MSLE 3500 Final

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

1. points of distribution 2. event signage 3. Brand Activation 4. VIP guest housing 5. neutralize ambush threats

How much of a premium percentage are most consumers willing to pay for their favorite brands before they start looking around?

13%-18%

How much of a brand's marketing budget should be set aside to pay the agency (percentage).

20%

According to Salesforce, how many digital touch-points does it take on-average before a consumer makes a purchase?

6-8 interactions

How long does it take for a typical ad campaign to get "on-air" from it first being assigned to the agency?

6-8 months

What are the Three Ingredients of Greatness in consumer promotions?

1. The contest offers a unique, desirable prize that only you can offer. 2. They make you believe you have a good chance (or at least a fair chance) of winning. 3. They make it easy to enter.

Know the 13 Virtues of Meaningful Marketing and what they mean.

1. Learn: Every week become quantifiably smarter regarding your customers and your vocational craft. 2. Pioneer: Lead your marketplace and leave copying to those without the brains or courage to be original. 3. Overtness: NEVER let a customer say NO because they don't understand what OVERT BENEFIT you're offering. 4. Clarity: Strive for self-evident clarity in all communications. 5. Focus: Eliminate the irrelevant. 6. Credibility: Continuously enhance customer trust in you, your company and your brand. 7. Authenticity: Communicate with honesty and integrity 8. Demonstrate: Let your product, service or idea talk for itself. 9. Persistence: Never, ever, ever give up when you are pursuing the right thing in the right way. 10. Measurement: Quantify goals and systems. 11. Service: Dedicate yourself to serving the genuine needs of your customers. 12. Write: Use the written word to define and refine your thinking. 13. Courage: Be bold. Be Brave. Leave a Legacy.

parts of a working mission statement

1. List the core ideas that you think sum up your job activities. 2. List a core principle for which you will stand. 3. Write down whom you are working to help.

Six Deadly Sins of Advertising

1. Pride (logo everywhere) 2. Gluttony (irrelevant pretty pictures) 3. Envy (mimics competition ads) 4. Greed (over sells/over promises) 5. Sloth (acting trendy when your product isn't) 6. Wrath (angry, accusatory, intimidating)

What are the three common elements found in "World-Class Advertising"?

1. Product is hero/object of desire 2. it is presented in an exciting/unexpected way 3. touches an emotion

three ways that people make purchase decisions

1. Reflexive: decisions made without thinking 2. Responsive: reacting to something we've seen/heard 3. Cognitive: exert significant mental energy

difference between branding strategies and marketing tactics

Brand Strategy: Defines the unique benefits your brand offers to the target audience Marketing Tactics: The actions you take to execute

Brand Extensions

Brand extension: take a well-established brand name and creates new products leveraging its popularity (Gillette: razors --> mens personal care brand)

research tool used to test new ideas that haven't yet been made is called what?

Concept testing (maybe test-market). (Qualtrics) surveys

What are the three hats / roles a Public Relations professional wears?

Corporate PR: handles the day-to-day operations of the company Defensive PR: focused on defending the company against attack. Marketing PR: proactively develops programs and initiatives to support brand marketing efforts.

Know what parts are typical of a licensing agreement.

Creative approval Performance Guarantee Royalty Up-Front Fee Non-compete clause

Contextual Targeting

Delivers relevant advertising to users from the type of content they consume online.

Paid Search

Google typically allows 4 companies to be shown in these search listings. the placement of text ads on search engines such as Google. This is an extremely effective advertising channel because you can ascertain which keywords trigger your ads, enabling you to capture prospects that are in the later stages of the buying cycle.

Understand why Usage Occasion Analysis is important and when to use it

In addition to considering what the consumer wants, you must address how and when the consumer intends to use the product. Usage occasion segmentation is valuable for two primary reasons. First, because it taps into key the reasons the consumer makes a purchase decision (the product is easy/pleasant/convenient to use). Second, a powerful benefit of analyzing how consumers use your product is that the research will suggest ways to actually increase the frequency of consumer use.

Know what business segments can most effectively use social media.

Industries with disappearing inventory (sports tickets, airline seats, movie theaters, restaurants) where they need a butt in the seat fast or else it is worthless—those are prime areas to use social media.

What are the three things you should ask yourself before making a social media post? Hint: It needs to be at least two of three.

Is it timely, relevant, and actionable

What are the key benefits of a memo written in P&G one-page format?

It requires that you write from the perspective of the READER. It is focused and eliminates the irrelevant A straightforward way to present ideas, arguments, and recommendations in a language and style everyone understands.

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

License a new trademark

When does acquiring a license make sense?

Licensing makes the most sense when your company already manufactures and distributes products and has excess manufacturing capacity. Through licensing a new trademark, you can expand your business within your existing product category, increase manufacturing efficiency, and lower your products costs.

Licensor vs Licensee.

Licensor: someone who holds the trademarks to something Licensee: person sold the right to use the licensor's logos, brand names, characters or other proprietary words or images for a specific purpose.

Line Extensions

Line extension: new products that borrow the name and brand equity from an existing product and create new products within the same product category (different types of cheerios)

What are permissible uses of Marketing Development Funds?

Marketing activity - a "sale" price reduction, an end-cap display, an ad in their newspaper adNOT straight up money

Know the sales impact of different types of promotional activities companies like P&G get from off-shelf displays, feature ads, sales prices, and end-cap displays.

Normal everyday shelf: 1X Display only: 4X Feature only: 7X Feature & Display: 13X

When concept testing, what are the two things we measure to judge if it might be successful?

purchase intent and new and different (products need to be high in both).

