307 final
Difference between an implicit and explicit test for measuring promotion effectiveness.
-Direct Test: asking customers to take an action you can track -Indirect: measuring shift before and after a test. (BEF/AFT) -Explicit: direct recall, not very effective, but does show good/bad memories. -Implicit: how you perceive a brand and how the attitudes toward the brand have caused a shift in attitude. (BEF/AFT)
Given certain market characteristics, determine when selling is superior to advertising.
-Personal Selling: Lower # buyers, expensive products, high price margin, short channel, geographically concentrated, complex -Advertising: High # buyers, inexpensive products, low price margin, long channel, geographically dispersed, simple
Distinguish between a rational appeal and emotional appeal.
-Rational appeal: to use this method effectively, the advertisement must underscore consumer benefits rather than product features. Dependability/Durability./Ease of use (Convenience). -Emotional appeal: Fear/Humor/Pride of Posession/Security/Sex attraction/Status/Sympathy
Distinguish among traditional selling, and relationship selling based on level of customer relationship.
-Traditional: sales focus understand your product, consumers' role are prospects, salesperson's approach is persuasion. -Relationship: sales focus understand customers' business/lifestyle, consumers' role are assets of the business, salesperson's approach is partnering.
19-3 Describe the key functions involved in managing a sales force.
-salesforce requires management, sales management involves the planning, direction, and control of personal selling -salesforce structure: company/sales force or manufacturer's representative (independent agents) -salesperson duties: order getter_salesperson whose primary responsibilities are identifying potential customers and engaging those customers in discussions to attempt to make a sale, responsible for following up to ensure that the customer is satisfied and to build the relationship order taker_ salesperson whose primary responsibility is to process routine orders, reorders, or rebuys for products sales support combination duties -recruiting and selecting salespeople (personality, optimism, resilience, self-motivation, empathy) -sales training -motivating and compensating salespeople (financial rewards; salary/commission/bonus/, nonfinancial rewards, evaluating salespeople by using marketing) -responsibilities: 1. implement the marketing strategies 2. communicate company policies, but know when to go to bat for the customer 3. provide feedback to management 4. make ethical decisions
19-2 Define the steps in the personal selling process.
1. generates a list of viable customers. 2. Pre-approach, the salesperson gathers information about the customer and prepares for the presentation. 3. the sales presentation, consists of a personal meeting between the salesperson and the customer and overcoming reservations. 4. Closing the sale, the salesperson asks for the order. 5. Follow-up, the salesperson and support staff solidify the long-term relationship by making sure the customer is satisfied with the purchase and addressing any complaints. The follow-up therefore sets the stage for the next purchase.
18-6 Describe the elements of a public relations toolkit.
A variety of elements compose a firm's public relations toolkit. They include: publications, video and audio programs, public service announcements, annual reports, media kits (e.g., press kits), news releases, and electronic media (e.g., websites).
18-3 Describe the different ways that advertisers appeal to consumers.
Advertising appeals are either informational or emotional. -Informational appeals influence purchase decisions with factual information and strong arguments built around relevant key benefits that encourage consumers to evaluate the brand favorably. -Emotional appeals indicate how the product satisfies emotional desires rather than utilitarian needs.
17-3 Describe the various integrative communication channels.
Advertising has long been the primary channel for marketing communication and is still a constant presence, but other media channels have become more and more prominent. direct marketing media options, particularly online options, have increased in recent years. Outbound direct marketing telephone calls have declined, but Internet-based technologies like e-mail and m-commerce have increased. Public relations also has become increasingly important as other media forms become more expensive and as consumers grow more skeptical of commercial messages. With regard to new and electronic media, the wealth of recent options include websites, corporate blogs, and social media such as YouTube, Facebook, and Twitter.
18-2 Identify three objectives of advertising.
All advertising campaigns are designed to inform, persuade, or remind customers. -Informative advertising is communication used to create and build brand awareness. -Persuasive advertising is communication used to motivate consumers to take action. -Reminder advertising is communication used to remind or prompt repurchases.
17-2 Explain the 4 steps in the AIDA model.
Awareness is the first "thinking" step, during which the consumer simply recognizes a brand or product. (top-of-mind awareness) During the Interest step, the consumer starts to "feel" and become intrigued enough to explore the product or brand. This interest then leads to another feeling, namely, Desire for the marketed item. Finally, to be successful, marketing communication must prompt an Action: a purchase, a commitment, a recommendation, or whatever else the company is trying to get consumers to do.
17-4 Explain the methods used to allocate the IMC budget.
Competitive parity method: sets the budget so that the share of communication expenses equals the firm's share of the market. (-): does not allow firms to exploit the unique opportunities or problems they confront in a market The percentage-of-sales method: a fixed percentage of forecasted sales (-): assumes the same % used in the past or by competitors is still appropriate for the form. Does not take into account new plans Available budget: marketers forecast their sales and expenses, excluding communication, during the budgeting period (-): assumes communication expenses do not stimulate sales and profit
3-5 Recognize and understand the components of a social media strategy.
