Adv 3001 Exam 1

Front 1

ad effectiveness

Back 1

a tricky thing to achieve and measure

Front 2

agency employees are encouraged to think

Back 2

"outside of the box" or to be "disruptive" with the messages they are trying to send

Front 3

creative thinking

Back 3

involves expanding, contracting, or reshaping the boundaries of the way people normally think-- being fresh while simultaneously being relevant is key

Front 4

dealing with change

Back 4

think of it as something that occurs within a circular process-- something that occurs over time, usually involving many steps-- good managers understand how these steps interrelate

Front 5

(T/F) Markets today change far more quickly than they did as little as 10-15 years ago

Back 5

True

Front 6

What is essential in the campaign development process?

Back 6

continuous improvement over a cyclical process

Front 7

The purpose of a campaign process is to...

Back 7

develop a marketing communication plan

Front 8

marketing communication plan

Back 8

outlines the activities, ideas, and executions that take place in order to achieve campaign objectives

Front 9

marketing plan objectives usually deal with…

Back 9

sales or market share

Front 10

advertising plan objectives usually deal with…

Back 10

sales/market share OR a communication criteria (i.e. awareness or image)

Front 11

What is the objective of a strategy?

Back 11

to give the company a competitive advantage

Front 12

strategic plans consist of…

Back 12

actions that tend to be general in nature as opposed to tactics that are more specific

Front 13

process orientation

Back 13

thinking of the campaign as a series of steps or operations and focus on the interrelationship of the various elements

Front 14

(T/F) The field of advertising is not in a state of continuous change

Back 14

False

Front 15

Advertising is often referred to as what kind of business?

Back 15

problem-solving business

Front 16

To sell a product effectively it must...

Back 16

be the right product, at the right price, at the right place, and with the right promotion-- need to know how to reevaluate all of these to determine what “right” means-- for a company to have all these things the consumer must also have the "right attitude"

Front 17

the right product

Back 17

researchers often focus in on consumers’ dissatisfactions with a product rather than their needs/wants-- even the smallest, most insignificant problem can give a company a competitive edge

Front 18

successful product advertising often combines

Back 18

a knowledge of an industry or technology with an “intuitive” understanding of consumers

Front 19

the right price

Back 19

many companies today are on the relentless pursuit of cost-cutting measures (ex: Walmart, Home Depot, Target)-- Phillip Morris gave Marlboro’s a 20% price cut in 1993, acknowledging that the consumer trend of craving low prices was here to stay

Front 20

the right place

Back 20

(ex: putting McDonald’s in universities, hospitals, gas stations, etc) with the internet, many companies are growing huge databases that enable them to target narrowly defined consumers w/a minimum of waste

Front 21

the right promotion

Back 21

goal is to develop ads that the consumer can’t ignore (i.e. product placement) or by creating interesting and entertaining ads-- ZIP code marketing allows the advertisers to custom-tailor the message to their target markets and geographic location to achieve minimum waste-- companies strive to “build the brand” to add value

Front 22

What is “advertainment”?

Back 22

the convergence of advertising and entertainment that is usually used by national brands

Front 23

postmodern advertising

Back 23

challenges rationality or convention in the field-- the kind of advertising the moves people and its success is dependent on a complex mix of qualities that can be neither measured nor predicted

Front 24

things to keep in mind when making a campaign…

Back 24

1. marketing concept

2. communication concept

3. IMC concept

4. advertising campaign concept

5. strategic orientation

Front 25

the marketing concept

Back 25

provides decision makers with a framework for the planning and development of strategies for the right product, price, place, and promotion-- consumer orientation is the most important thing to take into account

Front 26

consumer orientation (1950s)

Back 26

emphasizes the importance of planning all marketing activities to satisfy the needs and wants of consumers-- this idea came about after WWII and product diversification grew to meet consumers’ needs and wants

Front 27

market segmentation (1960-70s)

Back 27

firms realized they would be more competitive by dividing up the overall market for the generic product into smaller markets or segments-- often targeting each segment with its own separate brand-- segmentation is thought of as the only way to compete in the market

Front 28

niche marketing (1980-90s)

Back 28

typically offer only products within a narrow range, but within that range they offer a fairly deep selection (basis of quality: department store vs. victoria’s secret)

Front 29

how companies can approach mass customization (2000s)

Back 29

1. create customized product after a dialogue with individual consumers to learn their specific needs/wants

2. offer a standardized product that can be modified to some extent by its users

3. market a standardized product differently to different users

4. provide individual customers with unique products w/o letting them know they have been customized for them

Front 30

personalization trend includes more than…

Back 30

customized products, methods of delivery, and selling messages; it may also lead to more variation in pricing

Front 31

marketing integration

Back 31

to implement marketing concept principles effectively, firms coordinate decisions within their major areas, such as production and finance, with those of marketing

Front 32

the basic principle of the marketing concept is…

Back 32

the firm’s activities should focus on producing products or services that satisfy existing needs and wants of the consumers

Front 33

technological fields focus on…

Back 33

exceeding wants and needs rather than just meeting them-- most people aren’t sophisticated enough to even realize they would want a certain technological innovation when it first appears in the market

Front 34

product development evolves out of…

Back 34

consumer research

Front 35

(T/F) It’s almost always necessary for a marketing plan to be written out

Back 35

True

Front 36

the communication concept

Back 36

suggests that all planning begin with consumers-- requires that originator of the message to encode info (in words or pictures) in terms of the consumers’ needs, wants, interests or problems-- the creator of the message needs to know what makes their audience tick

