Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
34 Cards in this Set
- Front
- Back
|
Alternative Marketing |
Buzz, word-of-mouth, and lifestyles and times when consumers are relaxing and enjoying hobbies and events. Integrating these venues using one coherent IMC program that speaks with a clear voice and message should be the goal. |
|
|
Examples of Alternative Marketing |
Buzz marketing, guerrilla marketing, product placements and branded entertainment and lifestyle marketing. |
|
|
Buzz Marketing Definition |
Word-of-mouth marketing, emphasizes consumers passing along information about a product. |
|
|
Buzz Marketing Examples |
Brand Ambassadors (customer evangelists), company employees and consumers who like the brand (family and friends) |
|
|
Guerrilla Marketing |
A program that seeks to obtain instant results using limited resources. Tactics rely on creativity, quality relationships, and the willingness to try unusual approaches within places where customers eat, drink, shop, hangout and sleep. It emphasizes a combination of media, advertising, public relations and surprises to reach consumers. |
|
|
Examples of Guerrilla Marketing |
Chick-fil-A using the cows on top of a water tower or billboard |
|
|
Lifestyle Marketing |
Involves identifying marketing methods associated with the hobbies and entertainment venues of the target audience. This includes contacting customers at places such as a farmers market, festival, garage sales, flea markets, races. |
|
|
Examples of Lifestyle Marketing |
Red Bull gave away free samples to people attending sporting events. Toyota gave away t-shirts at a concert. |
|
|
Experiential Marketing |
Combines direct marketing, field marketing and sales promotions into a single consumer experience. It engages the customer with the brand, rather than just giving them a free sample |
|
|
Examples of Experiential Marketing |
Cotton t-shirts had a traveling mall exhibit where consumers could have a look inside their favorite country singer’s closet and also record “The Fabric of our Lives” which entered them into a sweepstakes to win money. |
|
|
Product Placement and Branded Entertainment |
The planned insertion or integration of a brand or product into a movie or TV show or storyline. |
|
|
Examples of Product Placement and Branded Entertainment |
American Idol features Coke, movies with airlines featured |
|
|
In-Store Marketing |
60 % of consumers make purchase decisions in the retail stores due to POP displays, video screens, posters, music, taste and smells, and the overall atmosphere |
|
|
Database Marketing |
Involves collecting and utilizing customer data for the purposes of enhancing interactions with customers and develops customer loyalty. This involves the understanding of lifetime values and the development of retention and enhancing customer loyalty. |
|
|
Lifetime Customer Value |
This represents the present value of future profits a customer will generate over a lifetime in a relationship with a brand. Key figures used to calculate lifetime values are revenues, costs, and retention rates/advertising. |
|
|
Data Mining |
Involves using computer analysis software to mine data for meaningful information and relationships. Good customers can be examined or targeted product offerings. Trawling is the process of searching the database for specific information. |
|
|
2 Benefits of Data Mining |
1.Build profiles and customer segments 2.Preparing models that predict future purchases |
|
|
Customer Relationship Marketing (CRM) |
CRM allows companies to use databases to customize products and communications with customers, with the goals of higher sales and profits. Getting the “share of customer”. |
|
|
Goal of Database Marketing |
The overall goal of database marketing and data mining is build one-to-one marketing communications with customers using, reliance on customer profiles, inbound telemarketing, trawling |
|
|
Sales Promotions |
Consist of all of the incentives offered to customers to encourage product purchases. This helps to build brand awareness and improve a brands image. |
|
|
2 Forms of Sales Promotions |
Consumer Promotions & Trade Promotions |
|
|
Consumer Promotions |
These are incentives given directly to customers and potential customers. These are aimed at consumers and B2B as an end use. Advertising created the interest and excitement that brings the consumer to the store. Consumer promotions lead to the final decision to buy an item. |
|
|
5 Examples of Consumer Promotions |
Coupons Contests & Sweepstakes Sampling Discounts Rebates |
|
|
4 Categories of Consumers |
Promotion-Prone Customers Price-Sensitive Consumers Brand-Loyal Consumers Brand-Preference Consumers |
|
|
Public Relations |
PR manages publicity and other communications with every group in contact with the company and serves as a consultant to the marketing department. |
|
|
5 Key Functions of Public Relations |
Identify Stakeholders Assess reputation Audit social responsibility Create positive image-building Prevent or reduce image damage |
|
|
Sponsorships |
Sponsorships are used to build brand loyalty and other positive feelings toward a company. These programs make it possible to meet with prospects, customers, vendors and others in unique stations. |
|
|
Sponsorship marketing |
Means that the company pays money to sponsor someone, some group, or something that is part of an activity. A firm can sponsor a long list of groups, individuals, activities and events. |
|
|
Key Objectives of PR |
Enhance Company Image Increase firm's visibility Differentiate from competitors Showcase specific goods/services Develop customer relationships |
|
|
3 Categories of Evaluation Tools if IMC Programs |
Message Evaluation Techniques Online Evaluation Metrics Respondent Behavior Evaluations |
|
|
Message Evaluation Techniques |
Ad tracking methodology – memorability/likeability· Copy-testing – responses towards the main message· Emotional reactions |
|
|
Online Evaluation Metrics |
Online Advertising CTR's Dwell rate and time |
|
|
Respondent Behavior Evaluations |
Store Visits Coupons Redeemed Hits on Website Changes in Sales |
|
|
6 Factors to measure health of company |
Market Share Level of Innovation Productivity Financial Resources Profitability Social Responsibility |
