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marketing

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activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients,partners, and society at large

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value benefits

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customer's perception of benefits of a product or service against the costs of acquiring and consuming it = functional, experiential, psychological, multidimensional

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product, price, place, promo

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4 P's

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Integrated marketing communications

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a strategic business process through which organizations drive performance by engaging, serving and communicating with consumers and other constituents. "coordinates the marketing and promotional tools to communicate effectively." -ensures all marketing and promo activities are a consistent unified image ex: Snickers "Satisfy The Hunger"

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promotional mix

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tools that accomplish an organization's communication objectives elements: -advertising -direct marketing - digital marketing -sales promo -PR -personal selling

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promotion

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coordination of all seller-initiated efforts to set up channels of info and persuasion and sell goods and services or promote an idea.

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advertising

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an paid form on non personal communication about an organization, product, or service with an idea from an identified sponsor. Involves: Mass Media, Message transmitted to a large group, no opportunity for feedback - most cost effective way to reach large number of consumers and builds brand equity by influencing consumer's perceptions

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direct marketing

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communicating directly with target customers to generate a response/ transaction involves: database management, direct selling, telemarketing

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interactive media social media mobile marketing

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different types of internet marketing: - allows users to participate in and modify the form and content of the info they receive in real time - online means of communication and interaction used to create, share, and exchange content -messages delivered are specific to a consumer's location or consumption situation

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sales promotion

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marketing activities that provide extra value or incentives to sales force, distributors, or the ultimate consumer. Aids in stimulating sales categories: Consumer- oriented Trade- oriented

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touch point

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every opportunity a customer has to see or hear about a company and its brands or have an encounter or experience with it categories: -company created -intrinsic -unexpected (WOM, company has no control over) -customer-initiated

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integrated marketing communications management

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planning, executing, evaluating, and controlling the use of the promotional-mix elements to effectively communicate with target audiences

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integrated marketing communications plan

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developing, implementing, and controlling an organization's IMC program

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marketing plan

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Describes overall marketing strategy and programs for an organization and includes: - Detailed situation analysis - Specific marketing objectives with time-frame and mechanism for measuring performance -Selection of target market(s) and plans for the four elements of the marketing mix - Program for implementing the marketing strategy - Process for monitoring and evaluating performance identify roles of ads/ promos, preform competitive analysis, and assess environmental influences

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internal analysis external analysis

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assesses the firms capability to develop and implement promotional programs, brand image and a product's relative strengths and weaknesses. Also reviews previous promo programs and results focuses on characteristics of a firm's customers, market, segments, positioning strategies, and competitors -customer analysis -competitive analysis -environmental analysis

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strategic marketing plan

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this plan guides the allocation of organization's resources, specific marketing programs and policies, and evolves from an organization's overall corporate startegy

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competitive analysis competitive advantage

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analyzing the competition in the marketplace and searching for a competitive advantage - attributes that give a firm an edge of competitors ( better quality, superior customer service)

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1. identifying markets w/ unfilled needs 2. determining market segmentation 3. selecting a market to target 4. positioning through marketing strategies

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the 4 steps in the Target Marketing Process

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80/20 rule

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20 % of buyers account for 80% of sales volume (behavioristic segmentation)

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positioning

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fitting a product or service to one or make segments of the broad market to make it unique within the marketplace ex: position by use position by product class position by product user position by cultural symbols

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price variable

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something that a customer has to give up in exchange for a purchase

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promo push strategy

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programs designed to persuade the trade to stock, merchandise and promote a manufacturer's products goal: push the product through the channel of distribution by selling and promoting is ex: trade advertising

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promo pull strategy

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spending money on advertising and sales promotion efforts directed toward the ultimate consumer goal: create demand among consumers, encourage consumers to request the product from the retailer

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1. advertisers/clients 2. ad agency 3. media organizations 4. specialized marketing communication services orgz. 5. collateral services organizations

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5 participants in the IMC process

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Collateral Services Organizations

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support functions used by advertisers, agencies, media organizations, and specialized marketing communication firms Such As: marketing research, package design, consulting, photography, event sponsorship planning production and broadcast production services

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consumer behavior

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process and activities people engage in with relation to products and services to satisfy their needs and desires stages: 1. problem recognition 2. info search 3. alt. evaluation 4. purchase decision 5. post purchase evaluation

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psychoanalytic theory

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Influenced modern psychology and explanations of motivation and personality, used for consumer behavior :Deep motives can only be determined by probing the subconscious -very vague -unresponsive to external enviro. -uses a small sample to draw conclusions, too reliant on early development of individual

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motivational theory

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used for consumer behavior, helps assess how and why consumers buy what they buy, gets around stereotypical responses, forerunner of psycholographics ex: Maslow'w Hierarchy of Needs - results are difficult to verify -lack of experimental validation -findings are not generalizable to the entire population

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perception

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Receiving, selecting, organizing, and interpreting information to create a meaningful picture of the world Depends on: -Internal factors -Characteristics of a stimulus

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classical conditioning operant conditioning

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learning is an associative process with an existing relationship between a stimulus and a response learning occurs when individual actively operates or acts on some aspect of the environment

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1. culture 2. subcultures 3. social class 4. reference groups 5. situational determinants

answer

environmental influences on consumer behavior 1. complexity of learned meanings, values, norms, and customs shared by members of a society 2. smaller segments within a culture, whose beliefs, values, normss, and patterns of behavior set them apart from the larger cultural mainstream 3. homogenous divisions in a society into which people sharing similar lifestyles, values, norms, interests can be grouped 4. group whose presumed perspectives or values are being used by an individual as the basis for his or her judgements, opinions, actions 5. specific situation in which consumers plan to use the product or brand directly affects their perceptions, preferences, and purchase behaviors

