MKTG 409 1nd EditionExam #4 Study Guide Lectures: 20 - 25Lecture 20 (April 8) – Guest speaker: J.R. AtkinsJ.R. Atkins is considered a Social Media Expert. His first job was at a winery and then moved on to financial advising before settling on social media consulting.A Ford Explorer commercial generated more traffic than all super bowl ads using YouTubeWhat is social media? A means of interactions among people in which they create share and exchange information and ideas in virtual communities and networks. - Definition from Wikipedia; An example of social media- Keyword is community- Reach a large amount of people without the money related to commercial- Allows democratization of the internetThe 3 key success principles- Be interesting- Content is king- Give to getCan be successful with just #2 if you can do it well enough. How do you get recognized and acted upon it in all of the noiseThe Big Five +1- LinkedIn- Facebook – Post to a few for free, pay to post to all friends- Twitter- Blogger- Video- Google+Also remember that likes are not always relevant or equate to success53% of People trust peer reviews (Like twitter)Twitter has three ways to interact on twitter -> Publish interact and reviewMedia websites to watch: Instagram, Pinterest, yelp, meetup, social cam, and drop boxCompanies are shifting focus to user experience instead of customer serviceTwitter was made in order to talk about a project, but it got so popular that the original project was abandoned.Search Engine optimization (SEO) – How easily can you be found as a companyCan use HootSuite to keep up Getting Results: (From broad to specific)- Decide on your goals and intent- Determine the right tools for you- Build your brands personality- Content is king- Use key words- Link resources- Build your communityLecture 21 (April 10) - Chapter 17: Integrated Marketing CommunicationsJCP was trying to change the view the JCP is not stylish. The Texas A&M Marketing team made the color your Life campaign and suggested using Carrie Underwood as the celeb endorser. The communication process: Source -> Coded Message -> Communications channel -> Decoded message -> Receiver or audience -> Feedback -> Beginning78% of Americans say they get news from local TV The Four p’s: - Price-- Place-- Product-- Promotion- We will focus on ThisPromotion: Communication to build and maintain relationships by informing and persuading one or more audiences; Elements include:o Personal Selling- Is paid, personal communication that seeks to inform customers and persuade them to purchase products in an exchange situation; Has greater impact on customers and provides immediate feedback and flexibility. However it is expensive per person, and is labor intensive and time consumingo Advertising- Is a paid, nonperson communication about an organization and its products transmitted to a target audience through mass media; Reaches large market and small precisely defined segment; Is expensive overall but cost efficient in reaching large number of consumers; Disadvantages include: absolute dollar outlay high, rarely provides rapid feedback, difficult to measure effect on sales, less persuasive than personal, and generally limited time exposureo Sales promotion- Direct inducement to buy. Includes free samples, games rebates, sweepstakes, contests, premiums, and coupons. o Public relations- Create/ maintain favorable relationships between organization andstakeholders; May focus on stakeholders rather than customers; Affects short-term sales/profit and long-term survival; Can be unfavorable; Tools include publicity (Nonpaid and nonpersonal), annual reports, brochures, event sponsorships, social media, and press releases. o Plus word of mouthRoles and objectives of promotion include:o Create Awareness- Crucial to initiating product adoption processo Stimulate Demand – Two types Primary(Demand for a product category) and Selective/secondary (Demand for a specific brand)o Encourage Product Trial – Techniques include free samples and couponso Identify Prospects- Locating and identifying customers who are interested in firm’s products and will most likely buy (Direct-response forms and contests)o Retain Loyal- Cost of acquiring new customers is more than keeping oldo Facilitate Reseller Support- Maintain working relationships, share promotional expenseo Combat Competitive Promotional Efforts- typically defensive and designed to hold market share or positiono Reduce Sales Fluctuations- minimize seasonal variations in sales and productionNote skip Types of interpersonal communication (Kinesic, proxemics, and tactile)Selecting promotion mix elements:o Resources, objectives, policeso Characteristics of the target marketo Characteristics of the producto Cost and availability of promotional methodso Push Pull channel policesNote: Only need to know about the last bullet pointPush Policy: Promoting a product only to the next institution down the marketing channelPull Policy: Promotion a product and communicate directly to consumers to develop strong consumer demand that pulls products through the marketing channelWord-of-Mouth: Personal informal exchanges of communication that customers share with oneanother about the products, brands and companies; Nonpaid and personal; Includes:o Guerilla Tactics and Buzz marketing- attempts to incite publicity and public excitement surrounding a productso Viral Marketing – A strategy to get consumers to share a marketer’s message, often through email or online videoProduct Placement: The strategic location of product or product promotions within entertainment media content to reach the product’s target market (Also can be In game advertising)Reverse Product Placement: Bring the movie to life (Remodel stores and put life-sized promotions in public)Lecture 22 (April 15) – Chapter 18: Advertising and PRInstitutional Advertising: Promotes organizational images, ideas, and political issuesAdvocacy: Advertising that promotes a company’s position on a public issueProduct Advertising: Promotes uses features, and benefitsPioneer: Used in introductory stageCompetitive: Relative to competing brands; Forms include:- Comparative: Compares two or more brands on the basis of one or more product characteristics- Reminder: Reminds customers of an established brand’s characteristics and benefits- Reinforcement: Assures current users that they have made the right choice