Advertising Flashcards
Defines potential customers, evaluates projected growth, assesses competitors, and makes a practical assessment of your business.
Situational Analysis
An assessment for a business, which concerns four aspects: Strengths, Weaknesses, Opportunities, and Threats of a company. Emphasizes the internal environment
SWOT Analysis
An extension of the classic analytics tool, SWOT Analysis. Emphasizes the external environment
TOWS Analysis
Maxi-Maxi strategy utilizes internal strengths to maximize or optimally use external opportunities available to an organization.
Strength And Opportunity SO
Maxi-Mini strategy maximizes the strengths of a business and minimizes the threats using those strengths.
Strength and Threats ST
Mini-Maxi strategy’s aim is to minimize weaknesses of an organization and maximize opportunities. This strategy revamps internal weaknesses by using external opportunities.
Weakness And Opportunity WO
Also known as the mini-mini strategy, aims to minimize threats and weaknesses
Weakness And Threats WT
a tool that compares the firm and its rivals and reveals their relative strengths and weaknesses
CPM (Competitive Profile Matrix)
An essential strategic management tool to compare the firm with the major players of the industry
CPM (Competitive Profile Matrix)
Paid form of non-personal communication about an organization,product, service or idea from an identified sponsor, using mass media to persuade or influence an audience.
Advertising
Is a process through which companies generate customer interest in products / services by incorporating social and environmental considerations in products and promotions.
Ethical Marketing
Is advertising that is truthful, not offended and is correct in terms of morality and ethics
Ethical Advertising
In Adverts means a set of well defined principles
which govern the ways of communication taking place
between the seller and the buyer.
Ethics
Involves bringing together a variety of different communication tools to deliver a common message and make a desired impact on customers’ perceptions and behavior.
Integrated Marketing Communication (IMC)
A 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.
Integrated Marketing Communication (IMC)
Includes all the messages, media, and activities used by an organization to communicate with the market and help persuade target audiences to accept its messages and take action accordingly
Marketing Communication
Refers to HOW marketers combine a range of marketing communication methods to execute their marketing activities
Promotion Mix
Refers to HOW marketers combine a range of marketing communication methods to execute their marketing activities
Promotion Mix
To create goodwill between an organization (or the things it promotes) and the “public” or target segments it is trying to reach.
Public Relations
Is just one aspect of public relations. It concerns a company, organization or individual’s presence in the media. Forms of publicity include news stories, articles and event information.
Publicity
Uses people to develop relationships with target audiences for the purpose of selling products and services
Personal Selling
Puts an emphasis on face-to-face interaction, understanding the customer’s needs, and demonstrating how the product or service provides value
Personal Selling
Are marketing activities that aim to temporarily boost sales of a product or service by adding to the basic value offered, such as “buy one get one free”
Sales Promotion
This method aims to sell products or services directly to consumers rather than going through retailers. (Ex. Catalogs, telemarketing, mailed brochures, or promotional materials)
Direct Marketing
Covers a lot of ground, from Web sites to search-engine, content, and social media marketing
Digital Marketing
This newer category of marketing communication involves unconventional, innovative, and usually low-cost marketing tactics to engage consumers in the marketing activity, generate attention and achieve maximum exposure for an organization
Guerilla Marketing
May also be considered a promotional tool. It includes different packaging, logos, designs, catchprases, etc, marketers use to attract customer attention
Branding
The market is segmented by dividing it into different geographical units such as nations, regions, states, countries, cities, or neighborhoods
Geographic Segmentation
Involves dividing the market into groups based on different variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, and nationality
Demographic Segmentation
Buyers are divided into different groups based on social class, lifestyle, or personality characteristics
Psychographic Segmentation
Involves dividing a market into groups based on consumer knowledge, attitude, use, or response to a product
Behavioral Segmentation
Is when the target audience is segmented and targeted by generation, which is determined by the year in which they were born
Generational Marketing
A description of your product and target audience and explains how it fills a market need. Makes sure that all communication is consistent
Positioning Statement
An advertiser takes a percentage of either past or anticipated sales and allocates that percentage of the overall budget to advertising. This method can be especially effective if the business compares its sales with those of the competition (if available) when figuring its budget.
Percentage Sales Method
The benefit of this method is that it allows the advertiser to correlate advertising expenditures with overall marketing objectives
Objective and Task Method
If a business is aware of how much its competitors are spending to advertise their products and services, the business may wish to budget a similar amount on its own advertising by way of staying competitive
Comparative Parity Method
The market share method bases its budgeting strategy on external market trends. With this method a business equates its market share with its advertising expenditures.
Market Share Method
This method takes the cost of advertising an individual item and multiplies it by the number of units the business wishes to sell.
Unit Sales Method
Involves the allocation of all available profits to advertising purposes.
All Available Funds Method
Advertisers base their budgets on what they can afford
Affordable Method
Is the process of creating, developing, and maintaining a brand or a set of brands in order to increase their perceived value, and ultimately, the profitability of the business
Brand Management
Is a marketing strategy that uses sensory cues to build a brand identity and create a positive emotional response in customers.
Sensory Branding
Refers to any factor that interferes with the communication process and makes it difficult for the receiver to understand the message accurately.
Communication Noise
Outdoor media placed in or on any mode of public transportation. It’s advertising media we experience in (and on) buses, trains, taxis, subways cars, bus shelters, and train stations
Transit Advertising
Encompasses any type of marketing taking place in the sky.
Aerial Advertising
Customer Driven Marketing Strategy refers to STP
Segmentation, Targeting, Positioning Process
Means a homogeneous group consisting of buyers who seek the same
Market Segment
