ADV 3008 Exam 1 Study Guide 1 What re the 4 Ps of the marketing mix 2 Definition of advertising 3 Difference between product and brand 4 What is brand equity 5 What are the 3 types of promotion 6 Advantages and disadvantages of paid mass media 7 Difference between low and high involvement 8 Schramm s Model of one way communication 9 Problems with one way communication 10 Types of agencies What are other types of service agencies 11 Overall purpose of consumer segmentation 12 How does increased competition lead to segmentation 13 What re the 2 most common demographics 14 What are the cons and pros of psychographics 15 What are dynamic variables 16 Heavy vs light users 17 Early vs late adopters 18 What does the comsumer classification end use mean 19 Product feature vs product benefit 20 How do message and the media relate 21 Four degrees of media segmentation 22 What is the difference between rifle and shotgun messages 23 What are the 4 stages of the product life cycle 24 What is the intro stage 25 What is the growth stage 26 What is the maturity stage 27 What is the decline stage 28 What is a product portfolio 29 What are common economy issues 30 What are common macro issues 31 What are the advantages of secondary research 32 What are the disadvantages of secondary research 33 What is primary research 34 What is DAGMAR 35 What are the 4 elements of DAGMAR 36 What are the benefits of specific advertising goals 37 What is the positioning of DAGMAR 38 Why are consumer perceptions important 39 What are the positioning strategies 40 What is a creative brief 41 What are the components of a creative brief 42 What is the FTC Act of 1914 43 What 3 things have to be present to be deceptive advertising 44 What is comparative advertising and how is it NOT considered deceptive 45 What is corrective advertising 46 Who is liable for deception ADV 3008 Exam 1 Study Guide 47 Why are the elderly and children considered special audiences 48 What is the most important aspect of advertising 49 What is the Big Idea 50 What does the big idea take into consideration 51 What does all advertising contain 52 What are product appeals 53 What is comparative advertising 54 When is comparative advertising useful 55 Describe consumer appeals 56 What happens if you use too much or too little fear 57 What is subsidized product trial and what do advertisers do to counteract it 58 What are the three execution styles 59 What are creative executions 60 What are product executions 61 What are the types of product executions 62 Describe slice of life product execution 63 How is problem solving different than slice of life 64 What are the advantages and disadvantages of product executions 65 What are consumer executions 66 What are the 4 types of borrowed interest ADV 3008 Exam 1 Study Guide 1 Price Product Place Promotion 2 Any Paid nonpersonal communication from an identified sponsor that informs persuades and or remind 3 Product bundle of attributes Brand intangible attributes attached to product 4 Difference in perceived value between product and brand 5 Advertising Public relations Sales promotion 6 Advantages Control of message delivery timing low cost to reach each person Disadvantages Expensive overall low level of credibility 7 High involvement Awareness Attitude Behavior Low Involvement Awareness Trial behavior attitude repeat behavior 8 Source Encodes Signal Decodes Destination Advertiser puts together ad which is understood by target market 9 Encoding if perceived wrong can be interpreted wrong When the ad maker misunderstands research Signal signal does not communicate intended message When the ad maker doesn t know what they want to say Decoding receiver misunderstands or misinterprets message When the consumer doesn t like or misunderstands the message Destination receiver understands message but forgets ignores or has insufficient budget 10 Full service provides whole service no need for outside help Media buying service not full service media buying ONLY Creative Boutique Small specialty agencies sometimes just develop concepts In house operated within organization repetitive Pros less expensive more control quicker Other types social media sales promotions public relations 11 Achieve the greatest amount of sales with the least amount of expense 12 Marketplace creates demand for new products which leads to innovation 13 age gender 14 Cons more difficult and expensive to obtain Pros tell advertisers more about who is most likely to make impulse purchases lifestyles attitudes interests opinions 15 Specific to an individuals relationship to product useful for message development and positioning strategies 16 Heavy users 20 Light users 80 80 of sales come from 20 of customer 17 Without early adopters no customer base and are usually younger educated higher income risk takers ADV 3008 Exam 1 Study Guide 18 Different consumers may purchase the same product for different end users mac may be used for interior design or a cooking blog 19 Product feature What the product has to offer attributes Product benefit How the product helps the consumer 20 Message is the idea being communicated and media is how it is delivered 21 Undifferentiated one product all consumers broad plan Partially differentiated BMW several products appeal to SOME not ALL Wholly Differentiated Every product is designed to appeal to every segment Coke Concentrated One primary product specific messages 22 Rifle Targeted audience fairly specific home and garden TV Shotgun Broad message not specific NBC 23 Intro Growth Maturity Decline 24 Low sales heavy loses little competition All about creating awareness and establishing a position in the market place 25 There is a rapid increase in sales and a rapid increase in competition There is also price drops 26 In maturity the sales stabilize and there is aggressive competition Price is the primary form of competition 27 When profits decrease and it is too costly to turn around Steep price reductions 28 It is a mix of the products the company makes which avoid product cannibalization Ex Venus vs Gillette razors are owned by the same company 29 Consumer confidence unemployment interest rates stock market 30 Legal issues size of the market and growth potential suppliers and natural resources societal issues and seasonality 31 Relatively inexpensive rapid sources of comparative data large sample size 32 Rarely fits needs dated widely spread out shallow doesn t go deep into research 33 Research
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