Non Quant Quiz 1 Flashcards
Week 1 Module 1
What are some details of Intention-Based Communication Model?
Intention based model is a communication model that is more accurate, more detailed, more persuasive etc., A message from the sender to receiver is sent via a channel. If there is no noise the communication should result in something like a sale, or persuasion, etc.
What challenges might marketers face with intention based model?
Noise, there can be noise at any point of the communication if the marketer has too much fluff, accent, etc. or the receiver can be the noise where they just are not understanding, language barrier etc.
How can marketers overcome noise challenges?
Be as clear and to the point as possible and market to the proper audience
What is a Distribution Approach to Marketing Exchange.
considers the flow of Information, Innovation, and Compensation between the buyer and the seller in the exchange process. Including transaction costs for both parties between those exchanges.
How can communication help marketers be more effective and more efficient for each of the flows?
Communication helps marketers be more effective and efficient
Intention based: Is effective because it is an accurate way for the buyer to know exactly what the seller is providing. If done properly without any noise and to the proper audience the receiver would usually do said action
Distribution approach: Is effective and efficient because the seller communicates what they are providing and the buyer is able to communicate their preferences and ideas which then allows the seller to innovate their product which then results in a sell.
What is the Buying (Purchase) Decision Process
Need or desire > Desire formulation (development) > Desire fulfillment > Post consumption evaluation
What are the steps and substeps of this process?
Need or desire
- Internal stimulus
- External stimulus
Desire formulation (development)
Information Search
- Internal Source
- External Source
Alternative Evaluation
Desire fulfillment
Makes exchange/purchase
- Post consumption evaluation
Connsumption Usage
- Post consumption/usage evaluation
How can a marketer move potential buyers through each of the steps and substeps?
A marketer might move someone through these substeps by providing proper information to ensure client desires the product more than the alternative.
What are the 4 P’s of Marketing?
Product – Quality, design, features, brand, etc.
Price – discounts, price list, payment period, etc.
Promotion – Sales force, PR, direct marketing, etc.
Place – Channels, locations, etc.
4 Modern p’s
People
Processes
Programs
Performance
What are the 4 C’s of Marketing?
Customers values
Convenience
Communication – Promotion via magazine, commercial, social media, “the channel”
Cost – Monetary or non-monetary costs
how do they relate to each other?
Customer Value is the same as Product where the client has a view that this product may be valuable to them
Convenience is the same as the place. Where the product is located and how the buyer may obtain said product easiest.
Communication and Promotion are the same how the product is being marketed via magazine, commercial, social media, “the channel”
Cost and Price is the same
From the reading, “The Many Purposes of Marketing Communication,” discuss each of the four typical purposes of marketing communication.
Inform – What info they will receive and why
Remind – To keep brand relevant and accessible
Persuade – Persuasive no matter the intention to buy or raise awareness or change opinion
Connect – Assist with building brand community
