Unit B Planning and Preparing to Manage a Small Business Competency 5.00 Understand pricing, promotion, and market planning.

Promotion Acquire a foundational knowledge of promotion, promotional channels, and promotional activities.

Goals of Promotion in Marketing General Goals Create desire Inform Create positive image Specific Goals “Distribute 500 flyers by March 1” Promotion is effective when consumers buy products!

Comprehensive Promotional Plan Choose strategies that match business image. Include media placement specifications and costs.

Promotional Mix The combination of promotional media used to reach a target market within the promotional budget. Each element is designed to inform consumers about the existence of a product.

Publicity A newspaper runs a story about a shoe donating shoes to the needy.

Sales Promotion The use of cents-off coupons in the grocery store.

Institutional Promotion A company advertises to consumers its commitment to recycling and reducing pollution.

Product Promotion Informing consumers about product features. An ad for Kleenex in Ladies Home Journal magazine

Public Service Promotions Inform consumers about noncontroversial issues.

Product and Place Internal factors that affect how a business uses its promotional tools.

Broadcast Media Television = fastest growing Radio Text = delivered to people interested in product

Out-of-Home Advertising Repeated exposure to the largest, most diverse population