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Promotion Management > Exam 1 Review > Flashcards

Exam 1 Review Flashcards

1
Q

What does Integrated Marketing Communications mean?

A

The coordination of the promotional
mix elements with each other and
with other elements of the brand’s
marketing mix such that all elements
speak with one voice

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2
Q

What are the main elements or types of the promotional mix?

A
  1. advertising
  2. Public relations
  3. sales promotion
  4. digital marketing/ social media
  5. personal selling
  6. direct marketing
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3
Q

What are the fundamental Marcom Decisions?

A

(1) directed to a particular target market,
(2) clearly positioned,
(3) created to achieve a specific objective, and
(4) undertaken to accomplish the objective
within the budget constraint.

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4
Q

how is positioning via attributes done?

A
  1. Product Related
  2. Non Product Related/ usage and user imagery
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5
Q

What is product-related attribute positioning?

A

Price, color, design, safety.

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6
Q

What is usage attribute positioning?

A

positioned based on usages that become associated with using it. EX SUVs can go offroad.

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7
Q

What is user imagery attribute positioning?

A

Positioned based on the kind of people that use them. For example attractive people wear Ralph Lauren

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8
Q

What is positioning via brand benefits?

A

Represents positioning based on key features, benefits or images that a brand stands for in the target audience’s mind. Example Volvo is associated with safety.

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9
Q

What are the categories of brand benefits?

A
  1. functional needs
  2. symbolic needs
  3. experiential needs
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10
Q

What is functional needs?

A

ability to solve consumers consumption related problems

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11
Q

What is symbolic needs?

A

association of brand ownership with a desired group role or self image.

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12
Q

What is experiential needs?

A

Brands extraordinary sensory value or rich potiential for cognitive stimulation.

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13
Q

What are some examples of functional benefits?

A

OConvenience
OHigh quality
OFast delivery time
OCleanliness
OSafety
OGood health

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14
Q

What are some examples of symbolic needs?

A

ONeed for status
ONeed for power
ONeed for belonging/membership
ONeed for uniqueness
ONeed for altruism

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15
Q

What are the four types of targeting variables?

A
  1. demographics
  2. psychographics
  3. geodemographics
  4. behaviorgraphics
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16
Q

What is psychographics?

A

Psychographics represents a combination of
consumers’ activities, interests and opinions

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17
Q

What is geodemographic targeting?

A

People who reside in similar areas,
such as neighborhoods or postal ZIP-
code zones, also share demographic
and lifestyle similarities

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18
Q

What is behavior graphics?

A

Based on how people behave. The best predictor of one’s future behavior is his or
her past behavior.

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19
Q

What are the demographic segments?

A
  1. preschoolers
  2. elementary school age children
  3. tweens
  4. teenagers
  5. young adults
  6. middle aged
  7. mature consomers
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20
Q

what is preschoolers demographic

A

5 years or younger

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21
Q

what is the elementary school aged children demographic?

A

6-11 years old

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22
Q

What is tweens demographic?

A

8-12 years old

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23
Q

What is the teenagers demographic?

A

13-19 years old

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24
Q

What is the young adults demographic?

