Chapter 1: Overview of Integrated Marketing Communications – Flashcards
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Marketing
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Human activity directed as satisfying needs and wants through exchange processes.
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Marketing Concept
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Is to adapt the company's offering to the needs and wants of the customer.
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Communications
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The process where individuals share meaning and establish a commonness of thought.
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Marketing Communications
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The collection of all elements of a firm's marketing mix that facilitate exchange by establishing shared meaning with the firm's customers.
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Promotion Management
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Coordination of promotional mix elements in setting objectives, establishing budgets, designing programs, evaluating performance, and taking corrective action.
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Brand
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A name, term, sign, symbol, or design intended to identify the goods and services of one seller or groups of sellers and differentiate them from those of competition.
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Brand Equity
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The goodwill that an established brand has built up over its existence.
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Integrated Marketing Communications (IMC)
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The coordination of the promotional mix elements with each other and with other elements of the brand's marketing mix such that all elements speak with one voice.
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Synergy
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The integration of multiple communication tools and media yield more positive communication results than the tools used individually.
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IMC Feature #1: Start with customer or Prospect
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Media-Neutral Approach --> Identify Marcom Program Goals --> Determine best way to allocate marketing budget.
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IMC Feature #2: Use Any Form of Relevant Contact
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An example of a Touch Point, or 360 degree marketing
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IMC Feature #3: Achieve Synergy
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Multiple messages must speak with a single voice.
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IMC Feature #4: Build Relationships
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Loyalty Programs, and Experiential Marketing Programs.
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Loyalty Programs
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Promote long-term relationships between customers and brands that lead to customer retention.
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Experiential Marketing Programs
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Can create brand experiences that make positive and lasting impressions on customers.
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IMC Feature #5: Affect Behavior
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Objective is to move people to action.
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MARCOM Program
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Fundamental Decisions, and Implementation Decisions
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Fundamental Decisions
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Targeting, Positioning, Setting objectives, Budgeting.
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Implementation Decisions
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Mixing elements, Creating messages, Selecting media, Establishing momentum.
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Micro-marketing
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The customizing of products and communications to smaller segments. Ex: toothpaste.
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Undifferentiated Marketing
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One Marketing Mix --> All Markets
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Differentiated Marketing
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MRKT Mix A --> Segment A MRKT Mix B --> Segment B
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Concentrated Marketing
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One MRKT Mix--> Segment B
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MARCOM Outcomes
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Enhancing Brand Equity Affecting Behavior
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MARCOM Program Evaluation
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Measuring Results, Providing Feedback, Taking Corrective Action
