Marketing Final
The personal selling process:
1. Generate and qualify leads 2. Preapproach 3. Sales presentation and overcoming reservations 4. Closing the sale 5. Follow-up
What are the steps in designing and executing an advertising campaign?
1. Identify target audience 2. set advertising objectives 3. determine the advertising budget 4. convey the message 5. evaluate and select media 6. create advertisements 7. Assess Impact
Salespeople...
1. provide information and advice 2. Save time and simplify buying 3. Build relationships 4.
Blog
A blog (weblog) contains periodic posts on a common web page. A well-received blog can communicate trends, announce special events, create positive word of mouth, connect customers by forming a community, allow the company to respond directly to customers' comments, and develop a long-term relationship with the company
Sales Force
A company sales force comprises people who are employees of the selling company.
A continuous schedule
A continuous schedule runs steadily throughout the year and therefore is suited to products and services that are consumed continually at relatively steady rates and that require a steady level of persuasive and/or reminder advertising. For example, Procter & Gamble advertises its Tide brand of laundry detergent continuously.
PSA
A specific category of institutional advertising is public service advertising (PSA). PSAs focus on public welfare; generally they are sponsored by nonprofit institutions, civic groups, religious organizations, trade associations, or political groups. PSAs represent a form of social marketing, defined as the application of marketing principles to a social issue to bring about attitudinal and behavioral change among the general public or a specific population segment.
Awareness
Aided recall - when consumers indicate they know the brand when the name is presented to them. Top-of-mind awareness - the highest level of awareness, occurs when consumers mention a specific brand name first when they are asked about a product or service.
Emotional Appeals
An emotional appeal aims to satisfy consumers' emotional desires rather than their utilitarian needs. These appeals therefore focus on feelings about the self.
Institutional ADS
An institutional advertisement is a type of advertising that promotes a company, corporation, business, institution, or organization. Ex: GE's Ecomagination
unique selling proposition (USP)
Another common strategy differentiates a product by establishing its unique benefits. This distinction forms the basis for the unique selling proposition (USP) or the value proposition (as discussed in Chapter 9), which is often the common theme or slogan in an advertising campaign. Ex: Oreos... Milk's favorite cookie!
The AIDA model
Awareness Interest Desire Action (see diagram) go thru the steps to some degree BUT may not follow the order
Chapter 17 begins here
Chapter 17 begins here
Chapter 18 Begins Here
Chapter 18 Begins Here
Chapter 19 begins here
Chapter 19 begins here
Closing the Sale:)
Closing the sale means obtaining a commitment from the customer to make a purchase.
Goal of sales promotion...
Create value for BOTH the consumer and the firm
Trade Shows:)
EX: Consumer electronics buyers always make sure that they attend the annual Consumer Electronics Show (CES) in Las Vegas, the world's largest trade show for consumer technology
What are the types of appeals?
Emotional and Informational Appeals
event sponsorship
Event sponsorship occurs when corporations support various activities (financially or otherwise), usually in the cultural or sports and entertainment sectors. Red Bull is a frequent sponsor of various kinds of sports events, such as Red Bull Air Race and numerous extreme sports events (e.g., cliff diving).
4E Framework for Social Media
Excite the Customer, Educate the Customer, Experience the Product or Service, Engage the Customer.
FINITO BABYYY
FINISHED BABYYY
Motivating and Compensating Salespeople
Financial rewards Non-financial rewards
flighting schedule of advertising
Flighting refers to an advertising schedule implemented in spurts, with periods of heavy advertising followed by periods of no advertising. This pattern generally functions for products whose demand fluctuates, such as suntan lotion, which manufacturers may advertise heavily in the months leading up to and during the summer.
Independent agents (manufacturer's representatives or reps):
Independent agents, also known as manufacturer's representatives, or reps, are salespeople who sell a manufacturer's products on an extended contract basis but are not employees of the manufacturer. compensated by commissions and do not take ownership or physical possession of the merchandise.
Informational Appeals
Informational appeals help consumers make purchase decisions by offering factual information that encourages consumers to evaluate the brand favorably on the basis of the key benefits it provides.
available budget
Marketers forecast their sales and expenses, excluding communication, during the budgeting period. The difference between the forecast sales and expenses plus desired profit is reserved for the communication budget. That is, the communication budget is the money available after operating costs and profits have been budgeted. Assumes communication expenses do not stimulate sales and profit
Mass Media
Mass media channels include outdoor/billboards, newspapers, magazines, radio, and television and are ideal for reaching large numbers of anonymous audience members.
Step 8: Evaluate and Select Media!!!
Media planning refers to the process of evaluating and selecting the media mix(the combination of the media used and the frequency of advertising in each medium) that will deliver a clear, consistent, compelling message to the intended audience.
