BCOR 2400: FINAL EXAM
98 Cards in this Set
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role of client/ organization
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-set business strategy
-set growth/ sales goals
-define budget allocation
-develop product strategy
-drive new product innovation process
-manage product lines
-measure business results
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role of agency
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-identify/ execute marketing research
-develop brand strategy that supports the business strategy
-develop creative campaigns that bring bring the brand to life and compel customers
-develop comprehensive marketing communications plan
-execute/refine marketing communications plan
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business development
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-agency job
-prospect new clients
-pitch new business
-relationship managers
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account management
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-represent client needs
-direct internal resources
-task manager
-project manager
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creative
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agency job
-graphic designers, art directors, writers, producers
-bring ideas to life
-provoke, compel, surprise, stimulate, entertain others
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production
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agency job
-oversee production and schedule of creative deliverables
-manage multiple external suppliers/partners
-skilled at process management
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media
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agency job
-students of how people consume media
-develop detailed media buying plan
-purchase media worth $$$$
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research
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agency job
-insatiably curious about consumer
-analytical thinkers
-draw deep insights from data
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planning/strategy
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-agency job
-develop big picture strategy
-understand industry and market dynamics
-drive new product innovation
-challenge client thinking
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marketing channel
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partners involved in the process of making a product or service available to the consumer
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intermediaries
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middleman, agent or broker, wholesaler, retailer, distributor, dealer
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middleman
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any intermediaries between manufacturers and end-user markets
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agent or broker
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any intermediary with legal authority to act on behalf of the manufacturer
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wholesaler
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an intermediary who sells to other intermediaries, usually retailers. term usually applies to consumer markets
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retailer
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intermediary who sells to consumers
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distributor
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intermediaries who provide a variety of distribution functions
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merchant intermediaries
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take title to the product
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functional intermediaries
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-perform functions but do not take titles
-internet sales role
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key difference of between merchant intermediaries and functional intermediaries
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ownership of the goods
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"taking risks"
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-holding inventory that you might get stuck with
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functions performed by intermediaries
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-transactional function
-logistical function
-facilitating function
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direct distribution
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-no intermediaries
ex: apple
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producer--> retailer --> consumer
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producers sell to retailers who sell to consumers
example: general motors
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producer--> wholesalers--> retailers--> consumers
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some channels include wholesalers who consolidate and assort products from many manufacturers
ex: mars candy
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electronic channels
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have middlemen just like brick and mortar
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the long tail
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spike= "hits"
long tail= niche content
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industrial channels vs. consumer channels
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-typically shorter
-fewer intermediaries
-fewer, bigger customers
-concentrated geographically
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multichannel marketing
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mix of channels to same target
ex: apple
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strategic channel alliance
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starbucks and kraft
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traditional channel
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producer>
wholesaler>
retailer>
consumer
everyone for themselves
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benefits of traditional channel partners working together
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-control
-cost savings
-logistics efficiencies
-marketing efficiencies
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3 types of vertical marketing system
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corporate, contractual, and administered
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vertical corporate systems
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-single ownership
-forward integration
-to consumer
-backward integration
-to materials source
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vertical contractual systems
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-most popular
-wholesaler- sponsored voluntary chains
-retailer- sponsored cooperatives
-franchising systems
-manufacturer sponsored retail franchise
-manufacturer sponsored wholesale franchise
-service sponsored retail franchise
-service sponsored franchise
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intensive distribution
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example: mountain dew
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selective distribution
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example: dell computers
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exclusive distribution
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example: gucci
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horizontal channel conflict
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P&G to target and amazon
-conflicts that exist "horizontally" in the channel between intermediaries
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vertical channel conflicts
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conflicts that exist vertically in the channel between middlemen and producers
example: cruise line to travel agents to consumers
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tying arrangements
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forcing your distributor to buy one product to get another
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dual distribution
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-manufacturer distributes through its own vertically integrated channel in competition with independent wholesalers
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resale restrictions
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suppliers attempt to stipulate to whom distributors may resell products
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test of legality
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does it lessen competition?
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consumer utilities offered by retailing
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-form (how)
-place (near)
-possession (transfer)
-time (now)
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breadth
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number of different product ines
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depth
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number of items within each product line
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depth of product line
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-specialty outlets (payless)
-category killer (barnes and nobles)
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breadth of product line
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-general merchandise store (related items, macys)
-scrambled merchandising (unrelated items, walgreens)
-hyper market (huge, pop in europe, walmart)
-supercenter (mega version of other stores, super target)
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many retailers do not have stores
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-vending machines, direct mail/catalogs, TV home shopping, online shopping, telemarketing, direct selling
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promotion
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a branded retail experience
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winning at the margins
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retailers that offer a great deal like groupon and costco are doing well and high end stores like apple and lululemon do well, but stores in the middle are struggling (sears, jcpenny, k mart)
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promotion mix
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-advertising
-sales promotion
-publicity
-personal selling
-direct marketing
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promotion objectives
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-inform perspective buyers
-persuade them to try
-remind them of the benefits
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promotion seeks to create differential advantage
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unique features perceived by the target market as significant and superior to the competition
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field of experience
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similar understanding and knowledge shared between sender and receiver
-ex: tiger woods "winning takes care of everything" ad
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promotional decision planning framed in the communication model
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1. who is the target audience?
