Exam 5 Marketing Policy
Public Relations
"Free" media attention, never paid for Importance of PR has grown as cost of other media has increased Consumers becoming more skeptical about marketing, PR becomimg more important
Steps in Planning and Executing an Ad Campaign 1. Identifying Target Audience
1. Conduct research 2. Use the information to set the tone 3. Select the media
The AIDA Model Ch. 17
1. Create Awareness Think about a products Customers ability to recognize or recall the brand later Senders first must gain the attention A multichannel approach increases the likelihood the message will be recieved 2. Interest After awareness comes persuasion The customer must want to further investigate the product/service Firms must highlight attributes of interest to different customers 3. Desire Create a feeling for the product, "I like that" to "I want it" feeling 4. Action Purchase is just one type of action, like and sharethe product on fb etc, try a product, ask stores to carry the product
Personal Selling Process Ch. 19
1. Generate and Qualify leads 2. Pre-approach 3. Sales Presentation and Overcoming objections 4. Closing the sale 5. Follow up
6. Create Advertisement
Ads -the type of medium determines the execution style -creativity plays a major role in the execution stage -creativity should not overshadow message -the execution style must match the medium and objectives
The Lagged Effect
Advertising doesnt always have immediate impact Multiple exposures are often necessary Difficult to determine which exposure led to purchase
Sales Promotions Ch. 17
Can be aimed at both end user consumers or channel members Used in conjunction wuth other forms IMC Can be used for both short-term and long-term objectives
Sales Promotions Ch. 18
Can be targeted at either the end user consumers or channel memembers Can be used in push or pull. Coupons • Stimulates demand. • Allows for direct tracing of sales. • Has low redemption rates. • Has high cost. Deals • Encourages trial. • Reduces consumer risk. • May reduce perception of value. Premiums • Builds goodwill. • Increases perception of value. • Consumers buy for premium, not product. • Has to be carefully managed. Contests • Increases consumer involvement. • Generates excitement. • Requires creativity. • Must be monitored. Sweepstakes • Increases involvement with product. • Sales often decline after sweepstakes is over. Samples • Encourages trial. • Offers direct involvement. • Has high cost to the firm. Loyalty Programs • Creates loyalty. • Encourages repurchase. • Has high cost to the firm. POP Displays • Provides high visibility. • Encourages brand trial. • Is difficult to get a good location in the store. • Can be costly to the firm. Rebates • Stimulates demand. • Increases value perception. • Is easily copied by competitors. • May just advance future sales. Product Placement • Displays products nontraditionally. • Demonstrates product uses. • Firm often has little control over display. • Product can be overshadowed. Cross promoting, one brand promoting another
Web tracking
Clicks on a certain ad etc Impressions number of times it was displayed and how often it is used Clicks divided by impressions and you get a click through rates Return on investment (ROI) sale revenue-ad costs divided by add costs
Cold Calling and Telemarketing Ch. 19
Cold calls are a method of prospecting in which salespeople telephone or go to see potential customers without appointments. 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.
Integrated Marketing Communications
Communication Channel -Clear -Consistent represents the Promotion P 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.
Sales Force Structure
Company Sales Force -Employees -Established product lines Manufacturer's Representatives (Independent agents)
2. Pre-approach
Conduct research on company Develop a plan for the meeting Set goals for what is to be accomplished
3. Determine the Advertising Budget
Considerations: role that advertising plays in their attempt to meet their overall promotional objectives. expenditures vary over the course of the Product Life Cycle. Nature of the market and the product influence the size of the budget.
Blogs Ch. 3
Corporate blogs- which are created by the companies themselves, have the highest level of control because, to a large degree, they can control the content posted on them. Professional blogs- are those written by people who review and give recommendations on products and services. Personal Blogs- are written by people who receive no products or remuneration for their efforts. Thus, of the various types of blogs, marketers have the lowest level of control over this type. Microblogs-short sentences, short videos, or individual images, like Twitter. These are sharing sites, media and thoughts: experiences, engage and educate
Social Network User Types/segments Ch. 3
Creators- contribute new ideas. cutting edge of technology. Bonders- enhance and expand relationships. Professionals- Used for efficiency. Demonstrate intelligence. Sharers- Desire to help others. Well informed.
Public Relations Ch. 18
ELEMENT: Publications: Brochures, special-purpose single-issue publications such as books FUNCTION: Inform various constituencies about the activities of the organization and highlight specific areas of expertise. ELEMENT: Video and audio: Programs, public service announcements FUNCTION: Highlight the organization or support cause-related marketing efforts. ELEMENT: Annual reports FUNCTION:Give required financial performance data and inform investors and others about the unique activities of the organization. ELEMENT: Media relations: Press kits, news releases, speeches, event sponsorships FUNCTION: Generate news coverage of the organization's activities or products/services. ELEMENT: Electronic media: Websites, e-mail campaigns FUNCTION: Websites can contain all the previously mentioned toolbox elements, while e-mail directs PR efforts to specific target groups.
