Module 3 Flashcards
Reasons to employ agencies
On-demand access to expertise.
What is brand share?
Also known as market share, it is the percentage of a market that a specific brand owns, or the amount of a brand that consumers buy compared to other brands in the same product category
Business objectives must…
- Have clear and measurable business targets expressed in value and contribution to the business
- Relate to sales and profit
- Be short and long-term
What are KPI’s?
KPI stands for Key Performance Indicator, and it’s a quantifiable metric that measures how well a company is meeting its goals. KPIs are like a company’s scorecard.
What does SMART stand for?
Specific
Measurable
Attainable/Achievable
Relevant
Timely
What makes a strong client-agency relationship?
- Having a shared agenda
- Respect
- Trust
Chief Marketing Officer (CMO)
The Chief Marketing Officer (CMO) within a company is usually the person with ultimate responsibility for all of a company’s marketing efforts. Historically, this person may have been called the Marketing Director. However, the trend for appointments within the ‘C-suite’ means that now a CMO may sit above a Marketing Director within an organisation and have a seat at the board level.
What are the 7Ps of marketing?
Product - What is a company going to produce?
Price - How much is a company going to charge?
Place - How will a company deliver its products or services to the end customer?
Promotion - How will a company communicate what it does and what it can offer?
People - How will you ensure you have the right people to do the job?
Process - How will the product or service reach the end customer?
Physical Evidence - What are the various, diverse signals the brand gives to reinforce its credentials?
What is media planning?
A media planner is responsible for selecting media channels and platforms for an advertiser, which will help them to reach their audience at the right time, with the right message and do so in a way that will help the advertiser to achieve its business, marketing and communication objectives.
What is media buying?
A media buyer’s core function is to buy media space, on behalf of their client, in the most efficient way. This requires a deep understanding of the market in which media is traded to achieve the lowest cost for a particular client.
They are like the negotiator’s to get the best deals and ensure the ads run smoothly.
What is strategic planning?
The role of the strategic brand planner is to understand where a brand is positioned in a chosen market. To do this, strategic planners look at fundamental drivers to understand how consumers engage and interact with a client’s products and services and how this relationship can be managed to achieve the outlined business, marketing, and communications objectives.
