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Exams > Advertising and Promotions Exam 1 (Chp. 1-4) > Flashcards

Advertising and Promotions Exam 1 (Chp. 1-4) Flashcards

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1
Q

Marketing

A

is the activity, set of institutions, and processes for creating,
communicating, delivering and exchanging offerings that have
value for customers, clients, partners, and society at large”

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2
Q

Exchange

A

Core concept of marketing

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3
Q

Value

A

Customer perceptions of benefits vs costs

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4
Q

Marketing Mix

A

Product, promotion, price, place

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5
Q

Role of marketing

A

Inform, persuade, and build relationships

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6
Q

Growth of Advertising and Promotion

A

Carefully prepared messages delivered to carefully targeted
audiences

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7
Q

IMC (integrated marketing communications)

A

Coordination among/across promotional tools/customer contact
points
 Centralized messaging (common theme and positioning) –
consistency and synergy
 Multiple audiences
 Strategic in nature
 Outcomes measurement

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8
Q

Brand

A

That part of a brand that can be spoken, including letters,
words, and numbers

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9
Q

Role of IMC in Branding

A

Develop and sustain brand identity and equity
Aid company connections to consumer via trust,
transparency and authenticity
Link to sustainability

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10
Q

Promotional Mix

A

the coordination of all seller-initiated efforts to set up
channels of information and persuasion in order to sell
goods and services

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11
Q

IMC and Audience Contact

A

Know x and y chart

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12
Q

Paid vs owned vs earned media

A

paid-tv, in store media, paid search
owned- website, facebook, blogs
earned- word-of-mouth, shared vids, media coverage

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13
Q

IMC Management

A

Process of planning, executing, evaluating, and controlling
promo mix tools to communicate with target audience

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14
Q

IMC plan

A

Framework for developing, implementing, and controlling IMC
program
 Stages of IMC planning process

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15
Q

IMC planning Process

A
  1. review marketing plan
  2. analysis of promotional program situation
  3. analysis of communication process
  4. budget determination
  5. develop IMC programs
  6. Integrate and implement marketing communication strategies
  7. monitor, evaluate, and control IMC program
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16
Q

The promotional mix

A

Advertising
Direct marketing
Interactive/internet marketing
sales promotion
publicity/public relations
personal selling

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17
Q

advertising

A

Paid forms of non-personal communication
– About an organization, product, service, or
idea by an identified sponsor
– No feedback from audience (one-way)
– Important for products and services aimed at
mass consumer markets
– Key tool to inform and influence perceptions
– Cost effective

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18
Q

Direct Marketing

A

Direct mail
Direct response advertising
Telemarketing
Catalogs
Shopping channels
Internet sales

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19
Q

Digital/internet marketing

A

Back-and-forth communication
 Users participate in and modify the form and content of
information
 Happens in real time
 Interactive media
 Internet
 Social media
 Kiosks
 Interactive television
 Mobile marketing

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20
Q

Using the internet as an IMC tool

A

Builds and maintains customer relationships
Obtains customer database information
Communicates and interacts with buyers
Provides customer service and support
Educates or informs customers
A persuasive advertising medium
A sales tool or an actual sales vehicle

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21
Q

Sales Promotion

A

Consumer oriented
Trade oriented

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22
Q

Consumer oriented

A

Coupons
Samples
Premiums
Contest/Sweepstake
Refunds/Rebates
Bonus Packs
Loyalty Programs
Events

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23
Q

Trade-oriented

A

Trade Allowances
POP Displays
Training Programs
Trade Shows
Coop Advertising

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24
Q

Sales promotion budget

A

Most of the promotional budget now goes to sales promotion
 Declining brand loyalty
 Increased consumer sensitivity to “deals”
 Larger and more powerful retailers are demanding more trade
promotion support