Evaluating Salespeople
Evaluations -tie to the reward structure -Can be objective or subjective
4 E's of Social Media Ch. 3
Excitement- excite the customer. Offer must be relevant to its targeted customers. Relevancy can be achieved by providing personalized offers. Education- Golden opportunity: product's value proposition and offered benefits. Experience-the product or service, information about goods and services, simulate real experiences. Engagement- engage the customer. Action, loyalty, and commitment. Positively engaged consumers lead to more profitability. Engagement can also backfire.
Motivating and compensating salespeople Ch. 19
Financial rewards- salary, commission, bonus, sales contest. The bulk of any compensation package is made up of salary, commission, or a combination of the two. The advantage of a salary plan is that salespeople know exactly what they will be paid, and sales managers have more control. Salaried salespeople can be directed to spend a certain percentage of their time handling customer service issues. Under a commission system, however, salespeople have only one objective—make the sale! Thus, a commission system provides the most incentive for the sales force to sell. Non Financial rewards- recognition from peers and management. self-motivated but the sales make them feel good. High symbolic value includes free trips or days off, but publicized.
5. Follow-Up
Five Service Quality Dimensions -Reliability -Responsiveness -Assurance -Empathy -Tangibles
Measuring Success using Marketing Metrics
Frequency number of times people her the marketing communications Reach how many people that you are trying to reach actually hear or see the message Multiply all reach and frequencies to get the the gross rating points
4. Closing the Sale
Getting the order Often most stressful part of sales process A "no" one day may be the foundation for a "yes" another
Direct Marketing
Growing element of IMC Includes email and m-commerce Database technology improves relevance of ads Global tracking
Ethical and Legal Issues is Personal Selling
Issues for the Sales Force and Corporate Policy -The firm may have a policy to sell goods or services to people who cannot afford them or to people who should not have them. Issues for the Sales Person and the Customer -Have you ever felt that you were treated unethically by a salesperson
Social Media Engagement Process Ch. 3
Listen- Sentiment Analysis (attitudes and preferences: understand what consumers are thinking and sharing. real-time monitoring Analyze- Hits, Page Views, Bounce Rate, Click Path, Conversion Rates, Keyword Analysis; assess what customers are saying about the firm and its competitors. it is even more critical to learn who those visitors are, what they are doing, and what engages and excites them. such as measuring where people have come from to get to the company's site. Do- implement what they have learned from analyzing their social and mobile media activity.
5. Evaluate and Select Media Media Planning, Media Mix, and Media Buy Ch. 18
Media Planning (tv, billboards, radio, newspaper, etc) figuring out target market, where they are and where they will see them. Put the ads where the target market is. Niche Media is reaching a small more targeted audience, change on different channels. Mass Media reaches large anonymous audience, like superbowl. Choosing the right media, certain benefits and drawbacks. Schedule- continous, pulsing (baseline and go up at certain timesand come back down to baseline), flighting (nothing at times and all at the same time) Media Mix is the combinations of media you want to run the add on. Media Buy, you purchase where you want to run the ad. Timing of when you run the ads as well
Advertising
Most visible element of IMC
Setting and allocating the IMC budget Budget Methods Ch. 17
Objective and Task Method -determines the budget required to undertake specific tasks to accomplish communication objectives. To use this method, marketers first establish a set of communication objectives, then determine which media best reach the target market and how much it will cost to run the number and types of communications necessary to achieve the objectives. Rule of thumb method -competite parity Firms budge equals market share. Cant exploit the unique market opportunities or problems -percentage of sales Budget is fixed percentage of forecast sales -available budget
Elements of Integrated Marketing Communication Strategy (tools)
Offline and Interactive Personal Selling Sales Promotions (contests) Direct Marketing (telemarketing) Interactive and Online Direct Marketing (mobile marketing) Online Marketing (blogs, social Media) Passive and Offline Advertising Public Relations Sales promotions (coupons) Passive and Online Direct marketing (email marketing)
Salesperson Duties Ch. 19
Order getting is a salesperson whose primary responsibilities are identifying potential customers and engaging those customers in discussions to attempt to make a sale. Order taker is a salesperson whose primary responsibility is to process routine orders, reorders, or rebuys for products. Sales support personnel enhance and help with the overall selling effort.
