In this chapter I learned about the different types of personal selling including generating and qualifying leads, preapproach, sales presentations, closing the sale, and the follow uo.. I also learned about the managing of sales staff by motivating them
In this chapter I learned about advertising, what type of media you want to use, identifying your target audience, and developing an advertising plan. weather to use a push or pull strategy. I also learned at what stage you want to use the types of advertising. Like informative advertising is used for new products, Persuasive advertising is used in the growth stage of a product, and reminder advertising is when a product is in the decline stage. I learned about the different types of advertising appeals informative and emotional . I learned about how Puffery is a boarder line on false advertising. I also learned about sales promotions and how coupons, deals, contests, and sweepstakes work. The only question I have concerning sweepstakes is why don’t they require the agencies to post who won the sweepstakes
In this chapter I learned the importance of preparing an IMC program. I learned that you have to continually monitor how your marketing is being interpreted through the feedback loop and web tracking software. I also learned the communications process from the sender (who be the company) to the transmitter(who would be the advertising company) to the encoding( which would be how the ad is presented) to the communication channel ( which would be how it is advertised) to the receiver(who is the person that reads it) to how it is decoded( which is how the reader interprets it for themselves)
In this chapter I learned the different types of distribution intensity, intensive, exclusive, and selective distribution and how they help manufactures to decide which stores will sell their products. I also learned that the classification of food retailers is based on the amount of square footage and the number of SKU’s that they have. I also learned the difference between general merchandise retailers. that department stores are retailers that carry a wide variety and deep assortment of merchandise where as Specialty stores concentrate on a limited selection. I also learned the benefits of stores vs internet or multichannel retailing like in a store you can touch and see the product, you can ask questions and get them answered right there and you get instant gratification because you can use the product right away. The advantages of the internet are lower cost, wide variety, and you can do it from the conveyance of your home.
In this chapter I learned about distribution centers and how products get from the manufacturer. I learned about how small stores and small chains get truck to store deliveries where as bigger stores or chains run their product through distribution centers. That distribution centers can go as far as tagging the merchandise so when the store gets it it can go right to the floor for sale that is called Floor Ready Merchandise. There is a lot more activity than one would expect. Like Cross Docking and checking the stuff in. I was really amazed at the way they were able to limit a stores on hand inventory by using the Just in Time method.
In this chapter I thought the most interesting things were the break even analysis and the demand curve. I like the idea of being able to plot out the point of where my business starts to make a profit I also like the demand curve idea to show weather how strong a demand there is for a certain product and weather or not it is even feasible. This chapter also taught me about the legalities of advertising such truth in advertising , the bait and switch ruse, and price discrimination. I wish that it would have gone into bidding procedures and winning bid determination rules and regulations when trying to determine the suppliers for certain products but maybe that will be in another chapter
In this chapter I learned that there are a lot of Gaps in customer service. Every where I go I look at how employees of stores could do better very easily. Like yesterday when I was at Farm and Fleet, I was looking for a antibiotic ointment for one of my horses I had three different people tell me where it was, and it wasn’t there, and after wasting a lot of time I found it myself. And then I went to Wal Mart and stood in line forever while three associates stood and chatted. There are very easy solutions to these problems but I guess they don’t care. All you would of had to have done for the first one is either train your employees to familiarize themselves with the store or just call someone who would know. The second one just have your managers watching and when more than three people are in a line just open another register.