MARK 3000 1st Edition Exam 3 Study Guide Lectures 13 18 Lecture 13 March 17 What is the Integrated Marketing Communications Integrated Marketing Communications Represents the promotion dimension of the Four P s Encompasses a variety of communication disciplines in combination to provide clarity consistency and maximum communicative impact 3 Elements consumer channels evaluation of results of communication What is the AIDA Model The AIDA model common model of series of mental stages through which consumers move as a result of marketing communications A Awareness of the product Leads the customer to think Aided recall consumers know the brand when name is presented to them Top of mind answers when consumers mention a specific brand name first I Interest in the product Leads the customer to think D Desire for the product Leads the customer to feel the need for the product A Actions of buying the product Leads the customer to purchase the product Lagged effect delayed response to marketing communication campaign The Goal of promotion is to move the product through the AIDA Model Identify the different Methods of Promotion Advertising Paid from of communication from identifiable source delivered through a communication channel and designed to persuade receiver to take some action Paid and from identified source uses mass media Public relations Actions to maintain positive relationship with community and media Not directly paid Personal selling Two way flow of communication between buyer and seller Sales promotion Special incentives that encourage purchase of a product or service Coupons rebates free samples etc Direct Marketing Marketing that communicates directly with target customers to generate a response or transaction Online Social Media delivering electronically What is Advertising Most visible Element of Integrated marketing communication Extremely effective at creating awareness and generating interest Identify the Steps in planning and executing an Advertising Campaign 1 Identify Target Audience a Firms need to do research to identify target audience and set the tone for the advertising program b Must keep in mind that target audience can be different than the current users of the product 2 Set Advertising Objectives a Push strategy Increase demand by motivating sellers to highlight the product rather than the product of competitors and thereby push the product into consumers i Aimed at channel members wholesalers retailers ii Mostly use personal selling or trade sales promotion b Pull Strategy Get consumers to pull the product into the supply chain by demanding it i Aimed at final consumer ii Advertising consumer sales promotions online promotions c Overall Goals or objectives of Advertising i Inform Informative advertising Builds brand awareness 1 Used in introductory stages of life cycle 2 Focus on education or creating buzz ii Persuade Used in the growth and early maturity stages of PLC 1 Main goal of comparing brands and focuses on features and advantages iii Remind Used in the Maturity stage of PLC 1 Main goal is to remind or prompt repurchases 2 Not a lot of information d Focus of Advertisements i Product Focused Advertisements persuade inform or remind consumers about a specific product or service ii Institutional Advertisements Inform persuade or remind consumers about issues related to places politics or an industry Ex Got Milk campaign 1 Corporate Image The image of the company as a whole 2 Corporate Advocacy Company takes a position on a social issue a Ex Stop texting and driving cancer research 3 Public Service Announcements PSA Focus on public welfare and are generally sponsored b nonprofit groups 3 Determine advertising budget a Methods i Of sales Use of sales of previous year It is simple and easy but may give wrong direction 1 Ex If you had bad sales in the previous year then by this method you would invest little in advertising which could be harmful ii Competitive Parity Keeping up with the advertising budget of competitors b Nature of the market and the product also influence the size of the budget i Ex Would spend less money advertising luxury products in a recession 4 Convey the message a USP Unique Selling Proposition Strategy of differentiating a product by communicating its unique attributes often becomes common theme or slogan in entire advertising campaign i What am I Selling ii The message people take away about my product from the advertisement 1 Ex Red bull gives you wings b Messages must be Truthful and meet standards for images and language c Puffery Legal exaggeration Legal lying i Exaggerating something to a point where it is assumed that it is false d Must select how to convey the Message i Informational Appeal Help consumers make purchase decisions by offering factual information that encourages consumers to evaluate brand favorability on basis of key benefits that it provides ii Emotional Appeal Aims to satisfy consumers emotional desires rather than their utilitarian needs 1 Focus on feelings about self 2 Create a bond between consumer and brand 3 Fear Safety humor happiness love comfort etc Lecture 14 March 19 5 Evaluate and select Media Media Planning Process of evaluating and selecting the media mix that will deliver a clear consistent compelling message to the intended audience Media Mix Combination of media used and frequency of advertising in each medium Media buy Actual purchase of airtime or print pages o Largest expense in the advertising budget therefore needs to be a careful decision Types of media o Mass media channels ideal for reaching a large number of audience members Ex National magazines newspapers radio and TV o Niche media channels that are focused and generally used to reach narrow segments with unique demographic characteristics or interests Selecting Media o Frequency how many times does a person see the advertisement Always 1 for TV and radio For magazine ads it can be greater than 1 High frequency for outdoor ads such as billboards o Reach how many people can see the ad Ex Super bowl Half of the nation can see the ad o Cost per thousand CPM How much it costs for a thousand people to see the ad Choosing the right Medium o Television Wide reach sound and video but is expensive and a lot of channel and program options o Radio Inexpensive can target selectively and have a wide reach but there is no video consumers have less focus and exposure periods are short o Magazines Very targeted subscribers pass it along to