Marketing Terms and Questions
Personal Selling
only element of the communication mix that enables two-way communication purpose is to acquire information by way of building a personal relationship enables negotiation, immediate reaction to customers' needs and wants; enabling the execution and delivery of customer service impact all utilities or values Advantages: two-way communications; react or garner insights with respect to customers' needs and wants; build personal human relationships with customers Disadvantages: cost per contact; several types of job descriptions or personal salespeople that can be categorized into those we would call direct; main focus on closing the sale
Evoked Set
In order for a product to be selected by a customer, it must first be one of the products considered, and in order for it to be considered it must be part of what is called the customers' _________. -The group of products at the front of a customer's mind, and that are considered as alternatives in a particular purchase situation. Having a strong brand goes a long way toward getting a product in a customer's ________________.
Category
Management: to focus on maximizing firm's profits by appropriately: 1) widening or narrowing its product mix; 2) lengthening (deepening) or shortening its product line 3) making brand more consistent with some desired images; And/or extending product life cycle orchestrate the marketing mix and the product activities in a way that maximizes the firm's ability or potential to generate profit contributes to possession utility by simplifying the buying process.It contributes in two ways: 1) by minimizing operating costs such as inventory, transportation, etc. It enables the company to offer the product or service at the most competitive market price. 2) Indirectly just in terms of making it easier for the consumer to make choices, not having so many options or so many products that it complcates the consumer's selection process. This in turn simplifies the customer's buying.
Packaging
One of the seven basic product decisions refers to any container in which it is offered for sale and on which label information is conveyed (this identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients) Provides a competitive advantage Plays a function role---providing storage, convenience, or protection or ensuring product quality contributes to the overall delivery of functionality to form utility _______ and label shape, color, and graphics distinguish one brand from another, convey a brand's positioning, and build brand equity enhances brand recognition and facilitate the formation of strong, favorable, and unique brand associations ______ and label designers face four challenges 1) the continuing need to connect with customers 2) environmental concerns 3) health, safety, and security issues 4) cost reduction goal was to maximize the volume or quantity of the product at the point of its desired use
Warranty
Part of an assumptive close (asking the prospect to consider choices concerning delivery, _______, or financing terms under the assumption that a sale has been finalized) Part of service quality and one of the seven basic product decisions To substantiate quality claims and minimize risks associated with use of product and post purchase dissonance
Steps in Sales Management
Start out with setting objectives, organizational decisions; developing account management operation policies; rules and guidelines implemented by an individual salesperson as she does his or her job, recruiting, training and motivating sales people; then assessing their effectiveness (1) sales plan formulation, involves three tasks: (1) setting objectives, (2) organizing the salesforce, and (3) developing account management policies. (2) sales plan implementation, three major tasks involved in implementing a sales plan are (1) salesforce recruitment and selection, (2) salesforce training, and (3) salesforce motivation and compensation. (3) salesforce evaluation It is at this point that salespeople are assessed as to whether sales objectives were met and account management policies were followed. Both quantitative and behavioral measures are used to tap different selling dimensions.
Service Evaluation Factors a) Complexity b) Experience Qualities c) Divergence d) Credence Qualities
Service can be divided into two major categories: those that must be delivered or execute primarily through the use of some equipment, and those that are delivered or executed primarily through the efforts of a person. Equipment-based services are classified in terms of how they're operated ---self-operated: using an unskilled operator or a skilled operator ---people-based services: classified in terms of a person being unskilled, skilled, or a professional - branding is more important for equipment-based services -customers become more price sensitive as equipment-based services go from skilled operator to self-service. Location becomes important as well during this shift -advertising and customer service play no role for self-service equipment-based services, growing to a moderate role for skilled operator equipment-based service People-based service: customer service and relationship management are critically important across the board, given the importance of the service encounter -customers become price sensitive as it goes from professional to unskilled -location has minimal importance -advertising and sales promotion had a minimum role for professional services, but it can inc. as services become less skilled ___________________________________________________ a) refers to the extent experienced skilled capabilities are required to perform the service and how hard it is to deliver that service b) referring to the difference between the delivery of the same service to different buyers. The more services tailored to the needs of a specific user the more __________ it is. c) The task utility created by services much more than the form and functional utilities created by products, can only truly be confirmed after their application , after they have been experienced. The number or amount of various task utilities and the intangible benefits a service has, the more experience qualities it has. d) _________ are particularly unique to services. Related to experience qualities, ____________ refers to the extent a user believes a desired task utility or intangible benefit will actually be received prior to the purchase of the service. Thus, an experience quality exists if that benefit can only be confirmed after it is received. And a credence quality exists if the purchase of the quality requires trust or benefit that it will be received prior to purchase.