Front 37

communication affects…

Back 37

the way people think, believe, or feel-- communication needs to operate in harmony with the other elements in the marketing mix (ex: awareness, comprehension, attitude, or image)

Front 38

IMC

Back 38

embodies the idea that all parties involved in a campaign (PR, advertising, marketing, etc) should blend their efforts into producing seamless marketing communications-- the strategy for many large advertisers is to surround consumers with as many points of contact with the brand as is economical

Front 39

advertising campaign concept

Back 39

key to successful advertising is planned advertising-- consumers remember advertising longer when each ad helps support, reinforce, or even intensify the others

Front 40

advertising campaign

Back 40

a series of advertisements, and the activities that help produce them, which are designed to achieve interrelated goals

Front 41

plans book

Back 41

planning is the process by which one establishes the objectives, strategies, and tactics. the main quality that distinguishes a campaign from merely a collection of ideas and ads is unity-- there should be some element that weaves a thread of continuity throughout the campaign that ties all the ads together

Front 42

the best campaigns are…

Back 42

oriented and executed strategically

Front 43

strategy

Back 43

the general plan designed to give the campaign its competitive edge (the brain on a campaign)-- provides a framework for all people to operate within-- plans should be flexible in order to deal with changing situations

Front 44

a corporate strategic plan

Back 44

elements included: organization mission, strategic analysis, long-term objectives, strategy, integrated programs, financial projections, executive summary

Front 45

organization mission

Back 45

embodies what the organization is concerned with, the purpose of its existence and perhaps, why the business was started-- starting point of a strategic plan

Front 46

strategic analysis

Back 46

research foundation of a strategic plan-- identifies critical issues, and the strategic focus points that will be addressed by the advertising and marketing communications’ strategy

Front 47

long-term objectives

Back 47

statements about what each unit involved in the campaign would like to accomplish-- strategic plan objectives are usually broad and are based on an extended period of time-- marketing and advertising goals are written for no more than a year and are specific

Front 48

strategy

Back 48

the interrelationship, or interconnectedness, of all the activities planned to achieve a goal-- the best strategies are competitive in nature, designed to give the company an advantage

Front 49

integrated programs

Back 49

tactics or executions-- programs or activities that are designed to work harmoniously with other units in the company

Front 50

financial projections

Back 50

the financial expectations and the measures used to evaluate the company’s performance-- nowadays, agencies don’t usually do this type of research, some said it was like “grading your own paper”

Front 51

executive summary

Back 51

overview placed at the beginning (and sometimes at the end) of important sections

Front 52

JWT asks what 5 questions before writing a campaign outline?

Back 52

1. Where are we? (develop a situation analysis)

2. Why are we there? (identify problems)

3. Where could we be? (identify opportunities)

4. How could we get there? (develop message, media, and marketing communication strategy and tactics)

5. Are we getting there? (develop a plan to measure or track the effectiveness of the campaign)

Front 53

outline elements for a research plan

Back 53

1. where to begin the search for info

2. how to separate the search into sections

3. how to obtain the info

4. how to process the info

Front 54

instead of focusing on product info right away

Back 54

first determine prime prospects and their problems-- this will help focus on the consumer’s needs/wants

Front 55

separating research into sections

Back 55

helps to make sure certain things aren’t overlooked and helps to not have to go back later and fill in missing pieces (break up into: company analysis and consumer analysis/market analysis-- done together, product analysis/competitive analysis-- done together)

Front 56

info about company’s mission, finances, products, etc comes from where?

Back 56

primary sources like company executives

Front 57

make sure the info you are collecting is….

Back 57

objective and unbiased

Front 58

processing the info

Back 58

1. you must decipher it in order to find advantages for the people who will be working on the campaign

2. provide planners with info that is current, comprehensive, and insightful

3. analysis trumps descriptions

4. the key to doing good research is to interpret the info that is in sight, to provide insight-- looking beyond the obvious

Front 59

situation analysis

Back 59

consists of the background info that will be used to develop the campaign-- this info should be organized, focused, structured and detailed-- the beginning section of a more comprehensive plans book

Front 60

characteristics of background info

Back 60

organization- use sections that cover broad topics like the company, consumer, market, product and competition structure- inside/outside persepective (inside: strive to understand the company’s problems from its POV; outside: view of the company’s situation from the outside may provide different and valuable info) detail- it is important to provide creative and media personnel with sufficient detail to fully exploit their opportunities as well as keep their work on target and on strategy focus- detail without focus is merely info without meaningful significance

Front 61

3 most common ways to process info

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1. SWOT

2. brand audit

3. problems and opportunities focus

Front 62

SWOT

Back 62

emphasis on the company (Strengths, Weaknesses- a firm’s marketing, financial, manufacturing, and organizational competencies) (Opportunities, Threats- a situation, actual or potential, in which a firm can operate profitable/forces within the environment that threaten profitable operations)-- typically OT is investigated first

Front 63

brand audit

Back 63

emphasis on brands-- examine the brand’s history “products exist on shelves in the marketplace, brands exist in consumers’ minds”-- sometimes leads to a brand contact audit: an identification of the ways in which consumers come into contact daily, weekly, or monthly with an impression of the brand

Front 64

problems and opportunities focus

Back 64

helps identify where the company is going to have a problem or an opportunity (examine critical issues > uncover problems > identify opportunities > set objectives)

Front 65

trend analyses

Back 65

often uncover problems that barely show up in a static time frame

Front 66

sales and profits

Back 66

usually the problems and opportunities discussed deal with money-- if sales problems persist for multiple years this could hint at a problem with:

1. the company itself

2. the industry

3. overall economy

problems are usually uncovered through questioning

Front 67

internal info

Back 67

consider asking the following questions:

1. what’s the company’s mission?

