Chapter 1 Flashcards
What is marketing?
The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value
What is value?
Customer’s perception of benefits of product or service against cost
What are the four Ps?
Price, product, place, promotion
What is the purpose of the IMC?
Ensure all marketing and promotional activities project a consistent image
What is the role of IMC in branding?
develop and sustain brand identity and equity, connect with consumers based on trust, transparency, engagement and authenticity
What is sustainability?
development that meets needs of current generation without compromising ability of future generations to meet ther needs
What is brand activism?
Company taking a stand to promote social, political, economic or environmental reform to improve society
What is promotion?
Seller-initiated efforts to set up channels of info and persuasion & sell goods or promote an idea
What are the elements of the promotional mix?
advertising, direct marketing, digital/internet marketing, sales promotion, publicity/pr, personal selling
What is advertising?
any paid form of nonpersonal communication
What is the nonpersonal component of advertising?
involves mass media, message transmitted to large groups, no opportunity for immediate feedback
What are the benefits of advertising?
cost-effective way to reach large group of consumers, builds brand equity, can be directed to different groups
What is primary demand advertising?
stimulates demand for general product class or entire industry
what is selective demand advertising?
created demand for specific company’s brands
What is direct marketing?
Communicating directly with target customers to generate a response or transactions
What is interactive media?
Allows users to participate in and modify the form and content of information they receive in real time
what is social media?
online means of communication and interactions used to create, share and exchange content
True or false: digital marketing can be targeted to specific customer segments
true
What is mobile marketing?
messages delivered specific to consumer’s location or consumption situation
true or false: internet marketing measures less precisely the effect of advertising and promotion
false
What is sales promotion?
mktg activities that provide extra value or incentives to the salesforce, distributors and ultimate consumer
What is publicity?
nonpersonal communication not directly paid for un run under identified sponsorship
What is the objective of PR?
Build mutually beneficial relationships between organizations and their publics
What is personal selling?
person-to-person communication in which seller attempts to assist and persuade prospective buyers to take action
Every opportunity customer has to see or hear about a company and/or its brands or have an encounter with it
Touchpoint
True or false: when there is high impact there is high ability to control
false
true or false: when there is high ability to control there is low impact
true
What are the elements of the marketing plan?
situation analysis, objectives, selection of target markets, program of implementation, monitoring and evaluating
what are marketing objectives?
determined what is to be accomplished by overall marketing program (sales, market share, profitability)
what are communication objectives?
determine what the firm seeks to accomplish with its promotional program
