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MKTG 307
| Question | Answer |
|---|---|
| GRP = ? | Reach x Frequency |
| CPM = ? | Cost of Ad $ / Number of total contacts (in thousands) |
| Linear Communication Model | Depicts one-way communication (e.g. speech). Sender is Encoding a message that is sent through a message channel through noise to a receiver who has to decode the message. |
| Interactive Communication Model | Highlighting two-way communication with direct feedback, communication to be equal and reciprocal (e.g., personal selling) Get to see their response as opposed to just verbal feedback. |
| Transaction Communication Model | Two-way communication with indirect feedback (e.g. mass communication) Marketer has to work to receive feedback (research) |
| Types of IMC Intergration | Message integration (tactical) and Strategic integration |
| Message Integration (tactical) | Message integration is about verbal and visual consistency across different media platforms. Implementation Decisions. It is achieved by integrating factors such as: logo, colours, theme line, consistency of message, common tone, shared personality. |
| Strategic Integration | Strategic integration brings together all the elements of the IMC and marketing mix. Fundamental Decisions. Factors include: coordination strategy, common objectives, multiple audiences, shared budget, measures, outcomes |
| Brand Equity | Brand equity is the goodwill (equity) that an established brand has built up over the period of its existence. Includes: Brand awareness, Brand Image, Perceived Quality and Brand Loyalty |
| Brand Awareness Pyramid | Unaware of brand - Brand Recognition - Brand Recall - TOMA |
| Brand Image | A succinct picture of a brand in consumers’ minds Brands can be like people, have personalities, leave an impression, and look like someone |
| Elements of the Communication Process | Source, Communication Objectives, Message, Message Channel, Receiver, Communication Outcome, Feedback, Noise. |
| Variance of Encoding and Decoding | Depends on a common Field of Experience Heavily influenced by the receiver’s field of experience. |
| Characteristics of a Source | Credibility (the extent to which the receiver perceives the source to be believable), Attractiveness (the extent to which the receiver identifies with the source) and Power (the receiver’s perception that the source can reward or punish) |
| Semiotics | The study of signs and symbols and their use or interpretation. Signs + Meaning = Semiotics |
| The Signifier | The sign: a word, colour or image (i.e. the colour BLUE). Denotation |
| The Signified | The concept/ meaning/associations that the sign refers to (i.e. BLUE is often associated with sadness or the sea etc.) Connotation |
| Models of Consumer Behaviour | Consumer Processing Model (CPM) and Hedonic, Experiential Model (HEM) |
| CPM - Consumer Processing Model | The economic person - pursuing objectives such as value for money and maximising profit. Reason, Logic, Ration. |
| HEM - Hedonic, Experiential Model | The emotional person - pursuing objectives such as fun, amusement or sensory stimulation. |
| Elasticity | The measure of the responsiveness of the quantity demanded to changes in marketing variables (price and advertising) |
| Marketing Communication Functions and Process | Informing, Persuading, Reminding, Adding Value, Assisting other Company Efforts |
| Informing | Part of the Marketing Communication Functions and Process. Facilitates the introduction of new brands. Educates consumers about the features and benefits of existing brands. |
| Persuading | Part of the Marketing Communication Functions and Process. Convinces customers to try advertised products and services. |
| Reminding | Part of the Marketing Communication Functions and Process. Keeps a company’s brand fresh in the consumer’s memory. |
| Adding Value | Part of the Marketing Communication Functions and Process. Companies can add value to their products through: product innovation. Advertising adds value to brands by influencing consumers’ perceptions. |
| Assisting other company efforts | Part of the Marketing Communication Functions and Process. Advertising is just one element of marketing communication. Sometimes advertising facilitates other company efforts in the marketing communications process. |
| The Marketing Communications Management Process | Formulating the IMC strategy, Implementing the strategy, Assessing effectiveness. |
| Type of Objectives | To increase consumer awareness of and curiosity about its brand. To influence the purchase intent of customers and potential customers. To convert one-time brand users into repeat purchasers. |
| Setting Marketing Communication Objectives | Provide standards against which results can be measured. Include a precise statement of who, what and when. Be quantitative and measurable. Specify the amount of change |
| Developing a Marketing Communication Objective - Traditional vs Alternative views | The traditional view rejects the sales as a suitable objective. Sales volume is the consequence of factors in addition to advertising. An alternative view (antithesis) asserts: advertising’s purpose is to generate sales or gain market share. |
| Budgeting for Marketing Communications | Maximised Profit: marginal revenue (MR) = marginal cost (MC) |
| Practical Budgeting Considerations | The Objective, The Competitors Activity, Funds Available |
| Share of voice (SOV) | A brand’s proportion of overall advertising expenditures in a product category. (Firm’s advertising presence in the market.) |
| Share of market (SOM) | A brand’s proportion of overall product category sales. |
| Budgeting Methods | Percentage-of-sales approach, Competitive parity method, Objective-and-task method, Affordability method. |