Brand Extension
The practice of using a current brand name to enter a different product class. Risk: too many uses for one brand name can dilute the meaning of a brand for consumers -a strong brand equity allows for this
Expanded Services Concept (text definition)
includes the four Ps (product, price, promotion, and place or distribution) as well as people (given their inherent role and the quality of the service), physical environment (important given the simultaneous production and consumption of services; the role that the equipment and conditions associated with the service delivery, the role it plays, and the overall assessment and satisfaction of that service), and process. -the addition of psychological utilities to task utilities -services are defined as factors providing task or psychology utilities or values
Depth
means that the store carries a large assortment of each item, such as a shoe store that offers running shoes, dress shoes, and children's shoes. Limited-line Stores: stores that carry a considerable assortment of a related line of items Single-line Stores: stores that carry tremendous ____ in one primary line of a merchandise -ex) Victoria Secret carries a great _____in women's lingerie
Community-Centric Branding
- a set of activities which pursue the creation of a community, a set of intimate relationships, that could then be used as a platform to engage in the selling activity, to try and create customers and exchange. Branding executes the principles of a ________________________ through the creation of a community by way of a community's basic building blocks of purpose and meaning -a brand helps establish emotional connections between the product and the group of customers which share some purpose, which share some motivation with respect to a particular context or meaning.
Purpose Driven Branding
-beyond simply being a name or a point of identification, it becomes a critical packager or deliverer of those underlying building blocks of community, or relationships, social relationships. -Meaning was that context or cultural framework that allow the act of purchasing and/or using the product to be an expression of some message to the individuals themselves as well as the others around them. -if you can get people to believe in why they should use the product, to believe in the impact both to themselves and to their world, that they can expect a result from using the product, then they have that emotional connection. -Research has shown that brands that are created from a higher purpose are successful for at least a couple of reasons. 1) They enable employees, particularly those involved and responsible for marketing communications and the marketing process, to be more in-tune with the needs and wants, causes and agendas of their targeted customers. 2) And second, it better enables the company to create, maintain and nurture the deep emotional relationships and connections that are required to create life-time customers.
Product Line
A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range. Nike's includes shoes and clothing, whereas the Mayo Clinic's service lines consist of inpatient hospital care and outpatient physician services. Each has its own marketing strategy. a collection of product items a singular product to the extent it comes in different sizes, different flavors, different versions -refer to how deep or shallow it is as its depth
Product Item
A specific product that has a unique brand, size, or price. For example, Ultra Downy softener for clothes comes in different forms (liquid for the washer and sheets for the dryer) and load sizes (40, 60, etc.) Each of the different product items represents a separate stock keeping unit (SKU), which is a unique identification number that defines an item for ordering or inventory purposed.
