Chapter 1 Flashcards
What are the 4 elements of the marketing mix?
- Product
- Price
- Place (distribution)
- Promotion
What are tools used in a marketing mix?
- Media advertising
- Direct marketing
- Sales promotion
- Public relations
- Personal selling
- Interactive/Internet Marketing
What is the definition of an IMC?
The coordination of various promotional elements and other marketing activities that communicate with a firm’s customers
Why are marketers adopting the IMC approach?
They understand the value of strategically integrated various communication functions
What are major characteristics of the IMC marketing revolution?
- Shift of dollars from media ads to other promo
- Moving away from ad focused approaches
- Shift in market power from manufacturers to retailers
- Rapid growth and development of database marketing
What is brand identity?
A combination of factors including the name, logo, symbols, design, packaging, and performance of a product as well as associations with the brand
What is advertising?
Any paid form of non-personal communication about an organization, product, service or idea by an identified sponsor
What are the elements of a promotional mix?
- Advertising
- Sales Promotion
- Publicity
- Personal Selling
What is direct marketing?
When organizations communicate directly with target customers to generate a response
What is direct-response advertising?
A tool of direct marketing where a product is promoted through an ad that encourages that consumer to purchase directly from the manufacturer
What is interactive media?
A back and forth flow of information where users can participate in and modify the form and content of the info they receive in real time
What is sales promotion? And what are it’s two categories?
Marketing activities that provide extra value or incentives to the sales force
- Broken into 2 categories: consumer-oriented and trade-oriented activities
What is publicity?
Non personal communications regarding an organization, product, service or idea not directly paid for or under identified sponsorship
What is personal selling?
A form of person to person communication in which a seller attempts to assist or persuade prospective buyers to purchase the company’s product, service or idea
What is promotional management?
The coordination of the promotional mix elements to develop a controlled, integrated program of effective marketing communications
What is internal analysis?
Assessing relevant areas involving the product/service offering and the firm itself
What is external analysis?
Factors such as characteristics of the firm’s customers, market segments, positioning strategies and competitors
