Imc 104 chapter 1 notes

101

Marketing

Marketing

refers to the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offers that have value for customers, clients, partners, and society at large.

Value

Customer's perception of functional, experimental, and psychological benefits of product of service against cost of acquiring and consuming it

Functional benefit

what product performs better ?

Experimental benefit

meaning and satisfying experience

Psychological benefit

how it make you feel (confident, happy)

Marketing Mix

Combining the controllable factors into a marketing program to facilitate the potential for exchange with consumers in the marketplace

The Four P's

Product: what to sell, Price: How much, Place (Distribution): Where to sell, Promotion: How to communicate- IMC

Meaning of IMC

A strategic business used to plan, develop, execute and evaluate coordinated measurable, persuasive brand communications programs over time with consumers, customers, prospects, employees, and so on.

Goal of IMC

to generate short-term financial returns and build long-term brand value

roles of IMC in branding

By developing,favorable,strong,unique associations in the mind of the customer

Advertising

any paid form of nonpersonal communication about an organization, product, service, or idea by an identified sponsor

Example what is the slogan of Coca Cola = "Real Magic”

Direct Marketing

communicating directly with target customers to generate a response and/or transaction

Interactive Media

media that allows active participation by the user

sales promotion

marketing activities - other than personal selling, advertising, and public relations - that stimulate consumer buying and dealer effectiveness

Public Relations

building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events

Person to Person communication

A seller attempts to assist and/or persuade prospective buyers to make a purchase or act on an idea

Touch Point

Every opportunity customer has to see or hear about a company and/or its brand or have an encounter or experience with it, example is yelp with their review section

Paid media examples

display ads, paid search, sponsorships

owned media examples

website, mobile site, blog, twitter account

earned media examples

WOM, Buzz, "Viral"

IMC Planning Model

Step 1: Review the Marketing Plan \n Step 2: Perform a Situation Analysis \n Step 3: Analyze the Communications Process \n Step 4: Determine the Budget \n Step 5: Develop the IMC Program \n Step 6: Monitor, Evaluate, Control

Internal Analysis

strengths and weaknesses

External Analysis

opportunities and threats

Marketing Objectives

the goals set for the marketing department to help the business achieve its overall objectives

communication objectives

specific goals related to the retail communication mix's effect on the customer's decision-making process

creative strategy

determines what the advertising message will say or communicate

media strategy

choosing the media that will bring the most effective advertising message to the targeted consumer