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source encoding message receiver decoding

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basic model of communication 1. person or org. that has info to share with another person or group of people 2. putting thoughts, ideas, or info into a symbolic form. Could be verbal, graphic, musical, animation 3. contains the info or meaning the source hopes to convey 4. person with whom the sender shares thoughts or info 5. transforming the sender's message into though

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viral marketing

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(basic model of communication) propagating marketing relevant messages with the help of individual consumers - identifying and choosing the initial group of consumers who will be used to start spreading the message

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elaboration likelihood model (ELM)

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a model that focuses on the differences in the ways consumers process and respond to persuasive messages -attitude formation or change process likely a function of: -motivation -ability central or peripheral route

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central route peripheral route

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ability and motivation to process message is high and close attention is paid to message content ability and motivation to process a message is low, receiver focuses more on peripheral cues than on message content

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persuasion matrix

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helps marketers see how each controllable element interacts with the consumer's response process def: A communications planning model in which the stages of the response process (dependent variables) and the communications components (independent variables) are combined to demonstrate the likely affect that the independent variables will have on the dependent variables

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primary demand advertising

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type of advertising that stimulates demand for the general product class or entire industry. Often used to help a new product gain market acceptance

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selective demand advertising

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type of advertising that creates demand for specific company's brands

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publicity

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non-personal communication regarding an organization, product, service, or idea not directly paid for or run under identified sponsorship -high credibility at LOW cost

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public relations

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evaluates public attitudes identifies polices and procedures of an individual or organization with the public interest

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1. creative strategy 2. media strategy

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aspects of advertising programs 1. determining the basic appeal and message to be conveyed to the target audience 2. determining the communication channels to use to deliver the message

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market segmentation

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dividing a market into distinct groups with common needs, who respond similarly to a marketing situation -geographic -demographic -psychographic -behavior -benefit

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evaluative criteria

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dimensions or attributes of a product that are used to compare different alternatives -objective or subjective -viewed as product or service attributes

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functional consequences psychosocial conseqeuences

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concrete outcomes of product or service usage abstract outcomes that are more intangible, subjective, and personal

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1. cognitive stage 2. affective stage 3. behavioral stage

answer

Evaluating Traditional Response Hierarchy Models 1. represents what the receiver knows or perceives about the particular product or brand 2. receivers feelings or affect level for the particular brand 3. refers to the consumer's actions toward the brand

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false

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t/f publicity and PR are the same thing

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direct response advertising

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advertising that encourages customers to purchase products directly from the manufacturers

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trade advertising

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a type of advertising targeted tomarketing channel members such as wholesalers, distributors, and retailers. The goal is to encourage channel members to stock, promote, and resell the manufacturer's branded products to their customers.

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micro marketing

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type of marketing that deals with customizing marketing and promotional messages to suit specific target audiences.

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brand identity

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a combination of many factors, including the name, logo, symbols, design, packaging, and performance of a product or service as well as the image or type of associations that comes to mind when consumers think about a brand.

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interactive media

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media that allows for a two-way flow of communication whereby users can participate in and modify the form and content of the information they receive in real time. 2 way*

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place

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Marketing channels refer to the _____ element of the marketing mix.

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true

answer

t / f Companies invest huge amounts of money in advertising directed at maintaining and protecting the brand equity as it serves as a source of competitive advantage for the companies.

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false

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t/f A company that follows a centralized system and contains a separate advertising department cannot make use of an outside advertising agency.

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cost plus system

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Under a _____, the client agrees to pay the agency a fee based on the expenditure of its work plus some agreed-on profit margin, often a percentage of total costs.

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superagencies

answer

an amalgamation of several small, medium, and large advertising agencies.

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consumer behavior

answer

the process and activities people engage in when searching for, selecting, purchasing, using, evaluating, and disposing of products and services so as to satisfy their needs and desires.

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concentrated marketing

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type of marketing used when a firm selects one segment and attempts to capture a large share of the market.

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primacy effect recency effect

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A theory that the first information presented in the message will be the most likely to be remembered. A theory that the first information presented in the message will be the most likely to be remembered.

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refuational message

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A type of two-sided message in which both sides of the issue are presented in the communication, with arguments offered to refute the opposing viewpoint.

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comparative advertising

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The practice of either directly or indirectly naming one or more competitors in an advertising message and usually making a comparison on one or more specific attributes or characteristics.

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wearout

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the tendency for a tv or radio commercial to lose its effectiveness when it is seen or heard repeatedly

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qualitative media effect

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the positive or negative influence the medium may contribute to the message

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seeding

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the process of identifying and choosing the initial group of consumers who will be used to start the diffusion or spread a message

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selective perception selective exposure selective attention selective comprehension

answer

the perceptual process involving the filtering or screening of exposure, attention, comprehension, and retention A process whereby consumers choose whether or not to make themselves available to media and message information. A perceptual process in which consumers choose to attend to some stimuli and not others. The perceptual process whereby consumers interpret information based on their own attitudes, beliefs, motives, and experiences.

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cognitive dissonance

answer

A state of psychological tension or postpurchase doubt that a consumer may experience after making a purchase decision. This tension often leads the consumer to try to reduce it by seeking supportive information.

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