Lecture 6: 6 Ms, Traditional/Non-Traditional Marketing Flashcards
What are the 6 Ms of Marketing?
Mission - Set communications objectives through DMP (decision making process)
Markets - Choose target segment audience (Nice, Demographic/Psychographic)
Message - Decide Theme, Positioning (USP)
Media - Select communication outlets, social media etc.
Money - Allocate budgets across media, Metrics (Reach vs. Frequency, Cost vs. Coverage)
Measure - Measure Results (Profits/Margins/SOM (serviceable attainable market)
What is the traditional Marketing Process Model? (AIDA) and how is it different from Non-Traditional Marketing Process Model ?
Awareness
Interest
Desire,Preference
Action, Purchase
Non-Traditional Marketing Process:
Awareness/Visibility/Exposure
Word of Mouth, Buzz
|
Involvement / Infatuation
Sales/Purchase
When is the best time to use Non-traditional media?
What are the upside potentials and Risks of non-traditional marketing?
Best time to use non-traditional media would be when:
- You are the little guy
- Clear brand identity
- Quirky brand
- Need a point of differentiation
Upside potentials:
- Credibility (endorsements, linkage etc)
- Efficient (shorter, viral, free adv in press)
- Effective (memorable, high impact etc)
Risks of Non-traditional marketing:
- Risk of backlash
- Less control of timing, brand exposure, brand meaning of image