MAR 3023 Dr Mike Brady Exam 4 Review Sheet Module 4 Marketing Communications Know what Promotion is and understand what the purposes of promotion are o Promotion is the encouragement of the process growth or acceptance of something The purposes are to influence inform or persuade a potential buyer s purchasing decision Know the elements of the promotion mix APPS and be able to identify examples of each o Promotion Mix Advertising Paid non personal communication about and organization or products through mass media Personal Selling Paid Personal communication that seeks to inform customers and persuade them to purchase in an exchange situation Public relations Broad set of communication efforts used to create maintain favorable relationships Sales Promotion Activity that is a direct inducement offering that adds value or incentive to resellers sales people and customers ex free samples games rebates Know what integrated marketing communication IMC are and why companies use them o The coordination of promotion and marketing efforts for maximum impact used for consistency across all promotional items in a company Know the difference between the traditional promotion mix and IMC o The main difference is that IMC is the coordination across all the promotion mix channels The IMC puts advertising personal selling public relations and sales promotion together for the best results and consistency This also allows for maximum efficiency in the limited advertising space companies have access to Know the goals of IMC and an example o 1 Consistent message to customers Knowing exactly who your target market is and developing your product around their needs and desires ex Coke Zero is aimed towards men o 2 Coordinate manage promotional efforts Use all different promotions to appeal to the same target market you want to excel within Coke Zero sponsors NASCAR College Gameday manly events o 3 Synchronization of promotional elements Synch promotional elements before coming out with a product rather than reinventing product as it develops Coke Zero was originally made for men o 4 Use more precisely targeted promotional tools Design your product in a way that it captures the attention of your target market Coke Zero black can eliminated the word diet Understand the difference between a push and pull promotion strategy and be able to identify an example of each from a scenario o Push Policy Promoting a product only to the next institution down the marketing channel Producer promotes to Wholesalers who promote to retailers who promote to consumers ex trade shows o Push Money known as spiffs An extra commission paid to 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 ex Ford Australia only produces a car when one is ordered by a customer Understand the communication process and that messages are sent through channels and know what channels are o The process that describes the exchange of information between two or more people Messages are sent through channels such as letters email or in person 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 o Source The person organization that has information to share Company salesperson celebrity 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 are particularly good for this o Media Buzz Marketing a subset of viral marketing wherein companies hire socially active consumers to promote products to their friends relatives and acquaintances o Decoding the process of transforming the message back into thought o Feedback the final piece of the communications process the receivers response to the message Can be difficult to assess Ad Age rates top 100 ad campaigns o Noise Anything that distorts the message Know the three parts stages of response models o Cognitive stage The thinking stage where the receiver becomes aware of the o Affective stage The feeling stage Where the receiver forms a liking or message preference for the ad object o Behavioral stage The doing stage Where the receiver acts on the preference o AIDA model developed for personal selling represents the stages a salesperson must take a customer through to induce purchases Attention Interest Desire Action Advertising and PR Know what advertising is and what effective advertising can do for a company o Advertising is a paid form of nonpersonal communication that is traditional to a target audience through mass media When done properly advertising can influence the purchasing behaviors of the public Understand different advertising mediums and an example of each o Movies TV Video games Product placement mentions interactivity o Newspaper direct mail magazines coupons flyers classified ads o Sports soccer NASCAR Volleyball Know what advertising pervasiveness is and why it is so difficult for a company to get a customer to pay attention to their advertisement o Advertising pervasiveness is a company trying to break through and have a customer remember their published ads because on average you will see 3 000 ads Understand the different types of advertising and be able to recognize each one think of an example of each one o Product Promotes the uses features and benefits of specific products o Pioneer Focuses on a product category Got milk o Advocacy Conveys a firm s position on a public issue We I D Responsible drinking o Competitive points out a brand s advantages relative to competing brands Three types Comparative Compares two or more brands on one or more characteristics Reminder reminds customers of an established brand s characteristics and benefits Reinforcement assures current users they have made the right choice Know what the next wave of advertising is and why o Mobile ads Social media ads Accounts for 2 of the advertising market and is growing dramatically first mobile ad sent in 2000 o Very inexpensive 2 85 per ad compared to 33 per TV ad Understand new frontiers in advertising What is the current state Why is this not working and what are companies doing that is new o The current state of advertising is poor due to advertising clutter The recall of a o A new thing companies are doing is Branded entertainment which has a 24 typical
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