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47 Cards in this Set
- Front
- Back
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What is marketing?
What does it consist of? |
Marketing is the relationship and interaction between other businesses and consumers in exchanging products.
It consists of products, consumers, businesses, relationships, culture, the marketing mix, everything that has to do with people and products |
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What is relationship marketing?
Why has it become so important? |
Relationship marketing is the act of building strong relationships between businesses and consumers.
Building this relationship is important today because businesses a one time sale is not good enough anymore. organizations want solid life-long consumers |
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IMC?
Why is it becoming so popular? |
Integrated Marketing Communication - process used to plan, coordinate and execute persuasive brand communication programs to build relations with customers, employees...etc. short term gains plus long term gains
Being adopted because of the extreme efficiency of integrating the marketing communication types |
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Promotional Mix
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Various channels in which a product is promoted, 6 different styles
1) Advertising 4) Sales Promotion 2) Direct marketing 5) Publicity/Public relations 3) Interactive/ Internet marketing 6) Personal selling Objective is to reach the target market |
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Advertising
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Any paid form of non-personal communication about a product, really beneficial, easy way to promote product, Can deliver the wrong message if your not careful
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Direct marketing
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One of the fastest growing in marketing, communicate directly with
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Interactive/Internet Marketing
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Interactive marketing is not really new but relatively, this is where people get to choose their advertising media and form. Becoming very important with the increased online activity
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Sales promotion
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Marketing activities that offer the consumer of extra value to the consumer
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Public relations
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Public relations are those marketing activities that are good for society
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Personal selling
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final element of promotional mix, person to person selling. face to face.
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Primary Demand vs. secondary demand
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Primary demand advertising is advertising for a general product ex. orange juice. Secondary demand is demand for a specific brand of orange juice
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Direct response advertising
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tool of marketing mix whereby a product is promoted through a way that promotes consumers to buy from the manufacturer.
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Consumer-oriented sales vs. trade-oriented sales promotion
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Consumer - targeted towards the ultimate user of a product or service and includes coupons, sampling, premiums, rebates...
Trade - targets intermediate aries such as distributors, wholesalers, retailers... |
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Competitive Advantage
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A skill or ability that a company has that gives it an advantage
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Market Segmentation
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Dividing up a market into distinct groups that
1) have common needs 2) will respond similarly to a market ing action |
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Geographic segmentation
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market segmentation based on regions, countries, cities...
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Demographic
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Male, female, age, race, household size....
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Socioeconomic
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Income based
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Psychographic
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Personality, Values, Lifestyle...
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80/20 rule
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80% of your income comes from 20% of your customers
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Undifferentiated marketing
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Ignoring marketing segmentation and offering one product for the entire market.
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Differentiated marketing
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marketing in a number of segments, developing separate marketing strategies for each
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Concentrated marketing
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selecting one segment and focusing on capturing a large percentage of it
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Market positioning
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Positioning a product among a segment in way that really makes it stand out, positioning of products is very important in getting your product noticed
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Positioning methods
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Product attributes and benefits - showing its specific benefits
Price/Quality - showing something really cheap, or something really high quality Cultural Symbols - very recognizable brand images, tony the tiger, keebler elves Repositioning - simply altering or changing to try and jump-start the product |
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Brand equity
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Brand equity is kind of like a strong built image that shows quality and reliability, rolex for example.
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Push/Pull promotional strategies
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Push - Tries to convince resellers that they can make a profit off their product, get them to buy it and push the product through to the customers(targets resellers)
Pull - Through advertising the organization tries to create demand for the product so that customers will ask for it (targets customers) |
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In-house agency
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an advertising agency that is set up, run, and owned by the advertiser, strategy to save money
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creative boutiques
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small add agencies that provide only creative services, writers and artists no media research
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Media specialist companies
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specialize in the buying of media particularly radio and television time
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Agency compensation
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Fee agreement
Cost-plus agreement Incentive-based system |
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Why do ad agencies lose clients
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mainly bad general business practices, poor service, communication, personality conflicts.....
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How do ad agencies gain new clients
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Referrals, solicitation, presentation or pitches, reputation......
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Direct marketing agencies
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rapidly growing promotion method where people sell directly to consumers through telemarketing, direct mail.....
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Sales promotion agencies
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sales tactics such as contests, sweepstakes, refunds and rebates to promote a product
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Public relations firms
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specializing in developing the companies pr for publicity
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Interactive agencies
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developing in market interactive tools
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Switch to IMC
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Integrated Marketing Communication - new more efficient way of marketing utilizing many different marketing channels to reach more target areas
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Source credibility - 2 important factors
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Applying Expertise - People want to se high levels of expertise
Applying trustworthiness |
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Source attractiveness
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Similarity - resemblance between the source and the receiver of the message
Familiarity - knowledge of the source through exposure Likability - an affection for the source from personal traits |
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Primary effect
Recency effect |
Primary effect - Putting the message at the beginning of the message assuming the first thing they see will stick
Recency effect - putting the message at the end of the ad assuming the opposite |
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One sided vs. two sided message
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One sided - means the adds only mention the positive aspects of the product, good with people who already like the product
Two-sided - Represents both good and bad sides, best for attracting new customers |
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suggest conclusion vs. draw own conclusions
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suggested conclusion obviously are more simple and get the target market to the product faster
More intelligent people like to draw their own conclusion |
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Refutation appeal
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A special type of two sided ad that shows both sides then refutes the opposing view, effective when trying to get new customers
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Wear-out
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when an ad begins to wear on the consumer and loose effect
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Self paced media
externally paced media |
Self paced - ads that are in print and the consumer processes at their own pace
Ex - paced - technology media that the consumer hears or sees in a certain time frame |
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Clutter
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amount of advertising in a single media, this obviously is increasing due to the high number of messages trying to get to the consumer.
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