Comstrat 312 1nd Edition Lecture 14 Outline of Last Lecture 1. Share of customer2. Lifetime value of customer3. Basic steps in CRMOutline of Current Lecture 1. Four elements of the promotion mix2. Integrated marketing communication3. Buzz marketingCurrent Lecture1. Four elements of the promotion mixa. Advertisingi. Impersonal paid communication in which sponsor is identifiedb. Public Relationsi. Communicating about company in order to build understanding, acceptance and relations with the publicii. Can also be used to inform public about products, co. goals.c. Personal Sellingi. When a company rep. communicates directly with a potential buyer to communicate about a good or serviced. Sales Promotioni. Marketing activities beyond Advertising, PR, and Personal Selling that encourage purchase behavior2. Integrated Marketing Communicationa. IMCi. Coordinating all aspects of marketing communication to send a single messageb. Characteristics of IMCThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.i. Unified voiceii. Ultimate focus is on customer (not company)iii. Goal is to develop relationship with customeriv. Communication goes both waysv. Meet needs of both customer and broader stakeholdersvi. Keeps communication open/flowing (continuous)vii. Measures resultsc. Steps in IMCi. Identify Target Audience1. Database marketing helps at this stepii. Establish Communication Objectives…iii. Marketing Budget – Different Techniques1. Top Down: % of sales, competitive parity2. Bottom Up: based on objectives3. Push (move product to customer through channels)4. Pull (create desire among customers)iv. Design the Promotional Mix1. AIDA Objectives: Attention, interest, desire, actionv. Evaluate Effectiveness of Communication3. Buzz Marketinga. Buzzi. WOM communication that is viewed as authenticb. WOMi. When consumers provide info to other consumersc. WOM Marketingi. Give people a reason to talk about your productd. Buzz Marketingi. Use some form of highly visible entertainment/news to communicate about your producte. Viral Marketingi. Entertaining messages passed from custm. to custm.f. Guerrilla Marketingi. Promotion where you least expect
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