Integrated Marketing Communications (IMC) Exam 1 – Flashcards
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Brand Identity
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A combination of: Name, logo symbols, design, packaging, performance, and images/associations
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Elements of Promotional Mix
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-Advertising -Direct Marketing -Online/Social Media Marketing -Sales Promotions -Publicity/Public Relations -Personal Selling
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Push vs. Pull Strategy
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Push: Going to the retailers, discounts Pull: Motivating consumers, creating demand
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Brand Equity
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Organization Perspective: The goodwill that an established brand has built up over time Customer Perspective: The extent that people are familiar with the brand and have favorable, strong, and unique brand associations
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Outcomes/Benefits of Higher Brand Equity
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-Higher market share -Higher brand loyalty, consumer loyalty -Able to charge premium prices -Earning a revenue premium -Long-term growth and profitability -Maintain differentiation -Insulate brand from price competition
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Brand
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Exists when a marketing entity receives its own name, term, sign, symbol, design, or a combination of these things to identify itself and differentiate from competition
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Brand Awareness
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You know the brand exists
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Brand Awareness Pyramid
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Top to Bottom: -Top of Mind -Brand Recall -Brand Recognition -Unaware of Brand
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Brand Image
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The associations that are activated in memory when people think about a particular brand -You recognize the symbol or logo for the brand -Example: Nike Checkmark
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Types of Brand Image - Attributes
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Color, size, design, price Example: McDonalds Golden Arches = cheap
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Types of Brand Image - Benefits
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1. Functional: intrinsic value Example: Dollar Menu at McDonalds 2. Symbolic: extrinsic value Example: Belonging or fitting in 3. Experiential: usage imagery Example: sensory pleasure, fun, excitement, cognitive stimulation
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Product Adoption
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The introduction and acceptance of new ideas, including new brands -Essential to long-term market success
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Brand Knowledge Consists Of..
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A function of awareness, which relates to consumers' ability to recognize or recall the brand, and image, which consists of consumers' perceptions and of associations for the brand. -Brand awareness and image
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Brand Recognition
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Recognizing it when you see it
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Brand Recall
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Yelling out brands for a category
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5 Dimensions of Brand Personalities
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1. Sincerity 2. Competence 3. Ruggedness 4. Sophistication 5. Excitement
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Sincerity
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Down-to-earth, honest, family Example: Chick-Fil-A or Campbell's
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Competence
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Reliant, intelligent, successful, good quality Example: Honda
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Ruggedness
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Tough, Outdoors, Durable Example: Jeep, Ford, Chacos
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Sophistication
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Prestige, upper class Example: Rolex
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Excitement
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Daring, current Example: GoPro or Redbull
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Ways to Enhance Brand Equity
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1. Speak for itself 2. Message Driven 3. Leveraging
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Leveraging to Enhance Brand Equity
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Create meaning and associations for their brands by connecting them with other objects that already possess well-known meaning. Example: Heineken and Skyfall, Doritos and Taco Bell, Adam Levine and ProActive
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Sources to Leverage Brand Meaning
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1. People: employees, endorsers 2. Places: country of origin, channels 3. Things: events, causes, third party 4. Other Brands: alliances, company, extensions, ingredients
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Characteristics of Good Brand Name
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1. Distinguish the Brand from Competitive offerings -Trademarks prevent brands from legally having the same name -Unique names that provide brand with a distinct identity 2. Facilitates Consumer Learning of Brand Associations -Brand names can serve as memory cues -Help recall product attributes and benefits 3. Achieve compatibility with Brand's Desired Image and with its Product Design or Packaging Ex: Publix "green wise" 4. Be memorable and easy to Pronounce Ex: tide, bold, shout, edge, bounce, cheer, swatch, smart. Zune, nike, Coke, Crocs 5. Is suitable for Global Use- make sure it translates well.
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Metrics Used to Measure MARCOM Effectiveness
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1. Change in brand awareness 2. Improvement in attitudes toward the brand 3. Increased purchase intentions 4. Larger sales volume
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Brand Characteristics That Influence Adoption
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1. Relative Advantage 2. Compatibility 3. Complexibility 4. Trialability 5. Observability
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Relative Advantage
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Degree to which consumers perceive a new brand as being better than existing alternatives
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Compatibility
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Degree to which an innovation is perceived to fit into a persons way of doing things.
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Complexibility
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Degree of perceived difficulty -The harder it is to understand or use, the slower the adoption rate
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Trialability
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Extent that an innovation can be used on a limited basis prior to making a full blown commitment -Brands that lend themselves to trialability are adopted faster
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Observability
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Degree to which the user can observe the positive effects of new-product usage -The Higher the better!!
