Teaching Marketing Promotion Midterm. OLPD 3401. – Flashcards
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Peter Drucker
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father of modern management
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Phillip Kotler
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father of marketing
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David Ogilvy
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father of advertising
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marketing
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the activity, set of instructions, and process for creating, communicating, delivering and exchanging offerings that have value to customers, clients, partners, and society at large
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-needs
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basic requirements that include food clothing and shelter. Without these humans cannot survive
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-wants
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Wants are need which are shaped by personality and culture.
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-demands
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Wants combined with the ability to pay
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-To Satisfy Need/Want, People may Obtain the Product through......
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Self production, Coercion, Begging, Exchange
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-Five Conditions for Exchange
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-There are at least two parties. -Each party has something that might be of value to the other party. -Each party is capable of communication and delivery. -Each party is free to accept or reject the offer. -Each party believes it is appropriate or desirable to deal with the other party.
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-exchange
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the act of obtaining a desired object from someone by offering something in return.
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-Transaction
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Event that happens at the end of an exchange. When agreement is reached, we say a transaction has taken place.
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-5 Conditions of Transactions
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-At least two things of value. -Condition agreed upon. -Time of agreement. -Place of agreement. -May have legal system for compliance.
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-Relationship
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A series of interactive transactions between dyadic parties overtime.
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-Production Orientation
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mass production Affordable available products Prioritise production & distribution efficiency until 1950's ex. model T car
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-Sales orientation
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Selling lines that are produced Customers encouraged to buy Personal selling/persuasive advertising 1950s and 1960s
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-Product orientation
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Excellent, well designed products Mass market appeal leads to production orientation Fall in demand leads to sales orientation Until 1960s
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-Marketing orientation
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Customer needs are focus of firm "Find a need and fill it" Flexible production/distribution methods Organisational philosophy Profitability rather than sales volume 1970s onwards
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-Relationship marketing
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Building long term relationships between suppliers ; customers Ensuring that interaction is a pleasurable experience Customer service and attention focused Loyalty cards 1980s onwards
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-Societal marketing
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Ethics driven Considers needs of society as a whole Government pressure Pressure groups 1990s onwards
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-Marketing Mix - 4 P's
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Product, price, place, and promotion
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-market
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People with needs, who have money (or something of value), and a willingness to trade that value to satisfy those needs
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-2 types of markets
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Consumer Market (made up of ultimate consumers) Industrial Market (made up of producer firms)
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value and value equation
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Customer's perception of benefits of a product or service against the costs of acquiring and consuming it (should be used to determine price) Value = benefit - cost
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-types of benefits
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functional, experiential, and/or psychological
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-Marketing Management
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Art and science of choosing target markets and building profitable relationships
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-Four Factors that Influence Marketing Strategy
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External: customers, competition, environmental analysis Internal: special capabilities of organization
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promotional mix
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advertising, direct marketing, digital/internet marketing, sales promotion, publicity/public relations, personal selling
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Contact/touch point
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Every opportunity a customer has to see or hear about an organization and/or its brands or have an experience with that organization
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-Four types of Touch Points
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-Company created (advertisement) (low impact, high ability to control) -Intrinsic (interaction with sales person) -Unexpected (third-party review) (high impact, low ability to control) -Customer-initiated (customer posted review)
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Marketing Mix
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4 P's.
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BCG matrix
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4 parts: question mark, dog, cash cow, star
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4 stages of product life
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Intro Growth Maturity Decline
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Target Marketing Process
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-identify markets with unfulfilled needs -determine market segmentation -select a target market -position through marketing strategies
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undifferentiated marketing
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ignoring segment differences and offering one product/service to entire market
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differentiated marketing
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involves marketing in a number of segments, developing separate marketing strategies for each
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concentrated marketing
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selecting a segment and attempting to capture a large share of this market
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positioning
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fitting a product or service to one or more segments of the broad market to make it unique in the marketplace
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positioning approaches
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-focus on consumer (benefits) -focus on competition (compare benefits to others)
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positioning strategies
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-position by attributes and benefits -position by price/quality -by use/application -by product class -by product user -by competitor -by cultural symbols
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repositioning
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Altering a product's or brand's position due to: Declining or stagnant sales or Anticipated opportunities in other market positions
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branding
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Building and maintaining a favorable identity of the company and its products
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Types of segmentation
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geographic, demographic, psychographic, behavioristic, benefit
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push vs pull strategies
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push product through the channels of distribution by selling and promoting vs spend money on ads and sales promotion directed toward ultimate consumer
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marketing channels
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-direct: deal directly with customers -indirect: network of wholesalers and retailers
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factors that determine price
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Costs Demand factors Competition Perceived value Product quality Advertising
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what are the different careers in advertising?
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-advertisers or clients -advertising agency -media organizations -specialized marketing communication services organizations -collateral services organizations
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what are in-house agencies?
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Advertising agency that is set up, owned, and operated by the advertiser
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reasons for using an advertising agency
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-Highly skilled specialists -Specialization in a particular industry -Objective viewpoint of the market -Broad range of experience
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activities of a full service agency
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-planning, creating, and producing advertising campaigns -performing marketing and advertising research -selecting media
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creative boutique
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Small ad agencies that provide only creative services
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Define consumer behavior.