Dimensions of Brand Equity a) Brand Awareness b) Brand Loyalty c) Perceived Value d) Brand Associations e) Competitive Advantages
A successful brand is built in a series of stages. a) The first step is to develop positive brand awareness and an association of the brand in consumers' minds with a product class or need to give the brand an identity b)
Brand
Claiming some specific aspect of the consumer's perceptual framework, that is the targeted position Conveyed ownership of a particular image or position in a customer's perceptual framework Different from a trademark, mission statement, promotion slogan or logo, is NOT the product or service itself, and it's different from advertising -Impacts the communication of form utility as well as symbolic and experiential utilities. -The packaging in a verbal context of the purpose and meaning and value associated with a particular product or service, the extent to which the ______ possess a particular location in a customer's perceptual framework, allows it to be of significant competitive advantage Encompasses four basic decisions: positioning, brand name selection, brand sponsorship, and brand development -its purpose is three dimensional 1) identification (distinguish the product from other similar products or services in terms of some unique name or symbol) 2) differentiation (it occupies a unique image or a perspective in the customer's psychological framework. It has its own unique meaning or purpose.) 3) development of equity/ delivery of meaning
Product Mix
Consists of all of the product lines offered by an organization. For example, Cray Inc., has a small __________ of three lines (supercomputers, storage systems, and a "data appliance") that are mostly sold to governments and large businesses. Proctor & Gamble has a large __________ that includes product lines such as beauty and grooming (Crest toothpaste and Gillette razor) and household care (Downy fabric softener, Tide detergent, and Pampers diapers) -refer to the collection in terms of its wideness or narrowness as its breadth
Social Media
Digital venues and channels that form the infrastructure for user-generated content for the purpose of communication -user generated conversation, images, and content themselves -one of the few vehicles where an organization can impact the most powerful form of communication with respect to the buyer decision making process, word of mouth
Remarketing
Involved marketing to people who have already visited your website, then promoting relevant content/offers based on the context of their visit
Product versus Service Management
Product Management: Basic Decisions 1) establishing product objectives -provides an outline/ narrowed down or summary of the skeleton marketing plan -based on value creation grid and stage in the life cycle and classification of that particular product service 2) overseeing and executing an effective design -core, branded, augmented product features that will maximize satisfaction and address customer needs and wants -impacts functionality -enable form utility and indirectly experiential and/or symbolic utility 3) category management -orchestrate the marketing mix (4Ps) and the product activities in a way that maximizes the firm's ability or potential to generate profit 4) branding 5) packaging 6) customer service -refers to a whole array of activities that are performed either before, during, or after a product is purchased that is directed toward enhancing its application or use which directly impacts satisfaction Service quality is impacted by: warranties, any liabilities, the nature of the contract, depending upon the type of product, the product's reliability, the responsiveness of the customer service department of the organisations, the extent to which the company's empathetic, the product or service reflects empathy, to the usage experience of the customer A service can't be separated from the service delivery and so that service delivery individual has a huge impact on the overall reception that the customer receives with respect to the service Enhances the usage experience, their symbolic and experiential value, and becomes important part of the overall marketing process, particularly as it relates to satisfaction
Product Design
To develop the specific collection of core, branded, and augmented dimensions that maximize target customers' satisfaction and achieve selected product positioning
Services a) Functional Element b) Interactive Element
______ is simply providing a desired benefit to the person of an individual or an organization, or the accomplishment of some intangible activity on their behalf referred to as task utility Task utility as opposed to form or functional utility is a value or usefulness whose delivery is not contained in some physical or tangible context
Brand Equity
a set of assets, or some cases liabilities, that are inherent with the name or the symbolism associated with a brand _____, our capital item, is something that has inherent, transcending value To a certain extent, these good feelings or bad feelings, these memories, this nostalgia, these associations, can be transferred from one product to another, from one service to another, as they are maintained within the brand name. they have certain preconceived notions. They have certain general positive or negative feelings simply associated with the name, and their past feelings and experiences with other individuals who carry that name. -value of a brand as an asset was expressed in terms of it level of __________. -the added value a brand name gives to a product beyond the functional benefits provided
Types of Planning a) Territory (determines pool of customers) b) Account (establishes goals & objectives)
a) A geographical sales organization is the simplest structure, where the United States, or indeed the globe, is first divided into regions and each region is divided into districts or territories. b) key account management—the practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships. Key account management involves teams of sales, service, and often technical personnel who work with purchasing, manufacturing, engineering, logistics, and financial executives in customer organizations. account management policies specifying whom salespeople should contact, what kinds of selling and customer service activities should be engaged in, and how these activities should be carried out.
