Chapter 16 Progress Assessment

Page 450
1. What are the four traditional elements of the promotion mix?
The four traditional promotional tools are advertising, personal selling, public relations, and sales promotion. The product itself can also be a promotional tool. Advertising is paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the advertising message. Next comes personal selling which is face-to-face presentation and promotion of goods and services. It also involves the search for new prospects and follow-up service after the sale. Effective selling isn’t simply a matter of persuading others to buy. Personal selling also involves prospecting which involves researching potential buyers, qualifying which makes sure these people have a need for your product; these are only some of the steps in the process. Sales and promotion, which can be done in a variety of ways. When a business has a sales promotion they usually price products cheaper than normal or at a loss to get awareness of the product out. Public Relations are the management function that evaluates public attitudes, changes policies and procedures in response to the public’s requests, and executes a program of action and information to earn public understanding and acceptance.

2. What are the three most important advertising media in order of dollars spent?
Advertising expenditure by media in terms of billions of dollars is as follows: Direct Mail with U.S. volume of $44.7 billion or 19.3 percent; Newspapers with $44.3 billion or 19.2 percent; and finally Broadcast TV with $38.9 billion or 16.8 percent.

3. What are the seven steps in the B2B selling process?
The seven steps are Prospect and Qualify which is the first step in selling. Prospecting involves researching potential buyers and choosing those most likely to buy.