Final Exam Study (12,13,14) Flashcards
what are the 5 promotional mix elements (explain each one)
- advertising (paid media, tv, print)
- public relations (press releases, free publicity)
- direct marketing (mail, email)
- sales promotion (coupons, discounts, incentives)
- personal selling (sales presentations, trade shows)
what is an IMC plan
integrated marketing communications. coordinates all promotional activities to provide a consistent message to a target audience. incorporates market research, strategic planning, audience segmentation, marketing channel selection, creative briefs and campaign messaging, budgeting, ROI analysis and a system for campaign metrics and evaluation
what is outbound marketing
a marketing approach that broadcasts messages to a wide audience using advertising, direct mail, e-mail, telemarketing, or personal selling approaches
what is inbound marketing
an approach where consumers find the product and its messaging by using online techniques that marketers facilitate such as search engine optimization, pay-per-click ads, social media, and microsites
describe the customer advocacy funnel
- awareness
- interest
- engagement
- trial
- purchase
- loyalty
- advocacy
what is the push/pull strategy
push: pushing products to a specific audience. the main objectives of push marketing is to reduce to as small as possible the amount of time that elapses between the customer seeing a product and making a purchase decision to buy the product.
pull: a pull strategy is a technique used to bring the customer to you. rather than pushing your business on the customer, pull strategy involves the use of pull tactics, or the communication of information, to attract the customer.
describe packaging and design elements needed for a product
brand name, logo, slogan, ingredients, colour, design
what are the benefits of social media
brand awareness, customer service, search engine rankings
what is CRM and why is it important
customer relationship management: process of building and maintaining a profitable customer relationship by delivering superior customer service.
how does social media affect CRM
the popularity of social media also improves Customer Relationship Management because it creates an environment that makes it easier for customers to interact with companies, and it encourages interactions that were previously neglected by customers
what is pareto’s rule
the pareto principle states that for many outcomes, roughly 80% of consequences come from 20% of causes
why are loyalty programs important
they allow us to reward existing customers. ex; access to specific programs, birthday gifts.
what is customer lifetime value and what rule does it relate to
a measure of the potential sales that will be generated if a customer remains loyal to our company for a lifetime. can use data mining to understand this. relates to pareto’s rule
what is data mining
the process of analyzing customer patterns and insights to make better marketing decisions. helps spot trends, segment market appropriately, and helps understand target market behaviour
what is share of wallet and what does it relate to
the amount an existing customer spends regularly on a particular brand rather than buying from competing brands. helps managers understand the amount of business a company gets from specific customers. relates to customer lifetime value and loyalty