Brand Building Blocks a) Brand resonance or insistence b) Brand Feelings c) Brand Judgments d) Brand Imagery e) Brand Salience f) Brand Performance
a) Last step and ultimate goal is a lifetime commitment. ____________ or brand equity, also referred to as ________________. Where the customer, unless there's a dire situation, literally refuses to use or accept any other product other than their preferred brand. b) Fourth step is nurturing a budding relationship. Creating _________ where it's no longer simply a matter of the brand's functionality. Where now there is a relationship there. There's a history there. There is a commitment. There's an integration of the product or brand into the person's lifestyle. c) Fifth step is the decision of commitment. __________, where the consumer makes the judgment, makes the decision that in this particular product or service category, that this is their preferred brand. This is the best value, the most trusted performer in the marketplace. d) Second step is forming an attraction. Referred to as _______, where the communication is provided to suggest that the brand has the attributes or qualities in which the customer was looking for, in which the customer associates with satisfaction of their particular needs or wants e) the first building block, the first stage, would be becoming aware. Customer meeting the particular brand. Referred to also as brand awareness. f) The third step is creating positive experiences. Building trust, displaying empathy. Rewarding loyalty, being therefore one another, which helps to strengthen the relationship. Referred to as ___________. So the extent to which the brand exceeds expectations and consistently delivers satisfaction.
Types of Brand Names a) Manufacturer (National) 1) Family 2) Individual b) Private (Store) 1) Hybrid 2) Generic
a) brand name given by the producer, or the marketer, of the product. 1) It's clear that each of these products are coming from the same corporate entity -Some applications of a family brand name don't necessarily involve the company name. You have Maxwell House, Maxim, Maxwell, Maxim Gold. 2) under one manufacturer but each has their own image, their own value proposition, their own i________ brand name. manufacturer in small print b) name given by the retailer -many store brands are _____ labels, compete directly on the same shelves with their counterparts which are under a manufacturer's brand name 1) one that gives information with respect to the product and the particular retailer. -Typically in insurance areas, the individual owner of the insurance branch, plus the global partner, are both incorporated in the brand name. Linda Johnson's Allstate Insurance Company. Or in the automobile dealership. You might have Fred Johnson's Buick. 2) There's no brand name at all. Many large discount stores simply carry products in plain, b/w, or bland labels. And you only have a name of the product. and ingredients. No name respect to retailer or manufacturer.
Types of Presentations a) Stimulus-Response b) Formula Selling c) Need Satisfaction
a) format assumes that given the appropriate stimulus by a salesperson, the prospect will buy. Salesperson tries on appeal after another, hoping to hit the right button b) format is based on the view that a presentation consists of information that must be provided in an accurate, thorough, and step-by-step manner to inform the prospect. c) emphasizes probing and listening by the salesperson to identify the needs and interests of prospective buyers. is the most consistent with the marketing concept and relationship building.
Advertising Objectives
a. Coincide with the organization's performance goals b. Purpose is to ensure that every aspect of the development and execution of the advertising campaign is reflective of these performance and promotional goals and maximizes the chance of their being achieved
Personal Selling Process a) Prospecting b) Pre-Approach (organize info/develop call plan) c) Approach d) Presentation e) Close f) Follow-Up (service)
a) search for and qualify prospects A lead is the name of a person who may be a possible customer. A prospect is a customer who wants or needs the product. If an individual wants the product, can afford to buy it, and is the decision maker, this individual is a qualified prospect. b) gather info and decide how to approach the prospect c) gain a prospect's attention, stimulate interest, and make transition to presentation; involves the initial meeting between the salesperson and the prospect, where the objectives are to gain the prospect's attention, stimulate interest, and build the foundation for the sales presentation itself and the basis for a working relationship. d) begin converting to a prospect into a customer by creating a desire for the product or service at the core of the order-getting selling process, and its objective is to convert a prospect into a customer by creating a desire for the product or service. Three major presentation formats exist: (1) stimulus-response format, (2) formula selling format, and (3) need-satisfaction format. e) obtain a purchase commitment from a prospect and create a customer Three closing techniques are used when a salesperson believes a buyer is about ready to make a purchase: (1) trial close,(2) assumptive close, and (3) urgency close. A trial close involves asking the prospect to make a decision on some aspect of the purchase: "Would you prefer the blue or gray model?" An assumptive close entails asking the prospect to consider choices concerning delivery, warranty, or financing terms under the assumption that a sale has been finalized. An urgency close is used to commit the prospect quickly by making reference to the timeliness of the purchase: "The low interest financing ends next week," or "That is the last model we have in stock." f) ensure that the customer is satisfied with the product or service includes making certain the customer's purchase has been properly delivered and installed and addressing any difficulties experienced with the use of the item. Attention to this stage of the selling process solidifies the buyer-seller relationship.
