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    Add as FriendCommunication Mix CHAPTER 15

    by: Rogers

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    1 : Retail Communication Mix CHAPTER 15 McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
    2 : Brands Distinguishing name or symbol, such as a logo, that identifies the products or services offered by a seller and differentiates those products and services from those offered by competitors The McGraw-Hill Companies, Inc./Bob Coyle, photographer The McGraw-Hill Companies, Inc./John Flournoy, photographer
    3 : Value to Retailers (Brand Equity) Attract Customers Build Loyalty Higher Prices Leading to Higher Gross Margin Reduced Promotional Expenses Facilitates Entry into New Markets Gap ? GapKids Value to Customers Promises Consistent Quality Simplifies Buying Process Reduces Time and Effort Searching for Information About Merchandise/Retailer Value of Brand Image Brands
    4 : Building Brand Equity
    5 : Benefits of High Brand Awareness
    6 : Creating Brand Awareness Best Buy Home Depot Starbuck’s Macy’s Memorable Name Symbols Top-of-mind Brand Awareness Event Sponsorship Repeated Exposure
    7 : 16-7 Consistent Reinforcement The retailer’s brand image is developed and maintained through the retailer’s communication mix Retail Communication Mix
    8 : Integrated Marketing Communications Present a Consistent Brand Image through all Communications with Customers Store Design Advertising Web Site Magalog The McGraw-Hill Companies, Inc./Andrew Resek, photographer
    9 : Brand Extensions Gap ? GapKids and Old Navy Abercrombie & Fitch ? Hollister and Gilly Hicks Sears ? Sears Auto Centers and the Great Indoors Pottery Barn ? Pottery Barn Kids The McGraw-Hill Companies, Inc./Andrew Resek, photographer
    10 : Methods of Communicating with Customers
    11 : Direct Marketing
    12 : Mobile marketing is marketing through wireless handheld devices, such as cellular telephones, and m-commerce or mobile commerce involves completing a transaction via the cell phone. Direct Marketing
    13 : Online Marketing
    14 : Social Media
    15 : Sales Promotions
    16 : Personal Selling A communication process in which sales associates help customers satisfy their needs through face-to-face exchanges of information.
    17 : Advertising
    18 : Public Relations (PR) Managing communications and relationships to achieve various objectives Building and maintaining a positive image of the retailer Handling or heading off unfavorable stories or events Maintaining positive relationships with the media In many cases, public relations activities support other promotional efforts by generating “free” media attention and general goodwill.
    19 : Planning the Retail Communication Program
    20 : Establish Objectives Communication objectives: Specific goals related to the retail communication mix’s effect on the customer’s decision-making process Long-term: ex. creating or altering a retailer’s brand image Short-term: ex. increasing store traffic
    21 : Determine the Communication Budget Marginal Analysis Method Based on the economic principle that firms should increase communication expenditures as long as each additional dollar spent generates more than a dollar of additional contribution Very hard to use because managers don’t know the relationship between communication expenses and sales
    22 : Objective-and-Task Method Determines the budget required to undertake specific tasks to accomplish communication objectives
    23 : Financial Implications of Increasing the Communication Budget
    24 : Rule of Thumb Methods Affordable Budgeting Method – sets communication budget by determining what money is available after operating costs and profits are budgeted. Drawback: The affordable method assumes that the communication expenses don’t stimulate sales and profits.
    25 : Rule of Thumb Methods Percentage of Sales Method – communication budget is set as a fixed percentage of forecasted sales. Drawback: This method assumes the same percentage used in the past, or by competitors, is still appropriate for the retailer.
    26 : Rule of Thumb Methods Competitive Parity Method – this communication budget is set so that the retailer’s share of communication expenses equals its share of the market. Drawback: This method (like the others) does not allow the retailer to exploit the unique opportunities or problems they confront in a market.
    27 : Allocate the Promotional Budget The retailer decides how much of its budget to allocate to specific communication elements, merchandise categories, geographic regions, or long- and short-term objectives Budget allocation decision is more important budget amount decision High-assay principle: The retailer allocate the budget to areas that will yield the greatest return
    28 : Sales Promotion Opportunity Many sales promotion opportunities undertaken by retailers are initiated by vendors To evaluate a trade promotion, the retailer considers: Realized margin from the promotion Cost of the additional inventory carried Potential increase in sales Potential loss Additional sales

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