Firms engage with customers through social and mobile media using a three-step process. First, they listen to the customer using techniques like sentiment analysis. Second, they analyze the data collected in the first step using metrics like bounce rate, click paths, and conversion rates. Finally, they use this information to develop tactics to engage their customers
18-1 Describe the steps in designing and executing an advertising campaign.
Firms: (1) identify the target audience (2) set advertising objectives (3) determine the advertising budget (4) convey the message (5) evaluate and select the media (6) create the ad (7) assess the impact of the ad
17-5 Identify marketing metrics used to measure IMC success
Marketers rely on a mix of traditional and nontraditional measures to determine IMC success. Traditional media measure: -frequency of exposure: how often the audience is exposed to a communication within a specified period of time -reach: the percentage of the target population exposed to a specific marketing communication -gross rating points (GRP) = Reach * Frequency Non-traditional media measure (web-based media): -click-through tracking that measures how many times users click on banner advertising on websites *marketing communication mix: advertising/pr/sponsorship/personal selling/consumer sales promotion/trade promotion/digital media
Marketing metrics: Click-through rate, cost per order, abandonment rate, and downloads. You only need to know what these represent. A calculation will not be required for the test.
Marketing metrics: Capture > Connect (CTR) > Close (Abandonment rate) > Keep *CTR (Click-through rate): The number of times a user clicks on an online ad divided by the number of impressions.
18-7 Identify the various types of sales promotions.
Sales promotions are special incentives or excitement-building programs that encourage purchase and include coupons, deals, premiums, contests, sweepstakes, samples, POP displays, rebates, and product placement. They either push sales through the channel, as is the case with contests directed toward retail salespeople, or pull sales through the channel, as coupons and rebates do.
19-1 Describe the value added by personal selling.
Salespeople provide information and advice Salespeople save time and simplify buying Salespeople build relationships PS is the communication of information based on direct personal interaction with customers (effective, but expensive)
Additional terms: top-of-mind awareness, lagged effect, puffery, pre-test, post-test, premium.
TOM: a prominent place in people's memories that triggers a response without them having to put any thought into it. lagged effect: A delayed response to a marketing communication campaign. Puffery: The legal exaggeration of praise, stopping just short of deception, lavished on a product. pre-test: 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 post-test: The evaluation of an IMC campaign's impact after it has been implemented premium: an item offered for free or at a bargain price to reward some type of behavior, such as buying, sampling, or testing.
18-4 Identify the various types of media.
Television: (+) wide reach, incorporates sound and video (-) high cost, several channels and programs options may increase awareness of competitors' products Radio: (+) relatively inexpensive, can be selectively targeted, wide reach (-) no video, consumers give less focused attention than tv, exposure periods are short Magazines: (+) very targeted, subscribers pass along to others (-) relatively inflexible, takes some time for the magazine to be available Newspapers: (+) flexible, timely, able to localize (-) can be expensive in some markets, advertisements have a short life span Internet/mobile: (+) can be linked to detailed content, highly flexible and interactive, allows for specific targeting (-) becoming cluttered, the ad may be blocked by software Outdoor/billboard: (+) relatively inexpensive, offers opp for repeat exposure (-) is not easily targeted, has placement problems in some markets, exposure time is very short Direct marketing: (+) highly targeted, allows for personalization (-) cost can vary depending on the type of direct marketing used, traditional media like mail will be more expensive than newer media
3-3 Understand the drivers of social media marketing.
The five factors that focus on the uniqueness of social media in driving engagement (The Wheel of Social Media Engagement highlights): information effect, connected effect, network effect, dynamic effect, and timeliness effect
Calculate ROI for a marketing communication campaign.
calculating IMC ROI -W10&12 ppt 23pg
Differentiate between opt-in and opt-out direct marketing approaches.
opt-in: -Retailers must get consumers to explicitly agree to share this personal information -When a page asks you for permission to send you stuff and you say yes, then you are opting in. -Someone gets your name from somewhere else and they call you and you say no, then you are opting out.• -it requires a potential customer to self-select the services they wish to subscribe to, permission-based marketing. opt-out: -an existing customer receives electronic communications—usually on the basis of a prior relationship—without providing express permission. -takes the perspective that personal information is generally viewed as being in the public domain and retailers can use it in any way they desire. -Consumers must explicitly tell retailers not to use their personal information.
Distinguish between push and pull promotion strategies.
push: -a strategy designed to increase demand by motivating sellers—wholesalers, distributors, or salespeople—to highlight the product, rather than the products of competitors, and thereby push the product onto consumers. -offers or suppliers push goods/info towards customers; pull: -a strategy in which the goal is to get consumers to pull the product through the marketing channel by demanding it. -goods/info are pulled from customers as they demand.
19-4 Describe the ethical and legal issues in personal selling.
three areas: First, ethical and legal issues could arise based on how the sales manager interacts with the sales force. Second, there might be inconsistencies between corporate policy and the salesperson's ethical comfort zone. Finally, ethical and legal issues can arise as the salesperson interacts with customers