MKT 2400 FINAL Flashcards
(117 cards)
1
Q
AIDA Model
A
Awareness, Interest (think), desire (feel), and action (do)
2
Q
PR
A
Free media attention. Importance is increasing due to cost of media
3
Q
Personal selling
A
More expensive products require sales reps to provide value and insight
4
Q
Click through rate
A
CTR - # of clicks / # of impressions
5
Q
Clicks
A
used to assess effectiveness of advertising expenditures
6
Q
Frequency
A
How often the audience is exposed to a communication within a specified period of time
7
Q
Gross rating points
A
GRP = reach X frequency
8
Q
Impressions
A
of times an add appears in front of a user
9
Q
Reach
A
% of the targeted pop. exposed to a specified marketing communication at least once
10
Q
Value of branding
A
Facilitate purchasing, establish loyalty, protecting from competition, reduce marketing costs, are assets, impact market value
11
Q
Brand Equity
A
the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product/service
12
Q
Brand Awareness
A
the extent to which consumers are familiar with the distinctive qualities or image of a particular brand of goods or services.
13
Q
Brand associations
A
what consumers think about your brand
14
Q
Brand loyalty
A
Tendency of customers to keep buying your product
15
Q
Perceived value
A
the difference between a prospective customer’s evaluation of the benefits and costs of one product when compared with others.
16
Q
Brand Extension
A
extend brand into new categories
17
Q
Co-branding
A
designate (a product or service) with the brands of joint manufacturers or sponsors.
18
Q
Brand licesning
A
renting or leasing of an intangible asset
19
Q
Brand re positioning
A
company changes a brand’s status in the marketplace
20
Q
4E framework for social media
A
Excite + educate + experience = engage = customers
21
Q
Hits
A
total requests for a page
22
Q
Page views
A
of times any pages gets viewed by any visitor
23
Q
Bounce rate
A
% of times a visitors leaves the site almost immediatley
24
Q
Click paths
A
How users proceed through the information
25
Conversion rate
% of visitors act as the that act as the marketer hopes
26
Keyword analysis
What keywords people use to search on the internet for their product and services
27
Gross domestic product
GDP - total value of everything produced by all the people and companies in the country - best way to measure a countries economy
28
What benefits domestically made products because they reduce foreign competition?
Tariffs
- tax
- artificially raised prices
- lowers demand
Quotas
- Max limit
- reduces availability of imported goods
29
Choosing global entry strategy
export (least risk & control) - franchising - strategic alliance - joint venture - direct investment (most risk & control)
30
5 C's of pricing
```
competition
costs
company objectives
customers
channel members
VALUE
```
31
Role of price in MKT mix
ranked highly in decision making process. Only MKT mix element that generates revenue
32
Relationship of price and demand
Price increase = demand decrease
33
Price elasticity of demand
sensitivity to changes in price
34
Elastic
Price sensitive - demand DOES change with price (brand switching)
35
Inelastic
Price insensitive - demand does NOT change with price (Ex. Gas)
36
Price - quality relationship
Inexperienced consumers use price as an indicator of quality. Price is crucial factor with inexperienced consumers
37
Marketing Plan phases
Planning, implementation, control
38
Marketing plan steps
1 - business mission & objectives
2 - situation analysis SWOT
Steps 3-4 = marketing strategy
3 - Identifying opportunities (segmentation, targeting, positioning)
4 - implement marketing mix (product, price, place, promotion)
5 - evaluate performances using MKT metrics
39
Categories of social media
Social network sites, thought sharing sites, media sharing sites
40
How firms engage their customers on social media
Listen - analyze - do
41
Sentiment analysis
allows marketers to analyze data from these sources to collect consumer comments about companies and their products
42
How to do a social marketing campaign
identify strategy goals - target audience - campaign: experiment & engage - budget - monitor & change
43
Bonders
Social butterflies who use social media to enhance and expand their relationships, which they consider all-important in their lives
44
Creators
cool contributors, sit at the cutting edge and plan to stay there. Social media allows them new ways to post and share their ideas
45
Professionals
Constantly on the go and busty, want to appear efficient , use social media to demonstrate how smart they are
46
Sharers
want to help other, best way is by being constantly well informed so that they can provide insight to others
47
Assessing global markets
Economic analysis using metrics, infrastructure and technology, sociocultural analysis, government actions
48
Assessing global markets
Economic analysis using metrics, infrastructure and technology, sociocultural analysis, government actions
49
Choosing global marketing strategy: target market (STP)
cultural nuances, subcultures, view of product and consumer role, different positioning, adaptation, single position strategy
50
Global MKT mix
product/services strategies, price, global distribution, communication
51
Boycott
Groups refusal to deal commercially with some orgs. to protest against its policies
52
Cultural imperialism
the belief that one's own culture is superior to that of other nations
53
Exchange control
regulation of a country's currency exchange rate, the measure of how much one currency is worth in relation to another
54
Infrastructure
basic facilities, services, and installations needed for a community or society to function
55
Trade agreement
intergovernmental agreement designed to manage and promote trade activities for a specific region
56
Product
anything that is of value to the consumer and can be offered through a voluntary marketing exchange
57
Components of product
Core customer value proposition, actual product, associated services
58
4 types of consumer products
specialty, shopping, convenience, unsought
59
product mix
complete assortment of a company's products
60
Breath vs. Depth
Breath
- number of product lines
Depth
- number of products within a product line
61
What makes a brand
name, URL, logos/symbols, characters, slogans, jingles/sounds
62
Types of Brand ownership