2. what is the company’s culture like?

3. how ambitious is the company?

4. how much risk is it willing to incur?

5. what is the state of the company’s financial, technological, and managerial resources?

6. what are the sales trends over the past several years?

7. how profitable has the company been?

8. has the company’s share of market been going up? down?

Front 68

external info

Back 68

covers the factors or forces outside the firm that influence problems/opportunities, consider asking the following:

1. what has been the sales trend in the industry over the past several years?

2. what is the general economic climate?

3. are there any social, cultural, or political conditions detrimental to the future of the company?-- at this point analysis should not be in depth

Front 69

consumer analysis

Back 69

the key to developing successful messages is not so much to understand words and ideas, but to understand people

1. who are the consumers?

2. how do they use the product?

3. what motivates them to buy?

4. what do they look for in a product?

5. how do they look at life?

Front 70

who are the consumers?

Back 70

prime prospects for products are usually people who have used the product in the past-- the simplest way to predict future usage is to look at product usage data (where the fish are “biting not where the fish are)

Front 71

product usage

Back 71

this info is usually found via Simmons or MRI (two major syndicated research sources of product-usage info)

Front 72

how to read Simmons/MRI columns

Back 72

column a: refers to total number of people who bought or used the product that fall into the demographic on the left

column b: the percentage of the demographic segment to the left that fall into the user category at the top

column c: the percent of people who bought or used the product that fall into the demographic segment to the left

column d: compares how the demographic segment to the left used the product to the average usage for all adults

-the goal of the analysis is to describe consumers based on common characteristics

Front 73

market segment

Back 73

becomes the target audience/market if the advertising is to be directed towards that segment-- the targeting decision is a key element of the campaign strategy and should be deferred until all the individual analyses have been completed

Front 74

users are typically described by this criteria

Back 74

1. demographics

2. psychographics

3. degree of product/brand usage

4. degree of brand loyalty

Front 75

demographics

Back 75

age, gender, income, geographic location, marital status, education, race, family life cycle-- most widely used form for describing the target market

Front 76

psychographics

Back 76

info that is both psychological in nature (personality, motivation, attitude) and sociological in nature (lifestyles, activities, daily routines)-- not easy to measure, most of this info is customized to fit the specific needs of the advertiser-- info is determined through Simmons (uses personal interviews to collect info) or VALS (broken up into ideals, achievement, or self-expression motivated groups of consumers)

Front 77

degree of product/brand usage

Back 77

standard way to classify usage is to categorize consumers into heavy, medium and light users-- aiming at heavy uses usually puts the company into direct competition with the market leader

Front 78

degree of brand loyalty

Back 78

the amount of brand loyalty displayed by consumers can have a strong influence on both advertising strategy and tactics-- the most powerful type of brand loyalty measures is behavioral (ACNielsen & IRI measure loyalty)

Front 79

long loyals

Back 79

committed to one brand regardless of price or any other factor (ex: top of the line cosmetics)

Front 80

rotators

Back 80

show regular patterns of shifting between preferred brands motivated by variety rather than price

Front 81

dealer sensitives

Back 81

show a pattern of shifting between preferred brands determined by availability of special offers or incentives

Front 82

price sensitives

Back 82

follow a decision rule to purchase the cheapest option, regardless of brand

Front 83

two trends important to media planners are

Back 83

1. how often consumers buy the product (purchase cycle)

2. when consumers buy the product (seasonality)

Front 84

what motivates consumers to buy?

Back 84

examine what consumers think and feel about the product and how they use it-- consumers usually buy for one of the following reasons:

1. the product satisfies needs/wants

2. the product helps solve problems

3. the product simply arouses curiosity or interest

4. the brand makes a statement about who the consumer is or who they aspire to be

5. the consumer likes the brand or its advertising

Front 85

what do consumers look for in a product?

Back 85

if you can pinpoint how consumers expect to benefit from a product, then the most direct and effective way to advertise is simply to interpret the want-satisfying qualities of the product

Front 86

ethnography

Back 86

pertains to the observation of consumers as they go about their daily routines-- to learn about consumer lifestyle characteristics and how they use a product, an interviewer goes to a consumer’s environment, observes behavioral patterns and asks questions-- the researcher hopes to gain insight by looking for clues and relationships (think like a consumer but interpret like an analyst)

Front 87

account planning

Back 87

a system used to manage the flow of info used to develop marketing campaigns-- use traditional and nontraditional research to uncover special consumer insights that could provide the basis for a message strategy-- account planners often work alongside art directors and copywriters-- use a lot of qualitative data

Front 88

role of qualitative research

Back 88

usually conducted to develop the campaign strategy and gaining insight on consumers-- may not be as reliable or valid as quantitative data

Front 89

laddering

Back 89

a type of questioning used with depth interviews: the interviewer keeps asking questions that gradually reveal the relationship between a product’s attributes and the value it provides to a consumer-- based on the Means-End theory which loosely states that consumers use products as the means to achieve various ends-- usually the element linking an attribute to a value is a consequence

