Chapter_01 Flashcards
What is Marketing?
- An organizational function
- Processes for creating, communicating, and delivering value to customers
- Managing customer relationships in ways that benefit the organization and its stakeholders
Name the four P’s of Marketing Mix
- Product
- Price
- Place
- Promotion
Explain what is meant by “rapidly changing media Environment”
Increasingly difficult to target audiences & communicate effectively
- Consumers no longer passive recipients
- They demand more than information
- From a myriad of sources
What is integrated marketing?
Integrated marketing is the process of unifying all aspects of marketing communication — such as advertising, PR, and social media — and using their respective mix of media, channels, and tactics to deliver a seamless and customer-centric experience. In practice, that means having a consistent look, feel and tone to your message across all the channels you use.
Value of IMC
- Avoids duplication of marketing efforts
- Synergy among promotional tools
- More efficient and effective marketing
Traditional mass media
- Television, radio, magazines, newspapers, billboards
- Now drive consumers to Web sites
Online strategies
- Provide detailed information
- Be experiential, entertaining, interactive
- MySpace, YouTube, Facebook, wireless mobile media devices, e-mail
IMC is a strategic business process used to plan, develop, execute and evaluate coordinated, measurable, persuasive brand communication programs with consumers, customers, prospects employees and other relevant external and internal audiences.
The goal of IMC is to generate short-term financial returns and build long-term brand value
What is traditional Marketing?
Traditional marketing refers to any type of marketing that isn’t online. This means print, broadcast, direct mail, phone, and outdoor advertising like billboards. From newspapers to radio, this method of marketing helps reach targeted audiences
compare traditional marketing to the integrated marketing approach
What does Brand Identity consist of?
- Name
- Logo
- Symbols
- Design
- Packaging
- Performance
- Image or associations
What are some popular trends among consumers?
- They view brands as a form of self-expression
- They know more about brands and the companies that make them
- Cynicism about corporations is at an all-time high
- They seek and share information with other consumers via the Internet
What does the promotional mix consist of?
- Advertising
- Direct Marketing
- Interactive / Internet Marketing
- Sales Promotion
- Publicity / Public Relations
- Personal Selling
What is direct Marketing and what are some expamples for it?
Direct marketing consists of any marketing that relies on direct communication or distribution to individual consumers, rather than through a third party such as mass media. Mail, email, social media, and texting campaigns are among the delivery systems used. It is called direct marketing because it generally eliminates the middleman, such as advertising media.
- Direct marketing consists of any marketing that relies on direct communication or distribution to individual consumers, rather than through a third party such as mass media.
- The call to action is a common factor in much of direct marketing.
- The effectiveness of direct marketing is easier to measure than media advertising.
Examples:
- direct Mail
- direct Response Advertising
- Telemarketing
- Catalogs
- Shopping Channles
- Internet Sales
What is interactive / internet marketing?
Interactive marketing is a one-to-one marketing practice that centers on individual customer and prospects’ actions. Interactive marketing involves marketing initiatives that are triggered by customers’ behaviors and preferences; for this reason, it is a major shift from traditional campaign-based marketing efforts.
Back-and-forth communication
- Users participate in and modify the form and content of information
- Happens in real time
Interactive media
- Internet
- CD-ROMs
- Kiosks
- Interactive television – Digital cell phones
In what ways is the Internet a tool for IMC?
What is Sales Promotion and what are some examples for it?
Sales promotion is a marketing strategy where the product is promoted using short-term attractive initiatives to stimulate its demand and increase its sales.
Consumer-oriented (For end-users)
- Coupons
- Samples
- Premiums
- Contest/Sweepstake
- Refunds
- Bonus Packs
- Events
Trade-oriented (For resellers
- Trade Allowances
- POP Displays
- Training Programms
- Trade Shows
- Coop Advertising
What are some common publicity vehicles?
- Feature Articles
- Interviews
- Special Events
- Press Conferences
- News Releses
What is the definition of Public Relations and what are some of its tools?
Systematically planning and distributing information in an attempt to control and manage image and the
nature of the publicity received.
- Cause-related Marketing
- Publicity Vehilces
- Special Publications
- Community Activities
- Corporate Advertising
- Public Affairs Activities
- Special Event Sponsorship
What is Personal Selling?
Person-to-person communication
–A seller attempts to assist and/or persuade prospective buyers to make a purchase or act on an idea
What is IMC Planning Process model?
