BA 355 Quiz 4
How does social media differ from traditional advertising media?
-Ability to reach large and niche audiences Both are able to do so Depends on execution -Expense and access Traditional advertisements are expensive and are restricted to those w access Social Media ads are cheap and accessible to everyone who has a smartphone or computer -Training and number of people involved Traditional media requires specialized skills and training Social media requires limited skills -Time to delivery Traditional media can involve days or even months of effort to communicate Can be instantaneous -Permanence Traditional media cannot be altered Social media messages can be altered extensively -Credibility and Social Authority Traditional media is looked upon with credibility (experts in the field) Social media is often viewed as "someone adding to the conversation"
How did the Share A Coke campaign use IMC effectively?
-Coke created an interactive experience -Although advertisement, they made it feel personal -Had the names on the bottles -Customizable cans -Consumer engagement encouraged sales even if they did not drink coke -Can or sticker became a gift or collectible
Why is direct marketing effective? What are some examples of direct marketing from class?
-Direct marketing focuses on direct communication with consumers on an individual basis -"One to one" marketing personalizes the message -People feel more heard and wanted -Able to receive direct feedback from the consumer -More obliged to respond to personal messages -Direct Orders -Offers that contain all the information necessary for a prospective customer to make a decision to purchase and complete the transaction -Personal brand selection and notifications -Lead generation -Result of an offer designed to generate interest in a product or service and a request for additional information -Traffic generation -Outcome of an offer designed to motivate people to visit a business -Notice of special sales
How does personal selling create unique value as a promotional element? How can salespeople create value for their customers?
-Salespeople create solutions to problems -Ease the customer buying process -Make the after-the-sale follow up -All issues are addressed personally
What is SSI? Which social media platform uses it? What are its components? Be able to interpret an SSI dashboard.
-Social Selling Index used by LinkedIn -Establishing a Personal Brand -Finding the Right People -Engaging with Insights -Building Relationships -All out of 25 to total 100 -Compares to your network and people in your industry
What is SPIN selling? What does each SPIN letter stand for?
-Spin selling is a questioning technique by Neil Rachham that builds up to a climax for customers -Helps buyers identify unrecognized problems -Situation -Problem -Implication -Needs -Payoff/Value
What are common objections a buyer may have? What are techniques for addressing them? Be able to identify or recommend a technique given a scenario.
Acknowledge and convert the objection -Related to price being too high -"Price is high because we have the finest materials available" Postpone -Used when objection will be addressed later Agree and neutralize -Agree with the objection, but acknowledge that the issue is outweighed by benefits Accept the objection -Probe for reasoning and attempt to stimulate further discussion Denial -Used when the objection is blatantly incorrect Ignore the objection -Use when the objection is irrelevant and a stalling technique
What are strengths and weaknesses of each element of the promotional mix? What conditions (e.g., stage of the product life cycle, or stage of the purchase decision process) would be favorable for each?
Advertising -Strength: Efficient means of reaching large number of people -Weakness: High absolute cost, difficult to receive good feedback. Best for pre-purchase and post-purchase Personal Selling -Strength: Immediate feedback, very persuasive, can select audience, can give complex information. -Weakness:Extremely expensive per exposure, messages may differ between sales people. Best for purchase Public Relations -Strength: Often most credible source in consumer minds -Weakness: Difficult to get media cooperation. Best for pre-purchase Sales promotion -Strength: Effective at changing behavior in short run, very flexible -Weakness:Easily abused, can lead to promotion war, easily duplicated. Best for purchase Direct Marketing -Strength: Messages can be prepared quickly, relationships with customers -Weakness: Declining customer response, database management is expensive. Best for purchase
What are the five communication tools/elements of the promotional mix? Which are considered "mass" vs. "customized?"
Advertising, (Sales) Promotion, PublicRelations, DirectMarketing, PersonalSelling Mass: Advertising, Public Relations, Sales Promotions Customized: Direct marketing, Personal Selling
What are the different "forms" of advertisements? Be able to identify the form from an example, or make recommendations based on a scenario.
Advocacy States the position of a company on an issue Used when organizations make request related to a particular action or behavior Examples - recycling, renewable energy, wear a mask Pioneering (informational) What it is, what it does, and where it can be found Key goal is to inform the target market Must be interesting, convincing, and effective Competitive (persuasive) Promotes a brands features and benefits Persuade the target market to select the firm's brand rather than that of a competitor Comparative advertising shows strengths compared to competitors Reminder Reinforce previous knowledge of the product Good for products that have a well-recognized position and are in the mature phase of their product life Reinforcement ads ensure the consumers that they made the right choice
What is the AIDA model and what are its components? Why is each step important?
Attention: Cognitive,Senders first must gain the attention of the consumers A multi channel approach increases the likelihood the message will be received Interest: After the customer is aware, they must be persuaded. Effectiveness claims, statistics, and points of difference relevant to your target market. The customer must want to further investigate the product/service. Marketers must be careful of reactance Desire: "Feel"-hitting an emotional chord. Pain points Move from "I like it" to "I want/need it Identifying and building up need Action: Getting the consumer to take the desired action of the marketer
What are benefits and tradeoffs of using IMC/multiple communication channels?
Benefits -Some may spark awareness while the others bring home the sale Tradeoffs -Can be inconsistent between channels Channels may reach different audiences
What are the types of advertising scheduling? What products/brands are typical for each type?
Continuous (steady) schedule -Seasonal factors are unimportant and thus run consistently throughout the year Daily products Flighting (intermittent) schedule -Periods of advertising and periods with no advertising Seasonal products and services Sunscreen, snow gear, etc Pulse (burst) schedule -Combination of continuous and flighting Year round but increase during seasonal peaks Cookies (increase around christmas), automobiles (new style release)
Be able to identify or recommend types of sales promotions from scenarios.
