Chp 1 Flashcards
(27 cards)
Marketing
Use of activities to create and sustain relationships with customers
What does marketing require?
1) Two or more parties with something of value to one another
2) A desire and ability to give up that something to the other party
3) A way to communicate with one another
Communicating product involves…
1) Product type
2) Product attributes/benefits
3) Brand identity
4) Brand equity
Product type
Organization exists because it offers a product to consumers, generally in exchange for money. The heart of the marketing mix.
Product attributes/benefits
Products are a bundle of benefits. Product symbolism is developed and maintained by marketing communication.
Brand identity
Marketing communication presents the brand and its identification in situation that will allow the consumer to view the brand positively.
- Reinforced by tagline or slogan
Brand equity
Intangible asset, added value or goodwill
- A source of competitive advantage
Communicating price involves…
Reinforcing consumer’s belief that the product’s benefits or quality accurately indicates the price decsion
Communicating distribution involves…
Providing information as to where a product can be purchased or what kids of service might be available in various locations
Communicating value involves…
The relative balance of what consumers receive for what they give
Promotion
Coordination of all seller-initiated efforts to set up channels of information and persuasion to sell goods and services or to promote an idea
The promotional mix
- Advertising
- Direct marketing
- Internet marketing
- Sales promotion
- Public relations
- Personal selling
Advertising
Non-personal communication. Used to create brand images and symbolic appeals for a brand
- Best known, most widely discussed
Sales promotion
Activities providing extra value or incentive to sales force, distributor, or consumer
Types of sales promotion
1) Consumer sales promotion (coupons, rebates)
2) Trade sales promotion (trade shows, sales contests)
Public relations
- Evaluating public attitudes
- Identifying policies and procedures of individuals or organizations
- Executing a program of action to gain public understanding and acceptance
Publicity
Non-personal communications regarding an organization, product, service, or idea
- Most credible form of promotion
- Low cost, not directly paid by the company
Direct marketing
Communication directly with target consumers to generate a response or transaction
- Used for direct distribution
Internet/interactive marketing
Allow for a back-and-forth flow of information whereby users can participate in and modify the form and content of the information they receive in real time
Personal selling
P2P communication in which a seller attempts to persuade prospective buyers to purchase the company’s product/service
Participants of the promotional process
1) Advertiser (client)
2) Advertising agency
3) Media organizations
4) Specialized marketing communication agencies
5) Collateral services
Collateral services
Companies that provides companies with specialized services like package design
Integrated marketing communications (IMC)
Strategic business process used to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs with consumers, customers, prospects, employees, and other relevant external and internal audiences
Importance of IMC
1) Audience contact
2) Customer’s POV
3) Relationship marketing
4) Consumer adoption of technology and media
5) Planning efficiency and effectiveness