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25
Publicity vehicles
Feature articles Interviews Special Events News Releases
26
Public Relations
Systematically planning and distributing information in an attempt to control and manage image and the nature of the publicity received.
27
Public Relations tools
Cause-related marketing Special Publications Publicity vehicles Community activities public affairs activities corporate advertising special event sponsorship
28
personal selling
Person-to-person communication  A seller attempts to assist and/or persuade prospective buyers to make a purchase or act on an idea
29
Marketing and promotions process
1. Marketing Strategy and Analysis 2. Target marketing Process 3. Marketing Planning Program development
30
Marketing Strategy and Analysis
Strategic marketing plan Incorporates overall corporate strategy and guides specific marketing programs and policies and allocation of organization’s resources Situational analysis Market segment/target market
31
Situational analysis
Opportunity analysis  Analysis of marketplace such as demand trends, unfulfilled needs, new populations  Competitive analysis  Analysis of competition on a wide range of variables
32
Market segments/ target market
Selection of one or more target markets to pursue
33
Target Marketing Process (4 steps)
Identify markets with unfulfilled needs  Id specific needs of groups of people  Determine market segmentation  Divide market into distinct groups  5 common basis for segmentation  Select a market(s) to target  How many segments to enter (Undifferentiated, differentiated, concentrated)  Which segments have potential  Position through marketing strategies  Image of the product (brand) relative to competitors  7 positioning strategies plus repositioning
34
Market segmentation
Segmenting Markets 1. Behavioral/Usage  Usage (heavy, med, light, nonuser)  Loyalty (brand freaks)  Switchers/variety seekers  80-20 Rule 2. Demographics 3. Geographic 4. Psychographic 5. Benefit
35
Selecting a target market
Determine...  How many segments to enter 1. undifferentiated marketing  one product or service to entire market 2. differentiated marketing  separate marketing strategies for each segment 3. concentrated marketing  selection of one segment with goal to gain large share of market  Which segments have the greatest potential ◦ Sales potential, growth, competition, ability to compete, ability to market to this group
36
Market Positioning
Fitting the product or service to one or more segments of the broad market in such a way as to set it apart from competition
37
Developing a positioning strategy
Attribute/benefit  Price/quality  Use or application  Product class  Product user  Competitor  Cultural symbol  Repositioning
38
Salient attributes
Important to consumers and are the basis for making a purchase decision
39
Marketing Planning Program Development
Product decisions  Product value (meeting customer needs)  Branding (identity, equity)  Packaging Price decisions ◦ Variables to consider (costs, demand, competition, perceived value, product quality, advertising) Distribution
40
Branding (name, term, symbol, design)
differentiate a product from others  instill mythical feeling
41
Brand identity
Combination of the name, logo, symbols, design, packaging, and image associations held by the consumer
42
Brand equity
Added value or goodwill (intangible asset of added value)
43
Price decisions
Variables to consider (costs, demand, competition, perceived value, product quality, advertising)
44
Distribution
Channel partners – make product available to customers ◦ Direct and indirect channels ◦ Promotional Push - through the stores push out to consumers ◦ Promotional Pull - generate demand via consumer promotions and pull product through the distribution channel
45
Clients
Organize based on its size, number of products/markets, budget, marketing mix, structure
46
Two client structural forms
Two Client Structural Forms  Centralized  Functional structure, single product /market typically  Decentralized  Product/brand manager role, multiple products and markets  In-House agencies
47
In-House agencies
In-house agency: an advertising agency that is set up, owned, and operated by the advertiser  Reduces advertising and promotion costs  Allows companies to maintain tighter control  Critics of in-house agencies worry about experience and objectivity
48
Advantages and disadvantages to each organizational system