Front 90

consequences

Back 90

can either be functional (more tangible in nature) or psychosocial (more subjective)-- can be described from both negative and positive POVs and advertisers will often play up the potential negative consequences of NOT using their product

Front 91

benefit segmentation

Back 91

consumers usually buy products based on their perceived benefits rather than their attributes-- influences both the message and media strategy

Front 92

instrumental values

Back 92

they express preferred modes of conduct and behavior (being independent, loving, polite, responsible, etc)

Front 93

terminal values

Back 93

they express end states of mind or being (peacefulness, comfort, self-esteem, security, etc)

Front 94

depth interview

Back 94

aka: one-on-one-- used when info is going to be difficult to obtain using less costly techniques such as surveys or focus groups

Front 95

focus groups

Back 95

the purpose is to uncover some of the more hidden thoughts, feelings and problems consumers have with respect to the product

Front 96

telephone interviews

Back 96

useful when trying to gain a broad national sample of people-- low cost but hard to keep people talking for more than 15 mins

Front 97

mall intercepts

Back 97

most popular form of the personal interview-- this approach is especially useful when trying to gain a reaction to packaging, name change alternatives, advertising concepts, and ads

Front 98

self-administered questionnaires

Back 98

interviewer fills out questions rather than consumer-- puts interviewer in control and reduces likelihood of misunderstood questions-- two types: leave-behind or hand-delivered

Front 99

email and mail questionnaires

Back 99

used usually because of their low cost but run into problems with nonrespondents and the representation of the population-- email is more likely to elicit honest responses

Front 100

what order research should be conducted in

Back 100

1. one-on-ones

2. focus groups or other qualitative studies

3. surveys

Front 101

penetration pricing

Back 101

stealing customers that are loyal based on price-- lowering prices to compete with other brands-- need to be sure that you can hold a cheap dollar value forever and still be able to be successful and keep customers

Front 102

influencer strategy

Back 102

came about because of the internet-- endorsements, blog influencers, influencer outreach, creates a two way conversation between brand and consumer

Front 103

collaborative economy

Back 103

disruptive-- takes the norms and basic mentality of the consumer and changes the idea of how you can receive a product (ex: dollar shave club, people receiving good/services from other people like airbnb or uber)

Front 104

what are the 5 P’s of marketing?

Back 104

1. product

2. price

3. promo

4. place

5. people

Front 105

product

Back 105

can be goods or services-- deals with branding (name, identity, experience and features of product), packaging (protect, enhance, promote), warranty (none, limited, full, extended), product class (B2B, B2C)

Front 106

differentiation/perception map

Back 106

graph that shows where your product fits in comparison to others based on certain criteria-- hone in on points of differentiation and discover your most unique selling point

Front 107

USP

Back 107

unique selling point

Front 108

primary research

Back 108

collected by a researcher through focus groups, surveys, observation, etc-- more expensive

Front 109

secondary research

Back 109

research that is usually consented first because it is already done for you (census, government data, etc)

Front 110

(T/F) in consumer packaged goods, it costs more than $20 million to introduce a new brand and 80-95% of those brands flop

Back 110

true

Front 111

CPG

Back 111

consumer packaged goods

Front 112

strategic questions for marketing a new product

Back 112

1. hold price or hold brand?

2. drop rice to drive adoption? (introductory price and how long can you hold that price point?-- comes down to what you can afford)

3. use promo to drive adoption? (BOGO, rebates $1 off next purchase, etc)-- make sure it’s in a brand specific way

4. how much money is needed to support?

5. how is money best spent? (ex: why is 75% of the budget best going to online ads vs. print ads?)

6. can your product hold through copycats? (people will copy you if you’re successful)

Front 113

why new products fail

Back 113

1. no unique benefits (they don’t differentiate themselves well enough or position themselves with the consumer in the right way)

2. underestimate the competition

3. design of the product is wrong

4. production costs are too high (how much it will actually cost to execute needs to be determined in the beginning)

5. no marketing plan or lack of funds to support

Front 114

sales journey of a product

Back 114

1. market intro

2. market growth

3. market maturity

4. sales decline

Front 115

product life cycle

Back 115

most important part is to expect and plan how the cycle will go and how you can adapt-- important to know what’s going on in the world and with technology trends)

Front 116

product features vs. product benefits

Back 116

you sell the hole, not the drill idea of selling the end benefit-- if you hear something that doesn’t make you care more than its not a benefit

Front 117

hierarchy of messaging

Back 117

keeps the message consistent, clear and apparent in order to inspire a response-- determine your three most important messages you want to showcase in order

Front 118

packaging

Back 118

the purpose of packaging is to sell an uncommitted customer or make it easy to identify for a committed/referred customer-- extensive package testing should be done to make sure message hierarchy is effective (messages like 50% more, 150 calories, etc)

Front 119

three rules of packaging

Back 119

1. tell the truth and tell your story

2. make it functional

3. protect the product

Front 120

price

Back 120

the single most important decision of evaluating a business is pricing power-- when you can raise your price by 10% and people don’t flee away thats good-- if they do your product/brand sucks-- cheaper is the last refuge of the marketer unable to invent a better product and tell a better story

Front 121

price and your core customer

Back 121

when you open up your inventory for a cheaper price to the entire population and your loyal, core customers paid full price they may get upset-- you need to manage expectations and analyze a price change that won’t jar your loyal customers

Front 122

skim pricing

Back 122

the demand is high, increase price then gradually lower price over time (city does this with power bills)

