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APR 423 Exam 1 > APR 423 Exam 2 > Flashcards

APR 423 Exam 2 Flashcards

1
Q

SWOT analysis

A

Strengths- Internal
Weaknesses- Internal
Opportunities- External
Threats- External

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2
Q

Segmenting

A

Group customers or prospects according to common characteristics, needs, wants, and/or desires

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3
Q

Targeting

A

Analyze, prioritize, and select some of those market segments deemed most profitable to pursue

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4
Q

Steps in segmenting and targeting

A
  1. Identify most profitable customers
  2. Create profile of this segment
  3. Target these segments to increase retention and customer growth
  4. Use profitable customer profiles to locate prospect segments
  5. Evaluate prospect segments
  6. Target prospect segments that are most likely to respond
  7. Continue testing responsiveness of prospect segments with similar profiles.
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5
Q

How targeting is done

A
  1. Segmentation
  2. Use profile characteristics of segments to draw boundaries around a particular group or prospects that are projected to respond well to a brand
  3. Estimate group size
  4. Prioritize segments
  5. Develop message strategies and media plans for selected segments
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6
Q

Customer profile variables

A
  1. Demographics
  2. Psychographics
  3. Relationship level
  4. Benefits sought
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7
Q

Approaches for target market decision

A
  1. Undifferentiated= appeals to everyone
  2. Differentiated= Different messages for different segments
  3. Concentrated= one segment of Target Market
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8
Q

RFM

A

Recency
Frequency
Monetary

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9
Q

Brand equity

A

Brand name value

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10
Q

5 Categories of brand equity

A
  1. Brand loyalty
  2. Name awareness
  3. Perceived quality
  4. Brand associations
  5. Patents, trademarks, characters, channel realtionships
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11
Q

Competitive Positioning

A

When a company tries to influence what consumers think of a brand with respect to its competition

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12
Q

Positioning the message

A
  • Action oriented
  • What companies do to influence what people think or feel
  • Position decisions are strategic in nature and provide the direction for a campaign to follow
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13
Q

7 ways to position a product

A
  1. Product characteristics or consumer benefits
  2. Price-quality relationship
  3. Use or application
  4. Product user
  5. Product class
  6. Cultural symbol
  7. Competitor
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14
Q

BIG IDEA

A
  • Selling idea
  • Purpose= to register brand’s strategic objective memorably over the competition
  • Primary executional ingredient and main thread of executional continuity
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15
Q

Characteristics of a big idea

A
  • Substance
  • Credible and challenging
  • Provocativeness
  • Dramatized
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16
Q

Optional elements in creative strategy

A
  1. Physical continuity

2. Psychological continuity

17
Q

Physical continuity

A

Slogans, taglines, trade characters

18
Q

Psychological Continuity

A

Theme, image, tone, attitude, slogan

19
Q

BDI

A

Brand Development Index

= % of brand sales/ % of TM

20
Q

CDI

A

Category Development Index

= % of category sales/ % of TM

21
Q

Brand

A

Perception resulting from experiences with and info about a company or line of products

22
Q

Branding

A

The process of creating a brand image that engages the hearts and minds of consumers

23
Q

3 Types of Brand Contact Point (BCP)

A
  1. Brand or company-created contacts
  2. Intrinsic (experience with brand)
  3. Customer-created
24
Q

Situation Analysis

A

Company, consumer, market analysis, product, competitive analysis

25
Q

3 Approaches of consumers’ brand decision making

A
  1. Habit/Repeat model
  2. Experiential model
  3. Cognitive model
26
Q

Habit/repeat Model

A

Recognize problem or opportunity–> Make brand decision–> Review decision

27
Q

Experiential Model

A

Recognize problem or opportunity–> Search and evaluate feelings about choices–> make buying decision –> Review decision

28
Q

Cognitive Model

A

Recognize problem or opportunity–> Search for info–> Evaluate choices–> Make buying decision–> Review decision

29
Q

SMAC

A

Specific
Measurable
Achievable
Challenging

30
Q

Setting Objectives

A
  • Unit-oriented
  • Unit-Linked
  • Output-oriented
  • Time-bounded
  • Singularity of purpose
  • Cost-effective

APR 423 Exam 1 (2 decks)

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