IMC Flashcards
Marketing
human activity directed at satisfying needs and wants through exchange process
marketing concept
adapt the company’s offering to the needs and wants of the consumer
for exchange to occur, there must be?
- two parties
- have something of value to the other party
- be capable of communication and delivery
- be free to accept/reject the offer
- agreement
marketing communications
collection of all elements of a firm’s marketing mix that facilitate exchange by establishing shared meaning with the firm’s customers
marketing
specific collection of certain levels of elements of a brand’s 4ps - product, price, place and promotion
communication
where individuals share meaning and establish a commonness of thought
elements of promotional mix
1.advertising
2.public relations
3.sales promotion
4.digital marketing/social media
5.personal selling
6.direct marketing
promotion management
coordination of promotional mix elements in setting objectives, establishing budgets, designing programs, evaluating performance, and taking corrective action
general objectives of promotion
- inform
2.persuade
3.induce action
brand
a name, term, sign, symbol, or design intended to identify the goods and services of one seller or groups of sellers and differentiate them from those of competition
brand equity
the goodwill than an established brand has built up over its existence
Integrated marketing communication
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
why not always integrated?
- tradition of separate communication tools
- influence of specialized outside suppliers
- managerial parochialism (fear of budget cutbacks, loss of power and authority)
- resistance of outside suppliers to broadening their functions
- skeptics who consider IMC to be a fad (short-term effect)
Synergy
integration of multiple communication tools and media yield more positive communication results than the tools used individually
5 key features of IMC
- start with the customer or prospect
- use any form of relevant contact or touchpoint
- speak with a single voice
- build relationships
- affect behaviour (persuade them to purchase)
a brand’s positioning statement must:
- present a clear idea of the brand of the brand in its target market’s mind
2.consistently deliver the same unified message across all media channels on all occasions
build relationships
- loyalty programs : promote long term relationships between customers and brands that lead to customer
- experiential marketing programs : create brand experiences that make positive and lasting impressions on customers
obstacles to implementing IMC
- few providers have the skills required to execute
- mass media campaigns easier than direct-to customer
- make sure that tools are consistently executed
marcom program
- fundamental decisions : targeting, positioning, setting objectives, budgeting
- implementation decisions : mixing elements, creating messages, selecting media, establishing momentum
- program evaluation : measuring results, providing feedback, taking corrective action
micromarketing
the customizing of products and communications to smaller segments (eq, toothpaste)
target market selection strategies
- undifferentiated marketing : one marketing mix to all markets
- differentiated marketing : different marketing mix for different segments
- concentrated marketing : one marketing mix for one segment (niche market, luxury)
marcom outcomes
enhancing brand equity, affecting behaviour
all marketing communications should be
- directed to a particular target market
- created to achieve a specific objective
- undertaken to accomplish the objective within the budget constraint
- clearly positioned
brand defined
a name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of the competition
as brand equity increases….
- higher market share
- brand loyalty increases
- premium prices can be charged
- brand earns revenue premium
revenue premium :
the revenue differential between a branded item and a corresponding private-labeled item
“DREK” sequence
measures of brand equity ( differentiation, relevance, esteem, knowledge)
power grid :
- brand strength (differentiation, relevance)
- brand stature (esteem, knowledge)
brand development cycle
the brand awareness pyramid
-top of mind
- brand recall
- brand recognition
- unaware of brand
brand concept
the specific meaning that brand managers create and communicate to the target market - appeals to functional, symbolic, and experiential needs
brand concept management
the analysis, planning, implementation, and control of a brand concept throughout the life of a brand
how brand concepts can be developed?
- functional needs (solving problems) : fulfill the consumer’s consumption-related problems
- symbolic needs (associating the brand with symbolic objects) : self-enhancement, role position, group membership, and belongingness
- experiential needs (sensory pleasures, personal experience) : sensory pleasure, variety, and/or cognitive stimulation
dimensions of brand personalities
- sincerity
- excitement
- competence
- sophistication
- ruggedness
3 general ways brand equity is enhances
- allow brand to speak-for-itself
- create message-driven associations
- leveraging current meanings or associations
co-branding
partnership between two brands
ingredient branding
inclusion of one brand within the other
what benefits result from enhancing brand equity?
- increased consumer loyalty
- long-term growth and profitability
- maintain brand differentiation from competitive offerings
- insulate brand from price competition
measuring world-class brands
quality, salience (0-100, percentage of people who feel sufficiently well informed about a brand to rate it), equity (0-100, multiplying the quality and salience scores and dividing the product by 10) (derived from customer
difficulty of measuring marcom effectiveness
- choosing a metric
- gaining agreement
- collecting accurate data
- calibrating special effects
