MAR3023 Final Review 12 03 2015 40 MC questions what is advertising A paid form of non personal communication that is transmitted to a target audience through mass media o Effective advertising can influence customer s purchasing Types of advertising products o Product advertising the uses features and benefits of the o Advocacy advertising firm s position on a public issue KNOW THESE FOR TEST They will ask which type of advertising this is Be able to apply stimulating demand for a product o Pioneer advertising category product based o Competitive advertising o Comparative advertising Scheduling of advertising focuses on stimulating brand specific comparing one brand to the other o Continuous o Flighting runs steadily throughout year runs in spurts Seasonal Think of a product that would be most effectively advertising using which type of schedule APPLY a combo Runs steadily but with bursts at certain o Pulsing times Measuring advertising o Reach of consumer in the target audience are exposed o Frequency o Preteset posttest of times these targets consumers are exposed Pretest Posttest performed before campaign begins after the campaign Unaided aided recall and recognition Recognition recall shown a memorable image and asked Unaided recall give blank space and have to write in Q s answer Publicity o What is the firms goal with publicity o Distinguish between PR and publicity Publicity PR short term more powerful extends over a period of time Integrated Marketing communications Coordination of promotion and marketing efforts for maximum impact Goals of IMC o Be consistent o Be coordinated with all of the other promotional aspects o Be complementary synchronized General promotional strategies o Push Policy Someone is pushing it down the supply chain Push it to the retail o Pull Policy This is what works on kids Promoting directly to consumers and saying you want this toy kids convincing parents o Know the order of elements in the communication process Familiarize with noise know definition Pricing o How sensitive are you to price changes o Price elasticity o Inelastic demand gas medicine Things you have to have Doesn t matter how much it costs you WILL buy remember straight up and down like an I for inelastic something important to us o Elastic demand o Perfect inelasticity straight up and down good way to o You have an internal reference price what it will cost you Reference Price o Serves as an anchor price Internal Reference Price External Ref Price Price Framing o A comparison price provided by others o MSRP competitors prices you SAVE o Anchoring price for consumers o Think about things that you should have a reference price for asked on test Pricing Strategies o Bundling all the things in our tuition Cable phone internet Recognize when its bundled and not o Unbundling Charging separately for previously bundled products services General Pricing Strategies o Understand when skimming strategy is more effective than a penetration strategy o Skim Useful with inelastic demand early lifecycle stage Consulting health care o Penetration Useful with elastic demand long term focus Fast food dry cleaning Costs of advertising vs sales force o Why are we pushing sales Get comfortable with general steps in know what steps are involved in this o Preapproach o Overcoming objections objections WILL SEE THIS ON TEST CRC technique for handling o E Marketing Addressability o Allows marketers to address your needs o Shake shack example o HELPS THE FIRM Accessability o The customer has info about the firm through blogs etc o You can find more info about what company has to offer Accessability Consumer Generated Marketing branded mobile apps o Prefer this because word of mouth trust and they ve actually used it Social Media as a o Promotional tool BlackMilk example know this o Customer service tool Know this when people complain about flights example etc Know why important o Brand management tool When provided with example how are they being perceived Chapter 17 Integrated Marketing Communications Promotion Mix o Advertising o Personal Selling a paid non personal communication about an organization and its products transmitted to a target audience through mass media a paid personal communication that seeks to inform customers and persuade them to purchase products in an exchange situation create and maintain favorable relationships between an organization and its stakeholders is an activity or material that acts as a direct inducement offering added value or incentive for the product to resellers salespeople or customers free samples games rebates sweepstakes contests premiums and coupons a broad set of communication efforts used to o Sales Promotion o Public Relations APPS o Advertising o Personal Selling o Public Relations o Sales Promotion mail o Consistent o Coordinated logically connected campaign o Continuity over time o Complementary Print television radio online social news release Goals of IMC Media Advertising Consistent messages to customers Coordinate manage promotional efforts to be synchronization to create a greater overall Use more precisely targeted promotional tools 2 General Promo Strategies o Push Policy down the marketing channel promoting a product only to the next institution Communication Process Producer promotes wholesalers retailers consumers Trade shows and personal selling Push money known as spiffs extra commission for retail employees to push products o Pull Policy promoting a product directly to consumers to develop strong demand that pulls products through the marketing channel Children kids are convincing the parents for toy s o The process that describes the exchange of information between two or more people messages are sent through channels o Elements in the communication process Noise sender source has information encoding information development message media Decoding Feedback o The source The person organization that has information to share Company Salesperson Celebrity have Q scores Considers two factors consumers level of familiarity with a name the of respondents who indicate that a person program or character is a favorite Jimmy Fallon example o Encoding The process of putting words thoughts messages into symbolic form in such a way that they will be understood by the receiver consumer symbols logos are good for this The channel How the communication travels from the source to the receiver Buzz Marketing A subset of viral marketing wherein companies hire
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