MKTG 409 1nd Edition Exam 4 Study Guide Lectures 20 25 Lecture 20 April 8 Guest speaker J R Atkins J 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 YouTube What 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 internet The 3 key success principles Be interesting Content is king Give to get Can 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 noise The 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 success 53 of People trust peer reviews Like twitter Twitter has three ways to interact on twitter Publish interact and review Media websites to watch Instagram Pinterest yelp meetup social cam and drop box Companies are shifting focus to user experience instead of customer service Twitter 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 company Can 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 community Lecture 21 April 10 Chapter 17 Integrated Marketing Communications JCP 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 Beginning 78 of Americans say they get news from local TV The Four p s Price Place Product Promotion We will focus on This Promotion 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 consuming o 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 exposure o 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 and stakeholders 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 mouth Roles and objectives of promotion include o Create Awareness Crucial to initiating product adoption process o 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 coupons o 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 old o Facilitate Reseller Support Maintain working relationships share promotional expense o Combat Competitive Promotional Efforts typically defensive and designed to hold market share or position o Reduce Sales Fluctuations minimize seasonal variations in sales and production Note skip Types of interpersonal communication Kinesic proxemics and tactile Selecting promotion mix elements o Resources objectives polices o Characteristics of the target market o Characteristics of the product o Cost and availability of promotional methods o Push Pull channel polices Note Only need to know about the last bullet point Push Policy Promoting a product only to the next institution down the marketing channel Pull Policy Promotion a product and communicate directly to consumers to develop strong consumer demand that pulls products through the marketing channel Word of Mouth Personal informal exchanges of communication that customers share with one another 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 products o Viral Marketing A strategy to get consumers to share a marketer s message often through email or online video Product 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 PR Institutional Advertising Promotes organizational images ideas and political issues Advocacy Advertising that promotes a company s position on a public issue Product Advertising Promotes uses features and benefits Pioneer Used in introductory stage Competitive 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 and shows how to get the most satisfaction from the brand Advertising Campaign The creation and execution of a series of advertisements to communicate with a particular target audience Steps in Developing and implementing an advertising