Professional Selling as a Career
People love the lifestyle There is a lot of flexibility There is a lot of variety in the job Can be very lucrative Very visible to management and good for promotions
Aligning the Personal Selling Process with the B2B Buying Process
Personal Selling process (1-5 steps), vs B2B buying process. 1. Need Recognition 2. Product Specification 3. RFP (Request for Proposal) process 4. Proposal Analysis and Supplier Selection 5. Order specification 6. Performance assessment
Personal Selling Ch. 19
Personal selling is the two-way flow of communication between a buyer or buyers and a seller, designed to influence the buyer's purchase decision. Personal selling can take place in various situations: face-to-face, via video teleconferencing, on the telephone, or over the Internet, for example.
Recruiting and Selecting Salespeople
Personality Optimism Resilience Self Motivation Empathy
7. Asses Impact Using Marketing Metrics Pre/Post Testing Ch. 18
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. Posttesting is the evaluation of the campaign's impact after it is has been implemented. At this last stage, advertisers assess the sales and/or communication impact of the advertisement or campaign.
Product Focused Advertisements Ch. 18
Product-focused advertisements inform, persuade, or remind consumers about a specific product or service. Institutional advertisements inform, persuade, or remind consumers about issues related to places, politics, or an industry.
2. Set Advertising Objectives Informative, Persuasive, and Reminder Advertising Ch. 18
Pull- Get consumer to ask for the product Push- Motivate wholesalers, retailers, etc. to carry the product 3 Main Objectives - must be specific and measurable. : Inform- provide information. Create and build brand awareness, push the consumer through the buying cycle. Persuade- Generally occurs in the growth and early maturity stages of the PLC when competition is most intense. May be used to reposition an established brand in the later stage of the PLC. Remind- Communication used to remind or prompt repurchases. Occurs after the products have gained market acceptance. Focus of Advertisements- advertise institution or advertise a specific product Social Marketing Public service announcement by law, broadcasters must devote a specific amount of free airtime to PSAs
How consumers percieve communication
Reciever decode messages differently Senders adjust messages according to the medium and receivers traits
Managing the Sales Force
Sales force structure Recruiting and selecting salespeople Sales training Motivating and compensating salespeople Evaluating Sales people
Value added by personal selling Ch. 19
Salespeople -provide information and advice -save time and simplify buying -build relationships Help a company because -offer a customers point of view to the firm -help identify competitors advantage
Types of Advertising Schedules Ch. 18
Schedule- continuous, pulsing (baseline and go up at certain times and come back down to baseline), flighting (nothing at times and all at the same time)
Sales Training
Selling and negotiation techniques Products and service knowledge Technologies used in the selling process Time and territory management Company policies and procedures
Communicating with Consumers
Sender (Firm) Transmitter encodes message communications channel (Media) Receiver (Consumer) decodes the message All get feedback in different ways and also noise from the environment
Gamification Ch. 3
Smartphone owners are increasingly using location-based apps. Customers can download several free apps that use the GPS function of their phone to share what they are doing, where they are, and when they're doing it. Companies use these apps to build loyalty by making patronage a game, a process known as gamification.
PSAs Ch. 18
Social Marketing Public service announcement by law, broadcasters must devote a specific amount of free airtime to PSAs focus on public welfare; generally they are sponsored by nonprofit institutions, civic groups, religious organizations, trade associations, or political groups. Like product and institutionally focused advertising, PSAs also inform, persuade, or remind consumers, but the focus is for the betterment of society
Personal Selling
Some products require the help of a sales person More expensive than other forms of promotion Sales people can add significant value, making the expense worth it
1. Generate and Qualify Leads
Source of leads -Current customers -Networking events -The internet -Trade shows -Cold calling -Telemarketing
4. Convey the message
The Message- unique selling proposition (USP) The Appeal- informational vs emotional
IMC Communication Process Ch. 17
The message originates from the sender, who must be clearly identified to the intended audience. The Transmitter The sender works with a creative department, whether in-house or from a marketing (or advertising) agency, to develop marketing communications to highlight the new beverage. Encoding means converting the sender's ideas into a message, which could be verbal, visual, or both. The communication channel is the medium—print, broadcast, the Internet, and so forth—that carries the message. Coca-Cola could transmit through television, radio, and various print advertisements, but it also realizes that the media chosen must be appropriate to connect itself (the sender) with its desired recipients. The 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. It poses a problem for all communication channels. The feedback loop allows the receiver to communicate with the sender and thereby informs the sender whether the message was received and decoded properly.
3. Sales Presentation and Overcoming Objectives
The presentation Handling objections
Frequency and Reach Ch. 17
Therefore, 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
Planning and measuring IMC Success
Understand the outcome they hope to achieve Short term or long term
Online Marketing Vehicles Ch. 17
Websites Blogs Social Media
Influence Ch. 3
which is the extent to which the person influences others (e.g., how much do the people in a person's network read that person's content)
Social reach Ch. 3
which refers to how many people a person influences (e.g., number of individuals in the person's social networks such as Facebook and LinkedIn)
