Midterm Flashcards
Situation analysis
The situation analysis should be thought of as an unbiased assessment of what’s happening now. It is a fact-finding mission.
marketing concept
the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition
four Ps
Product, Price, Place, Promotion
ad research
a specialized form of marketing research conducted to improve the efficiency of advertising
ethnography
the scientific description of the customs of individual peoples and cultures
SWOT analysis
strengths, weaknesses, opportunities, threats
primary research
Info you construct yourself (surveys, focus groups, etc.)
secondary research
Info that has been previously gathered by others. Always start with first to see if what you need is already available.
features
surface statements about your product. capabilities and explanation of what product does
benefits
how this product can help you and make your life better
integrated marketing communication
Tools: PR, Advertising, Sales Promotion, Direct Marketing, Interactive Marketing, Personal Selling
Speaking to the consumers with a consistent voice
demographics
age, gender, income, education, marital status, occupation
psychographics
lifestyles, product usage, media usage
quantitative research
Broader, numerical info that is statistically reliable and projectable
qualitative research
In-depth, non-numeric info. Consumer’s attitudes, feelings, beliefs. Attempts to find out why.
problems/opportunities
bridge from your situation analysis to your objectives and strategies.
elements of good objectives
measurable, realistic, timely
marketing communication strategy
the “promotion” part of the “marketing mix” or the “four Ps”: price, place, promotion, and product. It can also refer to the strategy used by a company or individual to reach their target market through various types of communication
positioning
An effort to influence consumer perception of a brand or product relative to the perception of competing brands or products. Its objective is to occupy a clear, unique, and advantageous position in the consumer’s mind.
branding
Found a need and made a promise to consumers.
A brand is a collection of perceptions in the mind of the consumer.
brand equity
the commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself
segmentation approaches
aimed marketing to target specific segments of an overall market using demographics and psychographics
relationship marketing
a facet of customer relationship management (CRM) that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales
media objectives
reach, frequency, gross impressions, GRPs(Gross Rating Point) TRPs(Television rating point), etc.
media strategy
Plan of attack, how to accomplish your objectives.
media tactics
Actual executions, making the plan come to life.
creative strategy
explains how the advertising campaign will meet the advertising objectives of the business
strategic focal point
key message
physical/psychological continuity
physical: something in each ad that leaves a similar impression (slogan, tagline, trade characters)
psychological: unify the way people think about their advertising (similar theme, image, tone or attitude)
preemptive claim
making something unique to your brand that is inherently ubiquitous to the category
media scheduling patterns
the pattern of advertising timing, represented as plots on a yearly flowchart
global marketing
important for products that have universal demand, such as food and automobiles.
special markets
global, african american, hispanic, asian, lgbt
sales promotion
The use of any incentiveby a manufacturer to induce the trade(wholesalers and retailers) and/or consumersto buy a brand and to encourage the sales forceto aggressively sell it.
branded entertainment
an entertainment-based vehicle that is funded by and complementary to a brand’s marketing strategy. Ultimately, the content gives the brand an opportunity to connect with its audience in a unique, engaging way
buzz marketing
a term used in viral marketing—is the interaction of consumers and users of a product or service which amplifies or alters the original marketing message. This emotion, energy, excitement, or anticipation about a product or service can be positive or negative.
cause-related marketing
cooperative efforts of a for-profit business and a non-profit organization for mutual benefit
concurrent testing
research that takes place while the campaign is running in the market place.
posttesting
specialized field of marketing research that determines an ad’s effectiveness based on consumer responses, feedback, and behavior
guerrilla marketing
appropriate for companies that, relative to the competition, are too small to launch offensive or flanking moves
KPI
key performance indicator, measurable value that demonstrates how effectively a company is achieving key business objectives
