USU MSLE 3500 Final

Promotional (sale)

BOGO, money-off vouchers, discounts.

What are Trust Indicators?

Being reliable Using sound judgment

Three ways people make purchasing decisions.

Cognitive, Responsive, and reflexive

Optimal Product Pricing

Companies getting people to spend more through add-ons

What kind of channel is social media?

Conversation and entertainment

Parts of a Working Mission Statement

Core ideas that sum up job activities, core principles, and who you are working to help.

Three types of PR

Corporate, Defensive, Marketing

Parts of a typical licensing agreement

Creative approval Royalty Up-front fee Non-compete clause Performance guarantee

Operating Charter

Define who is doing what to whom within the organization

Brand Strategies

Defines unique benefits your brand offers to the target audience

Contextual Targeting

Delivers relevant advertising to users based on they type of content they consume online.

Psychological pricing

Designed to have positive psychological impact

Search Engine Optimization (SEO)

Determines how your site shows up in the organic search.

Line Extension

Development of a product that is closely related to existing products but is designed specifically to meet different consumer needs.

Price discrimination

Different price is set for same product in different segments

Pride

Displaying the company name without a relevant message

The primary purpose behind Mindless Marketing tactics

Easy things you can do without thinking about to make you a better marketer: fundraising, small request, concession, remembering names, scarcity, authority

Value Pricing

External factors or increased competition force companies to provide value products to retain sales.

Content Marketing

Focused on creating and distributing valuable, relevant and consistent content to attract and retain a clearly defined target audience.

Skimming

Goods sold at higher prices so fewer sals are needed to breakeven

Marketing Strategies

Has a defined goal that uses brand strategy as the cornerstone

Permissible uses of Marketing Development Funds (MDFs)

In-store displays Temporary price reductions Coupons Contests and sweepstakes Rebates Premiums Sampling

Life currencies

Information Time Space Human Energy Expertise Fun Fear Frustration Convenience Love Quality Money

Paid Media

Internet media, such as display ads, sponsorships, and paid key word searches

Owned Media

Internet sites, such as websites, blogs, Facebook and Twitter accounts

Qualitative Research

Involves few people and has exploratory purposes

What benefits does McCormick Spices get from installing large proprietary displays in every grocery store?

It marks their territory against competitors and helps you stand out. They directly control the way the product is presented.

Why is Usage occasion Analysis important and why do we need it?

It taps into key reasons the consumer makes purchase decisions and is a benefit of analyzing how consumers use your product. This helps in increasing the frequency of consumer use.

What is a walled garden?

Large social media sites that manage and sell advertising within their environment.

13 Virtues of Marketing

Learn Pioneer Overtness Clarity Focus Credibility Authenticity Demonstrate Persistence Measurement Service Write Courage

Overtness (13)

Let customers say no because what you offer doesn't apply to them, never let them say no because they don't understand

If a company has excess manufacturing capacity, what things should they do to try to increase production?

License their trademark

Market-based pricing

Marketers set prices based on results from marketplace analysis and research

Sloth

Not investing the work or energy required to connect your product to consumers

Freemium

Offering a product/service for free while charging a premium for advanced features

Greed

Overselling your product by stretching the truth

Licensee

Pays the licensor a minimum guarantee plus royalties on every item they sell using the trademark

What are the five areas of focus in an EVENT marketing plan?

Points of Distribution Event Signage Brand Activation VIP Guest Hosting Neutralize Ambush Threats

Elements of effective packaging

Portability, Storability and Convince to use

Green thinking style

Practical, planning, organizing, controlled

Analytical tool used to understand Price Sensitivity in the market

Price Elasticity Analysis

Six Deadly Sins of Advertising

Pride Gluttony Envy Greed Sloth Wrath

Three common elements found in "World-Class Advertising"

Product is the hero or element of desire. Relevant, yet unexpected. Touches an emotion

Loss lender pricing

Product sold at low price to stimulate other profitable sales

What does market research accomplish?

Provides management with relevant, accurate and reliable information. It gives data.

When concept testing, what are the two things we measure potential success?

Purchase intent: how likely is the target audience to buy this? New + Different: How new and different is the product compared to what already exists?

What business segments most effectively use social media?

Restaurants, fast food chains, retail stores, sports teams, TV and radio, businesses with disappearing inventory.