Financial Rewards:)
Most salespeople receive at least part of their compensation as a SALARY (a fixed sum of money paid at regular intervals). Another common financial incentive is a COMMISSION (money paid as a percentage of the sales volume or profitability). A BONUS: is a payment made at management's discretion when the salesperson attains certain goals. A SALES CONTEST: is a short-term incentive designed to elicit a specific response from the sales force. Prizes might be cash or other types of financial incentives.
niche media
Niche media channels are more focused and generally used to reach narrower segments, often with unique demographic characteristics or interests. Ex: HGTV
To estimate reach...
Oliver uses the number of impressions (the number of times the ad appears in front of the user) and the click-through rate (CTR).
Interest
Once the consumer is aware, communication MUST increase the consumers interest level...
Marketing Metrics to ASSESS the IMPACT
PRETESTING - refers to assessments performed before an ad campaign is implemented to ensure that the various elements are working in an integrated fashion and doing what they are intended to do. TRACKING - includes monitoring key indicators such as daily or weekly sales volume while the advertisement is running to shed light on any problems with the message or the medium. POST TESTING - is the evaluation of the campaign's impact after it has been implemented. At this last stage, advertisers assess the sales and/or communication impact of the advertisement or campaign.
Product Focused ADS
Product-focused advertisements inform, persuade, or remind consumers about a specific product or service.
Focus of Advertising
Product-focused advertisements, PSA, institutional advertisements, social marketing...
pulsing schedule
Pulsing combines the continuous and flighting schedules by maintaining a base level of advertising but increasing advertising intensity during certain periods. For example, airlines, hotels, and car rental companies might continuously advertise to ensure brand awareness but might increase the advertising in spikes during certain low-demand periods.
Return on Marketing Investment (ROMI)
ROMI= ((gross margin-marketing expenditure)/marketing expenditure) x100
Follow Up:)
Reliability - The salesperson and the supporting organization must deliver the right product or service on time. Responsiveness - The salesperson and support group must be ready to deal quickly with any issue, question, or problem that may arise. Assurance - Customers must be assured through adequate guarantees that their purchase will perform as expected. Empathy - The salesperson and support group must have a good understanding of the problems and issues faced by their customers. Otherwise, they cannot give them what they want. Tangibles - Because tangibles reflect the physical characteristics of the seller's business, such as its website, marketing communications, and delivery materials, their influence is subtler than that of the other four service quality dimensions. That doesn't mean it is any less important. Retail customers are generally more pleased with a purchase if it is carefully wrapped in nice paper instead of being haphazardly thrown into a crumpled plastic bag. The tangibles offer a signal that the product is of high quality, even though the packaging has nothing to do with the product's actual performance.
Non-Financial Rewards:)
SELF-MOTIVATED BABYYYY
Inbound Marketing is:)
Salespeople curate blogs to draw in customers and generate leads, a process known as inbound marketing
Channels Used in an Integrated Marketing and Communications Strategy
See Image
Social Shopping
Social shopping - the use of the Internet to communicate about product preferences with other shoppers.
Telemarketing
Telemarketing is similar to a cold call, but it always occurs over the telephone. Sometimes professional telemarketing firms rather than the firm's salespeople make such calls.
Objective and Task Method
The objective-and-task method: determines the budget required to undertake specific tasks to accomplish communication objectives. marketers first establish a set of communication objectives, then determine which media best reach the target market // how much it will cost to run the number and types of communications necessary to achieve the objectives. (This process—set objectives, choose media, and determine costs—must be repeated for each product or service) sum of all = IMC Budget
Step 2: Preapproach and the Use of CRM Systems
The preapproach occurs prior to meeting the customer for the first time and extends the qualification of leads procedure described in Step 1. in this step he or she must conduct additional research and develop plans for meeting with the customer.
relevance of an ad
The relevance of the ad describes how useful an ad message is to the consumer doing the search.
Search Engine Marketing (SEM)
To reach new customers use... search engine marketing (SEM).
Persuasive Advertising
When a product has gained a certain level of brand awareness, firms use persuasive advertising to motivate consumers to take action. Persuasive advertising generally occurs in the 1. growth and early maturity stages of the product life cycle 2. when competition is most intense 3. and attempts to accelerate the market's acceptance of the product In later stages of the product life cycle, persuasive advertising may be used to reposition an established brand by persuading consumers to change their existing perceptions of the advertised product.
Competitive Parity
a firm's strategy of setting prices that are similar to those of major competitors
Advertising
advertising entails the placement of announcements and persuasive messages in time or space purchased in any of the mass media by business firms, nonprofit organizations, government agencies, and individuals who seek to inform and/or persuade members of a particular target market or audience about their products, services, organizations, or ideas.