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Market Segmentation
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The process of selecting a subset of consumers from a larger market -Identify bases (e.g., behavior, demographics) to segment the market -Develop profiles of resulting segments
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Market Targeting
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-Develop measures of segment attractiveness -Select the target segment(s)
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Market Positioning
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-Develop positioning for each target segment -Develop marketing mix for each target segment
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Roles of Logos
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-Graphic design element -A shorthand way of identifying a brand -Can be used with or without brand names
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Trade-Dress
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The way you dress a product using elements that aren't register able to a trademark - not distinctive by themselves but important to your product -eight red stitches on the hat
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Four Segmentation Bases ; Variables Used
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1. Behavior Segmentation 2. Psychographics (AIOs) 3. Demographics 4. Geodemographics
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Major Demographic Aspects
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-Age -Change in household composition -Ethnic population developments
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Cohort Effect
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Tendency of members of a generation to be influenced and bound together by significant events in their formative years -9/11, Technology boom, etc -I am in Generation Y
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Concentrated Strategies
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Targeted to one specific market segment or audience
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Differentiated Strategies
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When a company creates campaigns that appeal to at least two market segments or target groups.
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Brand Positioning (based on attributes/benefits)
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The key feature, benefit, or image that the brand stands for in the target audience's collective mind
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Positioning Statement
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The central idea that encapsulates a brand's meaning and distinctiveness vis-à-vis competitive brands 1)Conveys a consistent message 2) Defines a brand competitive advantage 3) Motivates customers to action
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Product Related Attributes
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Like safety features or design
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Usage and User Imagery (Non-product related attributes)
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Sexualized ads
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Functional Benefits
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Providing a solution to a problem - price, design, color, etc.
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Symbolic Benefits
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Feelings of belonging, self-worth or image, emotional connection
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Experiential Benefits
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Appealing to consumers to desire for products that provide some sensory pleasure or variety -out of the ordinary, typically seen in products with high sensory appeal
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Marketing Messages - Semiotic Perspective
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Object --> Sign/Symbol --> Interpretant Example: Thumbs up
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Socialization
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The process through which people learn cultural values, form beliefs, and become familiar with the physical manifestations, or artifacts, of these values and beliefs
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Brand Repositioning
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Why? -Increase competitiveness -Extend product life cycle -Refresh brand image -Enter new market segments
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How Consumers Process Info (2 perspectives)
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1. Consumer Processing Model: Head Information and choice are a rational, cognitive, systematic and reasoned process 2. Hedonic Experiential Model: Heart Consumers' processing of marcom messages and behavior are driven by emotions in pursuit of fun, fantasies, and feeling
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Consumer Processing Model Stages
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1. Exposure to info 2 Selective attention 3. Comprehension 4.Agreement 5.Retention in memory 6.Retrieval 7. Consumer decision making 8. Action
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Similie
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A comparison using like or as
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Metaphor
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A comparison not using like or as Ex: Wheaties - the breakfast of champions
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Allegory (extended metaphor)
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Equates objects in a narrative with meanings lying outside narrative Example: Geico cavemen
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Personification
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Abstract qualities assume positive human characteristics Examples: Joe Camel, Cavemen, BK King, Mr. Clean, Mr. Goodwrench, Geico Gecko, The Michelin Man, Pillsbury Dough Boy, Charlie the Tuna
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5 Basic Advertising Functions
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1. Informing 2. Influencing/persuading 3. Reminding and increasing salience 4. Adding value 5. Assisting other company efforts
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4 Functions or Services Ad Agencies Can Provide
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1. Creative Services 2.Media Services 3. Research Services 4. Account Management
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Creative Services
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-Develop advertising copy and campaign -Copywriters, production staff, graphic/digital artists, creative directors
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Media Services
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-Selecting the best advertising media -Media Planners: develop overall media strategy -Media Buyers: Procure the selected media
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Research Media
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-Study clients and customers buying habits, purchase references, and responsiveness -Focus groups, mall intercepts, online studies,
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Account Management
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-Link the agency with the client -Act as liaisons so that the client does not need to interact directly with several different service departments and specialists -Any other agency personnel needed
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Share of Voice
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How much a firm spends on advertising relative to other brands in the category
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Share of Market
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The predicted market share of a firm based on its advertising spending in comparison to the total level of advertising by all firms in its category
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Elasticity and its Role in Ad Investment Considerations
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Elasticity: A measure of how responsive the demand for a brand is to changes in marketing variables such as price and advertising
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4 Situations Discussed to Increase Profit and Relationship to Elasticity
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1. Maintain Status Quo (Ep, Ea both inelastic) 2.Build Image Via Advertising (Ea elastic and > Ep) 3. Grow Volume via Price Discounting (Ep elastic and > Ea) 4. Increase Advertising and/or discount prices (Ep, Ea both elastic)
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