Coupons Stimulate demand Deals Increase trial or retaliate against competitors Premiums Build goodwill Contests Increase consumer purchases, build business inventory Sweepstakes Encourage present customers to buy more or minimize brand switching Samples Encourage new product trials Loyalty Programs Encourage repeat purchases Point-of-Purchase displays Increase product trial and provide in-store support for other promotions Rebates Encourage customers to purchase, stop sales decline Product Placements Introduce new products, demonstrate product use
What are the advantages and disadvantages of the major social media platforms, and how might each be used by brand managers to connect with their target audience?
Facebook Twitter LinkedIn Youtube
Appeals in advertising
Fear Appeal Avoid a negative experience through the purchase and use of a product or service, a change in behavior, or a reduction in the use of a different product Examples - do not drink and drive, smoke, etc Sex Appeal Increase the attractiveness of the user Sex appeal is the most successful in terms of generating response Humor Appeal Directly or subtly imply that the product is more fun or exciting than those of competitors Use humor to differentiate the offering company
Be able to describe/identify differences between "hunters" and "farmers."
Hunter -Focus on new customers -Go out and find them -Road warriors -Often traveling finding new areas to pursue customers in -Closes sales Farmer -Focuses on regular customers -Does not go out of their way to find new customers -Routine orders that are repeats
How has Covid-19 influenced messaging communicated by organizations as discussed in class?
Increased advocacy in order to support anti-covid efforts Using logos to show social distancing Directly call for masks, social distancing, etc Sales promotions that are directed towards covid-impacted individuals Free delivery, contactless delivery, etc
What are different performance measures for social media programs? Be able to identify and/or compare different input/cost measures and output/revenue measures.
Inputs or Costs -Cost per Thousand - Only tied to costs -Cost per Click Measure of interest in a product -Cost per Action Measure related to sales revenue generated from social media ad or action Outputs or Revenues -Users/Members Registered on a social media platform by filling out information -Fans Number of people who opted into the brands messages -Share of Voice Brand's share or percentage of all online social media chatter -Page Views Number of times a page is loaded in a given time -Visitors Total number of visitors (multiples count) -Unique Visitors Total number of unique visitors in a time period -Average Page views per visitor - Page views divided by visitors -Interaction Rate Number of people who interact with a post -Click through rate percentage of recipients who have clicked on a link on the page to visit a specific site -Fan Source Where a social network following comes from
What are the six stages of the personal selling process, and what is the goal of each?
Prospecting -Build desire for the product Pre-Approach -Gather information and decide how to approach the prospect Approach -Gain a prospect's attention Stimulate interest Make transition into the presentation Presentation -Begin converting a prospect to a customer by creating desire for the product or service -Canned sales - same message -Custom sales - custom for each customer, only relevant information Close -Obtain a purchase commitment from the prospect and create a customer Follow-up -Ensure that the customer is satisfied with the product or service
What are the elements of the communication process?
Sender(Firm)-> Transmitter encodes the message-> Communications channel(media)-> Receiver(consumer) decodes the message
What role does each SPIN type of question achieve, and what are examples of each?
Situation -Assess company background -Routine questions that you already know the answer to Problem -Assess dissatisfaction, difficulties, or problems -Reactions to questions present needs or value Implication -Start to introduce (through questions) that the product or service would be useful -Talk about PoD and attributes of the product Needs Payoff/ Value -Questions assess the value of your company's product/service as a solution -Why would the solution be useful to you -How will the solution save you money or time
What are different presentation formats, and why might each be used?
Stimulus Response Format -Stimulate the right point and a consumer will buy the product -Try one after another hoping for one to hit -Used in informal settings (restaurants) Formula Selling Format -Information must be presented in a step-by-step manner -Canned sales presentation -Telephone and door-to-door selling of consumer products Need-satisfaction Format -Emphasized probing and listening to identify the needs of the prospective buyers -Tailor approach to what the customer needs -Adaptive Selling -Adjust the presentation to fit the selling situation -Consultative selling -Salesperson serves to recognize a problem and produce a solution
What are pros/cons of different advertising media? Be able to make recommendations for a scenario.
Television -Strengths Sight, sound, and motion 96% of households Informercials are extremely informative -Weaknesses Extreme expensive Wasted coverage - people outside the target market see the advertisement Radio -Strengths Segmented medium - people w similar interests all listen to similar stations 91% of adults weekly -Weaknesses Limited use for products that must be seen Able to switch stations, thus "skipping" ads Competes for attention (driving, working) Magazines -Strengths Very segmented/specialized Special-interest publications representing unique profiles -Weaknesses Cost in national magazines is very expensive (choose regional) Infrequent exposure (monthly or weekly) Newspapers -Strengths Daily exposure potential Online medium -Weaknesses Not saved - must call for immediate response Black and white Decline in circulation Yellow Pages -Strengths Reach most households Serve as a directional advertisement (shows where to buy) -Weaknesses Competing directories Limited accountability Issues related to negative environmental impact Internet -Strengths Can be sight, sound, motion Interactive - games, drop downs, search engines Reaches younger consumers Mobile marketing Interactive messaging options -Weaknesses Relatively new and evolving Difficulty of measuring the impact Outdoor -Strengths Reinforcement advertising - hard to provide a lot of information Public exposure Digital billboards -Weaknesses Effectiveness depends on location and traffic Transit advertising can be blocked Increased regulation "Other" - place-based-advertising -Strengths VERY segmented -Weaknesses Location dependent