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mkt unit 3 > 1+2 building the marketing program > Flashcards

1+2 building the marketing program Flashcards

1
Q

what is the communication process?

A
  • Going from sender → encoding the message → message channel → decoding the message → receiver
  • Within this process, there is the noise that disrupts the three in-between phases, this can be other advertisements
  • Feedback channel from sender to end - this is what we want to know that the targeted receiver gets it
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2
Q

integrated marketing communications:

A

: the careful coordination of all promotional messages to assure the consistency of messages at every contact point where a company meets the customer

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3
Q

what are the 6M and three layers?

A

strategic intent
- mission:objectives of communication
- market -Defines the audience for communication
strategic execution
- message -ranslates the posting statement into a compleing statement
- media - - Where, when and how message will be delivered
strategic impact
- money - how much we spend
- measurement - - How will impact be assessed ?

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4
Q

what are the 5 decision making strategies? name and define them

A
  • Problem recognition - identify new problems/needs and/or remind customers of existing needs
  • Information search - makes consumer aware of product and educate them about its features and benefits
  • Evaluation of alternatives - asset consumers in making comparisons among solution options
  • Purchase decision - prompt consumers into making the the purchase
  • Post-purchase- encourage product usage and making the purchase-
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5
Q

what is the heirachy of effects (funnel)

A
  • The top of the funnel is where there is a lot of customers with potential but as you go down you loose them along the way (think/feel/do)
  • Awareness → knowledge → liking → preference → condition → purchase
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6
Q

what is the goal of the customer funel?

A
  • close the funnel over time by narrowing it by doing a better job at putting or message in location where our targeted customers are
  • By making the top smaller the customers will be more qualified and will waste less resource’s money etc to reach the correct people
  • We hope that the bottom will expand outward (make a cylinder)
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7
Q

Unique selling proposition

A
  • things about us that are different and matter the most to the target customer that we are trying to reach
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8
Q

four targeting strategies (market)

A
  • Undifferentiated - market is one big market (treat everyone the same)
  • Multi-segment - 2+ segments and each
  • Concentrated (niche) - only one segment
  • Mass customization (1 to 1) - personalized
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9
Q

what is unidirectional? bidirectional? multi?

A
  • Unidirectional (one way) from firm to customers (billboards)/ a prepackage message
  • Bidirectional: provide a forum that allows for consumer response involving give-and-take conversation between firm and customer and expect customer participation (Consumer takes an active role )
  • Multidirectional: firms communicate with consumers who communicate with each other-
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10
Q

Push policy

A
  • we are going to communicate to the next entity in the channel
  • Pushes messages through the channel
  • Designed to motivate distribution channel partners or intermediaries to sell products to consumers and thus target the sellers of a product as the audience-
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11
Q

pull policy

A
  • communicate directly to the end consumer and hope that customers will go to retailers and demand the product
  • Designed to build demand with end consumers so that their desire for the product brings them t the point of sale
  • Target users of the product as the audience
  • Bypass the flow of products and go direct
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12
Q

what are the parts that make up a good message?

A
  • message
  • conflict
  • characters
  • plot
  • memes
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13
Q

what are the different types of appeals in a good message?

A
  • Creative appeals - different types of storytelling appeals to communicate with consumers
    - Rational
    - emotional (humor, fear, sex)
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14
Q

Outbound marketing

A

Outbound marketing involves a company sending its message out to an audience through methods like TV ads, direct mail, and telemarketing. It’s a traditional approach where the company initiates the communication.

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15
Q

inbound marketing?

A
  • Inbound marketing is about creating content and experiences that attract customers to reach out to the company. It’s like setting up a magnet to pull customers in, rather than pushing messages out to them.
  • S company creating helpful blog posts, videos,
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16
Q

three types of media?

A
  • Extent to which message is varied by person (okay not be personalized at this point) - addressable and mass media
  • Timing of interaction (async and synch)
  • control of media (firm controlled, other controlled and consumer-controlled)
17
Q

addressable and mass media?

A
  • Addressable (interpersonal) media (personal selling) allows marketers to fully customize their pitch to the particular needs if an individual customer
    - How do we connect more directly to our customers in that more 1 to 1 enviornment?
    - Mass media (TV ads) viewed by mass audience and no customization of message is possible
18
Q

firm controlled, other controlled and consumer-controlled

A
  • Firm controlled
    - Owned media- our stuff so website retail spaces
    - Paid media- we do not own the property in which the communication takes placed in (paid to be there) but we choose the ad and where it will come up
    - Other controlled (earned media) - some other entity controls and we o not have control on how we show up
    - Media provided by important cultural gatekeepers like writers
    - Consumer-controlled (earned media) - people talk about us
    - Blogs
19
Q

Earned media: and types

A
  • not purchased but earned :
    -Advertising
    direct marketing
  • sales promotion
  • personal selling
  • pr
  • EVENT MARKETING AND sponsorship
  • social media
20
Q

what are the two types of budgeting?

