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Butler Marketing 3

QuestionAnswer
Marketing communication process sender encodes --> translatinng (message) --> conveyed through medium --> reciever decodes --> provides feedback
noise anything that might distort block or prevent message from being properly encoded
communication objectives: goals a company or brand seeks to achieve through promotional activities.
Types of communication onjectives -need recognition -build awareness -reinforce decision -value persuasion -stimulate action -brand reminder
AIDA Model Awareness, Interest, Desire, Action
Control and Credibility Word of mouth --> low control, high credibility direct marketing --> high control, low credibility
viral marketing campaign designed to spread through the efforts of the target market. Youtube has been the media vehicle of choice. OLD SPICE
Relationship building between customer and company. Use personal seeling and direct marketing. Send birthdy cards, and follow up with customers
Advertising 1. must pay for message to be delivered 2. cannot be delivered personally 3. sponsor of message indentified 4. message delivered through mass media
Advertising plan -establish objectives -determine budget -message and creative strategy -Media selection -evaluation
Advertising Objectives -INFORM -PERSUADE -REMIND
informative advertising provides consumers with information on product or servies. Buil awareness and initial demand of new product. Usually used at the introductory stage of the product life cycle!
persuasive advertising used to develop drand preferences and is also effective at increasing customer loyalty. Use comparative advertising to persuade customers to switch brands
Reminder advertising used by well-established brands to maintain brand awareness and remind customers to buy
percentage of sales method the size of the advertising budget is based on a percentage of sales. Larger companies will always have a bigger budget. Seaworld was loosing sales so reduced advertising = BAD
competitve budget method the ad budget is set to match, dollar for dollar that of an important competitor
creative strategy how the message will be encoded to deliver information to the target market. Done using a unique selling proposition USP. Ex. GEICO's USP is that is saves consumers money on car insurance
message execution styles that can be used to attract more attention. Ex. lifestyle, mood, fantasy, romance, health, fear, etc.
Advertising appeal the reason to purchase the product. Ex. economic savings - GEICO, 15 min could save you 15%
Sales promotion encourages consumers to buy by offering a limited time offer
consumer promotions coupons, product samples, contests, bonus offers, rebates. High degree of control and is easily measured
loyalty programs designed to build long term relationships with customers by rewarding them with frequent purchases. THEY CAN ALSO TRACK YOUR PURCHASES
Public relations two-way communication designed to improve mutual understanding and positibley influence relationships between the marketer and its internal and external publics
publics employees, stockholders, customers, suppliers, govern,ent, industry gorups, reporters
Objectives of public relations -gauge public opinion -establish dialogue -enhance company interest - build/rebuild trust -Built on marketing efforts
marketing PR geared around a specific brand through product focused messages. PRODUCT PLACEMENT - American Idol Coke cups
corporate PR used to shape the public opinion of the company as a whole. McDonalds and Ronald McDonald's House charity
Publicity unpaid positive media coverage about a company or its products. NASCAR - sodas -Public appearances
Sponsorship financially links a company or a brand with a cause, issue or evemt. Ex. budweiser sponsoring a football game
Brand Activation process of bringing a brand to life by creating an experience that reflects the value of a brand. Ex. Landshark and Jimmy Buffett, Blue Bell Experience
Advantages of Personal Selling 1. Develops personal relationships 2. complex informtaion about products can be delivered 3. better target consumers, focus on valued customers 4. salespeople learn more about the market when in the field, opportunities and threats
Weaknesses of Personal Selling 1. High cost 2. customer only loyal to specific salesperson
Personal Selling is best if used when 1. push strategy 2. product is complex 3. purchase infequently 4. expensive 5. time to decide 6. customized product 7. post-purchase service 8. negotiations
Personal Selling Process 1. Prospect 2. Pre-approach 3. Approach 4. Sales Presentation 5. Overcome objections 6. Close sale 7. Follow-up
Prospect identifying potential customers (prospecting) and then detemrining whether the prospect has the potential to become a customer
Pre-appraoch research stage. Salesperson seeking information on the key decision makers. Use information sources like Hoovers, LExis Nexis etc.
Approach first contact with prospect. IMPORTANT TO MAKE GOOD FIRT IMPRESSION
Sales Presentation show the benefits of product to prospect. Build relationship with prospect. Look for personal cues (family, pets, etc) Ask questions about needs or problems
Overcome objections respond to objections about price, quality, existing suppliet, etc.
Close the sale ask for the order
Follow -up contact the buyer and maker sure everything with the order is satisfactory
inside sales telemarketers
outside sales travelling sales people. more personal but more expensive
pay for performance strategy large part or all of a salesperson's income is based on the amount of sales or profit he or she delivers to his or her company in a time frame
comission percentage of the sales or profit the salesperson generates, used to pay salespeople
direct marketing any communication addressed to a consumer that is designed to generate a response. High degree of targetnig because it uses consumer databases
benefits of direct marketing 1. ability to target specific customers 2. results are measurable 3. marketers can test messages to determine best 4. High return on investment -ROI
weaknesses of direct marketing 1. high expense per contact 2. lower response rates 3. lack of brand awareness
Use direct marketing when: -clearly a defined target audience -product purchase is time sensitive -goal is to encourage repeat purchase -target audience is a select consumer group
integrated marketing communications the coordination of advertising, sales promotions, public relations, and personal selling to ensure that all marketing communications are consistent and relevant to the target market
Communications mix -Advertising -Public Relations -Sales Promotion -Personal Selling
AIDA Awareness, Interest, Desire, Action. -Public Relations and Advertising = GOOD AT AWARENSS AND INTEREST -Personal selling and sales promotion = GOOD AT DESIRE AND ACTION
pull strategy promoting directly to consumers, who then request the product from retailers
push strategy targets wholesalers and retailers and encourags them to order the product, thus pushing to consumers
efficiency the cost associated witht he media in reltion to its ability to reach a customer segment.
clutter the number of ads a marketer's spot will have to compete with in a given media
Impact the value that a consumer will place on a specific media vehicle. Ads in some sources will garner higher levels of credibility than others
engagement how much attention an audience pays to a particular media
CPM - cost per thousand advertising cost/ (impressions generated / 1,000)
time shifting fast forwarding through commercials after DVR-ing a show
Digital and Interactive MEdia -banner ads - internet search engines -classified ads -social media -mobile advertising -gamings ads imbedded
media objective clear statment as to what media selection and implementation will achieve. This statment should convey what the media will accomplish and when
Gross Rating Points (GRP) Reach x Frequency -how planners approximate the impace of media decisions
rate cares officially published prices for different media types
webmetircs how our online behavior is monitored
guarantee ad a marketer is promised a certain audience level. If the actual numbers are less than promised, part of the cost of the media is refunded. MORE EXPENSIVE
reverse auction going to several suppliers and asking "what is your lowest price"
opening price point featuring extra low price items on special displays to lure you into a department
Created by: asculpepper on 2012-04-10



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