Web Based Media
assessing the effectiveness of any web-based communication efforts in an IMC campaign generally requires web-tracking software, which measures how much time viewers spend on particular web pages, the number of pages they view, how many times users click banner ads, which website they came from, and so on
% of sales method
fixed percentage of forecasted sales
AN AD
headline body copy: main text portion of an AD brand elements: that identify the sponsor of the ad, typically through a logo (M&S, which is the logo for Marks & Spencer department store in the United Kingdom) unique selling proposition
Promotion Strategy or Advertising Plan
in advertising to consumers, the objective is a PULL STRATEGY, in which the goal is to get consumers to pull the product into the marketing channel by demanding it. PUSH strategies also exist and are designed to increase demand by focusing on wholesalers, retailers, or salespeople.
Sales Management
involves the planning, direction, and control of personal selling activities, including recruiting, selecting, training, motivating, compensating, and evaluating, as they apply to the sales force.
Informative Advertising
is a communication used to create and build brand awareness, with the ultimate goal of moving the consumer through the buying cycle to a purchase.
Lagged Effect
lagged effect—a delayed response to a marketing communications campaign. It generally takes several exposures to a campaign before a consumer fully processes its message.
Step 1:) Generate and qualify leads
list of potential customers (leads) and assess their potential (qualify)
Measuring Success Using Marketing Metrics
marketers measure the FREQUENCY of exposure—how often the audience is exposed to a communication within a specified period of time. The other measure used to measure consumers' exposure to marketing communications is REACH, which describes the percentage of the target population exposed to a specific marketing communication, such as an advertisement, at least once. Marketing communications managers usually state their media objectives in terms of GROSS RATING POINTS (GRP), which represent reach multiplied by frequency (GRP = Reach × Frequency).
What is media buying? what is the most expensive form of advertising?
media buy=the actual purchase of airtime or print pages, is generally the largest expense in the advertising budget, marketers must make their decisions careful TV Ads duhhhh hehe XD
Cold Calls:
method of prospecting in which salespeople telephone or go to see potential customers without appointments. cold calls and telemarketing have become less popular over time, primarily because their success rate is fairly low.
Salesperson duties
order getting: primary responsibilities are identifying potential customers and engaging those customers in discussions to attempt to make a sale order taking: salesperson whose primary responsibility is to process routine orders, reorders, or rebuys for products. sales support: enhance and help with the overall selling effort. For example, if a Best Buy customer begins to experience computer problems, the company has a Geek Squad door-to-door service as well as support in the store.
Public Relations
public relations (PR) involves managing communications and relationships to achieve various objectives such as building and maintaining a positive image of the firm, handling or heading off unfavorable stories or events, and maintaining positive relationships with the media. In many cases, public relations activities support other promotional efforts by generating free media attention and general goodwill. Ex: famous people wearing certain brands on red carpets hehe me someday ;)
relationship selling
relationship selling refers to a sales philosophy and process that emphasizes a commitment to maintaining the relationship over the long term and investing in opportunities that are mutually beneficial to all parties.
Reminder Advertising
reminder advertising - a communication used to remind or prompt repurchases, especially for products that have gained market acceptance and are in the maturity stage of their life cycles
intergrated marketing communications
represents the promotion dimension of the four Ps. It encompasses a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to provide clarity, consistency, and maximum communicative impact
"SOMETIMES SALESPEOPLE FACE A CONFLICT BETWEEN WHAT THEY BELIEVE REPRESENTS ETHICAL SELLING AND WHAT THEIR COMPANY ASKS THEM TO DO TO MAKE A SALE."
sales manager and the salesforce sales force and corporate policy salesperson and the customer
The communication process
see diagram the sender - where the message originates transmitter - The marketing department or external agency receives the information and transforms it for use in its role as the transmitter encoding - means converting the sender's ideas into a message, which could be verbal, visual, or both communication channel - is the medium—print, broadcast, the Internet, and so forth—that carries the message receiver - is the person who reads, hears, or sees and processes the information contained in the message and/or advertisement noise - is any interference that stems from competing messages, a lack of clarity in the message, or a flaw in the medium feedback loop - allows the receiver to communicate with the sender and thereby informs the sender whether the message was received and decoded properly
Social Media
social media refers to online and mobile technologies that distribute content to facilitate interpersonal interactions
Sales Promotions
special incentives or excitement-building programs that encourage consumers to purchase a particular product or service, typically used in conjunction with other advertising or personal selling programs. ex: contests etc... coupons deals premiums: free or bargain price for a product Contest sweepstakes: just enter a name sampling: try a product loyalty program: incentive for multiple visits point of purchase displays: checkout counter displays product Rebates:portion of purchase price is given to beer by seller in turn for paying cash Product placement: product displayed in movie, nontraditional places, etc...
Social Marketing
the application of marketing principles to a social issue to bring about attitudinal and behavioral change among the general public or a specific population segment.
cause related marketing
the cooperative marketing efforts between a for-profit firm and a nonprofit organization
advertising schedule
which specifies the timing and duration of advertising. There are three types of schedules: continuous, flighting, and pulsing
