mkt 350 – Flashcard
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Media strategy -definition
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Process of analyzing and choosing media for an advertising and promotions campaign
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Media planning-steps
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-Analyze the selected target market - marketing analysis to review plan - review advertising analysis and strategy - state media to be used - schedule media - justification and summary
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Reach
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The number of people, households, or businesses in a target audience exposed to a media vehicle or message at least one time during a given period of time
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Frequency
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The average number of times an individual, household or business within the target market is exposed to a particular advertisement over a period of time
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Cost
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Measure of overall expenditures associated with an advertising program or campaign
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CPM
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Cost per thousand calculated = (cost of media buy/ total audience) x1000
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Continuity -definition
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The exposure pattern or schedule used in an ad campaign
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Continuity- characteristics
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-continuous - pulsating (some advertising throughout the year with increase in advertising at select times) - flighting (advertising at special intervals through the year, with no advertising in between)
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Advantages of tv ads
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High reach High frequency potential Low cost per contact Segmentation thru cable Quality creative opportunities
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Disadvantages of tv ads
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Clutter Channel surfing High cost per ad Low recall
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Advantages of radio
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Lower cost per spot than tv Low production costs High segmentation
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Disadvantages of radio
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Short exposure time Low attention Target duplication when several stations use format
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Advantages of outdoor advertising
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Large spectacular ads possible Can select specific geographic areas Broad reach Long life
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Disadvantages of outdoor ads
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Short exposure time Brief message Cluttered travel routes
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Advantages of magazine ads
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High market segmentation Target audience by interest in magazine High color quality Long shelf life
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Disadvantages of magazine ads
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Declining readership High level of clutter Long read time High cost
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Advantages of newspaper ads
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Geographic selectivity High flexibility Good place for coupons
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Disadvantages of newspapers
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Short life span Major clutter Poor color quality Competition from internet and digital visions
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Key characteristics of web 4.0
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Customer engagement Cloud operations Web participation Engagment in the business model Monitiring social feeds is key to harnessing power and controlling
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Elements of e-commerse site
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Channel integration Brand engagement -blogs - customer reviews - social engagement - personalization (welcome by name) - customization (locate stores by web/mobile/print out) Avoid shopping cart abandonment - show additional cost upfron- make check out easy -easy to enter discount - safe check out
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E-commerse customer incentives
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Financial - lower prices - free shipping Convienence - 24/7 order ability Value-added incentives - special, customized deals
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Mobile marketing
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Understanding how individuals use mobile devices Understanding nature of mobile shopping Geo-targeting (as are only displayed to those logging in from a specific area) Push notifications, coupons, etc
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Interactive marketing
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Development of programs that create interplay b/t consumers and businesses by featuring 2-way communication and customer involvementb
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IMC programs
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Designed to engage the consumer with the company and the product
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Elements of effective interactive marketing strategy
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Cultivate and attitude of giving Gain trust of customers Sythesize what your brand stands for into a few words Choose the best communication channels Evaluate and adjustst as needed
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Widgets
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Mini apps embedded in a banner that permit a consumer to access to some form of dynamic content provided by an external source
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Dwell rate
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Proportion of ad impressions that resulted in users clicking on an ad or mousing over it
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Dwell time
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Amount of time engaged in an ad
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Search engine optimization (SEO)
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Process of increasing the profitability of a particular company's website emerging from a site - paid search (google ad placement, google ad words) - organic or natural search (content and keywords)
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Web analytics- definition
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Analyzing where consumers engaged on a company's website
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Effective buzz marketing elements
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The brand must stand out Memorable ads Intriquing, different ads Ad gets customer invlolved
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Guerilla marketing
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Designed to obtain instant results using limited resources and money - typically relies on alternative media tactics and creativity
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3 main sources of buzz marketing
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True customers Paid/sponsored people who tell others Employees who pretend to be customers and then tell others
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Product placement
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Planned insertion of a brand or product into a movie, tv or show program or some other medium with the planned purpose of influencing viewers - Low cost per viewer
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Branded entertainment definition
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The product is woven in as a part of a storyline
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Elements of successful branded entertainment
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- Right media - Supporting promotional activities - Consumer attitudes towards placement - Placement characteristics - When placement seems logical
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Video game advertising
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In-game ads Rotating in game ads Interactive ads Gamd related websites Advergames Sponsored downloads
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Why are brand communities formed?
