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Marketing Communications > Ch1/2 > Flashcards

Ch1/2 Flashcards

1
Q

Marketing Mix

A

Product, price, place, promotion

A set of controllable tactical marketing tools.

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2
Q

Marketing

A

Uses activities to create and sustain relationships with customers

Requires:
1. Two or more parties with something of value to one another

  1. A desire and ability to give uo that something to the other party
  2. A way to communicate with one another
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3
Q

Types of marketing decisions (Product decisions)

A
  1. Product type
  2. Features or attributes / benefits
  3. Corporate name/identification
  4. Brand name / identification
  5. Package decision
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4
Q

Types of marketing decisions (price decisions)

A
  1. Price level
  2. Price policy
  3. Discounts
  4. Allowance
  5. Flexibility
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5
Q

Types of marketing decisions (distribution decisions)

A
  1. Channel type
  2. Channel policy
  3. Type of intermediary or reseller
  4. Type of location / store
  5. Service level
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6
Q

Product type

A

Product may come as a form of physical good a service a cause an idea or even a person. Usually in exchange for money

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7
Q

Product attributes / benefits

A

Advertising and marketing Communications are used to draw attention towards these benefits product symbolism is developed and maintained by marketing communication.

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8
Q

Brand identity

A

Marketing Communications presents the brand and its identification in situations that will allow the consumer to view the brand positively.

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9
Q

Brand equity

A

Intangible asset of added value or Goodwill.

Brand Equity provides the company with a competitive Advantage by allowing its product to earn greater sales volume and/or higher margins than it could without the name.

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10
Q

Communicating price

A

Marketing communication plays a role and reinforce and consumers believe that product benefit or quality accurately indicates the price decision.

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11
Q

Communicating distribution

A

Marketing communication often provides information as to where a product can be purchased or what kinds of service might be available in various locations.

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12
Q

Communicating value

A

The relative balance or ratio of what consumers ‘receive’ for what they ‘give’

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13
Q

Promotional mix

A

Advertising, direct marketing, internet marketing, sales promotion, public relations, and personal selling.

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14
Q

Promotion

A

Coordination of all seller initiated efforts to set up channels of information and persuasion to sell goods and services or to promote an idea.

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15
Q

Sales promotion

A

Activities providing extra value or incentive to Sales force, distributor, or customer.

  • consumer sales promotion
  • trade sales promotion
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16
Q

Public relations

A
  1. Evaluating public attitudes
  2. Identifying policies and procedures of individuals or organizations
  3. Executing a program of action to gain public understanding and acceptance.
17
Q

Publicity

A

Non-personal communication regarding an organization, product, service, or idea.

  1. communication reaches the public in a form not directly paid for by the company
  2. more credible to Consumers than other forms of promotion and has lower cost.
18
Q

Direct marketing

A

Communication directly with Target consumers who generate a response or transaction

  • used by companies who distribute directly and by those who distribute traditionally
19
Q

Internet marketing

A

Interactive media

  1. The last for instant two-way communication
  2. Allows for modification of the received information by the receiver.
  3. Internet allows for execution of each element in the marketing mix
  4. interactivity allows for extended communication and additional communication
  5. interactive features of social media facilitate communication among users and are powerful means of brand influence
20
Q

Personal selling

A

Person-to-person communication

Seller encourages perspective buyers to purchase company’s product or service or act on an idea

direct contact between buyer and seller gives communication flexibility to marketer.

21
Q

Participants in the promotional process

A
  1. Advertiser (client)
  2. Advertising agency
  3. Media organizations
  4. Specialized marketing communication Services (direct response agencies, sales promotion agencies, interactive agencies, public relations firms, media buying agencies)
  5. Collateral services
22
Q

Integrated marketing Communications

A

Coordinates various promotional and marketing activities which communicate with a firm’s customers.

Evolved as companies realized the need for strategic integration of promotional tools

Provides clarity, consistency, and maximum Communications impact.

23
Q

Renewed perspectives of IMC

A
  1. Unified Communications for consistent message and image
  2. Differentiated communication to multiple groups
  3. Database-centered communication for tangible results
  4. Relationships fostering communication with existing customers
24
Q

IMC management

A

Process of planning, executing, evaluating, and controlling the use of promotional mix elements to communicate effectively with Target audiences

  • the result as the IMC plan.
25
Q

Marketing communication agency

A

A multi-service (non-specialized) marketing agency

26
Q

Creative brief

A

Agency’s creative department uses a creative brief to guide the development of advertisement ideas and concepts

27
Q

Methods of agency compensation

A
  1. Media commisions
  2. Markups
  3. Fees
  • fixed-fee commission
  • cost-plus agreement
  • incentive-based compensation
28
Q

Financial audit vs. Qualitative audit

A

Financial audit- focuses on how the agency conducts its business

Qualitative audit- focuses on the agency’s efforts in planning, developing and implementing the clients advertising programs and considers the results achieved.

29
Q

Specialized services

A
  1. Creative boutiques
  2. Media buying services
  3. Sales promotion agencies
  4. Public relations firm
  5. Direct-response agebcies
  6. Digital/interactive agencies
30
Q

Role of media buying services agencies

A

Specializes in buying media especially broadcast time

agencies and clients develop media strategy

media-buying organizations implement the strategy and buy time and space

Marketing Communications (4 decks)

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