Marketing Decision Making Flashcards
AIDA -A
- Awareness
1. Make the consumer aware of the product
2. Grab consumers attention
3. An amusing or controversial add usually works well for this
AIDA- I
Interest
- Make consumer interested in the product
- The ad try’s to differentiate the brand from a rival brand
AIDA -D
Desire
- Persuading consumer he or she wants the product
- Portraying a desirable image or ordering free samples
ADIA - A
Action
- Get consumer to act or actually buy
- Using sales promotions help this
- low initial price
- three for price of two
What does DAGMAR stand for?
Defining
Advertising
Goals
For
Measured
Advertising
ResultsWhat does DAGMAR help
Increase product awareness
- based on idea that customers more through a series of dove stages when buying a products
What are the five stages of DAGMAR
- Unawareness
- Awareness
- Comprehension
- Conviction
- Action
What does unawareness mean to the consumer and what is a suitable method of promotion
- Consumer doesn’t know about the product
2. Suitable method is media advertising e.g tv ad
What is awareness to the consumer and what is a suitable method of promotion
- Consumer has a vague awareness of the product
2. Suitable method of advertising is media advertising E.g tv ad
What is comprehension to the consumer and what suitable method of promotion should be used
- Consumer recognises and knows about the product
2. Suitable methods of promotion - support through product information
What is conviction to the consumer and what is a suitable method of promotion
- Consumers prefers the products to others
- Suitable methods of promotion
- advertising to reinforce brand differentiation
What is action to the consumer and what suitable methods of promotion should be used
- Consumer purchases the product
2. Suitable methods of promotion - personal selling
Business analyse their current situation using SWOT! what is SWOT?
Strengths
Weaknesses
Opportunities
Threats
What is the use of SWOT
Let’s the business know where it has a competitive advantage
What is the use of Ansoffs Matrix
- Used when firms objective is to grow
2. Shows strategies that can be used to achieve growth according to how risky they are
Benefits to Ansoffs matrix
It doesn’t just lay out potential strategies for growth
- it also forces market planners to think about the expected risks of moving I’m a certain direction
Disadvantage of the matrix
Fails to show that market development and diversification strategies also tend to require significant chance in day to day runnings
Product development - Ansoffs matrix
Benefits
- Is less risky
2. But it works for firms who already have a competitive advantage
Market penetration - Ansoffs matrix
Benefits
- least risky strategy of all
- firms opt for this approach
What strategy should companies use if they want to expand abroad
Market extension or development.
For example fast food restaurants tend to use this opinion - KFC first opened in the USA in 1952 and then extended their market by opening in the UK in 1965
Why wouldn’t you use diversification abroad
- diversification is already a risky strategy and expanding internationally is already risky, it’s very unlikely that a firm would decide to launch a completely new product in a foreign market that also completely new to them
What is the Aida model used for
- Develop promotional campaigns
2. Mainly applied to above the line activities
