Exam 3 Review Dr Mike Brady MAR3023 01 Advertising and PR top 3 television direct mail newspaper o Types of Advertising Product promotes the uses features and benefits of specific products brands Pioneer focuses on product category ex got milk Advocacy conveys a firms position on a public issue giving back to the community social responsibility Competitive points out a brands advantages relative to competing Comparative compares 2 or more brands on one or more Reminder reminds customers of an established brand s characteristics and benefits Reinforcement assures current users they have made the characteristics right choice Continuous runs steadily throughout the year good for continuously used products Flighting runs in spurts from heavy advertising to none good for seasonal products like sunscreen in the summer Pulsing a combination runs steadily but with bursts at certain times ex Jansport backpacks and school supplies have bursts of advertisement during back to school time Frequency the percentage of consumers in the target audience o Measuring Advertising Reach exposed to a particular advertisement in a stated period exposed to the advertisement consumer jury test campaign evaluation of advertising effectiveness after the evaluation performed before a campaign begins the number of times these targets consumers are Posttest Pretest Recognition respondents shown a portion of an ad or sometimes a memorable image and asked if they recognize Unaided recall ex please type the name of the sponsor for this ad Aided recall ex please choose the sponsor of this ad from the following list Households tuned to show Total U S households with Households tuned to show U S Households using TV Rating TV Sharing Personal Selling and Sales Management o Steps in the personal selling process o Krugman 1972 about advertising effectiveness asked if it was more effective to reach 100 customers once or 25 customers 4 times reaching 3 times is the optimal number Exposure 1 what is it Exposure 2 what of it Why am I seeing this twice Exposure 3 what is its what am I getting out of it o Public Relations vs Publicity Public Relations communication efforts used to create and maintain favorable relations between an organization and its stakeholders can save money on advertising designed to be positive extended over a time period and controlled by the firm products transmitted through mass media at no charge ex news release feature article captioned photo press conference tends to be more powerful than PR out of the control of the firm isn t always positive and is more short term than PR communication about the organization and or its Publicity 3 Approach 2 Pre approach 4 Making the presentation most effective way to get prospects is through important to create a favorable first approach identify key decision makers review history and 1 Prospecting referrals problems identify needs typical approaches referral cold canvasing repeat contact 55 of communication is non verbal stimulate interest spark and desire for product most influencing tactics matched to prospects information exchange recommendations threats promises prospect raises them handle objections as they raise the product should be very natural where the salesperson asks the prospect to buy anticipate and counter them before the must attract the prospects attention 5 Overcoming objectives 6 Closing the sale 7 Following up o Pre approach strategy in personal selling o Push and Pull strategy A push strategy involved using trade promotions to persuade retailers or wholesalers to carry a brand or to push it to consumers A pull strategy focuses on promotions on consumers to stimulate demand often used of distributors are reluctant to carry a product o The CRC technique of overcoming objections Clarify Respond Confirm Corporate Social Responsibility o Dr Peloza s guest lecture on Tegrity o Four dimensions of social responsibility 1 Economic at the most basic level all companies have an economic responsibility to be profitable so they can provide return on investment to their owners and investors create jobs for the community and contribute goods and services to the economy require finding a balance between society s demand for social responsibility and investors desire for profits 2 Legal 3 Ethical term relationships welfare or goodwill not required by a company but promote human compete fairly by obeying laws and regulations marketing decisions that foster trust which helps build long 4 Philanthropic o Social responsibility vs Codes of conduct Ethics Social responsibility organizations obligation to maximize its positive impact and minimize obligation its negative impact on society deals with the total effect of all marketing decisions on society includes the managerial processes needed to monitor satisfy and even exceed stakeholder expectations and needs Codes of Conduct Ethics standards that describe what the company expects of its employees promote ethical behavior by reducing opportunities for unethical behavior because employees know what is expected of them and what kind of punishment they face if they violate rules consist of formalized rules and a set of values beliefs goals norms and rituals that o Corporate culture members of an organization share Expressed formally through code of conduct memos manuals dress codes Expressed informally through works habits extracurricular activities and anecdotes Organizational pressure plays a key role in creating ethical issues Most marketing employees take their cues from co workers in learning how to solve problems o Cause related marketing companies link their products to a particular social cause on an ongoing or short term basis ex Yoplait Save Lids to Save Lives campaign create meaningful long term relationships with customers while maintaining supporting and enhancing the natural environment ex Ford creating hybrid cars strategic process involving stakeholder assessment to o Green marketing o Form of Price price is the value paid for a product in a marketing Pricing exchange not always money bartering includes tuition premium fine fee fare toll rent tips deposits dues interest taxes demand goes down demand to changes in price price elasticity of demand is a measure of the sensitivity of price is a good control for demand as price goes up o Demand Curve o Elasticity o Elastic demand demanded change in quantity demanded change in price a change in price causes an opposite change in quantity the point at
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