see slides
49
Ad agencies (role, services, type)
Role – to assist clients in developing, preparing, and executing promotional programs (highly skilled, objective, experience)  Services research, creative, media, production Account, marketing, creative, management, finance Positions/jobs Department or group organization Types Full service to specialty agencies (creative, media) Superagencies
50
Creative boutiques
Only creative services
51
Media specialist firms
Specialize in buying media, especially broadcast time
52
Compensation
Commission, fee, cost, incentive-based
53
Evaluation
Financial audit – costs, expenses, charges  Qualitative audit – efforts in planning, developing, and implementing a campaign
54
how agencies are compensated
Commissions  From 3 to 15% on total media amount billed  As high as 16% for outdoor media Fixed-Fee Method  Monthly basic fee charged of all services Cost-Plus Agreement * Cost of agency work + Fixed % Percentage charges (mark-up) * charges for services provided by outside suppliers * 17.65 to 20% mark-up to charges Incentive-based Compensation * Fee based on the achievement of agreed-on results, tightly- specified objectives
55
Ad agencies (more info)
 Evaluating Agencies  Financial, qualitative audits  Gaining and Losing Clients  Relationship business  Performance driven  Pages 96-99  Specialized Services  Direct-Marketing, Sales Promotions, PR, Digital firms  Collateral Services – single job hires  IMC Services – all under one roof  Pros and cons, responsibility, foundation characteristics
56
Consumer behavior
PROCESS AND ACTIVITIES PEOPLE ENGAGE IN WITH RELATION TO PRODUCTS AND SERVICES TO SATISFY THEIR NEEDS AND DESIRES * SEARCHING AND SELECTING * PURCHASING AND USING * EVALUATING * DISPOSING
57
Basic Model of Consumer Decision Making
Problem Recognition --> Motivation Information search--> Perception Alternative evaluation-->attitude formation purchase decision-->integration post purchase evaluation-->learning
58
Problem recognition (1)
CONSUMER PERCEIVES A NEED AND GETS MOTIVATED TO SOLVE THE PROBLEM * CAUSED BY A DIFFERENCE BETWEEN CONSUMER’S IDEAL STATE AND ACTUAL STATE SOURCES * OUT OF STOCK * DISSATISFACTION, NEW NEEDS OR WANTS * NEW PRODUCTS, RELATED PRODUCTS OR PURCHASES * MARKETER-INDUCED PROBLEM RECOGNITION
59
Consumer motivations (1)
HELPS IN UNDERSTANDING THE REASONS UNDERLYING CONSUMER PURCHASES * MOTIVES: FACTORS THAT COMPEL A CONSUMER TO TAKE A PARTICULAR ACTION * RESEARCH METHODS: INTERVIEWS, PROJECTIVE TECHNIQUES, ASSOCIATION TESTS, FOCUS GROUPS Maslows hierarchy of needs
60
Information search (2)
INTERNAL SEARCH – PERSONAL EXPERIENCE/PRIOR KNOWLEDGE * EXTERNAL SEARCH – INFORMATION BEYOND THE PERSON
61
Perception (2)
PROCESS BY WHICH AN INDIVIDUAL RECEIVES, SELECTS, ORGANIZES AND INTERPRETS INFORMATION TO CREATE A MEANINGFUL PICTURE * DEPENDS ON * INTERNAL FACTORS * CHARACTERISTICS OF A STIMULUS
62
Processes involved in perception
SENSATION – IMMEDIATE, DIRECT RESPONSE TO SENSES TO STIMULUS * 5 SENSES * ADS, PACKAGING, BRAND NAME POINT OF PURCHASE * SELECTING INFORMATION – INTERNAL PSYCHOLOGICAL FACTORS DETERMINE WHAT ONE FOCUSES ON AND/OR IGNORES * RELEVANCE TO NEEDS * INTERPRETING INFORMATION- ORGANIZING AND CATEGORIZING INFORMATION INFLUENCED BY ... * INTERNAL PSYCHOLOGICAL FACTORS * THE NATURE OF THE STIMULUS
63
Selective perception
1.EXPOSURE 2.ATTENTION 3.COMPREHENSION 4.RETENTION - MNEMONICS Subliminal perception-subconcious
64
Alternative evaluation (3)
COMPARISON OF BRAND PRODUCTS AND SERVICES IDENTIFIED AS CAPABLE OF SOLVING THE PROBLEM * EVOKED SET - 2 TO 5 BRANDS THAT COME TO MIND * EVALUATIVE CRITERIA (FUNCTIONAL AND PSYCHOSOCIAL)
65
Attitude formation (3)
ATTITUDES ARE LEARNED PREDISPOSITIONS * SALIENT BELIEFS * MULTIATTRIBUTE MODEL
66
Purchase decision (4)
OUTCOME OF THE ALTERNATIVE EVALUATION STAGE - DEVELOPED PURCHASE INTENTION, BRAND LOYALTY
67
Integration (4)
EVALUATION OF ALTERNATIVES BASED ON KNOWLEDGE, BELIEFS, AND MEANINGS * HEURISTICS * AFFECT REFERRAL DECISION RULE
68
Post Purchase evaluation (5)
COMPARE PERFORMANCE TO EXPECTATION * COGNITIVE DISSONANCE (DOUBT)
69
Learning (5)
BEHAVIORAL LEARNING – CLASSICAL AND OPERANT * COGNITIVE LEARNING
70
Classical conditioning
unconditioned stimulus to conditioned response
71
operant conditioning
random rewarding
72
Environmental influences
CULTURE * SUBCULTURE * SOCIAL CLASS * REFERENCE GROUP * SITUATIONAL DETERMINANTS
73

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