Advertising + Public relations + Personal selling + Sales promotion Flashcards
What is another term for thepromotion mix ?
Marketing communications mix
Define the promotion mix
All the marketing tools a company uses to engage consumers, persuasively communicate customer value, and build customer relationships.
What are the 5 major promotion mix tools?
- Advertising
- Sales promotion
- Personal selling
- Public relations
- Direct & digital marketing
What does integrated marketing communications consist of?
IMC carefully integrates and coordinates the company’s many communication channels
What is the goal of integrates marketing communications?
To deliver a clear, consistent and compelling message about the organization/its products and build stronger customer relationships
What are 3 factors that change the face of today’s marketing communications?
- Changing consumers
- Changing marketing strategies
- Advancements in digital technology
What is a PUSH marketing strategy?
Producer push their products onto consumers
What is PULL marketing strategy?
Increasing the demand for a company’s product and draw/pull consumers to the product
What is advertising?
Any paid form of non-personal presentation and promotion of ideas, goods or services from an identified sponsor
What are four key decisions in developing an advertising program?
- Setting advertising objectives
- Setting the advertising budget
- Developing advertising strategy (message, media)
- Evaluating advertising effectiveness
What does setting advertising objectives consist of?
A specific communication task, a specific target audiences, during a specific period of time based on decisions about target market, positioning, marketing mix, etc.
What are informative advertising objectives (e.g. new products)?
-Communicating customer value
-Building a brand and company image
-Telling the market about a new product
-Explaining how a product works
-Suggesting new uses for a product
-Informing the market of a price change
-Describing available services and support
-Correcting false impressions
What are persuasive advertising objectives (e.g. comparative/attack ad)?
-Building a brand preference
-Encouraging switching to a brand
-Changing customer perceptions of product value
-Persuading customer to purchase now
-Creating customer engagement
-Building brand community
What are reminder advertising objectives (e.g. mature product)?
-Maintaining customer relationships
-Reminding consumers that the product may be needed in the near future
-Reminding consumers where to buy the product
-Keeping the brand in a customer’s mind during off-seasons
What are the 4 different ways to set an advertising budget?
- Affordable method
- Percentage-of-Sales
- Competitive-Party
- Objective-and-Task
What is the affordable method for setting an advertising budget?
At the level management thinks the company can afford.
Useful for small firms but often results in underspending
What is the percentage-of-sales method for setting an advertising budget?
Simple to use but see sales not as results but cause of promotion
Based on money availability not opportunity
What is the competitive-party method for setting an advertising budget?
Use collective wisdom of industry and prevent promotion wars but this makes insufficient sense
What is the objective-and-task method for setting an advertising budget?
Defining specific promotion objectives, determining the tasks needed, and estimating the costs of performing these tasks.
What are the two elements of an advertising strategy?
-Creating advertising messages
-Selecting advertising media
How do marketers create an advertising message/brand content?
-Breaking through the clutter
-Merging advertising and entertainment
-Message and content strategy
-Message execution
-Consumer-generated content
What is advertising media?
Vehicles through which advertising messages are delivered to their intended audiences
What are the 4 steps in advertising media selection?
- Determining reach, frequency, impact and engagement
- Choosing among major media types
- Selecting specific media vehicles
- Choosing media timing
What are reach, frequency, impact and engagement in advertising media?
Reach: how many people we target to reach?
Frequency: how frequent we want each targeted consumer to watch our ads?
Impact: are we getting our desired media impact?
Engagement: to what extent our ads engage consumers?
What does return on advertising investment mean?
Net return on advertising investment divided by the costs of the advertising investment
What should advertisers regularly evaluate?
-Communication effects
-Sales and profit effects
What does public relations (PR) include?
Activities designed to engage and build good relations with the company’s various publics.
