's products instead of those of its rivals.
ii.
Comparative Advertising--advertising strategy that directly compares two or
more products.
iii.
Reminder Advertising--advertising strategy that tries to keep a product's
name in the consumer's mind.
Advertising Media -- variety of communication devices for carrying a seller's message to
potential customers.
i.
Television sometimes leads viewers to confuse commercials because of their
brevity and their great number.
ii.
Newspapers--the most widely used medium, accounting for about 20 percent
of all advertising expenditures.
iii.
Direct Mail--about 18 percent of all ad spending. Direct mail has the largest
advance costs of any technique but the highest cost-effectiveness.
iv.
Radio-8 percent of all advertising outlays. Radio ads are quite inexpensive but
easy for consumers to ignore.
v.
Magazines--roughly 5 percent of all advertising. Huge variety of magazines
makes for a high level of ready market segmentation.
vi.
Outdoor Advertising--about 1 percent of all advertising. Billboards, signs, ads
on buses, taxis, stadiums, etc. are inexpensive and have high repeat exposure.
It's growing faster than newspapers, magazines, and television and offers
animation and changing images.
vii.
The Internet--Still in its infancy but offers high potential, particularly for
targeted advertising.
1.
Use Data Mining and Data Warehousing (see chapter 10) to tailor advertising
to specific target markets. Has the ability to tailor a message directly to
individuals and use interactive options to gather information about each
interaction such as the exact information accessed by a visitor; develop a
profile for their regular visitors; present information of special interest to the
126
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Introduction to Business ­MGT 211
VU
visitor; and alert customers to special savings or remind them of past
purchases.
vii.
Virtual Advertising--Uses digital implants of brands or products onto live or taped
programming, giving the illusion that the product is part of the show.
xii.
Other Advertising Channels:  Catalogs, sidewalk handouts, Yellow Pages,
skywriting, telephone calls, special events, and door-to-door communication
represent additional media.
1.
The Media Mix--combination of advertising media chosen to advertise a
company's products. Determinants of the Media Mix include:
The characteristics of the target audience and the types of media
that will reach it are determined.
The choice of media is also determined by what it is expected to
do.
Preparing the Campaign with an Advertising Agency
Advertising Campaign -- arrangement of ads in selected media to reach targeted audiences. It
consists of six steps:
i.
Identify the target audience
ii.
Establish the advertising budget
iii.
Define the objectives of the advertising messages
iv.
Create the advertising messages
v.
Select the appropriate media
vi.
Evaluate advertising effectiveness
Advertising Agency--independent company that provides some or all of a client firm's
advertising needs.
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Table of Contents:
  1. INTRODUCTION:CONCEPT OF BUSINESS, KINDS OF INDSTRY, TYPES OF TRADE
  2. ORGANIZATIONAL BOUNDARIES AND ENVIRONMENTS:THE ECONOMIC ENVIRONMENT
  3. BUSINESS ORGANIZATION:Sole Proprietorship, Joint Stock Company, Combination
  4. SOLE PROPRIETORSHIP AND ITS CHARACTERISTICS:ADVANTAGES OF SOLE PROPRIETORSHIP
  5. PARTNERSHIP AND ITS CHARACTERISTICS:ADVANTAGES AND DISADVANTAGES OF PARTNERSHIP
  6. PARTNERSHIP (Continued):KINDS OF PARTNERS, PARTNERSHIP AT WILL
  7. PARTNERSHIP (Continued):PARTNESHIP AGREEMENT, CONCLUSION, DUTIES OF PARTNERS
  8. ORGANIZATIONAL BOUNDARIES AND ENVIRONMENTS:ETHICS IN THE WORKPLACE, SOCIAL RESPONSIBILITY
  9. JOINT STOCK COMPANY:PRIVATE COMPANY, PROMOTION STAGE, INCORPORATION STAGE
  10. LEGAL DOCUMENTS ISSUED BY A COMPANY:MEMORANDUM OF ASSOCIATION, CONTENTS OF ARTICLES
  11. WINDING UP OF COMPANY:VOLUNTARY WIDNIGN UP, KINDS OF SHARE CAPITAL
  12. COOPERATIVE SOCIETY:ADVANTAGES OF COOPERATIVE SOCIETY
  13. WHO ARE MANAGERS?:THE MANAGEMENT PROCESS, BASIC MANAGEMENT SKILLS
  14. HUMAN RESOURCE MANAGEMENT:Human Resource Planning
  15. STAFFING:STAFFING THE ORGANIZATION
  16. STAFF TRAINING & DEVELOPMENT:Typical Topics of Employee Training, Training Methods
  17. BUSINESS MANAGERíS RESPONSIBILITY PROFILE:Accountability, Specific responsibilities
  18. COMPENSATION AND BENEFITS:THE LEGAL CONTEXT OF HR MANAGEMENT, DEALING WITH ORGANIZED LABOR
  19. COMPENSATION AND BENEFITS (Continued):MOTIVATION IN THE WORKPLACE
  20. STRATEGIES FOR ENHANCING JOB SATISFACTION AND MORALE
  21. MANAGERIAL STYLES AND LEADERSHIP:Changing Patterns of Leadership
  22. MARKETING:What Is Marketing?, Marketing: Providing Value and Satisfaction
  23. THE MARKETING ENVIRONMENT:THE MARKETING MIX, Product differentiation
  24. MARKET RESEARCH:Market information, Market Segmentation, Market Trends
  25. MARKET RESEARCH PROCESS:Select the research design, Collecting and analyzing data
  26. MARKETING RESEARCH:Data Warehousing and Data Mining
  27. LEARNING EXPERIENCES OF STUDENTS EARNING LOWER LEVEL CREDIT:Discussion Topics, Market Segmentation
  28. UNDERSTANDING CONSUMER BEHAVIOR:The Consumer Buying Process
  29. THE DISTRIBUTION MIX:Intermediaries and Distribution Channels, Distribution of Business Products
  30. PHYSICAL DISTRIBUTION:Transportation Operations, Distribution as a Marketing Strategy
  31. PROMOTION:Information and Exchange Values, Promotional Strategies
  32. ADVERTISING PROMOTION:Advertising Strategies, Advertising Media
  33. PERSONAL SELLING:Personal Selling Situations, The Personal Selling Process
  34. SALES PROMOTIONS:Publicity and Public Relations, Promotional Practices in Small Business
  35. THE PRODUCTIVITY:Responding to the Productivity Challenge, Domestic Productivity
  36. THE PLANNING PROCESS:Strengths, Weaknesses, Threats
  37. TOTAL QUALITY MANAGEMENT:Planning for Quality, Controlling for Quality
  38. TOTAL QUALITY MANAGEMENT (continued):Tools for Total Quality Management
  39. TOTAL QUALITY MANAGEMENT (continued):Process Re-engineering, Emphasizing Quality of Work Life
  40. BUSINESS IN DIGITAL AGE:Types of Information Systems, Telecommunications and Networks
  41. NON-VERBAL COMMUNICATION MODES:Body Movement, Facial Expressions
  42. BUSINESS ORGANIZATIONS:Organization as a System
  43. ACCOUNTING:Accounting Information System, Financial versus Managerial Accounting
  44. TOOLS OF THE ACCOUNTING TRADE:Double-Entry Accounting, Assets
  45. FINANCIAL MANAGEMENT:The Role of the Financial Manager, Short-Term (Operating) Expenditures