Types of Personal Selling a) Order Getter b) Order Taker -Outside Order Taker -Inside Order Taker (sales clerk) -Outbound Telemarketer -Inbound Telemarketer c) Missionary d) Team
a) sells in a conventional sense and identifies prospective customers, provides customers with info, persuades customers to buy, closes sales, and follows up on customers' use of a product or service high degree of creativity and customer empathy; considerable product knowledge and sales training are necessary acts as a problem solver who identifies how a particular product may satisfy a customer's need b) processes routine orders or reorders for products that were already sold by the company Two types: -outside order takers: visit customers and replenish inventory stocks of resellers, such as retailers or wholesalers (also provide assistance in arranging displays) -inside order takers (order clerks/salesclerks): typically answer simple questions, take orders, and complete transactions with customers; do little selling; problem solving c) more focused on building relationships with the objective of making, having more fertile ground for future sales do not directly solicit orders but rather concentrate on performing promotional activities and introducing new products d) the practice of using an entire team of professionals in selling to and servicing major customers used when specialized knowledge is needed to satisfy the different interests of individuals in a customer's buying center Outbound telemarketing is the practice of using the telephone rather than personal visits to contact current and prospective customers.
Evolutionary Roles of Personal Selling a) Traditional b) Consultative
a) the salesperson is out there to conquer the market one customer at a time stereotype of personal selling key tasks: extreme detailed knowledge of product; effective in prospecting and identifying potential candidates; be persuasive and somewhat argumentative rewarded on volume basis b) salesperson is not use against the world, but serving the world, trying to be responsive, anticipating their needs and wants and being able to react immediately or quickly in terms of satisfying and addressing those needs emphasis is placed on knowing the customer THERE TO SOLVE PROBLEMS, TO HELP A CLIENT BUSINESS OPERATE MORE EFFECTIVELY AND MORE EFFICIENT
Distinction from Product a) Service Encounter b) Intangible c) Service Quality Control
a) unique to services as opposed to product. It is defined as the personal contact between the consumer and the seller of the service or the representative of that seller who actually delivers that service. The service provider becomes an inseparable part of the service, making customer relationships embedded in the value of that service, as opposed to being a separate tactical action that enhances the value being delivered, as it is with a product. 1- it makes the consumer a co-partner in the value creation process 2-it ties the production and delivery aspect of the service to the consumer's ultimate satisfaction, along with the quality of that service 3-services are perishable and time dependent -they are intangible, having transparent production, having simultaneous production and consumption, the role that the service encounter plays, and that they are perishable There are seven major forces diving services' increased role in the economy -specialization, privatization, deregulation competition, increased quality of life, franchising, and technology
Types of Marketing a) Person Marketing b) Event Marketing c) Political Marketing d) Internal Marketing e) Cause Marketing f) Place Marketing g) Content Marketing
a) where the marketing effort is directed at creating, communicating delivering, and capturing some unique image of, and/or allegiance to, an individual -spokesperson b) involves the promotion of some sponsored entertainment, sporting, advocacy, or other type of public gathering for either the purpose of generating revenue or for building the organization's reputation or intensifying existing relationships -firm values the desired revenue or profits that they're seeking, or positive attitudes toward their organization or their cause c) marketing efforts specifically targeted to an individual or some idea for the purpose of being able to impact and influence social policy and governance. -position candidate or their idea around the self-interests of their constituents or the societal goals of their constituents. -buyers value their goals and sense of societal well-being being achieved, for which they're willing to pay with their votes or with their donations, either in terms of time or money. d) refers to marketing efforts internal to the organization, directed not at customers, but at employees. -occurs when a unit within the organization markets that unit's capabilities to those outside of that unit -want to position their efforts to coincide with the employees' visions or understanding of what the keys to success, their own personal success within the organization, and the