Test 1 Flashcards
Integrated Marketing Communications
Deliberately coordinating and integrating messages from a variety of sources about its products or brands
Relational Marketing
Transactional Marketing
Creating, maintaining, and enhancing long-term relationships with customers and other stakeholders that result in exchanges of information another things of mutual value.
IMC approach tactics
- Less emphasis on advertising via mass media
- Heavier reliance on targeted messages and on reaching smaller segments
- Increased use of customer data
- Changed expectations for marketing communications suppliers
Why IMC?
helps companies adopt a consumer-centric, not marketer-centric, perspective in creating a brand message
Relationship marketing accomplishes:
- identify, satisfy, retain, & maximize the value of profitable customers
- manage the contacts between customer & company to ensure effectiveness
- develop a full view of customer by compiling & analyzing customer data
Stakeholders
employees, centers of influence, stockholders, the financial community, and the press
Lifetime Customer Value (LTCV)
the value a customer brings to the firm
Relationship marketing is important because
- The cost of lost customers
- Cost of acquiring new customers
- Value of loyal customers
Basic transactional relationship
company sells the product but doesn’t follow up in any way
Reactive relationship
company sells the product and encourages customers to call if they encounter any problems
Accountable relationship
salesperson phones customers shortly after sale & asks for feedback
Proactive relationship
salesperson contacts customer from time to time with suggestions about improved product use or helpful new products
Partnership
company works continuously with customers to discover better ways to deliver better value
How to decide what type of relationship
level of profit margins and number of customers
Integrated product
integrating all the band related messages in the consumers mind