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Affirmation of the buying decision Social identity and bonding Go swap stories To swap advice and help others For feedback and new ideas
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What tactics do companies use to enhance brand community?
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Create member benefits to encourage new members Sponsor special events and meetings Promote communication among members of the group Build a strong brand reputation
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Database marketing
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Involves collecting and utilizing customer data for the purposes of enhancing interations with customers and developing customer loyalty - Emphasize identifying customers and building relationships
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Operational database
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Contains the transactions individuals have with the firm and follows accounting principles
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Marketing database
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Info about customers thrmselves, purchasing patterns and histories and preferences
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Geocoding
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The process of adding geographic codes to each customer record to the person can be located on a map
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Purpose of database coding and analysis
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Ability qto personalize marketing messages to customers
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Lifetime value definition
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Represents the profit potential of a customer throughout the lifetime of the relationship
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Key figures in lifetime value
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Revenue Costs Retention rates Visits or purchases per time period (usually per year)
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Data mining
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Program used to develop a profile of a firms best customers
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Two approaches to data mining
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-Building profiles of customer grouos -Preparing models that predict future purchase behavior based on past purchases
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The internet is important for customer communications because
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-it is the cheapest form if communication - it is available 24/7 - metric analysis shiws if customer reads message, when read, and how much time read - customer can access additional info whenever they want - it can build a bond with customers
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Permission marketing
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The company only sends promotional info to customers who give permission
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Advantages of permission marketing
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-Higher response rate -Marketing costs are reduced, you don't contact people who don't want your info - customers can be reached via phone, mail or email
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Customer Relationship Manager (CRM)
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Allows companies to use databases to customize products and communications with cutomers with the goals of higher sales and profits
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CRM do not have a good track record because they:
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-fail to identify markerts -are technology driven rayher than customer driven -stalk, rather than woo customers
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Direct marketing definition
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Targeting if products to customers without the use of other channel members
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Direct marketing channels include:
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Mail Catalogs Telemarketing Mass media Internet Email
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Examples of consumer promotions
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Coupons Premiums Contests and sweepstakes Refunds and rebates Sampling Bonus packs Price offs
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Premiums definition
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Prizes, gifts or other special offers consumers receieve when purchasing products
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Successful premiums should:
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- match premium to target market - reinforce the firms image - be related to the firms products - integrated with there components of IMC program
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Promotion prone
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Individuals who regularly respond to coupons, price offs, premiums, etc
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Brand loyalty
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Purxhase on particular brand and do not substitute regardless of deal
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Price sensitive
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Consumer for whome price in the only consideration in a purchase decisin
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Trade promotions
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Expenditures or incentives used by manufacturers and other members of the marketing channel to help push products through to reailers
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Trade shows
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Present a situation in which the manufacturers sales team can meet directly with decision makers and buyers from b2b clients
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Click throughs
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Primary method used to measure the impact of onlind advertising
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Length of engagement
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How long users spend at a website attached to a widget
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Behavioral evaluations
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Primary evaluation - sales Measures results Not all communication objectives are measurable Promotions are easier to measure than advertising
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Bahavioral measures
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Sales Response rates Redemption rates Test markets
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Why advertising rates are difficult to measure
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Influence of other factors Delayed impact of advertising Consumers changing their minds Brand in consumers evoked set Level of brand parity
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Test markets are used to assess
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Ads Consumer and trade promotions Pricing tactics New products
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Test markets are:
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A Cost effective way to evaluate prior launch Resembles actual situation Design test market to model full marketing plan Length of test market is a concern
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Evaluating an IMC program
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Greater demand for accountability ROI of advertising and marketing No agreement on marketing ROI by marketing execs - difficult to measure ROI : 70% - diffi ult to refine ROI: 70