Front 123

diffusion of innovation

Back 123

a theory that seeks to explain how, why, and at what rate new ideas and technology spread through cultures-- innovators > early adopters > early majority > late majority > laggards-- elements involved with diffusion research: innovation, adopters, communication channels, times, and social systems

Front 124

quantity discounts

Back 124

push to buy in large amounts

Front 125

seasonal discounts

Back 125

push to buy early, off season, or in season

Front 126

cash discounts

Back 126

pay with cash or pay within a certain time frame

Front 127

NET deals

Back 127

means you pay within a certain amount of time (ex: NET 30: pay within 30 days)

Front 128

allowances

Back 128

advertising, stocking, spiffs-- these don’t lower prices they incentivize employees to sell (ex: when a best buy employee tries to sell you a samsung TV bc he’ll get entered to win a trip)

Front 129

flat rate by purchase amount

Back 129

done through analysis and knowing your numbers and prices of all products to see how much more you can get someone to spend to reach the flat rate limit (free shipping when you spend $50)

Front 130

(T/F) more sales do not equal more profit

Back 130

true

Front 131

total fixed cost

Back 131

cost that will never change no matter how many are produced

Front 132

total variable cost

Back 132

changing expenses that are tied to output

Front 133

total cost

Back 133

add fixed and variable

Front 134

average cost per unit

Back 134

how much does one unit cost

Front 135

above/below the line pricing

Back 135

the “line” refers to gross profit, above the line is sales and cost of goods (COGS), below the line are operating expenses, interest and taxes-- above the line items tend to vary more in the short term than below the line expenses

Front 136

marketing price point and competition

Back 136

value has changed (more people are spending money on experiences vs. the best deals)-- need to find out what is most important to the customer-- connections have value, knowing your audience and what they find valuable is key (ex: giving business people free internet at a hotel vs. making people pay for it at a resort bc they don’t really need it as much)-- value doesn’t always mean lower prices

Front 137

sweepstakes

Back 137

chosen by luck-- everyone has the same chance-- more entries bc of less requirements (most likely just name and email needed)

Front 138

contest

Back 138

winner is chosen on merit or skills-- less entries bc of requirements (essay or written submission-- photo submissions will have more submissions than video-- the least submissions are usually found in video contests)-- need to set rules and a period of time for entry and end date (legal needs to be involved)

Front 139

lottery

Back 139

money is exchanged for luck-- you can never require someone to pay money to get into something-- its illegal, thats why big brands can’t do this or they’d be sued

Front 140

concepting process

Back 140

marketing goal (raise awareness, collect data, and gain loyalty amongst existing customers

Front 141

importance of brand experience

Back 141

experiences that your customers have=experiences they share (word of mouth)-- how consumers make decisions are altered by these thoughts (written reviews and yelp)--manage expectations (ex: can’t put super photoshopped pictures online and then have the reality be completely different)

Front 142

making a good consumer experience

Back 142

architect your customer experience and obsess-- obsess about the little problems they may face and understand how the customer gets where they are and try to make the best out of any situation

Front 143

keeping customers happy

Back 143

if you think your customers are idiots and express that belief to your staff they will think that about your customers as well and the brand and experience will suffer-- the 5th “P” is people!

Front 144

purpose of data

Back 144

data is email, age, name, etc-- needs to be the core of every marketing effort (helps to be able to remarket to people-- frequency of message goes up by catching people in multiple channels)-- helps to get people more active in your brand

Front 145

how to change conversion rates

Back 145

promos, content marketing: better experience, better path to purchase, better reviews

Front 146

new vs. existing customers

Back 146

spend more energy on existing customers than on acquiring new ones (costs you 60% more to get a new customer)-- consume yourself with customer experience

Front 147

marketing and operations

Back 147

marketing and operations are colliding-- employees need to be aware of things happening going on on social media (ex: Jameis cheese puff promo at Madso, employees needed to be aware of that so when customers asked they wouldn’t tell them the wrong thing)

Front 148

PnL

Back 148

profit and loss statement-- knowing where and how you’re spending money and where you can cut costs

Front 149

importance of features and benefits

Back 149

they’re only important if people talk and share (you want to build and create things that are remarkable because then people will remark about them-- ex: view of doak at madso)-- earned media value

Front 150

IMC

Back 150

term defined by the 4A’s 1989-- utilizing numerous marketing channels to accomplish business goals while ensuring the spirit of the brand remains consistent

Front 151

digital media and the agency model

Back 151

digital broke the agency model-- its hard to connect all the disciplines (digital & social, pr, print, etc)

Front 152

(T/F) being on brand is key because brands last forever

Back 152

true

Front 153

RFP

Back 153

request for proposal-- sent out and people respond by a certain date with the agencies credentials: from there 3-5 agencies are invited to give a full pitch (usually 60 minutes-- timing is CRUCIAL to the client)

Front 154

culture

Back 154

any group of people defined by one trait

Front 155

empathy

Back 155

needed because change is hard for people

Front 156

positioning

Back 156

perception of the brand in a consumers mind

Front 157

paid media

Back 157

taking owned content and paying to get it in front of an audience

Front 158

owned media

Back 158

photography, website, commercial-- your owned property should be so good that you want to pay to promote it

Front 159

earned media

Back 159

PR is the traditional form of this-- with social media this amounts to shares, comment, retweets, reviews, etc-- word of mouth marketing

