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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
Q

What is the middle age demographic?

A

35-54 years old

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26
Q

What is the mature consumers demographic?

A

-55 years or older
-27% of the population
- highest discretionary income and most assets

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27
Q

What is the babyboomers demographic?

A

born from 1946-1964

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28
Q

What is generation x?

A

-born 1965-1981
- baby busters
-cynic unmotivated hopeless
- not unifed

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29
Q

What is generation Y?

A

-born between 1982 and 1994
- familiar with internet mobile devices and social media

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30
Q

What are the changes in the US Melting pot?

A
  • more diversity in overall population
  • growth in ethnic groups
31
Q

What is the demogrpahic trends in the world?

A

-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
Q

What are some changes in the american household?

A

-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
Q

What are the different subdemographics under children and teenargers?

A

tweens
elementary school age children
preschoolers

34
Q

What are the VALS groupings?

A

The value and lifestyle system used to segment based on psychographics

35
Q

What are experiencers in the vals groupings?

A
  • have high resources high innovation.
    -motivated by self expression
    -Young, enthusiastic, impulsive
    Active in both physical and social
    activities
    Want “cool” stuff.
36
Q

What are the makers in the vals groupings?

A
  • 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
Q

What are the innovators in the vals framework?

A
  • high rsources high innovation
    -successful take charge people
    -have abundant resources and are very active consumers
38
Q

What are achievers in the val framework?

A
  • high resources high innovation
    -motivated by achievement
  • have goal oriented lifestyles, and deep career commitments
39
Q

What are strivers in the val framework?

A

-low resources low innovation
- motivated by achievement
-concerned about the oppinons and approval of others

40
Q

What are thinkers in the vals framework?

A

-high resources high innovation
- motiavted by ideals
- well educated comfortable satisfied people

41
Q

what are believers in the vals framework?

A

-low resources, low innovation
- motivated by ideals
- choose predicitble familair products

42
Q

What are survivors in the val framework?

A
  • low resources low innovation
  • narrolwly focused lives
    -believe the world is changing to fast
43
Q

What does the Prizm system do?

A

-potential rating index by zip markets
-categoriezed us neighboorhoods into 60+ clusters with descrptive names

44
Q

What product characteristics faciliatate/hinder new product adoption?

A
  1. relative advantage
  2. compatibility
  3. complexity
  4. trialability
  5. observability
45
Q

What is relative advantage?

A

A product innovation is perceived as better than
existing alternatives

46
Q

What is compatibility?

A

An innovation is perceived to fit into a person’s
way of doing things

47
Q

What is complexity?

A
  • An innovation’s degree of perceived difficulty
    -The more difficult, the slower the rate of
    adoption
48
Q

What is triability?

A

An innovation can be used on a limited basis
prior to making a full-blown commitment

49
Q

What is observeability?

A

-The product user or other people can observe the
positive effects of new product usage
-Higher the visibility, more rapid the adoption rate

50
Q

What are oppinon leaders?

A
  • 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
Q

What are market mavens?

A

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
Q

What functions does advertising perform?

A
  1. informing
  2. influencing
  3. reminding
  4. adding value
  5. assisting other company efforts
53
Q

What is adding value?

A

Three basic ways by which companies can add
value
O innovating
O improving quality
O altering consumer perceptions

54
Q

What does usage expansion advertising mean?

A

Performs another information role by
teaching new uses for existing brands
(Usage expansion advertising)

55
Q

What is primary demand?

A

creating demand for an entire product category

56
Q

What is secondary demand?

A

the demand for a specific
company’s brand

57
Q

What are the advantages of setting advertising objectives at the outset when managing your advertising?

A
  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
Q

are the decisions involving setting communication objectives, target audiences, and budgets related?

A
59
Q

What criteria should good ad objectives satisfy?

A

-who
-what
-where
-when
-how often

60
Q

what is who in advertising objectives?

A

Specify target
market

61
Q

What is the what in advertising objectives?

A

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
Q

What is the where in advertising objectives?

A

Which geographic
markets need to be
emphasized

63
Q

what is when in advertising objectives?

A

What months or
seasons are best?

64
Q

What are the four different budgeting methods commonly used by companies?

A
  1. Percent-of-Sales Budgeting
  2. Objective-and-Task Method
  3. Competitive Parity Method
    (match competitors method)
  4. Affordability Method
65
Q

What is the percent of sales budgeting method?

A

A company sets a brand’s advertising budget
by simply establishing the budget as a fixed
percentage of past or anticipated sales volume

66
Q

What is the downside to the percent of sales budgeting method?

A

Criticized as being illogical

67
Q

What is the objective and task budgeting method

A

Specify what role they expect advertising to play
for a brand and then set the budget accordingly

68
Q

What is the advantage of the objective and task budgeting method?

A

The most sensible and defendable advertising
budgeting method

69
Q

What is the competitive parity method?

A

Sets the ad budget by basically following what
competitors are doing

70
Q

what is the affordability method?

A

Only the funds that remain after budgeting for
everything else are spent on advertising

71
Q

What is the downside to the affordability method?

A

Only the most unsophisticated and
impoverished firms use this method

72
Q

Are the decisions involving setting communication objectives, target audiences, and
budgets related?

A

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
Q

What are the key features of IMC?

A

♣ 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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