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53 Cards in this Set
- Front
- Back
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Sender |
the originator of the message in the communication process |
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Encoding |
the conversion of the sender’s ideas and thoughts into a message, usually in the form of words or signs |
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Channel |
a voice, radio, newspaper, computer, Smartphone, or other communication mediums |
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Noise |
anything that interferes with, distorts, or slows down the transmission of information |
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Receiver |
Customer |
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Decoding |
the interpretation of the language and symbols sent by the sources through a channel |
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Feedback |
the receiver's response to a message |
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Advertising |
any form of impersonal paid communication in which the sponsor or company is identified |
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Benefits of Advertising |
Communicate to large number of people at one time. total cost to advertise is very high (on a national basis) |
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Paid media: |
(based on traditional brand model) a brand pays for media space; increasingly paid media comes in form of advertising on a website or pay-per-click on search engines |
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Earned Media: |
(based on public relations of publicity model) the idea is to get people talking about the brand -- whether through media coverage or word of mouth, including search engine optimization (SEO) |
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Owned media: |
(new form of promotional tactics) brands are becoming publishers of their own content, include company website, social media (Facebook, Twitter, blogs, YouTube, etc.); controlled by brand but keeps customer based informed about brand |
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AIDA |
(Attention, Interest, Desire, and Action) (Thinking, Feeling, Feeling, Doing) (Cognitive, Affective, Affective, Conative) |
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Attention |
Advertiser must first gain the attention of the market |
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Interest |
Create interest in the product Sell benefits not just the feature
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Desire |
Create Desire by selling the benefits over the feature |
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Action |
Communicate features and benefits more effective |
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Connect Promotion |
form relationships through social media encourage transparent information exchange customers become brand advocates |
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Reminder Promotion |
* maintain customer awareness
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Persuasive Promotion |
encourage brand switching change customers’ perceptions of product attributes influence immediate buying decision persuade customers to call |
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Informative Promotion |
* build company image
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PLC stages |
1) Informing (Early Growth) 2) Reminding (Maturity) 3) Persuading 4) Connecting |
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Effects of Advertising |
advertising and marketing services/agencies/firms employ millions of people across America field that has seen rapid growth is the data side of marketing |
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Effect of advertising on consumers |
* advertising can affect consumer ranking of a brand’s attributes |
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Advertising and Market Shares. New vs Old brands |
New brands spend less on promotion Old brands will spend less on promotion * Beyond a certain level of spending, diminishing returns set in |
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Product Advertising - Comparative vs. Competitive
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- Competitive - Don’t put down a company = insult user - Primary Demand = #1 in the Product Advertising life cycle. |
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Media in Advertising. Monitored vs. Un-monitored |
Monitored- Can be measured, to a degree Un-Monitored- Difficult to measure |
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Newspapers |
immediate, short term, “nothing older than yesterday.” |
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Magazines |
can measure sales, lond ad life-doc. offices= old magazines, expensive, long term commitment, lack urgency, can target the wrong audience. |
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Radio |
low cost, no visuals, immediate, entertaining, |
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TV |
entertaining, demonstrate, lot of people involved, cost/person outreach can be very low = (Example: superbowl ad costs $4 million but the number of people that will see it [cost/person] is very low!) |
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Internet |
fast, growing, usually a younger target audience, soon will be the way to go in ad’s., immediate feedback. |
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Outdoor Media |
Billboard, repetitive, usually the same audience that drives by. |
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Alternative Media |
bathroom ad’s, before movies in theatres |
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Free Element |
helps people like or dislike you. Can be positive+ or negative-. |
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Functions of PR |
* Difficult to control good or bad PR.
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Sales Promotion. To the consumer and trade. |
Bribery arm of our communication. Consumer-Sales promotion activities targeting the ultimate consumer. Trade- Sales promotion activities targeting a marketing channel member, such as a wholesaler or retailer |
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Trade Sales Promotion. And Push Money |
Trade- A price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers. Push Money- Money offered to channel intermediaries to encourage them to “push” products—that is, to encourage other members of the channel to sell the products. |
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Tools for Consumer Sales Promotion |
Extra free-be’s when buying a product = toothpaste + free toothbrush. Things/Incentives that make you want to come back = free ring cleaning for life with purchase of ring. PoP- Point of Purchase Promotion |
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PoP Stands for? |
Point of Purchase Promotion |
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Creative Decision |
* evaluate the campaign’s effectiveness
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Identify Product Benefits |
Ask “So?” to determine of advertising offers attribute or benefits
a benefit should answer “What’s in it for me?” |
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Advantages of Personal Selling |
* personal selling is considerably more effective than other forms of promotion in obtaining a sale and gaining a satisfied customer.
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What is relationship selling? And what is its alternative name? |
Relationship selling, or consultative: is a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships. *the focus is on building mutual trust between the buyer and seller. |
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Steps in the selling process |
* Generate Leads→ Qualify Leads→ Probe Customer Needs→ Develop Solutions→ Handle Objections→ Close the Sale→ Follow Up |
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How to generate leads |
advertising, webinars, referrals, trade shows/conventions, direct mail, networking, social media, telemarketing, cold calling |
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What are sales goals? |
* goals are stated as quotas, or statements of a salesperson’s goals. |
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Importance of Price |
* Price allocates resources in a free-market economy |
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what is price value? What is the Sacrifice Effect? What is the Information Effect? |
The Sacrifice Effect of Price- Price is that which is sacrificed to get a good or service. The Information Effect of Price-People infer quality information based on price. Value Is Based upon Perceived Satisfaction- “Reasonable price” means “perceived reasonable value.” |
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Importance of Price to Marketing Managers |
* Profit-revenue minus expenses.
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Elastic and Inelastic Demand |
Elastic Demand: consumers buy more or less of a product when the price changes. Inelastic Demand: an increase or a decrease in price will not significantly affect demand. Unitary Elasticity: an increase in sales exactly offsets a decrease in prices, so total revenue remains the same. |
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Price Skimming Penetration Pricing Status Quo Pricing |
Price Skimming: a firm charges a high introductory price, often coupled with heavy promotion. Penetration Pricing: a firm charges a relatively low price for a product initially as a way to reach the mass market. Status Quo Pricing: charging a price identical to or very close to the competition’s price. |
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Even and Odd number Pricing |
Even-number pricing implies quality Odd-number pricing implies bargain |