1) Manufacturer brand or national/regional brands
2) Private-lavel brands or store brands
- premium
- generic
- copycat
- exclusive co-brand
63
Types of costs
```
Variable
- vary with production volume
fixed
- flat
total
- sum variable and fixed
```
64
Break even point (units) =
Fixed costs / contribution per unit
65
Total variable cost =
Variable cost per unit X quantity
66
Total cost =
Fixed cost + total variable cost
67
Total revenue =
Price X Quantity
68
Monopoly
One firm controls the market (less price competition, fewer firms)
69
Oligopoly
Handful of firms control market (high price competition, fewer firms)
70
Monopolistic Comp
Many firms selling differentiated products at different prices (Less price competition, many firms)
71
Pure Competition
Many firms selling commodities for the same prices (more price competition, many firms)
72
3 methods firms use to set their prices
cost based, competition based, value based
| choice of strategy depends on type of product, target market and competition
73
EDLP vs. High/Low strategy
EDLP
- every day low price (saves search costs of finding overall prices)
- high/low pricing (attracts both high paying and bargain shopper. "hunt" for lowest price)
74
Odd prices
So traditional that sellers are often afraid of them. May suggest good deal or low quality
75
Types of Reference prices
Internal & external reference prices
76
Price skimming
Mostly for new and innovative products, consumers must be willing to pay higher price for new product
77
Market penetration strategy
Set initial price low, hoping that getting many new customers will decrease unit cost over time
Drawbacks - may imply lower quality, may leave money on table and not able to provide for demand
78
Tactics used to reduce prices to consumers
mark downs - quantity discounts - seasonal discounts - coupons - rebates - leasing - price bundling - leader pricing - mark downs
79
Income Effect
Change in the quantity of a product demanded by consumers to a change in their income
80
Maximize profits
mathematical model that can explain and predict sales and profits, should identify the price at which profits are maxed
81
Price
Overall sacrifice a consumer makes to acquire a product
82
Substitution effect
Consumers' ability to substitute other products for the focal brand
83
Target profit pricing
Implemented by firms to meet a targeted profit objective. Uses price to stimulate a certain level of sales at a certain profit per unit
84
Target return pricing
A firms pricing strategy designed to produce a specific ROI on their investment, usually expressed as % of sales
85
3 keys to MKT communications in a digital world
- clear and compelling brand positioning
- build and communicate a clear brand identity
- integrate MKT communications with one central message
86
Elements of Integrated MKT communications
Advertising, personal selling, PR, social media, promos, on-line MKT, direct MKT, blogs
87
Lagged effect
- advertising doesn't always have immediate impact
- multiple exposure are often necessary
- difficult to determine which exposure led to purchase
88
Objective-and-task method
Determines the budget required to undertake specific tasks to accomplish communication objectives
Ex. Be on air at least 40 weeks of the year
Used to set and allocate IMC budget
89
Rule-of-thumb methods
Use prior sales and communication activities to determine the present communication budget
Ex. % of sales - the communication budget is a fixed % of foretasted sales
90
Measuring success using MKT metrics
frequency, reach, gross rating points, web tracking
91
Search engine MKT
clicks, impressions, CTR, ROI
92
ROI
difference of sales revenue and advertising cost / advertising cost
93
Web tracking software
indicates how much time viewers spend on particular Web pages and the number of pages they view
94
Steps in planning and executing and Ad campaign
Identify target audience - set advertising objectives - determine advertising budget - convey message - evaluate and select media - create advertisements - assess the impact
95
Step 1: Identify target audience
Research, use info to set the tone, select the media
96
Defining target audience
Demographic, behavior, lifestyle, and beliefs/attitudes
97
Step 2: Advertising objectives
inform, persuade, remind
98
Institutional advertising
PSA's
| Ex. Smokey the Bear
99
Step 3: Determine advertisement budget
Considerations:
- role advertising plays in their attempt to meet their overall promo objective
- expenditures vary over the course of the product life cycle
- nature of the market and the product influence the size of the budget
100
Step 4: Convey message
positioning, value prop, unique selling prop.
Can use either informational appeal or emotional appeal
101
Step 5: Evaluate and select media
Media planning, media mix, media buy
102
Step 6: Determine advertising schedule
Continuous, pulsing, fighting
103
Step 7: Create advertisments
Ads:
creativity
- major role in execution
- should not overshadow message
type of medium determines the execution style
execution style must match the medium and objectives
104
The 5 Steps to frame an idea to create a concept ad in 5 easy steps
Problem,Solution, Benefit to you, How it works, Don't worry
105
1
Problem
106
2
Solution
107
3
Benefit to you
108
4
How it works
109
5
Don't worry
110
Step 8: Assess impact using MKT metrics
Pretesting, tracking, post testing
111
Evaluated sales promos using MKT metrics
Realized margin - cost of additional inventory - potential increase in sales - long term impact - potential loss from switches from more profitable items - additional sales by customers
112
Advertising plan
subsection of MKT plan, explicitly analyzes the MKT and advertising situation, identifies the objectives of the advertising campaign, clarifies a specific strategy for accomplishing those objectives, and indicates how the firm can determine whether the campaign was successful
113
Pull strategy
to get consumers to pull the product into the supply chain by demanding it
114
Push strategy
increase demand by focusing on wholesalers, distributors, or sales people
115
Media buy
actual purchase of airtime or print pages
116
Media mix
Combination of the media used and the frequency of advertising in each medium
117
Media planning
Process of evaluating and selecting the media mix that will deliver a clear, consistent, compelling message to the intended audience