A

20-34
years old

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25
What is the middle age demographic?
35-54 years old
26
What is the mature consumers demographic?
-55 years or older -27% of the population - highest discretionary income and most assets
27
What is the babyboomers demographic?
born from 1946-1964
28
What is generation x?
-born 1965-1981 - baby busters -cynic unmotivated hopeless - not unifed
29
What is generation Y?
-born between 1982 and 1994 - familiar with internet mobile devices and social media
30
What are the changes in the US Melting pot?
- more diversity in overall population - growth in ethnic groups
31
What is the demogrpahic trends in the world?
-7.31 billion in 2016 to 8.5 billion in 2030 to 9.7 bilion in 2050 - median age has gone up -fewer children teenagers and young adults due to decreased birthrates
32
What are some changes in the american household?
-Growing in number, shrinking in size, and changing in character. -Married couples with children younger than 18 now represent less than one-third of all households. -Single-person and unrelated-person households are a growing market.
33
What are the different subdemographics under children and teenargers?
tweens elementary school age children preschoolers
34
What are the VALS groupings?
The value and lifestyle system used to segment based on psychographics
35
What are experiencers in the vals groupings?
- have high resources high innovation. -motivated by self expression -Young, enthusiastic, impulsive Active in both physical and social activities Want “cool” stuff.
36
What are the makers in the vals groupings?
- low resources low innovation -motivated by self expression -Traditional, action-oriented Self-sufficient Suspicious of new ideas Practical with little interest in most material possessions
37
What are the innovators in the vals framework?
- high rsources high innovation -successful take charge people -have abundant resources and are very active consumers
38
What are achievers in the val framework?
- high resources high innovation -motivated by achievement - have goal oriented lifestyles, and deep career commitments
39
What are strivers in the val framework?
-low resources low innovation - motivated by achievement -concerned about the oppinons and approval of others
40
What are thinkers in the vals framework?
-high resources high innovation - motiavted by ideals - well educated comfortable satisfied people
41
what are believers in the vals framework?
-low resources, low innovation - motivated by ideals - choose predicitble familair products
42
What are survivors in the val framework?
- low resources low innovation - narrolwly focused lives -believe the world is changing to fast
43
What does the Prizm system do?
-potential rating index by zip markets -categoriezed us neighboorhoods into 60+ clusters with descrptive names
44
What product characteristics faciliatate/hinder new product adoption?
1. relative advantage 2. compatibility 3. complexity 4. trialability 5. observability
45
What is relative advantage?
A product innovation is perceived as better than existing alternatives
46
What is compatibility?
An innovation is perceived to fit into a person’s way of doing things
47
What is complexity?
- An innovation’s degree of perceived difficulty -The more difficult, the slower the rate of adoption
48
What is triability?
An innovation can be used on a limited basis prior to making a full-blown commitment
49
What is observeability?
-The product user or other people can observe the positive effects of new product usage -Higher the visibility, more rapid the adoption rate
50
What are oppinon leaders?
- A person who frequently influences other individuals’ attitudes or overt behavior - An informer, persuader, and confirmer - Influence is typically limited to one or several consumption topics
51
What are market mavens?
Individuals who have information about many kinds of products, places to shop, and other facets of markets, and initiate discussions with consumers and respond to requests from customers for market information
52
What functions does advertising perform?
1. informing 2. influencing 3. reminding 4. adding value 5. assisting other company efforts
53
What is adding value?
Three basic ways by which companies can add value O innovating O improving quality O altering consumer perceptions
54
What does usage expansion advertising mean?
Performs another information role by teaching new uses for existing brands (Usage expansion advertising)
55
What is primary demand?
creating demand for an entire product category
56
What is secondary demand?
the demand for a specific company’s brand
57
What are the advantages of setting advertising objectives at the outset when managing your advertising?
1. Expression of management consensus 2. Guides the budgeting, message, and media aspects of advertising strategy 3. Provide standards against which results can be measured
58
are the decisions involving setting communication objectives, target audiences, and budgets related?
59
What criteria should good ad objectives satisfy?
-who -what -where -when -how often
60
what is who in advertising objectives?
Specify target market
61
What is the what in advertising objectives?
Emphasis: the features and benefits to be emphasized and the emotions to be evoked Goals: objectives that need to be accomplished at the present stage in a brand’s life cycle
62
What is the where in advertising objectives?
Which geographic markets need to be emphasized
63
what is when in advertising objectives?
What months or seasons are best?
64
What are the four different budgeting methods commonly used by companies?
1. Percent-of-Sales Budgeting 2. Objective-and-Task Method 3. Competitive Parity Method (match competitors method) 4. Affordability Method
65
What is the percent of sales budgeting method?
A company sets a brand’s advertising budget by simply establishing the budget as a fixed percentage of past or anticipated sales volume
66
What is the downside to the percent of sales budgeting method?
Criticized as being illogical
67
What is the objective and task budgeting method
Specify what role they expect advertising to play for a brand and then set the budget accordingly
68
What is the advantage of the objective and task budgeting method?
The most sensible and defendable advertising budgeting method
69
What is the competitive parity method?
Sets the ad budget by basically following what competitors are doing
70
what is the affordability method?
Only the funds that remain after budgeting for everything else are spent on advertising
71
What is the downside to the affordability method?
Only the most unsophisticated and impoverished firms use this method
72
Are the decisions involving setting communication objectives, target audiences, and budgets related?
All of those influence implementation decisions regarding the mixture of communications elements and the determination of message, media, and momentum. The outcomes affect brand behavio
73
What are the key features of IMC?
♣ 1. Start with the customer, work back to company ♣ 2. Use any form of relevant contact/ touchpoints ♣ 3. Speak with a single voice ♣ 4. Build relationships between brand & consumer, not flings ♣ 5. Affect behavior

Promotion Management (3 decks)

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