Describe the Marketing and Promotions Process Model
What is an competitive analysis?
A competitive analysis is a strategy where you identify major competitors and research their products, sales, and marketing strategies. A competitive analysis can help you learn the ins and outs of how your competition works, and identify potential opportunities where you can out-perform them.
What is an opportunity analysis?
Market opportunity analysis is a process to assess the attractiveness of a business opportunity.
What does the targeting market process look like?
- Identify markets with unfulfilled needs
- Determine market segmentation
- Select a market to target
- Position through marketing strategies
What is Target market identification?
Target market identification involves selecting one or more market segments or groups of customers to target in your marketing mix. The idea is that tailoring that mix to address the unique needs and desires of your target market can ultimately be more profitable for the firm than mass marketing toward every would-be buyer in the overall market.
A company can target customers according to the follwing aspects:
- Lifestyles
- Social class
- Economic status
- Geographic location
- Age
- Marital status
- Needs
What is market segmentation?
- Dividing a market into distinct groups
- With common needs
- Who respond similarly to a marketing situation
In what categories can you segment the market?
Demographic
- Gender
- Age
- Race
- Life stage
- Birth era
- Household size
- residence tenure
- marital status
Geographic
- Region
- City size
- Metropolitan area
- Density
Psychographic
- Personality
- Values/Lifestyle
Socioeconomic
- Income
- Education
- Occupation
What is undiferentiated marketing / segmentation?
The undifferentiated marketing strategy focuses on an entire target market rather than a segment of it. This strategy employs a single marketing mix – one product, one price, one placement and a single promotional effort – to reach the maximum number of consumers in that target market. “Marketing,” by William M. Pride and O. C. Ferrell, gives commodities says sugar and salt are examples of products that might be marketed effectively through an undifferentiated strategy, as many consumers in the overall market have similar needs for the products.
What is Differentiated Marketing / segmentation
A differentiated marketing strategy targets different market segments with specific marketing mixes designed especially to meet those segments’ needs. Each mix includes a product, price, placement and promotional program customized specifically for a particular segment. For example, a company that manufactures vitamin supplements might identify gender-based market segments. It could produce one multivitamin formula for women and another for men.
What is concentrated Marketing / segmentation?
The concentrated strategy provides a third-way solution that allows marketers to target a single market segment with a single marketing mix. The ability to specialize to this degree has the advantage of allowing a company to focus its resources on meeting the needs of a single, well-defined and well-understood market, which makes it more competitive against larger companies. On the downside, a concentrated marketing strategy can pigeonhole a company into a single product and market and leave it vulnerable to the effects of changing conditions within that market.
What types of positioning strategies are there?
Product attributes and benefits:
Associating your brand/product with certain characteristics or with certain beneficial value
Product price:
Associating your brand/product with competitive pricing
Product quality:
Associating your brand/product with high quality
Product use and application:
Associating your brand/product with a specific use
Competitors:
Making consumers think that your brand/product is better than that of your competitors
What does the Marketing planning programm conist of?
- Product Decisions
- Distribution Channels
- Promotional Strategy
- Price Decisions
What are the 3 branding goals?
- Build and maintain brand awareness and interest
- Develop and enhace attitudes toward the company, product or service
- Build and foster relationships between the consumer and the brand
What is the difference between brand equity and brand identity?
Brand equity refers to the importance of a brand in the customer’s eyes, while brand value is the financial significance the brand carries. Both brand equity and brand value are educated estimates of how much a brand is worth.
Explain the importance of branding and packaging
Branding
- Brand name communicates attributes and meaning
- Advertising creates and maintains brand equity
Packaging
- Has become increasingly important
- Often the customers first exposure to product
What are the factors a company must consider when it comes to pricing desicions
- costs
- demand
- Competition
- perceived value
What does the communication process in marketing look like?
What are the different models about the Response Process
How can cognitive responses be categorized?
Who are the participants in the IMC Process?
What does a centralized Advertising Department look like?
What does a decentralized Marketing Department look like?
What do Full-Service Marketing Agencies offerß
What are the tasks of Evaluating Agencies?
How can communications objectives be categorized?
How should the Budget for Promotional Programms be adjusted in different situations?
What are the two Sales Response Models?
Top-Down vs. Bottom-Up Budgeting
Implementing the Objective and Task Approach
What are the two different perspectives about creativity in marketing?
What are the Determinants of Creativity?
