MARK 3000 3rd Edition Exam 3 Study Guide Lectures 1 6 Make sure you read chapters 8 14 17 18 and 19 Lecture 1 October 16 Integrated Market Communications List and describe the methods of promotion What is another name for this 1 Advertising paid promotion mass media the sponsor is usually identified 2 Public relations publicity anything done to maintain a positive relationship with the public and media Not directly paid free media attention 3 Personal selling one to one two way flow of information 4 Sales promotions special incentives usually short term i e BOGO contests 5 Direct marketing delivering promotional materials individually 6 Online social media can include a combination of the above another name for the methods of promotion is the elements of the promotional mix Explain the AIDA model for the objective of promotions Awareness recognizing that the product is available Interest wanting to find out more Desire I want the product Action buying the product List the steps of planning and executing ad campaigns 1 2 3 4 5 6 Identify your target audience Set advertising objectives Determine your budget Convey a message Evaluate and select media Assess the impact of your ad What do you need to think about when identifying your target audience Who is your audience is it your current target market Or is it a new target market What are the advertising goals and objectives To inform persuade or remind They depend on where you are in the PLC informative create awareness focus on education and buzz Introduction early growth stages persuasive comparing your brand to other brands focus on features and advantages Growth early maturity reminder to remind or prompt a response Usually not very detailed Maturity stage Explain push vs pull advertising Push aimed at channel members mostly personal selling i e trade sales promotions manufacturer promotes to wholesaler wholesaler promotes to retailer retailer promotes to consumer people buy from the retailer Pull aimed at final consumers create demand and the consumer will pull the product through the channel manufacturer promotes to people people demand product from retailer retailer demands product from wholesaler wholesaler demands product from manufacturer What do you have to consider when setting an ad budget How important advertising is to your company How expenditures vary throughout the PLC usually spend in the introduction and in the maturity The nature of the market and how the product influences the size of the budget What are the two focuses of ads Product focused inform persuade or remind people about a specific product service Institutional ads corporate image advocacy for social issues cancer research fight hunger PSAs FCC requires broadcasters to devote time to them Lecture 2 October 23 Integrated Market Communications continued What is a unique selling proposition Give examples The common theme or slogan in an ad campaign the value proposition Red Bull gives you wings Oreo Milk s Favorite Cookie TNT We Know Drama What is puffery Exaggerated claims generated for promotional reasons statements that express subjective rather than objective claims that no reasonable person would take literally Explain media planning the media mix and the media buy Media planning deciding what you ll use Media mix which channels will you use magazines TV radio billboards etc Media buy actually buying the ad space In regards to selecting media what are frequency reach and CPM Frequency how many times people will see the same ad Reach how many people in your target market will see it CPM cost per thousand how much it takes to reach 1000 people M not T because of the Roman numeral for thousand What aspects of each medium should you consider when choosing one for your ad TV wide reach sound and video BUT expensive Radio cheap can be selectively targeted wide reach BUT no video less focused attention than TV short exposure period Magazines very targeted subscribers pass it along BUT kinda inflexible takes a while to be available Newspaper flexible timely localizable BUT expensive in some markets and short lifespan Internet can be linked to detailed content very flexible interactive specific targeting BUT becoming cluttered and people have AdBlocker Outside pretty cheap opportunities for repeat exposure BUT not easily targeted some markets have placement problems short exposure What are the three kinds of ad schedules Continuous every week at the same level throughout the year Flighting seasonal only at certain times of the year e g sunscreen Pulsing some ads all the time others at specific times How do you assess impact using marketing metrics Pretesting Tracking sales awareness Post testing What do the FTC FCC and FDA regulate and enforce FTC Federal Trade Commission enforces truth in advertising laws defines deceptive ads FCC Federal Communications Commission regulates tobacco ads forbids obscene indecent language FDA Food and Drug Administration regulates packaging labeling inserts define organic and light requires disclosure or warning statements What are the forms of public relations Press releases Company tours like at the World of Coke Speakers Sponsorships Annual reports Lecture 3 10 28 Sales Promotions and Integrated Marketing Define sales promotions Short term special incentives aimed at either consumers or channel members What are some kinds of sales promotions aimed at consumers Coupons Contests Samples Premiums like BOGO Product placement in movies and TV shows How are contests and sweepstakes different Contests require some kind of skill like writing a jingle or guessing an answer Sweepstakes are pure chance and aren t allowed to require that you buy something to enter because paying money to earn money is considered gambling What are some trade sales promotions Point of purchase point of sale displays Contests for store managers Push money manufacturer rewards salespeople with cash every time they sell one of their products Very common in electronics and travel Issues can create conflict in the channel must be offered fairly What is direct marketing Delivering individual promotional materials i e through customer databases emails catalogs mailed to houses They can be creative but are easily ignored What is involved in digital online marketing Websites blogs and social media What is personal selling and when does it make sense to use it Realtime interaction between a seller and a potential buyer It s very expensive so it s best to use it