Marketing Final Flashcards
Five promotion mix tools
- advertising
- Sales promotion
- Personal selling
- Public relations
- Direct and digital marketing
Advertising
Use of paid media by a seller to inform, persuade, and remind buyers about its products or its organization
Sales promotion
Short-term incentives to encourage the purchase or sale of a product or service
Personal selling
Company’s sales force engaging customers and building customer relationships to create and communicate customer value (salespeople)
Public relations
involves building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events
Direct and digital marketing
engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships
Integrated Marketing Communications (IMC)
carefully integrating and coordinating the company’s many communications channels to deliver a clear, consistent, and compelling message about the organization and its products
Major advertising decisions
- objectives setting (communication and sales objectives)
- budget decisions (affordable approach, percentage of sales, competitive parity, objective and task)
- message decisions (strategy and execution) and media decisions (reach/frequency/impact, types of media, timing)
- advertising evaluation (communication impact, sales and profit impact, return on advertising)
Advertising objectives
inform, persuade, remind
Advertising objectives and the PLC
Introduction: to inform, Growth: to persuade, Maturity: To remind, Decline: none
Advertising goals
reach and frequency
Reach
percentage of people exposed to ad, indication of the breadth of a media schedule
Frequency
of times a person is exposed to the ad, measure of the depth of the media plan
of times a person is exposed to the ad, measure of the depth of the media plan
Three Forms of Digital Marketing
online, social media, mobile
Online marketing
Marketing via the Internet using company Web sites, online ads and promotions, e-mail, online video, and blogs
Social media marketing
independent and commercial online social networks where people congregate to socialize and share messages, opinions, pictures, videos, and other content
Mobile Marketing
marketing messages, promotions, and other content delivered to on-the-go consumers through mobile phones, smartphones, tablets, and other mobile devices
Traditional direct marketing
face-to-face selling, direct-mail marketing, catalog marketing, telemarketing, direct-response TV marketing (direct-response TV advertising and interactive), kiosk marketing (EX: Farmer’s Fridge)
Sustainable marketing
socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
Marketing’s impact on individual consumers
- High Prices
- Deceptive Practices
- High-Pressure Selling
- Shoddy, Harmful, or Unsafe Products
- Planned (or perceived) Obsolescence
- Poor Service to disadvantaged consumers
Marketing’s impact on society as a whole
- false wants and too much materialism
- Too few social goods
- Cultural pollution
Five sustainable marketing principles
- Consumer-oriented marketing
- Customer value marketing
- Innovative marketing
- Sense-of-mission marketing
- Societal marketing
Consumer-oriented marketing
a company should view and organize its marketing activities from the consumer’s point of view
Customer value marketing
a company should put most of its resources into customer value-building marketing investments (by creating value for consumers, the company can capture value from consumers in return)
Innovative marketing
a company should continuously seek real product and marketing improvements
Sense-of-mission marketing
a company should define its mission in broad social terms rather than narrow product terms (We do “X” for our customers)
Societal marketing
a company should make marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests
AMA Code of Ethics
- Do no harm
- Foster trust in the marketing system
- Embrace ethical values (honesty, responsibility, fairness, respect, transparency, citizenship)
Sustainable Marketing Matrix
Major advertising decisions
Objectives setting, budget decisions, message decisions and media decisions, advertising evaluation
AMA Code of Ethics Ethical Values
honesty, responsibility, fairness, respect, transparency, citizenship
