mktg 12-19 Flashcards
brand talking to the consumer
macro
consumer talking to the brand
micro
audience quality, audience attention probability, editorial quality, ad placement services & extra services
consider
Media reach (R), frequency (F) and impact (I)
Total number of exposures (E)
Exposures = Reach x Frequency
exposures formula
exposures * impact
weighted number of exposures
elaborate on product/service attributes or benefits
one sided vs two sided arguments
informational appeals
elaborate on a non-product related benefit or image
Negative/fear vs positive appeals
transformational appeals
expertise, trustworthiness, likability
source credibility
communicators can use their good image to reduce some negative feelings toward a brand but might lose some esteem with the audience
principles of congruity
Horizontal integration involves coordinating all relevant marketing actions— including packaging, pricing, sales promotions, and distribution—with the communication campaign to achieve maximum customer impact.
horizontal integration
involves aligning the communication objectives with the higher- level goals that guide the company’s overarching marketing strategy.
vertical integration
involves sharing the relevant information from different
departments— including product development, market research, sales, and customer service—with the communication team to create an effective and cost-efficient campaign.
internal integration
coordinates a company’s communication activities with those of the external collaborators—including advertising, social media, and public relations agencies; event organizers; and campaign co-sponsors.
external integration
advertising, online and social media marketing, word of mouth, events and experiences + more
marketing communications mix
TV advertising, print advertising, Radio advertising, Online and Social media advertising, Mobile advertising /communication, Events and experiences, Publicity - PR does press, corp communications and
engages in lobbying, Product Packaging
Advertising options
public affairs, government relations to keep on track of policies to make sure they are advantageous
lobbying
awareness, appeal, ask, act, advocate
5-a customer acquisition funnel
customer conversion rates and retention rates
estimated by 5 a’s
satisfied customers
customer relationship capital
process of carefully managing detailed information about individual customers and all customer touch points to maximize loyalty
customer relationship management (CRM)
Stays loyal longer
Buys more
Talks favorably about the company
Pays less attention to competing brands
Less sensitive to price
Offers ideas to the company
Costs less to serve than new customers
highly satisfied customer qualities
Set up a 24/7 hotline
Reach out to dissatisfied customers
Accept responsibility
Resolve the complaint
make it easy for customers to complain
aka customer equity: the monetary equivalent of the value that customers will create for the company during their tenure with the company
customer lifetime value (CLV)
activity based costing, Aims to identify the real costs associated with serving each customer, the costs of products and services based on the resources they consume
Customer profitability analysis
bottom line financial value
customer equity focus
brand strategy
brand equity focus
Improve customer service
Engage customers
Enhance growth potential of each customer
Manage unprofitable customers
Reward the most profitable customer
building customer lifetime value
competence, honesty & benevolence
3 building blocks of customer loyalty