| Percentage-of-sales approach | A budgeting approach that calculates the budget based on a percentage of the prior year’s sales or the projected year’s sales. |
| Competitive parity method | A budgeting approach that sets the ad budget by basically following what competitors are doing. |
| Objective-and-task method | A budgeting approach that is formulated by identifying specific tasks required to achieve goals. |
| Affordability method | A budgeting approach that is used by only the most unsophisticated and marginal firms. Only the funds left after everything else is budgeted for are used for advertising. |
| What makes a great ad? | Strategy, Creativity, Execution |
| Message Strategy | What we want to say to reposition. What we want to convince them of. How it's different. Correcting misperceptions. Product (unique, differential advantage) Consumer (crying need, targeted) Competition (“murder” the competition) |
| Advertising Creatively | The ability to generate fresh, unique and appropriate ideas that can be used as solutions to communication problems |
| "Big Idea" (Creative Concept) | Dramatises the selling point Set of words and images that reflect a powerful and meaningful stance (original thinking) |
| Creative Brief | Basic Problem - Objectives - Target Audience - Brand Positioning - Creative Strategy (What) - Major selling idea & Big Idea - Creative strategy statement |
| Synergy | All ads involve a relationship between the copy (verbal) and the art (visual). 1 + 1 = 3 |
| Types of Thinking | Convergent (Hard) Thinking vs Divergent (Soft) Thinking |
| Convergent Thinking | (Hard) - The ability to logically evaluate, critique, and choose the best idea. Based on Logic, Reason etc. Judge: Critique Warrior: Action |
| Divergent Thinking | (Soft) - The ability to generate many new and different ideas. Based around Metaphors, Dreams, Humour, Ambiguity. Explorer: Immersion and foraging Artist: Reflection and incubation |
| Explorer: Immersion and Foraging | Part of Divergent Thinking. Scanning the environment for raw material. Seeking different sources. Creative thinking requires an attitude, ideas are out there if you look for them. |
| Artist: Reflection and Incubation | Part of Divergent Thinking. The artist transforms information into new ideas. Playing, experimenting, tinkering, and dreaming being original. Doing something to the materials that the explorer has collected to give them value |
| Artist: Reflection and Incubation - Strategies | Adapt, Imagine, Reverse, Connect, Compare, Eliminate, Parody |
| Judge: Critique | Part of Convergent Thinking. Evaluating the ideas (Discard-Modify-Implement). Selecting a practical idea. Point out positives and negatives. Assess the risks. |
| Warrior: Action | Definition: Marketing your idea. Dealing with critics: excuses, setbacks, obstacles. Sell on strategy - be persuasive: target audience, competition, product. Idea must meet client’s needs - solve the client’s problem |
| Consumer Response Models | AIDA Model, Innovation adoption model, Information processing model, Elaboration likelihood model (ELM). |
| AIDA Model | A consumer response model - Attention, Interest, Desire and Action |
| Innovation adoption models | A consumer response model - The model suggests that people fall into five distinct categories: innovators, early adopters, early majority, late majority and laggards. |
| Information processing model | A Consumer response model - The information processing model explains that consumers make decisions by going through stages of attention, comprehension, evaluation, memory, and choice. |
| Elaboration likelihood model (ELM) | A consumer response model - The chance that the receiver elaborates on the message. Three factors determine the degree to which a receiver elaborates on a message Motivation Opportunity Ability |
| Central Route in an integrated model of persuasion | Message argument. Information. Message processing can lead to cognitive or emotional response. When EL (elaboration likelihood) is high, the receiver: will focus on message arguments rather than peripheral cues wants to acquire more information. |
| Peripheral Route in an integrated model of persuasion | Peripheral cues that involve elements of a message unrelated to the primary selling points in the message (e.g. background music, attractive models). When EL is low. Low MOA (marketing opportunity analysis), Repetition, Conditioning. |
| Enhancing Consumers’ MOA (Marketing Opportunity Analysis) | Enhance Consumers’ Motivation - Attend to the message by (involuntary): Appeal to hedonic needs (feel good or pleasurable) - Process brand info by (voluntary): Increasing relevance of brand to self. Using rhetorical questions, dramatic presentations. |
| Problems in Media Planning | Effectiveness measurement problems. Lack of information. Time pressures. Inconsistent terminology. |
| Media Planning | 1. Profiling/selecting the target market 2. Specifying media objectives 3. Selecting media categories and vehicles 4. Determining media costs. |
| Media Category | The larger promotional channel. e.g. Magazine, Social Media, TV |
| Media Vehicle | The specific promotional channel. e.g. Facebook, Instagram, TVNZ 1 |
| Selecting Target Audience | Buyer Behaviour, Demographics, Values & Lifestyle, Media Usage |
| Specifying Media Objectives | What proportion of the target audience should receive the message? How frequently should the target audience be exposed to the message? How much exposure is needed to accomplish reach and frequency objectives? |
| Factors of Media Objectives | Reach, Frequency, Scheduling, Recency, Weight |
