Chapter 1 – Integrated Marketing Communications – Flashcards
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What is Integrated Marketing Communications (contemporary definition)
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-ongoing process of coordinating various parts of the promotional mix that communicate with a firm's customers -Advertising - communicates the brand idenity and equity
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What are the benefits of an IMC plan?
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-presents synergy among processes -provides different methods of funding/copmensation -it is a two way street of marketing
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What is the goal of the IMC plan?
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-generate short-term returns and build long-term financial value
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Reasons for growing importance?
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-companies realize that integrating is better -adaptation to technological marketing (targeting) -consumers are being skeptical to advertising
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What are some characteristics of the "marketing revolution"?
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-shifting of marketing from traditional to nontraditional -manufacturer power to retailer -growth of internet and social media -database marketing -accountability/compensation
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What is promotion?
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-coordination of all seller-initiated efforts to set up channels of information and persuasion in order to sell goods and services
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What are the elements of the promotional mix?
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advertising, personal selling, direct marketing, interactive marketing, public relations, sales promotion
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Advertising: -Definition -Why is it still used (benefits?)
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-any paid form of non-personal communication about an organization, service, or idea by an identified sponsor -still most cost-effective, mass consumer markets -valuable for building brand equity, perceptions
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Direct Marketing: -Examples -direct-response advertising
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Trying to communicate a product, service, or idea directly to the consumer to generate a response/transaction -Examples: database management, direct mail, print media, catalogs, telemarketing DR Marketing - a product is promoted through an ad that encourages consumer to buy directly from manufacturer (Nike Shop, Under Armour)
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Interactive/Internet Marketing -Definition -What makes it different?
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-a back and forth flow of information whereby users can participate and modify the form and content of the info they receive in real time -DIfferent --> it's a two way street, more personal, more measurable
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Sales Promotion -Definition -Consumer-oriented vs. trade-oriented
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-marketing activities that provide extra value or incentives to increase sales (60 -70% of overall promotional budget) -consumer-oriented - sampling, premiums, rebates, sweepstakes, contests -trade oriented - buying discounts, allowances, trade shows
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Publicity -definition -advantage/disadvantage Public Relations -definition -main goal
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Publicity - nonpersonal communication that is not paid for or run by the organization + gives it credibility - no control over message Public Relations - the management function which evaluates public attitudes, identifies the policies and procedures with the public interest, and executes a program of action -main goal --> maintain positive image
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Personal Selling -definition -benefits over traditional advertising
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Person-to-person communication in which a seller attempts to assist and/or persuade prospective uyers to purchase the company's product or service or to act on an idea -direct contact (face to face/tele) -more immediate and precise feedback
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How Apple uses IMC?
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-new prodcut advertising -focus on information, product usage -Apple Stores - Direct Marketing, "Geniuses"
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New vs. Old Consumer
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NEW new media -aspiration to be someone unique -multitasking society -the concept of branding OLD -couch potato -keep up with the Joneses -Tradtional Media -One way mass advertising
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Company Created Touch Points -Definitions/Examples -control/impact
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Planned marketing communication messages created by the company such as advertisements, websites, packaging High control, low impact
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Intrinsic Touch Points -definition -control/impact
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Touch points that occur during the process of buying or using the product with sales reps or customer service -Relatively high control, relatively low impact
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Customer Initiated Touch Points -definition -impact/control
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whenever a customer or prospect contacts a company (complaint, website interaction) -relatively low control, relatively high impact
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Unexpected Touch Points -definition -impact/control
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-unanticipated references or information that a customer or prospect receives that is beyond the control of the organization -low control, high impact
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Integrated Communications Management
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-process of planning,excetuing, evaluating, and controlling the various promotional mix elements to effectively communicate with target audiences
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What are the steps of the IMC planning process?
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1. Review the Marketing Plan 2. Promotional Program Situation Analysis 3. Analysis of the Communications Process 4. Budget Determination 5. Develop IMC programs 6.Integrate and Implement strategy Throughout: Montior, Evaluate, and control
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Five basic elements of a marketing plan
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1. A detailed situation analysis 2. Specific objectives that provide direction 3. a marketing strategy and program that include selection of target markets 4. a program for implementing the marketing strategy, including determining specific tasks 5. a process for montioring and evaluating performance and providing feedback
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Internal Analysis
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-product/service offering and the firm itself -advantages and disadvantages to in-house vs. agency ads -assessing the strengths and weaknesses of the firm or the brand from an image persepctive
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External Analysis
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focus on firm's customers, market segments, positoning, and competitors -buying patterns, decision processes, perceptions, attitudes, lifestyles -competition -trends
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Marketing vs. Communication Objectives
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Marketing - accomplished by the overall marketing program -sales, market share, profitability Communication Objectives -what it hopes to accomplish with the promotional program -creating awareness, image, developing favorable attitudes
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Developing the IMC program?
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-most involed and detailed step -decisions have o be made on where to put resources -each has own set of objectives
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Monitor, Evaluation, and Control
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-final stage -how well buy why
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IMC Evolution (1950 - 2000)
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Mass Marketing Era -superior performance Sales Era (70s) -generate product demand 1980s: Marketing Era -match organizations products to customer's wants 1990s - 2000s: IMC Era -fine tune organization's products to customer wants
