Lecture 6: 6 Ms, Traditional/Non-Traditional Marketing

Question 1

What are the 6 Ms of Marketing?

Answer 1

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)

Question 2

What is the traditional Marketing Process Model? (AIDA) and how is it different from Non-Traditional Marketing Process Model ?

Answer 2

Awareness
Interest
Desire,Preference
Action, Purchase

Non-Traditional Marketing Process:

Awareness/Visibility/Exposure
Word of Mouth, Buzz

|
Involvement / Infatuation
Sales/Purchase

Question 3

When is the best time to use Non-traditional media?

What are the upside potentials and Risks of non-traditional marketing?

Answer 3

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