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MKTG 477: TEST 2
Promotional Plan Outline
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Executive Summary, Situational Analysis, Marketing Goals, Budget, Creative Recommendations (Advertising Objectives, Creative Strategy & Execution), Media Recommendations, Other Promotion Mix Recommendations, Evaluation, Summary & Conclusions
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Executive Summary
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An abstract of the entire plan
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Situational Analysis
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An overview of what you need to know before making a promotional plan
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Marketing Goals
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The marketing strategy (target market & 4 P's) and promotional strategy (ads, sales, promotion, PR, direct selling)
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Budget
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A detailed explanation of promotional expenditures
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Creative Recommendations
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about what the consumer sees
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Advertising Objectives
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What are you hoping to achieve with this ad?
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Creative Strategy & Execution
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How the ad should be executed
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Media Recommendations
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Where will your ads be placed and why
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Other Promotion Mix Recommendations
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Sales promotion, PR, Direct selling, etc. There are other ways to promote besides advertising
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Evaluation
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Propose how the plan's goals/objectives can be measured and assessed for effectiveness
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Summary & Conclusions
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Final synopsis of the entire plan
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Elements of a situational analysis
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Company & Product History, Product evaluation, Consumer evaluation, Competitive evaluation, Other forces & trends (regulatory); so you can understand past ads & budgets, see what has and has not worked and to find out what you are up against
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Why set objectives
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guide a number of other aspects of the promotional plan, tell us where we are, where we are going, and whether or not we got there
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What does the objective affect
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BUDGET: if you are trying to increase an attitude by a little it will cause less than increasing it a lot, CREATIVE: central v. peripheral route, MEDIA: Target market (kids vs. parents)
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Setting a promotional objective
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Research (market place, product, consumer), Establish benchmarks, Decide on a focal point, Write/establish promo objective, Create ad with objective in mind, Assess whether the ad met the objective
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5 Criteria for a good objective
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Benchmark, Goal, Target Market, Time Period, Measurement Technique
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Hierarchy of Effects
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Awareness, Knowledge/Beliefs, Liking/Attitude, Preference, Conviction/Behavioral Intentions, Action/Sales/Repurchase/Regular Use
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When are sales objectives an appropriate form of advertising success?
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1-when sales can be tied directly to the promotion (direct marketing) 2- local 'sale' advertising 3- when other marketing mix variables are relatively stable
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3 questions of budgeting
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1-Where does the money go? (media, creative, research) 2- How are budgets set? 3- What should you consider when setting a budget?
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5 basic budgeting methods
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Percentage of Sales, All you can afford, arbitrary allocation, objective & task, Competitive parity
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Considerations in setting a budget
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company policies & procedures, advertising budget is not the only factor influencing sales, difficult to estimate a sales-response function curve
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Nonlinear effect
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higher promotional expenditures don't necessarily lead to higher sales figures
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threshold effect
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promotional dollars may not have any noticeable effect until a certain expenditure level is reached
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carry over effect
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the impact of promotional expenditures tends to take place over time
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decay effect
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in the absence of further promotion, the effects of past promotions will be diminished
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competitor effect
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your competitors promotional programs will influence the effectiveness of your campaign
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quality effect
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the effectiveness of your ad program depends on the unique content presentation and placement of promotion
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sales-response function curve
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1-when a competitor goes out of business: spend the same and get more bang for your buck (Toys R US & KB Toys) 2-when a competitor doubles its advertising budget (Gallo Wine budget is way too high so smaller companies can't compete)
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3 criteria of Deceptive advertising
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Misleadingness, Reasonable consumer, Materiality
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Major regulatory bodies
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Government, Self-regulated agencies & groups (BBB, NARC), media, consumers & consumer advocate groups
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FTC Remedies
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Prevention, Orders, Restitution (affirmative disclosures), Punishment
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FTC Act
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1914, established FTC, focused on competitive injury
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Wheeler-Lea Amendment
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1938, added consumer injury to FTC focus, and intent to defraud didn't have to be proven to rule that deception had occurred
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