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Butler Marketing 3
| Question | Answer |
|---|---|
| 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
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