Know who has the rights to do what in a creative review meeting with the ad agency

Only judge strategic perspective on whether it matches brand positioning strategy. Only most senior person can make creative critiques

Pay-Per-View vs Pay-Per-Click digital ads.

PPV: direct buy. It's a pre-negotiated deal with a fixed price and guaranteed delivery of a number of ad showings. PPC: auction system. you pay Google only if a customer clicked on your listing.

formula to calculate Gross Ratings Points

reach x frequency

What is the analytical tool used to understand price sensitivity in the marketplace (baseball example from the book).

Price elasticity

differences between Primary and Secondary research

Primary: Research developed and conducted by you Secondary: Research someone else has already done

differences between quantitative and qualitative research

Quantitative: Research done on a large sample of people Qualitative: Research done on a few people

Paid Media

refers to external marketing efforts that involve a paid placement (PPV, ads, social media posts, PPC). Pay someone/company to promote product

Know the different types of pricing strategies - be able to explain them.

see quizlet for exam 2

Trust Indicator

signs that a webpage is credible

Content Marketing

strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience — and, ultimately, to drive profitable customer action.

Organic Search

Search listings appear below the paid search listings

TV Rating

TV ratings are derived from the percentage of total US television households (currently 119.6 million), who watch a program (found through TV viewing diaries and TV meters). The dictate how much the network/station can charge for advertising during that program.

Know the Eureka! Ranch method for reducing the failure rate of new products. What do they do that reduces the risk of failure in half every time they do it?

The do product testing, and go through at least 4 cycles of learning (act, plan, do, study). Each cycle reduces the risk of failure by half

Search Engine Optimization

The means by which you get a high organic search listing. ) entails optimizing a website for a specific keyword(s) so it ranks high on the search results page on Google and other major search engines.

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

The permanent displays mark your territory against competitors and allow you to directly control the way your product is presented to the consumer.

What do you know about "Catalina Coupons" the ones printed at the store when you checkout?

They are bad because they are given to the customer at the time farthest away from when they will need it next. They just purchased it, and won't need to purchase again until they use all they have.

Operating Charter is and the sections within it

This document to carefully construct a type of internal business government, complete with checks and balances. Scope, primary objectives, secondary objectives, aspirations, quantifiable measures of success, and constraints.

What is the primary purpose behind Mindless Marketing tactics?

Tricks • Fads • Gimmicks• Marketing tricks• Borrowed interest• Promotions over products• The Ultimate Trick = Cash

In what ways do retailers try to subliminally manipulate you?

Using 12 life currencies

attributes associate with the different "thinking styles"

Yellow: Conceptual. Ideas/ Why? Blue: Analytical. Facts/ What? Green: Practical. Actions/ How? Red: Personal. Feelings/ Who?

Know why packaging functionality is so important in many categories to differentiate.

added portability added store-ability added convenience to use (i.e. easy opening) it can increase your sales. it is also helpful if your packaging can communicate the benefit of your product.

What are the key metrics we look at when doing Email campaigns?

bounce rate—the numbers of emails bounced back to you as undeliverable open rate—how many of them got opened and read click-through rate—the number of people who clicked the link. conversion rate—how many of them made a purchase

What's it called when a company partners with a non-profit?

cause-related marketing

distribution strategy

deciding where your product is sold and how it is displayed Ubiquity: having it everywhere Exclusivity: only allowing certain stores to carry it

channel strategy

define what kinds of retailers should carry your product. You don't want green beans in an automotive store but you do want them in a grocery store of in hospitals/other places that serve food.

what is Segmentation research is used for

determining the demographic, psychographic, and behavioral characteristics of potential buyers

Owned Media

digital marking channels that a company exercises complete control over (walled gardens). Advertise through your own company (youtube channel)

What company strategy correlates to returning the highest profit margins and return on assets?

getting more customers

Know how to interpret a Brand Development Index - i.e. what does an index of 82 mean?

gives you a way to determine how each market is doing on an apples to apples basis rather than apples to oranges. % of sales/% of US population. Higher than 100: sold more than expected based on their population. Index of 82 means that they sold 18% less than they expected to in the given market.

Know the different types of strategies and displays manufacturers use at retail.

in-store billboards, blocking strategies (putting all your products next to each other in a block), special displays (can be permanent or temporary)

Walled Garden

manage and sell advertising within their own environments. They all use the same RTB and PPC formula as Google Ads—limited ad spaces are auctioned, and they only get paid when a consumer clicks on the ad—so they too are incentivized to put out only the best ads that they believe will entice consumers to click on.

Know why Esports and video games are a driving new force in social media (Twitch).

meet to live-stream, compete, and watch others play. They have tons of streamers and viewers and they generate a lot of revenue.

Understand what Product Mix is used for

offer a selection of products that meets consumer needs better than anyone else. helps to make sure you can capture the needs/wants of a variety of consumers

Earned Media

online word of mouth/ SEO/ organic search. Customer posts about your product

Programmatic Digital Advertising

process of purchasing ad space via software and relying on complex algorithms to deliver ads contextually. It's using AI machines to buy ads.

What does doing market research accomplish?

provides management with relevant, accurate, reliable, valid, and current information. Helps them to make good decisions.

Know why consumer use social media. The types of channels it represents.

they use it to stay in touch with friends, stay up to date. Most follow businesses to get a discount

Life Currencies

•Money •Information •Time •Human Energy •Space •Fun •Fear •Angst / Stress •Convenience •Love •Quality •Expertise