MARKETING FINAL EXAM STUDY GUIDE Integrated Marketing Communications o Know what a promotion is and understand what the purposes of promotion are Promotion is one of the 4 P s of the marketing mix Promotion is the communication link between sellers and buyers with the purpose of influencing informing and persuading a potential buyer about their purchase decisions o Know the elements of the promotion mix APPS and be able to identify examples of each 4 different elements Advertising is a paid non personal communication transmitted to a target audience using mass media Personal Selling is a paid personal form of communication that is used to inform a buyer and persuade them to purchase products in an exchange Public Relations is a broad set of communication used to keep favorable relationships between organizations and stake holders Sales Promotion an incentive to the customer to purchase a product by adding value or an incentive directly to the product o Know what integrated marketing communications IMC are and why companies use them Integrated marketing communications are used by companies to bring together each of their communication strategies It is important to deliver a consistent message to the consumer and allows for more precise marketing promotional tools o Know the difference between the traditional promotion mix and IMC The traditional promotional mix was scattered and had no coordination and were just aimlessly used The new Integrated marketing communications coordinates the promotional strategies and combines the puzzle o Know the goals of IMC and an example Consistent message to customers Coordinate manage promotional efforts Synchronization of promotional elements Use more precisely targeted promotional tools o Understand the difference between a push and a pull promotion strategy and be able to identify an example of each from a scenario Push Strategy Only promoting a product to the area right down the marketing channel Ex Producer promotes to wholesaler wholesaler promotes to retailer retailer promotes to consumer Pull Strategy The concept of promoting the product directly to the consumer to create a strong demand for the product o Understand the communication process and that messages are sent through channels and know what channels are Communication Process The process that describes the information between people Communication is done through things called channels letters email speaking radios etc o Know the elements of the communication process Source sender encoding information message development media decoding feedback source sender Know what each of these are parts of each and what noise is Source the person or organization that has information to share Encoding Process of putting words thoughts and messages into symbolic form so that consumers can understood by receiver consumer The Channel how communication travels from the source to the receiver 2 types of channels Non Personal and Personal channels Decoding The process when a person takes the information and converts that information into thoughts Noise Anything can interrupts of distorts the message trying to be received Feed Back Is the response of the receiver to the message being conveyed by the source o Know the three parts stages of response models Cognitive Stage The thinking stage when receiver becomes aware of the message Affective Stage The feeling stage where the receiver forms a liking or preference Behavioral Stage The doing stage where the receiver acts on the liking preference o Know what advertising is and what effective adverting can do for a company Advertising is a form of paid non person communication that tries to get the product out through the use of mass media Good advertising can influence the purchasing behavior of consumers and almost all organizations use advertising strategies to convey messages o Know all parts of the six point advertising strategy Primary Purpose what is primary purpose of ad Primary Benefit What benefit is offered to the customer Secondary Benefit what other benefits with the customer receive from the products or services Target Audience To whom is the organization setting this ad out for Audience Reaction What response does the company want from its target audience Company Personality What image do we want to convey in our ads Advertising and PR o Understand different advertising mediums and an example of each Movies TV and Video Games Product placement mentions interactivity Newspaper direct mail magazines Coupons flyers classic ads Sports Soccer Nascar and Volleyball o Know what advertising pervasiveness is and why it is so difficult for a company to get a customer to pay attention to their advertisement Advertisement Pervasiveness is the concept of making sure your ad is seen and recognized by the consumers The average person sees over 3000 ads today which makes it very difficult for companies to make their ad stand out over other companies o Understand the different types of advertising and be able to recognize each one think of an example of each one Product Advertisement Promotes used and benefits of a specific item Pioneer Primary Demand Focuses on specific product categories Advocacy Advertising Conveys a firms position on a public issue Competitive Points out the brands advantages over another brands 3 types Comparative Reminder Reinforcement o Know what the next wave of advertising is and why The next wave of advertising is taking place on mobile devices The reason behind this is because people are always looking at their phone and will allow for ads to show up regularly Ex Pandora ads o Understand new frontiers in advertising What is the current state Why is this not working and What are companies doing that is new There is currently a great deal of advertisement clutter and had made ad recall on consumers at only 10 With branded entertainment brand recall jumps up to 24 so companies try to be creative to grab consumers attention o Know the different advertising schedules and an example in which it would make sense to use each one Continuous advertisements run throughout the entire year Good for products that are used regularly Flighting Runs in spurts during year Great for seasonal products Pulsing combination that runs steadily throughout the year but larger amounts of advertising at certain time periods of year o Know how advertising is measured in reach frequency and effectiveness Reach Percentage of a particular market that is exposed
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