EXAM 3 Flashcards
content marketing
creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels
IMC- integrated marketing communication
carefully integrating and coordinating the company’s many communications channels to deliver a clear, consistent, and compelling message about the organization and its products
AIDA model
the message should get Attention, hold Interest, arouse Desire, and obtain Action
9 elements of the communications process
sender, encoding, message, media, decoding, receiver, response, feedback, noise
3 types of appeals
rational appeals (self-interest), emotional appeals, moral appeals
personal communication channels
2 or more people communicating directly with each other
word-of-mouth influence
the impact of personal words and recommendations of trusted friends, family, associates and other consumers on buying behavior
buzz marketing
cultivating opinion leaders and getting them to spread information about a product or service to others in their communities
4 budget methodologies
affordable method, %-of-sales method, competitive parity method (matching competitors), and the objective-and-task method (setting by defining objectives, determining the tasks to achieve, and estimating these costs)
push vs pull strategies
push- using sales force and trade promotions to push product to channel members, who promote to consumers
pull- spending a lot of consumer advertising to create a demand vacuum, pulling the product through the channel
4 decisions to make when developing an advertising program
setting advertising objectives, setting advertising budget, developing advertising strategy, evaluating advertising campaigns
4 types of advertising objectives
informative, persuasive, comparative, reminder
comparative advertising
directly or indirectly comparing one brand with another
Madison & vine
the merging of advertising and entertainment in an effort to break through the clutter and create new avenues for reaching customers with more engaging messages
creative concept
the compelling big idea that will bring an advertising strategy message to life in a distinctive, memorable way
3 characteristics of advertising appeals
meaningful, believable, distinctive
9 types of execution styles
slice of life, lifestyle, fantasy, mood/image, musical, personality symbol, technical expertise, scientific evidence, testimonial evidence/endorsement
reach, frequency, impact
reach- percentage of people in a target market exposed to the ad
frequency- how many times the average person in the target market is exposed to the ad
impact- qualitative value of message exposure through the given medium
media vehicle selection criteria
must consider the medium’s impact, message effectiveness, and cost; want a mix of paid, owned, earned, and shared media
alternative media
alternative forms of advertising that are less costly and more highly targeted
measuring communication effects
measuring effects & return on investment- pre & post evaluations of the effects on consumers
6 PR functions
press relations/agency, product publicity, public affairs, lobbying, investor relations, development
6 responsibilities of the salesperson
the salesperson represents the company and performs one or more of the following activities: prospecting, communicating, selling, servicing, information gathering, and relationship building
team selling
using people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts
sales force automation systems
computerized, digitized sales force operations that let salespeople work more effectively anytime, anywhere
social selling
the use of online, mobile, and social media to engage customers, build stronger customer relationships, and augment sales performance
7 steps of the selling process
prospecting and qualifying, pre-approach, approach, presentation and demonstration, handing objections, closing, follow-up
value selling
demonstrating and delivering superior customer value and capturing a return on that value which is fair to the customer and the company
8 types of consumer promotions
samples, coupons, rebates, price packs, premiums, advertising specialties, point-of-purchase promotions, and contests, sweepstakes and games
event marketing
allows companies to create their own brand marketing events or serve as sole or participating sponsors of events created by others
benefits of direct marketing
for buyers, direct marketing is convenient, easy, and private
for sellers, it is low-cost, efficient, and good for building relationships and targeting small groups
marketing website
engages consumers in an interaction that will move them closer to a direct purchase
brand community websites
presents brand content that engages consumers and creates customer community around a brand
viral marketing
the digital version of word-of-mouth marketing; involves creating videos, ads, or other marketing content that is so infectious that customers will want to pass it along to their friends
advantages and disadvantages of social media marketing
advantages: targeted, personal, interactive, real-time, cost effective, engaging, high sharing capabilities
disadvantages: results are hard to measure, lack of control
mobile marketing
marketing messages and promotions delivered to on-the-go consumers through their mobile devices
internet marketing concerns
internet fraud: phishing (identity theft), online and digital security, and access by vulnerable or unauthorized groups
strategic group
a group of firms in an industry following the same or a a similar strategy in a given target market
customer value analysis
an analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors’ offers
good or bad competitors
good: play by the rules of the industry
bad: break the rules, try to buy share rather than earn it, take large risks, and play by their own rules
value innovation
finding “blue oceans” of uncontested markets to occupy, creating value and rendering rivals obsolete
3 approaches to marketing strategy
entrepreneurial marketing, formulated marketing, intrapreneurially marketing
3 value discipline strategies
operational excellence, customer intimacy, product leadership
second-mover advantage
the challenger sees what the leader has done successfully and improves on it
market challenger strategies
full frontal attack- matching the competitor’s products, advertising, price, and distribution efforts, attacking their strengths
indirect attack- attacking the competitors weaknesses or the gaps in the competitor’s market coverage
market nicher strategies
finding safe, profitable niches that are big enough with growth potential that it can serve effectively and is of little interest to major competitors
different customer-competitor orientations
competitor-centered companies, customer-centered companies, and market-centered companies
risks of international trade
may face highly unstable governments and currencies, restrictive government policies and regulations, and high trade barriers, corruption, and a dampened global economic environment
global firm
operates in more than one country, gains marketing, production, R&D, and financial advantages that are not available to purely domestic competitors
6 elements of the global marketing environment
international trade system (quotas, tariffs, exchange controls), WTO (world trade organization), regional free trade zones, economic environment, political-legal environment, and cultural environment
key factors of economic environment
industrial structure and income distribution
3 types of industrial structures
subsistence economies, emerging economies, industrial economies
cultural environment
sellers must understand how consumers in other countries think about certain products, and how business norms and behaviors differ
marketing can impact cultures- americanizarion
3 different market entry strategies
exporting, joint-venturing, and direct investment
4 types of joint ventures
licensing, contract manufacturing, management contracting, joint ownership
communication adaptation
fully adapting advertising messages to local markets
sustainable marketing
calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
6 social criticisms of marketing
high prices, deceptive practices, high-pressure selling, shoddy or unsafe products, planned obsolescence, and poor service to disadvantaged customers
perceived obsolescence
companies changing consumer concepts of acceptable styles to encourage more and earlier buying
social costs
businesses overselling private goods at the expense of public goods
environmental sustainability
a management approach that involves developing strategies that both sustain the environment and produce profits for the company; progress can be pollution prevention, product stewardship, new clean technology, or a sustainability vision
cradle-to-cradle
also known as DFE (design for environment); involves thinking ahead to design products that are easier to recover, reuse, or recycle and developing programs to reclaim products at the end of their lives
societal marketing
making marketing decisions based on considering consumers’ wants and interests, the company’s requirements, and society’s long-run interests
societal classifications of products
classified according to immediate satisfaction and long-run consumer benefits
deficient: neither
pleasing: high immediate, not long-run
salutary: low immediate, good long-run
desirable: both
5 sustainable marketing principles
consumer-oriented marketing, customer-value marketing, innovative marketing, sense-of-mission marketing, societal marking
6 ethical decision making tests
publicity test, moral mentor test, admired observer test, transparency test, person in the mirror test, golden rule test
competitor views
industry point of view vs market point of view (companies trying to satisfy the same customer need or service the same customer group)