A
  • top-down approach (common)
  • competitive benchmarking
  • bottom-up budgeting operation
21
Q

top down approach?

A

budgeting for an org is being put into place and discussion of communication part they are looking at revenue in two ways
- Looking at the estimated revenues for the upcoming period or actual revenue from the previous year then budget it as a set ratio of that revenue

22
Q

pros and cons of top - down approach?

A
  • Easily built in ocntratint/super easy
    - Don’t like” the constraint that they can not reach harder to reach targets with limited budgeting
23
Q

competitive benchmarking:

A
  • Makes sure that we are out there
  • We are looking around at our competitors and seeing what their budget is and setting our budget based on that
24
Q

what is share of voice?

A

another name - us + competitor (lets say 3 so total of 4) going after the sam customer - if you were to take all our marketing communications spend across, 4 competitors- that would be a 100% of voice each (each percentage for each competitor that is there share)

25
Q

pro and ocn of competitve benchmarking?

A
  • competitor that is there share)
    - We like: lets us know your competitors
    - Don’t: harder than top down depending on availability of info, re benchmarking every year (getting last years old information)
26
Q

bottom-up budgeting operation

A
  • bjective and task method: set strategic goals for marketing communications, then determining how much it will cost to achieve them
27
Q

pros and cons of bottom-up budgeting?

A
  • Like that we are dealing with reality - Dislike: Expensive
28
Q

ROI formula?

A

ROI = (Incremental profits gained - cost of marketing investment)/ cost of marketing investmen

29
Q

what is ROI?

A

ROI means measuring how much you gain from an investment compared to what you spent. For marketing, it’s like seeing if the money you put into ads or promotions brings in more money than it cost to run them. It helps figure out if your marketing efforts are paying off.

30
Q

incremental profits gained? cost marketing?

A
  • Basically, incremental profits gained are the extra profits you get from new marketing efforts. These could be from new ads, promotions, or other marketing strategies.
  • On the other hand, cost marketing refers to how much you spend on these marketing activities. So, you’re looking at how much extra money you make compared to how much you spent to make it happen.
31
Q

Marketing metrics? 2 types?

A
  • understand how effective are messages are and drive ROI calc
32
Q

message delivery?

A
  • Reach- number of people exposed to the message
  • Frequency - average number of times a person is exposed to An advertisement
  • Number of impressions (reach x frequency)
  • Overtime we can figure out how many impressions it takes to make an impact
  • impact moving customers to different stages (info to evaluate)
  • Response curves: going past a certain amount - no impact/ irritated
  • Every time we deliver an impression it costs money
  • Cost per thousand (CPM) - means thousand and not million **
33
Q

message impact? types?

A
  • Message impact - looking at impact relative to delivery
    - Vitality - shares
    - Open rates
    - Click-through rates
    - Time on website
    - Other response measures
    - Copy testing
    - A/B testing
    The measurement challenge is that for different communication tools we use different metrics
34
Q

Digital marketing? in bound and outbound?

A
  • ompany (outbound)→ consumers (social media- speak directly to our customers ro talk to each other )
    - Consumer (inbound)→ company (media tech- deliver different based on that type )
35
Q

Organic links? paid links?

A
  • There are paid links/search - you have to bud
    - Organic links- come up after
36
Q

generic term? branded term?

A
  • Generic term:
    - We want to be high here and optimize your website
    - Branded terms: user types brand name in serarch bar
    - Google has it where it balances the needs of advisors with needs of users they determine order based on how much bid and what they knoww about the user
37
Q

attribution model?

A

used to analyze which touchpoint/channels in marketing funnel contributes to conversions and to what extent and help musts understand the customer journey and allocate budget more effectively

38
Q

what are the sections that are helpful and aren’t?

A
  • Not helpful:
    - Last interaction
    - First interactions
    - Linear
    - Time decay
    - Potion-based
    • Helpful:
      • Regression or model-based: (adds weight to customer path)
      • Experiment-based (most accurate but expensive)

mkt unit 3 (4 decks)

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