Chapter 2: Objectives Flashcards by Emiel Rossel-Cambier

What are business objectives

High-level objectives that directly affect the entire company. They can encompass a range of areas, such as financial performance, growth, etc …

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What are marketing objectives

Measurable objectives of marketing initiatives that support your business goals

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What are communication objectives

Change something in the mind of the consumer or customer behaviour

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What does S.M.A.R.T objectives stand for?

Specific
Measurable
Achievable
Relevant
Timebound

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Hierarchy of objectives

1) Mission/Vision/Core values
2) Business objectives
3) Marketing objectives
4) Marketing communication objectives

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Mission statement

Formulation of a company’s objective, provides the company’s RAISON D’ÊTRE

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Vision statement

The long term goals or aspirations of the organisation. Answers the question ‘where do we want to be in the future?”

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Core values

The primary values within a company. They are the characteristics or motivators that demonstrate what the company stands for

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Ideally, how many clear core values should a company aim to have?

3-5

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What objective has an intermediary effect for long term commercial results?

Communication objectives

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What are the 3 categories of communication objectives?

1) Reach
2) Process
3) Effectiveness

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Explain the goal of reach communication objectives

Reach the target audience in an effective and efficient way

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Explain the goal of process communication objectives

Conditions that should be met before any communication can be effective. FOCUS –> Extent to which consumers have processed a specific communication stimulus

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What is the focus of process communication objectives?

The extent to which consumers have processed a specific communication stimulus

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Explain the goal of effectiveness communication objectives

The effect of the whole campaign on the brand

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What are the 2 categories of behavioural objectives?

1) Process
2) Effectiveness

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Explain the goal of process behavioural objectives

Encourage the target audience to take a specific action
INTERMEDIARY effect

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Explain the goal of effectiveness behavioural objectives

(long term) behavioural results = marketing objectives

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What does D.A.G.M.A.R objectives stand for?

Defining
Advertising
Goals for
Measured
Advertising results
Results

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Category need

need for an offering with the same general functionality

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Name 3 situations for a category need

1) Launching new products/innovations and attract non-users (MUST)
2) Product categories under pressure or infrequently used (USEFUL)
3) Reposition an offering to meet other occasions or use (USEFUL)

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Brand awareness

Association of some characteristics such as a brand name, logo, package, style, etc. with a category need

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Top Of Mind awareness (TOM)

The first brand that pops up in your mind within a category need

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Brand recall

Several brands that pop in your mind, unaided spontaneous awareness

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Brand recognition

Aided brand awareness, brands that can be recognised when shown logo/packaging

Hierarchy of brand awareness

1) Top Of Mind (TOM) 2) Brand Recall 3) Brand Recognition 4) Unaware of Brand

Why is brand recognition so important?

consumers tend to limit search activity to a limited set of brands within a product category

... is most effective when purchase decision is another time and location than POS (Brand Awareness)

Brand name recall

... is most effective when the buyer must ask explicitly for a certain product (Brand Awareness)

Brand name recall

... is most effective when purchase decision is made in store (60-80%) (Brand Awareness)

Brand recognition

... is most effective when visual cues are easily recognisable: packages, logos, displays, colours (Brand Awareness)

Brand recognition

Brand knowledge

A consumer's understanding and recall of a brand and it's products

Tactics for increasing brand awareness

- Showing the product package or logo - Repetition - Sign-off slogans - Jingles that are made to stick - Be consistent and repeat

What should brand knowledge aim to highlight?

Essential brand characteristics, features & benefits

Brand attitude

Perceived value of a brand

What are the 2 aspects of brand image?

Mindshare & Heartshare

Mindshare

The degree to which the consumer feels that the brand is relevant personally

Heartshare

The extent to which the consumer has positive associations with the brand

Brand purchase intention

The willingness of a customer to buy a certain product or a certain service

What should a marketeers objectives be with low involvement products?

Brand Awareness and favourable brand attitude are important Purchase intention should not be stressed but purchase should be facilitated

What should a marketeers objectives be with high involvement products?

Purchase intention should be stressed and trial simulated

Give an example of a low involvement product

Toilet paper, Chocolate

Give an example of a high involvement product

Car, House

What is the goal of purchase facilitation?

Reassure customers through communication that there are no obstacles to purchasing a product/brand

D.A.G.M.A.R communication objectives

1) Category Need 2) Brand Awareness 3) Brand Knowledge 4) Brand Attitude 5) Brand Purchase Intention 6) Purchase Facilitation 7) Purchase 8) Satisfaction 9) Brand Loyalty

What is the goal of purchase as a communication objective

boost sales (promotions)

What is the goal of satisfaction as a communication objective

product/service lives up to required/desired benefits or surpasses expectations

Net Promoter Score (NPS)

% Promoters (9-10) - % Detractors (0-6)

What is a detractor within the net promoter score (NPS)

A detractor is someone who indicated between 0-6 on the Net Promoter Score, meaning that it is very unlikely that the consumer will purchase again

What is a passive within the net promoter score (NPS)

A detractor is someone who indicated between 7-8 on the Net Promoter Score, meaning that his loyalty is uncertain

What is a promoter within the net promoter score (NPS)

A promoter is someone who indicated between 9-10 on the Net Promoter Score, meaning that they are loyal & enthusiastic about the offering

Tactics for improved customer satisfaction

- Monitor FAQ - Invest in your customer service (after sales care) - Map customer journey and improve the experience in every touchpoint - Do something for your clients

Brand loyalty

The mental commitment or relation between a consumer and a brand

Does repeated purchase mean brand loyalty?

Tactics for improved brand loyalty

- Loyalty programs - Exclusive offers/events - Brand communities - content marketing on social platforms - Suggesting new ways to use brand/offerings - New consumption situation

Advantages of D.A.G.M.A.R model

Communication effects = indicator of future sales

Disadvantages of D.A.G.M.A.R model

- Attitude changes can also be caused by behaviour changes (Buging --> use --> Attitude) - No proof that consumers have a strong desire or conviction before buying the product

Stages in a product life cycle

1) Introduction 2) Growth 3) Maturity 4) Decline

Describe the "introduction" stage of the product life cycle

Phase where the customer is introduced to the product for the first time

Describe the "growth" stage of the product life cycle

Phase where there is a growing demand, an increase in production, and expansion in it's availability

Describe the "maturity" stage of the product life cycle

Phase where product is most profitable, competition at it's highest, profit margins start to gradually shrink, sales volume is at it's peak

Describe the "decline" stage of the product life cycle

Phase where increased competition starts to make product lose market share and gradually starts it's decline

What D.A.G.M.A.R objectives are most important to focus on in the "introduction" stage of the product life cycle

- Category need - Brand awareness - Brand knowledge - Brand attitude

What D.A.G.M.A.R objectives are most important to focus on in the "growth" stage of the product life cycle

- Brand attitude - Brand preference

What D.A.G.M.A.R objectives are most important to focus on in the "maturity" stage of the product life cycle

- Top Of Mind Awareness - Brand attitude - Brand loyalty - Customer satisfaction

What D.A.G.M.A.R objectives are most important to focus on in the "decline" stage of the product life cycle

- Purchase - New target group