2. what response do you want?
3. what message will motivate this response?
4. what source attributes should accompany the message?
5. what channel of communications should be used?
6. what feedback should be collected?
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communication process 6 key elements
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1. target
2. response
3. message
4. source attributes
5. channel
6. feedback
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the promotion decision process includes:
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planning, implementation, evaluation
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promotion planning
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-identify the target audience
-specify the objectives
-set the budget
-select the right promotional tools
-design the promotion
-schedule the promotion
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promotion implementation
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executing the promotion program
-pretest the promotion
-carry out the promotion
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promotion: evaluation
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-assessing the promotion program
-post test the promotion
-make needed changes
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factors affecting the blend of promotional elements
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-who is the target audience?
-stage in product life cycle
-product characteristics
-stage in buying process
-push vs pull strategy
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the product characteristics affect the blend of promo mix
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-complexity
-risk
-ancillary
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direct marketing
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data driven
-addressable media
-measurable response
-testing
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2 categories of ads
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1. products/ services
2. institutional
-to build brand image
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product ad goals (types of ads)
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-pioneering (informational)
-competitive (persuasive)
-comparative
-reminder
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institutional: advocacy ads
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-aligns with cause (dove campaign)
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types of appeals
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-sex
-humor
-fear
-emotional
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creating the message
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-celebrity spokesperson
-characters
-key element: likability
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advertising media
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Tv, radio, magazines, newspaper, yellow pages, direct mail, outdoor, internet
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media planning goals
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-maximize exposure vs minimal cost
-maximize revenue produced vs cost incurred
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gross rating points
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reach x frequency
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approaches to scheduling advertising
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-continuous (steady) -constant throughout year
-flighting (intermittent) - on and off periods of advertising
-pulse (burst) -continuous plus flighting to reflect heavier periods of demand
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pretesting the advertising
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-portfolio test: several ads shown to consumers
-jury test: show the copy to a panel
-theater test: viewing a show or movie containing ads
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reach
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number of households exposed
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rating
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% of households tuned into specific show
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frequency
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average number of times a person is exposed
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GRPs
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gross rating points (frequency x reach)
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CPM
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cost per thousand: cost to reach 1000 people or households
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clicks
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number of times an ad is clicked on by a user
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impressions
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number of times the ad is displayed
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CTR
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click through rate: ratio of ad clicks to ad impressions
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CPC
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cost per click: cost incurred for a click on your ad
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Cost per thousand impressions
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cost incurred for ad to appear 1000 times
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post testing the advertising
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-unaided recall: no prompting
-aided recall: "have you heard of the following brands of snowboards?
-attitude tests: "has your attitude about ____ brand changed since the ad?"
-inquiry test: something offered, do they want it? "would you like a trial?"
-sales tests: real world, respon…
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coupons
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objective: stimulate demand
advantage: encourage retailer support
disadvantage: consumers delay purchases, become dependent on coupons
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deals
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bjective: increase trials, retaliate against competitors actions
advantage: reduce consumer risks
disadvantages: consumers delay purchases, reduces percieved product value
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premiums
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objective: build goodwill
advantage: consumers like free or reduced price merch
disadvantage: consumers buy for premium, not product
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contests
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objectives: increase consumer purchases, build business inventory
advantage: encourage consumer involvement with the product
disadvantage: requires creative or analytical thinking
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sweepstakes
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objective: encourage present customers to buy more; minimize brand switching
advantage: get customers to use product/ store more often
disadvantage: sales drop after
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samples
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objective: encourage new product trials
advantage: low risk for consumer
disadvantage: high risk for company
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loyalty programs
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objectives: encourage repeat purchase
advantage: help create loyalty
disadvantage: high cost for company
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publicity tools
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-news release
-news conference
-PSA
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backwards integration
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the practice of a retailer owning a manufacturing operation
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ancillary
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the degree of service or support needed after the sale
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encoding
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process of having the sender transform an idea into a set of symbols
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field of experience
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a similar understanding and knowledge they apply to a message
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advocacy ads
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state the position of a company on an issue
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BCOR 2400: FINAL