organization's overall success. e) the goal is to get the public to support and/or fund some cause, some idea, some agenda, to change or remedy some situation -have the cause or idea coincide with the person's sense of social justice, with the person's goals for self-actualization -firm values having a change or remedy to the situation that they're focusing on f) focuses on some physical location. Marketing efforts are directed at either generating traffic by other businesses, investors, or tourists to that place, or to improving the appeal of the location to these constituents, in terms of their general perceptions -psychological or physiological element that motivates the customer g) refers to the marketing of some virtual location, as opposed to physical location, through the provision of information, entertainment, social interaction, or images. -builds community around their site
Types of Promotion a) Business to Business b) Business to Consumer c) Business to Trade
a. b. Coupons, deals, premiums, contests, sweepstakes, samples, loyalty programs, point-of-purchase displays, rebates, and product placements c. Directed to wholesalers, retailers, or distributers ii. Allowances and discounts; cooperative advertising; training of distributers' salesforce
Types of Assessment Measures: a) Aided Recall b) Unaided Recall
a. After being shown an ad, respondents are asked whether their previous exposure to it was through reading, viewing, or listening. b. Involved asking questions without any prompting to determine whether they saw or heard advertising messages
Media Measures: a) Frequency b) Pulling Power c) Pass Along d) Exposure/Reach e) Stopping Power h) GRP i) CPM
a. How often an ad is viewed by the targeted audience b. The number of people who view the medium, not necessarily the ad, but that view the medium c. The interest level of the ad, the extent to which, once stopped, it draws the viewer all the way through the ad or makes them willing to listen or view the commercial to its very end d. The extent to which the ad garners attention. It literally stops one's eyes when thumbing through a magazine or stops one's viewing or desire to go get a sandwich when viewing a TV commercial e. The product of the exposure number times the frequency number ii. Used to compare different media strategies between one another f. The total cost of the media plan divided by the total number reached, divided by 1,000 ii. Used in evaluating competing media strategies g. The extent the medium, and thus the ad, is passed from one viewer to another
Performance Goal
a. Part of the selling task b. This is the desired end of the marketing effort with respect to some stage of the buyer decision model, moving the customer toward the ultimate goal of a sale and some financial performance c. These would involve the decision stages of awareness, interest, trial, action or decision to buy, and the financial outcomes of either profits, market share, or lifetime sales
Promotional Goal
a. Part of the selling task b. This what means have to be taken, what job has to be done by a particular communication mix element. c. These consist of our communication tasks of informing, persuading, distinguishing or differentiating, reminding, reinforcing, or solidifying relationships d. More effectively achieved by one mass communication element over another
Types of Advertising a) Informative b) Persuasive c) Differentiating d) Reminder e) Reinforcement
a. Provides objective information that can be used for late use b. i. Appeal to provide a basic reason for a consumer to act. ii. Can use a variety of appeals, common appeals include fear, sex, humor c. Bring the company's name to the attention of the target market again d. Primarily focused on helping consumers experience some past use of the product or connect themselves to past emotions
Mass Communication
a. Refers to the three communication mix elements through which the organization communicates with large numbers of its target market at the same time b. Two primary purposes: i. Reinforce and solidify those psychological connections established by the IMC strategic framing decision ii. Execute the specific selling task assigned by the IMC strategic decision c. ___________- mix elements: advertising, sales promotion, publicity or sponsorship
Sales Promotion
a. Tends to be most effective for the roles or promotional goals of persuasion and reinforcement b. Most effective when used to encourage trial, or immediate purpose. To create some sense of urgency. c. Impacts ownership utility or cost/sacrifice utility d. Impacts experiential value e. Advantages (create sense of urgency, something having to be done immediately, stimulate/reward specific targeted action on the part of the customer) f. Disadvantages (no long-term effect, customers get acclimated to a particular sales promotion if they view them too often) g. Needs to be extremely targeted to be effective h. Target a particular group: switchers, price buyers, currently loyal
Sponsorship