Front 160

four career choices

Back 160

1. agency

2. brand (corporate)

3. non-profit

4. entrepreneur

Front 161

agencies have two roles

Back 161

keep money coming the door (by means of “retainer” or project work) and to make the client money

Front 162

integrated agency

Back 162

many disciplines under one roof (PR, TV, radio, social, website, email marketing, etc)

Front 163

specialized agency

Back 163

focuses primarily on one aspect of a client’s needs (only one medium/channel is tackled)

Front 164

boutique agency

Back 164

small agency that can be integrated or specialized-- sometimes have a “Less is more” approach

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standard hourly agency fee

Back 165

$150/hr

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retainer

Back 166

a determined fee that includes a certain range of services (can be negotiated)

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traditional advertising

Back 167

1. brand messaging

2. TV (cable and broadcast)

3. radio

4. radio

5. OOH

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non-traditional advertising

Back 168

1. digital (paid search and banner ads)

2. email marketing

3. social media

4. guerilla marketing

5. event-based marketing

6. cause-based marketing

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account executive/account service

Back 169

typically known as the “sales guy”-- takes idea and pitches it to client (the client’s eyes inside the agency)-- has to understand the brand more than anyone else, maintain profitability for agency and deliver good and bad news

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account/strategy/brand planning

Back 170

owns the voice of the consumer (and their data)-- able to analyze research and find consumer truths and insights-- works closely with creative

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creative

Back 171

work with account execs to manage clients and work with project management/traffic to get work done

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traffic, production, project management

Back 172

responsible for moving jobs through agency-- knows everyone’s schedules and timelines-- know the least about what the actual work is trying to accomplish they just know it needs to be done-- constantly need to be balancing time, money, and quality

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media

Back 173

relationship driven, always trying to find the most bang for your buck-- must work with creative to let them know what can be done within budget

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PR

Back 174

manage the “earned media”-- beg, borrow, steal to make things work-- have to hustle and problem solve

Front 175

marketing funnel

Back 175

marketing campaign > awareness > interest > evaluation > commitment > referral > repeat

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real time media

Back 176

goal is to drive brand awareness at real time events-- must add to the experience (can’t crowbar yourself into an experience, purpose should be relevant to topic and brand)

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cause-based marketing

Back 177

mutual benefit between a for-profit and a non-profit entity (not necessarily tied to giving away money)-- auctions, event creation, sponsorship, benefits, licensing products, funds from company (donation with purchase)-- concerns with “slacktivism”-- cause-based can be active or passive-- must balance brand goals, audience interests, and charity goals

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event-based marketing

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fits into the theory of keeping people involved and active in your brand-- if people (consumers and employees) aren’t into the idea, it will fail)-- lots of work to plan and there are many details to keep track of, must have PnL

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(T/F) one large event is better than various smaller ones

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true-- go big or go home

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mobile marketing

Back 180

moving from city to city

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event based with an existing event

Back 181

a lot less labor involved-- consult a calendar to see what’s going on in the area and choose the most relevant event to pair with-- decide whether or not you’d be able to compete with other events going on at the same time-- competing for people’s time, money and attention-- (ex: professional: trade shows, association meetings or non-professional: 5k, charity events)

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questions to ask when planning an event

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1. how many people will attend?-- make sure to manage expectations

2. what is expected of me as a marketer?

3. who else is sponsoring? (ex: not wanting the moe’s logo right next to chipotle-- affiliation problems with different brands and perception in people’s minds

4. what else can we do to drive immediate business? getting data to remarket in the future

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content marketing

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if a brand is a series of stories, content marketing are snippets of content that allow you to tell a story-- creating and distributing valuable, relevant and consistent content to attract and acquire a clearly defined audience-- considered “pushing” information

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inbound marketing

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online marketing that is used to get leads or sales (reviews become traffic)-- starts ONLINE and generates talk through likes, shares, and articles, etc-- visitors > prospects > leads > sales-- considered “pulling” information (sharing and finding it on their own)

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how to make the best content

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building content for content’s sake, not trying to fit into a certain time constraint-- good content makes a deeper connection with the consumer when they’re making buying decisions (ex: the story behind toms)-- appeals to emotions to get attention and raise awareness

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(T/F) all inbound marketing is content marketing but not all content marketing is inbound

Back 186

true

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what is content?

Back 187

copy, images, and video (these things go hand in hand)

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youtility

Back 188

the premise that content has to be useful-- a well informed consumer is much more likely to purchase vs someone continually nagged through promotions-- need empathy

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comparison shopping

Back 189

companies don’t want consumers to comparison shop-- they want them to shop at their stores because of what their brand name represents-- names have value/equity

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brand equity

Back 190

naming a product provides a consumer with something tangible they can use to associate with thoughts, feelings and images-- can sometimes inspire future purchases

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flow chart of campaign process

Back 191

situation analysis > determine equity > identify problems > uncover opportunities > define target market > develop strategy > execute tactics

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price competition

Back 192

price competitors often devote so much of their effort to being the low-cost producer that they have insufficient resources left over for product development-- the more value a company can add to its brand the less likely it will have to compete on a price basis

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importance of brand names

Back 193

successful companies of the future will not build brand equity so much as they will pursue brand equity-- to build a good brand equity you have to solve problems and exploit opportunities

Front 194

a problem defined by marketing

Back 194

any barrier or situation that makes it difficult to achieve an objective, whether past, present, or future-- of all the parts in a marketing mix, promotion is the easiest to manipulate and frequently the easiest to get wrong-- if a company is good and solving problems they may be able to turn them into opportunities