Sections of an Operating Charter

Scope, primary and secondary objectives, aspirations, quantifiable measures of success and constraints.

Product bundle

Several products combined together

Organic Search

Sites being shown to you due to their relevance without pay.

Licensor

Someone who holds the trademarks to something

Types of retail displays and strategies

Special pricing, display fixtures, product demos, value added bonuses, no-obligation gifts

Parts of P&G One page Memo

Subject, background, key learnings, benefits, next steps

Brand Extension

Taking a well-established brand name and creating new products leveraging its popularity

Marketing tactics

The actions you take to execute the marketing strategy

Three Ingredients of Greatness in consumer promotions

The contest offers a unique, desirable prize that only you can offer. They make you believe you have a fair chance of winning. They make it easy to enter.

Catalina Coupons

The coupons on or attached to your receipt at checkout, they are given to you based on what you buy.

Who has the rights to critique in a creative review meeting with an ad agency?

The most senior person in the room

What does a TV rating mean?

The percentage of total US television households who are tuned into a specific program

Programmatic Digital Advertising

The process of purchasing ad space via software and relying on complex algorithms to deliver ads contextually

How do promotional activities effect marketing programs?

They are highly profitable, displays and feature activities can increase a brand's weekly sales by 4-13x the average volume. These are paid through MDF funds.

Why do consumers use social media?

To connect with friends, get news and entertainment

Purpose of segmentation research

To determine the demographic, psychographic and behavioral characteristics of potential buyers.

Why are Esports and ideograms a new driving force in social media?

Twitch has 4.2 million monthly streamers, about 52,400 people at any given time. Esports revenues top $1.1 billion in 2019, up 27% from the previous year.

Cost plus pricing

adding a percentage to the cost of producing the product to render selling price

Wrath

angry advertising

Key metrics we look at when doing Email campaigns

bounce rate, open rate, click through rate, conversion rate, number of new customers and number of returning customers

Learn (13)

every week, become smarter regarding your customers and your vocational craft

Earned Media

A PR term for connoting free media such as mainstream media coverage

Pay-per-View (PPV)

A pre-negotiated deal with a fixed price and guaranteed delivery of a number of ad showings.

Blue thinking style

Analytical, research, questions

Yellow thinking style

Conceptual, big picture, creative, innovative

Penetration pricing

Price charged for products set artificially low to gain market share

Premium pricing

Price is artificially high to encourage favorable perceptions among buyers

Product line pricing

Price options reflect benefits

Gross Ratings Points Formula

Reach x Frequency

Clarity (13)

Strive for self evident clarity in all communication

Quantitative Research

Uses a large sample of people, can be projected and draw conclusions

Eureka! Ranch method for reducing the failure rate of new products by half

Brainstorm ideas, write a brand positioning statement, turn the brand positioning into a written concept, test the concept on real consumers

Channel Strategy

Determines what kind of retailers should carry your product.

Secondary Research

Past research which has already been performed

Red thinking style

Personal, people-oriented

What are the 3 things to ask yourself before making a social media post?

Timely, relevant, actionable

Gluttony

Using imagery that does not relevantly link or support your brand image

Example of Cause-related marketing

When a company partners with a non-profit.

Captive Product pricing

When a product requires complimentary products, companies add a premium

High-low pricing

When goods are typically higher than competitors, but through deals they are cheaper

When does acquiring a license make sense?

When you own a coveted trademark that other people will pay for the right to use.

Pioneer (13)

lead your marketplace and leave copying to those without the brains to be original

Primary Research

research done firsthand

How much of a brand's marketing budget should be set aside to pay the agency?

25%

How many digital touch-points does it take on average before a consumer makes a purchase?

6-8

How long does it take to fully complete and air an ad?

6-8 months

Distribution Strategy

A plan for delivering the right product to the right person at the right place at the right time. Defined by ubiquity and exclusivity.

Product Mix

A series of products all based on the same idea but branch out to meet certain wants or needs of consumers.

Pay-per-Click (PPC)

Advertisers do not pay unless someone clicks

Envy

Advertising resembles competitors

Predatory pricing

Aggressive pricing (undercutting) is intended to drive out competition

Dynamic pricing

Allows online companies to adjust prices of identical goods to correspond to a customer's willingness to pay

Paid Search

An auction-like bidding system that allows companies to pay for the order of how ads appear. (You only pay your bid price when your ad is clicked on)