BSAD 155: Exam 1

Marketing Revolution

Shift from media advertising to other forms - Movement away from mass media approach - Shift in power from manufacturers to retailers - Rapid growth of database marketing - Greater ad agency accountability - Rapid growth of digital marketing

Strong Brands

Strong brands are among a firm's most important assets and how they are managed can influence consumers' buying decisions in significant ways - Recognition that there is a need to create value and profit for stakeholders in a socially-conscious and environmentally-responsible manner - Need to manage brands strategically

Marketing segmentation

The process of aggregating prospective buyers into groups that have common needs and will respond similarly to the marketing action - The groups that result

What is the goal of integrated marketing communications?

To generate both short-term financial returns and build long-term brand and shareholder value

What are integrated marketing communications used for?

used to plan, develop, execute, and evaluate coordinated, measurable, and persuasive brand communication programs over time with consumers, customers, prospects, employees, associates, and other targeted relevant external and internal audiences.

Steps in segmenting/Targeting (5)

1) Group consumers into meaningful segments - According to those with common needs and who will respond similarly to marketing actions 2) Group marketing actions - Usually the products offered and available to the organization 3) Develop a market/product grid and estimate size of markets 4) Select target markets 5) Take marketing actions to reach target segments

Market Segmentation, Target Marketing, and Positioning

1) Identify markets with unfulfilled needs 2) Determine market segmentation 3) Select market(s) to target 4) Positioning through market strategies

The marketing and promotional mixes

1. Product or service 2. Pricing policy 3. Distribution method 4. Promotional mix - Advertising - Sales - PR - Personal selling - Direct marketing - Digital and social media

Brand identity

Consists of identification cuesm such as brand symbols, colors, and distinctive typography, that together create recognition of the brand.

What is "brand" in marketing communications?

Don't just think about goods and services, but of the total brand offering. How the total product package or offering is perceived is what makes up a brand

Integrated Marketing communications

A marketing communications planning concept Recognizes the value of a comprehensive plan A plan that evaluates the strategic roles of several communications disciplines - General advertising - Direct response - Sales promotion - Public relations Combines the disciplines to provide: - Clarity - Consistency - Maximum communications impact

Integrated marketing communications

A more contemporary perspective that considers all sources of brand or company contact that a customer or prospect has with a product or service A strategic business process

Brand Equity

Is the intangible asset that depends on consumers' associations of a brand - Both products and companies are brands

Brand

a perception of an integrated bundle of information and experiences that distinguishes a company and/or its product offerings from the competition.