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opportunity

Back 195

a situation or circumstance that can potentially give the company a marketing-- to pursue opportunities, firms usually need resources from finance, production, and marketing

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visionary

Back 196

someone who sees an opportunity and understands whether the company has sufficient resources to take advantage of it-- dreamers see opportunities but can be unrealistic about them

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four basic ways of increasing sales

Back 197

1. get current users to continue using the brand 2. get current users of the brand to use more of the product

3. find new uses for the product

4. find new users

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the most important opportunity

Back 198

must identify where the business is going to come from (i.e. the target audience or target market)

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undifferentiated market

Back 199

treats the audience as one mass market-- must use broad but fairly creative appeals to be effective with so many diverse subgroups

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heavy half

Back 200

the largest segment of an overall market

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differentiated market

Back 201

most widely used-- companies may:

1. divide the market into segments

2. identify a target audience, or market, and refer to target groups within that category

3. simply call all targets market segments

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concentrated market

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aka: market niche-- assumes that a firm will achieve more success targeting a smaller segment in the overall market than by competing directly against the market-share leader in all segments-- run the risk of losing the largest segment to another, usually larger, company

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objectives

Back 203

done after the target market is defined-- translates opportunities into objectives-- the desired end of an action, what one expects to accomplish

Front 204

function of objectives

Back 204

objectives provide direction-- setting objectives serves to communicate to all those charged with the responsibility of achieving the objectives exactly what is expected of them-- provides accountability

Front 205

marketing vs. advertising goals

Back 205

advertising can be thought of as the stimulus that produces a response or effect-- the effects that intervene between advertising and sales are usually the goals that advertising, or any other type of marketing, should strive to accomplish

Front 206

single source data

Back 206

the data on media exposure, sales promos, pricing and product usage all come from the same sample

Front 207

DAGMAR approach

Back 207

suggests five steps through which a brand must climb to gain acceptance:

1. unawareness

2. awareness

3. comprehension and image

4. attitude

5. action

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objectives and action words

Back 208

the desired outcomes of advertising often have action words associated with them such as: establish, maintain, or increase

Front 209

unit oriented objectives

Back 209

objectives should be set for each unit in an organization that performs a task-- objectives should not be set for a unit unless that unit can achieve the desired result independently

Front 210

unit linked objectives

Back 210

all efforts that are oriented toward goals should be linked with one another-- objectives should be compatible (ex: media & creative goals)-- these types of objectives helps to avoid overlap, a situation when two units are responsible for accomplishing the same thing or underlap, when no unit is assigned the responsibility of achieving a result

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output oriented objectives

Back 211

focuses on the end result rather than the activity is a better indication of advertising effectiveness-- lends to evaluation

Front 212

time bound objectives

Back 212

objectives should reflect an expectation that specific results will be achieved by specific dates-- allows for evaluation

Front 213

realistic objectives

Back 213

should be attainable-- sometimes execs set goals at levels they do not expect to achieve just to have something to aim for (called stretch objectives)

Front 214

common effectiveness objectives

Back 214

certain responsibilites relating to effectiveness are common to most units-- established standards that state the obvious (ex: do the best job for the least amount of money, be creative, etc)

Front 215

singularity of purpose

Back 215

each objective should be worded so that only one result is associated with each statement

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measurable objectives

Back 216

if an objective is to provide accountability, it must be measurable

Front 217

specific objectives

Back 217

helps provide a sense of direction for the unit and establishes benchmarks against which the unit’s effectiveness can be evaluated

Front 218

cost-effective objectives

Back 218

some type of marginal analysis or ROI should be employed because some goals are just too costly to accomplish

Front 219

(T/F) its usually easier to measure direct behavioral (i.e. sales) effects than communication effects

Back 219

true

Front 220

ROI opportunities

Back 220

help companies prioritize decisions on whom to target, how to reach them, and how much to spend

Front 221

a good strategy

Back 221

anticipates consumer responses and competitive reactions, identifies the actions that will give the brand a competitive edge-- focuses on message content and the ways the message is delivered-- works over time, both during a campaign and from one campaign to another

Front 222

why classic approach advertising isn’t as effective anymore

Back 222

1. too many product similarities- hard to interpret the want-satisfying qualities of the product when there isn’t much of a difference in relation to competitors

2. too many ads- info overload leads to consumers ignoring and avoiding advertising

3. too many promises- consumers are more media savvy than ever and thus, harder to convince-- very skeptical

Front 223

strategic foundation

Back 223

1. determining the selling focus

2. managing brand equity

3. positioning the message

4. funding of the marketing or communication program

5. targeting and delivering the message -- at the center of each of these elements there should be a strategic focal point

Front 224

selling focus

Back 224

evolves out of the situation analysis-- regardless of the selling focus there should always be some effort to build the brand

Front 225

(T/F) brand equity is the most important part of a communication strategy

Back 225

true

Front 226

targeting

Back 226

usually devolve to questions about the efficiency with which the media is delivering messages to target audiences

Front 227

transaction-oriented advertising

Back 227

designed to specifically promote a sale (usually short term)

Front 228

managing demand

Back 228

for a product requires the company to gain some measure of control over the thoughts and feelings consumers have with respect to a product

Front 229

brand-building activities

Back 229

object behind them is to generate consumer loyalty to the products a company sells