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Process and activities people engage in with relation to products and services to satisfy their needs and desires. Identify a problem.
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Name and explain the different stages in consumer decision-making process
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-problem recognition -info search -alternative evaluation -purchase decision -post purchase evaluation
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Define Maslow's hierarchy of needs and how it relates to consumer decision making
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Maslow's Hierarchy of Needs theory suggests five basic levels of human needs, arranged in a hierarchy based on their importance. The bottom is most important. A consumer can't focus on a level if the level before it is not fulfilled.
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What is the difference between internal and external search
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Internal: Information retrieval that involves recalling External: Seeking information from external sources
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What is selective perception? Explain the process
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perceptual process involving the filtering or screening of exposure, attention, comprehension, and retention.
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What is subliminal perception
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Ability to perceive a stimulus that is below the level of conscious awareness
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What is cognitive dissonance
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Psychological tension experienced after a difficult purchase choice. AKA buyers remorse.
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Explain the classical conditioning and operant conditioning process as it relates to consumer behavior
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Classical conditioning - pavlova dogs Operant conditioning - reinforcements
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Relevant internal psychological processes
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-motivation -perception -attitude formation -integration -learning
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Define the communication process
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-Passing of information or exchange of ideas -Process of establishing a commonness of thought between a sender and a receiver
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Explain the basic model of communication
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Source ; encoding ; channel message ; decoding ; receiver
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types of encoding
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verbal, graphic, musical, animation
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What is buzz marketing
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Generating positive word-of-mouth discussion
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Explain seeding
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Identifying and choosing the initial group of consumers who will be used to start spreading the message
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viral marketing
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Propagating marketing-relevant messages with the help of individual consumers
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What is niche market
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the subset of the market on which a specific product is focused
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Explain the different models of the response process
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-Cognitive - what did you learn through the ad -Affective - your feelings/emotions towards the product/ad -Behavioral - take action, buy product LEARN, FEEL, DO
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What do you mean by cognitive response approach? Explain the different cognitive response categories
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-Cognitive responses: Thoughts that occur to individuals while reading, viewing, and/or hearing a communication -Counterarguments: Thoughts the recipient has that are opposed to the position taken in the message -Support arguments: Thoughts that affirm the claims made in the message -Source derogations: Negative thoughts about the spokesperson or organization making the claims -Source bolsters: Positive thoughts about the spokesperson or organization making the claims -Ad execution-related thoughts: Affect attitudes toward the advertisement as well as the brand -Attitude toward the ad: Represents the receivers feelings of favorability or unfavorability toward the ad
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Explain persuasion matrix
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Helps marketers see how each controllable element interacts with the consumer's response process
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What are source attributes
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Credibility Attractiveness Power
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What are some of the risks of using celebrity
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-overshadow product -audience may not be receptive -their actions may affect the name of the brand
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Explain different types of message structure
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-Order of presentation (main point at beginning or end) -Conclusion drawing -Message sidedness (only tell pros of product) -Refutation -Verbal versus visual messages
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Explain different types of message appeal
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-Comparative advertising. Ex: Mac vs PC -Fear appeals -Humor appeals
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What are two different types of channel
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Self-Paced Media Externally Paced Media
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Explain the difference between vision, mission, goals, and objectives
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-vision: futuristic -mission: current state, purpose for existence -goals: long term, specific -objective: SMART (Specific Measureable Achievable Realistic Time bound )
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What is the difference between sales objective and communications objective
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Sales: Aim to increase sales Require economic justification Required to produce quantifiable results Based on the achievement of sales results Communications: Provide relevant information Create favorable predispositions toward the brand
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What are some of the problems with using sales objective
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-Successful implementation requires all marketing elements to work together -Advertising has carryover effect -It is difficult to determine precise relationship between advertising and sales -Do not offer much guidance for planning and developing promotional program
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What are some of the problems with using communications objective
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Translating sales goals into communications objectives: Promotional planners have difficulty estimating what constitutes adequate levels of awareness, knowledge, liking, preference, or conviction No formulas or guidelines
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What are some of the factors influencing sales
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technology economy product quality price distribution advertising and promotion competition
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What is DAGMAR
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-Defining Advertising Goals for Measured Advertising Results -Many promotional planners use this model as a basis for setting objectives and assessing the effectiveness of promotional campaigns.
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What are the different top-down budgeting approaches
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1. Top management sets the spending limit 2. Promotion budget set to stay within spending limit
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What are the different bottom-up budgeting approaches
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1. Promotion objectives are set 2. Activities needed to achieve objectives are planned 3. Costs of promotion activities are budgeted 4. Total promotion budget is approved by top management
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What do you mean by economies of scale
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Set of advantages that allows firms to spend less on advertising and realize a better return because their brand name is already well known.
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USP
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unique selling proposition (how am I different from my competitor)
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E-score
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if a celeb scores high it might affect your brand because they are risky
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Q-score
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how likeable/familiar a celeb is
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VIP
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visual image personality ex. tony the tiger
