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M420
midterm study- chapter 1
| Term | Definition |
|---|---|
| promotion | the communications process in marketing that is used to create a favorable predisposition toward a brand of product or service |
| promotional mix | a blend of communications tools used to carry out the promotion process and to communicate directly with an audience |
| advertising | a paid, mass-mediated attempt to persuade (must be all of these to be advertising) |
| client/sponsor | the organization that pays for advertising |
| integrated marketing communications (IMC) | a process that uses a wide range of promotional tools working together to create widespread brand exposure |
| advertisement | a specific message that an organization has placed to persuade an audience |
| advertising campaign | a series of coordinated promotional efforts, including advertisements, that communicate a single theme or idea |
| brands and the images they project allow consumers to: | quickly identify and evaluate the relevance of a brand to their lives and value systems |
| mass-mediated communication | -a process where people, institutions, and messages interact -2 components: production (accommodation, negotiation) and reception - ()= the mediating (interpretation) processes |
| production (of communication) | the creation of the advertisement which is the product of institutions |
| production of communication is a complex interaction between: | the company's: message, expectations about TM's desire for info, assumptions about the interpretations from TM, rules and regulations of medium that transmits the message |
| accommodation and negotiation (of communication) | - ways in which consumers interpret ads - the receivers of the communication must accommodate these competing forces, meanings, and agendas and then negotiate a meaning, or an interpretation, of the ad (the social process) |
| reception (of communication) | - the context, understanding, and meaning of the communication - producers of a message can't control the reception which makes reception and production independent of each other |
| audience | a group of individuals who may receive and interpret promotional messages |
| target audience | a particular group of consumers singled out for an advertising or promotion campaign |
| household consumers | the most conspicuous audience for advertising in that most mass media advertising is directed at them, it's usually where the action is in advertising |
| members of business organizations | advertising audience that buys business and industrial goods and services, often requires personal selling but advertising is used to create awareness and favorable attitude among potential buyers |
| members of a trade channel | advertising audience that includes retailers, wholesalers, and distributors. they are the target audience for producers of household and business goods and services. personal selling works best with this group because such a small, identifiable group |
| professionals | advertising audeince that includes workers with special training or certification (ex: doctors, lawyers, accountants, teachers, or any others that have had special training or certification because of their specialized needs and interest. |
| trade journals | magazines that publish technical articles for members of a trade (specifically professionals) |
| government officials and employees | advertising audience that includes employees of government organizations at the federal, state, and local levels |
| global promotion | developing and placing messages with a common theme and presentation in all markets around the world where the brand is sold |
| international promotion | preparation and placement of messages in different national and cultural markets |
| national promotion | promotion directed to all geographic areas of one nation |
| regional promotion | promotion concentrated on a large, but not national, region |
| local promotion | promotion directed to an audience in a single trading area (city or state) |
| cooperative promotion (co-op promotion) | sharing of promotion expenses between national advertisers and local merchants |
| marketing | the process of conceiving, pricing, promoting, and distributing ideas, goods, and services to create exchanges that benefit customers and companies |
| marketing mix | the blend of the 4 responsibilities of marketing (conception/product, pricing, promotion, and distribution) used for a particular idea, product, or service |
| attributes of product | functional features, aesthetic design, accompanying services, instructions for use, warranty, product differentiation, product positioning |
| attributes of price | level (top of the line, competitive/avg prices, low price policy), terms offered (cash only, credit- extended, restricted, interest charges, lease/rental) |
| attributes of distribution | number retail outlets, location of outlets, types of outlets, catalog sales, internet, number and type of wholesalers, inventories (extent and location), services provided by distribution (delivery, installation, training, credit) |
| attributes of promotion | amount/type of advertising, number and qualifications of sales force, extent and type of personal selling program, sales promotions, trade shows, public relations, direct mail/telemarketing, event sponsorships, internet communications |
| brand | a name, term, sign, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers |
| 5 ways promotion supports brand development and management: | 1. information and persuasion 2. introduction of new brands or brand extensions 3. building and maintaining brand loyalty 4. creating an image and meaning for a brand 5. building and maintaining brand loyalty in the trade |
| brand extension | an adaption of an existing brand to a new product area |
| brand loyalty | decision-making mode in which consumers repeatedly buy the same brand to fulfill a specific need |
| brand equity | positive associations with a brand in the minds of consumers |
| market segmentation | breaking dow a large, heterogenous market into submarkets that are more homogeneous |
| 4 roles of IMC in marketing | 1. promotion in the marketing mix 2. supporting brand management 3. implementing market segmentation, differentiation, and positioning 4. enhancing revenues and profits |
| differentiation | creation of a perceived difference, in the consumer's mind, between an organization's brand and the competition's |
| positioning | designing a product or service to occupy a distinct and valued place in the target consumer's mind and then communicating this distinctiveness |
| external position | competitive niche pursued by a brand |
| perceptual space | a space consumers create in their minds for all the brands they might consider purchasing, which describes how one brand is seen on any number of dimensions (quality, taste, price, social value) in relation to those same dimensions for other brands |
| 2 positioning decisions for a brand: | external and internal positions |
| internal position | the niche the brand will occupy with regard to the other similar brands within the firm |
| advertising can help create pricing flexibility in these 2 ways: | 1. contributing to economies of scale 2. helping create inelasticity of demand |
| economies of scale | lower per-unit production costs resulting from larger volume |
| inelasticity of demand | low sensitivity to price increases; may result from brand loyalty |
| primary demand stimulation | promotion aimed at creating demand for a product category |
| selective demand stimulation | promotion aimed at stimulating demand for a specific brand |
| direct response promotion | promotion that asks the receiver of the message to act immediately |
| delayed response promotion | promotion that relies on imagery and message themes to emphasize a brand's benefits and positive qualities to encourage customers to purchase the product at a later date |
| 3 promotion objectives: | 1. to stimulate demand 2. to get customers to respond in decided amount of time 3. to build a favorable attitude toward either a brand or the image of the company itself |
| brand advertising | advertising that communicates a brand's features, values, and benefits |
| corporate advertising | advertising intended to establish a favorable attitude toward a company |
| gross domestic product (GDP) | the total value of goods and services produced within an economic system |
| economic impacts of promotion: | impact on: GDP, business cycles, competition, prices, value |
| cost savings that can lower the price: | 1. there is the reduced time and effort a consumer has to spend in searching for a product or service 2. economies of scale |
| value | perception that a product or service provides satisfaction beyond the cost incurred to acquire it |
| symbolic value | nonliteral meaning of a product or service, as perceived by consumers |
| social meaning | what a product or service means in a societal contect |
Created by:
sjk
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