Front 230

(T/F) perception is often more important than reality

Back 230

true

Front 231

managing brand equity

Back 231

brand opportunities must be cultivated and nurtured, its position in the market reinforced and intensified, and its problems dealt with by protecting and defending the brand from any situation that would undermine its status in the marketplace-- implies a proactive strategy

Front 232

what brand equity is based on

Back 232

1. brand loyalty

2. name awareness

3. perceived quality

4. brand associations

5. other proprietary assets like patents, trademarks, etc

Front 233

brand loyalty continuum

Back 233

brand awareness > brand acceptance > brand preference > brand insistence

Front 234

brand awareness

Back 234

can range from a point where consumers are barely familiar with the brand name to a point at which the brand is the first word that comes to mind when the product category is mentioned

Front 235

brand acceptance

Back 235

when consumers find several brands in product categories satisfactory and appear willing to base their purchase decisions on a sale price or a coupon

Front 236

brand preference

Back 236

a brand can achieve leadership in a category even when it is only preferred slightly

Front 237

brand insistence

Back 237

consumers will take no other substitutes for a brand

Front 238

cultivating brand loyalty

Back 238

many companies cultivate brand loyalty by extending the marketing concept-- by giving people not only what they want but also “more”: more attention, more recognition, more satisfaction-- in short, giving them more value

Front 239

relationship marketing

Back 239

the key to developing a relationship with consumers is attitude-- companies that use this approach understand that making the sale is only part of the transaction-- companies can forge a positive relationship at all 3 stages of a consumer’s experience with a brand:

1. before the purchase

2. while the consumer is using the product

3. after a customer has stopped using or purchasing the brand

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how awareness contributes to a brand’s equity

Back 240

1. a name provides an anchor to which you can attach other associations

2. a recognizable name provides a sense of familiarity that people usually like

3. a well-known name signals that there is substance and commitment behind it

4. a well-known name signals that others have found the brand worth considering

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stages of awareness

Back 241

no awareness > slight awareness > generally aware > very aware > extreme awareness

unaware of brand > brand recognition > brand recall > top-of-mind awareness

Front 242

recall

Back 242

measured by asking respondents to name a brand within a product category without any prompting or aid

Front 243

brand recognition

Back 243

weakest form of awareness-- measured by simply asking respondents if they recognize any of the names an interviewer mentions

Front 244

top-of-mind awareness

Back 244

can be a distinct advantage to a brand in certain categories-- usually helps to be the first name considered for impulse items and products in categories where many of the brands are comparable in quality and have achieved brand acceptance

Front 245

perceived quality

Back 245

its a planner’s job to indicate which perceptions should be reinforced and which should be changed-- harder to change the perception of an established brand than creating a perception of a new brand

Front 246

brand associations

Back 246

associations can influence perceptions, increase brand awareness, and build brand loyalty-- common associations are with celebs, places, characters, ideas, and words

Front 247

brand protection

Back 247

protecting the equity in a brand can be viewed either as a core element in a strategic plan or as a mindset that should pervade all aspects of any campaign-- implies a defensive strategy

Front 248

positioning the message

Back 248

refers to the way advertisers try to get consumers to think or feel about their products in relation to some context (emotion/experience)-- consumers seem to have a perceptual map in their minds that places one product in relation to something use

Front 249

competitive positioning

Back 249

implies that the company is willing to sacrifice some component of the overall market to be more effective within a narrower focus

Front 250

how to position a product

Back 250

1. by product characteristics or customer benefits 2. by a price-quality relationship

3. by use or application

4. by product user

5. by product class

6. by cultural symbol

7. by competitor

Front 251

funding the marketing communication program

Back 251

share of media expenditures=share of media voice=share of mind & heart=share of market

Front 252

all you can afford appropriation method

Back 252

use of this appears to be in decline-- this method is simple and for companies with limited resources may be the only option

Front 253

percentage of sales appropriation method

Back 253

multiplying past or anticipated sales by a certain percentage to determine the amount of money to be appropriated for the marketing communication budget-- useful if the decision maker’s expertise doesn’t lie in advertising

Front 254

competitive parity appropriation method

Back 254

uses the competition’s expenditures as a benchmark against which the company determines its strategy

Front 255

objective and task appropriation method

Back 255

most logical method but most difficult to use-- a planner must first define specific objectives then determine the various tasks required to achieve them, then estimate the cost of implementing the tasks

Front 256

targeting and delivering the message

Back 256

it’s easy to argue that the decision to determine the target audience should be made before the strategy and tactics are determined-- but the positioning can be modified if new opportunities present themselves

Front 257

media-oriented approach to marketing mix

Back 257

views each type of communication as a means of delivering messages or impressions to consumers

Front 258

message-oriented approach to marketing mix

Back 258

each medium, or type of marketing communication, can be looked at in terms of its ability to effectively deliever certain types of info

Front 259

network TV

Back 259

delivers a strong brand identity

Front 260

magazines

Back 260

good way to show product detail

Front 261

newspaper

Back 261

localizes and generates a sense of immediacy

Front 262

internet

Back 262

enables site visitors to interact with ads

Front 263

brochures

Back 263

deliver specific info

Front 264

radio

Back 264

reminds consumers to act

Front 265

outdoor

Back 265

size and location can be powerful reminders of ad message

Front 266

PR

Back 266

provides info that is more highly credible

Front 267

infomercials

Back 267

provide in-depth persuasive info

Front 268

store displays

Back 268

stimulate action at POS