a. Type of publicity b. Very effective in giving an organization's messages, gravitas, or credibility. They enhance the organization's reputation, the extent to which it is held in high regard, that is the extent to which it is viewed as a trusted authority in some area, and its overall reputation. This mass communication method is often used when the message involves the organization as a whole, as opposed to any one of its products or services. c. Paid, impersonal communication, where the organization provides payment or some other consideration to have its name associated with some event
Publicity
a. very effective in giving an organization's messages, gravitas, or credibility. They enhance the organization's reputation, the extent to which it is held in high regard, that is the extent to which it is viewed as a trusted authority in some area, and its overall reputation. This mass communication method is often used when the message involves the organization as a whole, as opposed to any one of its products or services. b. Unpaid, impersonal form of communication where the sponsor may, or may not be identified c. Designed to convey the firm and/or its products in some positive light d. Engenders trust e. Advantages (enhance credibility and gravitas, effective in creating positive attitudes/images, getting and holding attention) f. Disadvantages (exact wording and imagery delivered to an audience is outside the control of the organization)
Types of Advertising: a) Product b) Institutional
a.Five different types (pioneering/informational, reminder, competitive/persuasive, reinforcement, and differentiating/comparative) b. Build goodwill or an image for an organization rather than promote a specific product or service
Brand Decisions a) Brand Positioning b) Brand Sponsorship Co-Branding Multi-branding c) Name Selection d) Brand Development
b) Brands need to create meaning and the best and fastest way to achieve this is to _____ culture and popular icons
Breadth
refers to the variety of different items a store carries, such as appliances and books. the collection of product lines which constitutes a product mix
Social Capital
the value or benefits or rights accrued to an individual or organization by way of the membership and more importantly their contribution to some group or network the more members of the group feel their personal welfare is tied to the welfare of the group, and the more you as an individual or organization do to help other members or the group as a whole enhance those individual or collective welfare, the more you have a right to ask them to do something for you to enhance your well-being.
Social Media Marketing
use of UGC communication platforms to create a community and network of relationships that can enable the creation of a market and eventually customers ultimate goal of customer creation but is not e-commerce organic social media (diff than paid social media which is online advertising or promotion) You are not trying to convince customers to buy with powerful persuasive arguments or entice them to buy with the quality of the product or the service or how well it satisfies their needs. Quite honestly you're trying to pay them to buy. But you're not paying in currency. You are paying in social capital. It has to be about creating a market persona that others can relate to and sincerely demonstrate and care for their interest some mutual cause or higher purpose. Roles/Selling Tasks: to build a community; generate conversations/buzz; turn community members/potential customers into evangelists for the product/service Advantages: reach both large and small audiences; gains access to very targeted/narrowly defined segments (inexpensive compared to other channels); initial planning and design require experiences and skilled market professional; daily execution can be implemented and maintained by a staff with minimum skill sets; executed in little time; ability to garner credibility and authenticity with members of the community (social capital) Disadvantages: cannot control all of the content or conversations generated by the community with respect to that content; huge number of social media outlets making the market very fragmented; takes time to build relationships and social capital; relationships need to be constantly monitored for any negative conversations, trends, or member discord. Directly impacts the creation of symbolic value Indirectly impacts all of the economic and psychological utilities
User Generated Content
user generated conversation images and content themselves refers to the various forms of online media content that are publicly available and created by end users 1) It is published either on a publicly accessible website or on a social media site, so it is not simply an e-mail. 2) It shows a significant degree of creative effort, so it is more than simply posting a newspaper article on a personal blog without editing or comments. 3) It is consumer-generated by an individual outside of a professional organization, without a commercial market in mind.
