MGTA02H3 Chapter Notes - Chapter 5: Information Seeking, Marketing Mix, Sales Promotion
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MGTA02H3 Full Course Notes
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Chapter 5 (promotion & place: making products know and easy to get) A business cannot sell a product if the people in the target market don"t know about it. Promotion: any technique used to inform, educate and excite potential customers about a business and its products and to induce them to buy. Promotion seeks to accomplish four things with potential customers: Markets have long understood that buyers go through a structured five stage decision making process. Consumers become aware of some situation in their life that needs solving or satisfying i. Our body tells us that we"re hungry b. A need can also be suggested by an external stimulus i. An advertisement suggests that our lives will be more fulfilled if we buy a particular car. Consumers search for information as to what goods or services may provide a solution. The objective of promotion is inform consumers about available products.