| Reach | The percentage of the target audience that is exposed at least once to the advertiser’s message during an established time frame (usually four weeks).Determinant of Reach (Maximise Reach) - Multiple Media, Diversity of Media Vehicles |
| Frequency | Frequency represents the number of times during a period that the target audience will be exposed to the media vehicles. Higher frequency rates can be achieved through repetition of the advertisement. Frequency = the average of frequency distribution |
| Weight | Is used to determine the required advertising support to achieve the IMC objectives 3 Metrics to determine weight: - Gross Rating Points (GRPs), Target Audience Rating Points (TARPs), Effective Rating Points (ERPs). |
| GRPs | GRPs (Gross Rating Points) reflect the gross weight that a particular advertising schedule delivered. Reach x Frequency |
| TARPs | TARPs (Target Audience Rating Points) the proportion of an advertisers target audience that is exposed to a campaign or program. Average audience viewing a programme / target universe estimate x 100 |
| ERPs | ERPs (Effective Rating Points) is the effective measure of the media schedule. Three-Exposure Hypothesis |
| Three-Exposure Hypothesis | A hopeful guess of how many times a person must be exposed to an ad/the vehicle the message for it to achieve objectives First exposure - What is it ? Second Exposure - What of it ? Third and More - Oh, yeah, that thingy! |
| Marketing Factors | Brand History, Brand Share, Brand Loyalty, Purchase Cycles, Usage Cycles |
| Message/Creative Factors | Message Complexity, Message Uniqueness, New vs Continuing campaigns |
| Media Factors | Clutter, Attentiveness, Scheduling, Repeat exposures |
| Scheduling | Timing of Media. Pulsing, Fighting and Continuous. |
| Pulsing Scheduling | Continuous communications throughout the year, but with higher intensity at selected times (more ads in more media). |
| Fighting Scheduling | Communications are only scheduled for peak periods and not for the rest of the year. Adv = Cost efficiency, inclusion of more than one vehicle. Dis = Lack of awareness, interest, retention of promotional message |
| Continuous Scheduling | Level amounts of communication throughout the year. Keeps the brand repetively in the consumers mind. Adv = Covers the entire buying cycle. Dis = High cost, potential for overexposure. |
| Recency Principle | Challenges the idea behind the effective reach (3+) criterion, which can lead to flighting scheduling. 1. The first exposure = most powerful. 2. Advertising is to influence brand choice, not teach. 3. Weekly reach over heavy frequency |
| Recency Principle - Influencing brand choice | The logic is that reaching a consumer when they are actively making a choice (reach), is more effective than reaching fewer consumers more often (frequency). |
| Recency Principle - Optimising weekly reach | The recency principle suggests that media schedules should be nearly continuous and should: influence rather than teach consumers (contrary to the three-exposure model) reach consumers when they are ready to buy |
| CPM-TM | Cost per thousand - Target Market Cost of the ad/Number of target market contacts (in thousands) |
| Television Programming Day-Parts | Daytime, Fringe time, Prime time. |
| Network Television advertising | Network television advertising reaches potential customers throughout the country via network and local affiliates (e.g., Australia, USA). |
| Spot Television advertising | The national advertiser’s alternative to network television advertising is spot advertising. Advertising is placed only in selected markets. Regional-oriented |
| Subscription advertising cable television | Like ESPN, HBO, Sky Sport etc. Narrow areas of viewing interest (narrowcasting). May be a less expensive means to reach an audience. |
| TV Ads Pros and Cons | Pro: Demonstration ability, Intrusion value, Ability to generate excitement, One-to-one reach, Low cost per exposure. Cons: Escalating costs, Audience fractionalisation, Clutter. |
| Five Types of Product Placement | Brand mentioned, Product seen, Product seen being used, Product used and mentioned and Negative Placement. |
| Radio Advertising | Compatibility of station format, location of listeners and geographic coverage, expense and attractiveness of day-parts |
| Radio Ads Pros and Cons | Pro: Ability to reach a segmented audience, Intimacy, Economy, Short lead times, Low CPM. Cons: Clutter, No Visuals, Buying difficulties. |
| Newspapers Pro and Cons | Pro: Audience in appropriate mental frame to process messages, Mass audience coverage, Flexibility, Ability to use detailed copy, Trusted. Cons: Clutter, Not a highly selective medium, Higher rates for occasional advertisers |
| Run of Paper Rates | Giving the press the ability to put the ad wherever it fits for them |
| Magazines Pro and Cons | Pros: Some magazines reach large audiences, Selectivity, Long life. Cons: Magazines have suffered significant readership declines, Not intrusive, Long lead times, Clutter |
| OOH Advertising | Out of Home advertising. Billboards, bus shelters, transit vehicles. |
| OOH Pro and Cons | Pro: Broad reach and high frequency levels, Geographic flexibility, Low cost per thousand. Cons: Non-selectivity, Short exposure time, Difficult to measure audience size |
| Packaging | Seen as more critical to IMC. Offers a five-second advertisement each time the consumer looks at the packaging. |
| Packaging Evaluation model | VIEW: Visibility (ability to attract attention), Information (Provide instructions and encourage repeat purchases), Emotional appeal and Workability (package functions). |
| POP Advertising | Point-of-purchase. ‘Perfect’ time to communicate with the consumers, while product/brand choices are being made. Informing, Reminding, Encouraging and Merchandising. |
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teetui101