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MKTG2238 > IMC > Flashcards

IMC Flashcards

1
Q

Marketing

A

human activity directed at satisfying needs and wants through exchange process

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2
Q

marketing concept

A

adapt the company’s offering to the needs and wants of the consumer

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3
Q

for exchange to occur, there must be?

A
  1. two parties
  2. have something of value to the other party
  3. be capable of communication and delivery
  4. be free to accept/reject the offer
  5. agreement
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4
Q

marketing communications

A

collection of all elements of a firm’s marketing mix that facilitate exchange by establishing shared meaning with the firm’s customers

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5
Q

marketing

A

specific collection of certain levels of elements of a brand’s 4ps - product, price, place and promotion

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6
Q

communication

A

where individuals share meaning and establish a commonness of thought

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7
Q

elements of 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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8
Q

promotion management

A

coordination of promotional mix elements in setting objectives, establishing budgets, designing programs, evaluating performance, and taking corrective action

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9
Q

general objectives of promotion

A
  1. inform
    2.persuade
    3.induce action
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10
Q

brand

A

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

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11
Q

brand equity

A

the goodwill than an established brand has built up over its existence

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12
Q

Integrated marketing communication

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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13
Q

why not always integrated?

A
  • 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)
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14
Q

Synergy

A

integration of multiple communication tools and media yield more positive communication results than the tools used individually

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14
Q

5 key features of IMC

A
  1. start with the customer or prospect
  2. use any form of relevant contact or touchpoint
  3. speak with a single voice
  4. build relationships
  5. affect behaviour (persuade them to purchase)
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15
Q

a brand’s positioning statement must:

A
  1. 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
16
Q

build relationships

A
  • 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
17
Q

obstacles to implementing IMC

A
  • few providers have the skills required to execute
  • mass media campaigns easier than direct-to customer
  • make sure that tools are consistently executed
18
Q

marcom program

A
  • 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
19
Q

micromarketing

A

the customizing of products and communications to smaller segments (eq, toothpaste)

20
Q

target market selection strategies

A
  1. undifferentiated marketing : one marketing mix to all markets
  2. differentiated marketing : different marketing mix for different segments
  3. concentrated marketing : one marketing mix for one segment (niche market, luxury)
21
Q

marcom outcomes

A

enhancing brand equity, affecting behaviour

22
Q

all marketing communications should be

A
  1. directed to a particular target market
  2. created to achieve a specific objective
  3. undertaken to accomplish the objective within the budget constraint
  4. clearly positioned
23
Q

brand defined

A

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

24
Q

as brand equity increases….

A
  • higher market share
  • brand loyalty increases
  • premium prices can be charged
  • brand earns revenue premium
25
Q

revenue premium :

A

the revenue differential between a branded item and a corresponding private-labeled item

26
Q

“DREK” sequence

A

measures of brand equity ( differentiation, relevance, esteem, knowledge)
power grid :
- brand strength (differentiation, relevance)
- brand stature (esteem, knowledge)
brand development cycle

27
Q

the brand awareness pyramid

A

-top of mind
- brand recall
- brand recognition
- unaware of brand

28
Q

brand concept

A

the specific meaning that brand managers create and communicate to the target market - appeals to functional, symbolic, and experiential needs

29
Q

brand concept management

A

the analysis, planning, implementation, and control of a brand concept throughout the life of a brand

30
Q

how brand concepts can be developed?

A
  • 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
31
Q

dimensions of brand personalities

A
  • sincerity
  • excitement
  • competence
  • sophistication
  • ruggedness
32
Q

3 general ways brand equity is enhances

A
  1. allow brand to speak-for-itself
    - create message-driven associations
    - leveraging current meanings or associations
33
Q

co-branding

A

partnership between two brands

34
Q

ingredient branding

A

inclusion of one brand within the other

35
Q

what benefits result from enhancing brand equity?

A
  • increased consumer loyalty
  • long-term growth and profitability
  • maintain brand differentiation from competitive offerings
  • insulate brand from price competition
36
Q

measuring world-class brands

A

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

37
Q

difficulty of measuring marcom effectiveness

A
  • choosing a metric
  • gaining agreement
  • collecting accurate data
  • calibrating special effects

MKTG2238 (8 decks)

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