Marketing Communications Review

These flashcards cover key concepts of marketing communications, promotional strategies, digital marketing, and pricing strategies as discussed in the lecture notes.

What is the definition of Marketing Communications (MarCom)?

The concept of integrating all elements of the promotional mix to work cohesively.

List the components of the promotional mix.

Advertising, Public Relations, Sales Promotions, Personal Selling, Social Media.

What is Integrated Marketing Communications (IMC)?

A strategy that ensures all forms of communications and messages are carefully linked together.

How have digital platforms impacted marketing communication?

They have empowered consumers to send messages and provided personalized feedback channels.

What is the first step in the communication process?

Sender: The entity that initiates the communication.

What does encoding the message refer to?

The process of turning thoughts into communication forms.

Define 'Message Channel'.

Various mediums through which the message is transmitted (e.g., social media, press releases).

What is the role of the receiver in the communication process?

The intended audience that receives the message.

What is 'Noise' in the context of communication?

Any external factors that can distort the message.

What does the feedback channel provide?

Data-driven insights and responses from the target audience.

What are the overall marketing objectives of promotion?

Aligning promotional efforts with broader business strategies.

What are the key objectives of promotion? List them.

Inform the target audience, persuade the target audience, remind the target audience.

What is the aim of informing the target audience in promotion?

Transforming needs into wants or generating interest in new products.

During which stage of the product lifecycle is persuasion typically emphasized?

During the growth stage.

Why is reminder promotion used?

To keep the product or brand top-of-mind in a competitive marketplace.

What is personal selling characterized by?

Direct, face-to-face interaction with potential customers.

What is the nature of sales promotion?

Activities designed to stimulate consumer purchasing and dealer effectiveness.

What are the characteristics of sales promotions?

Primarily a short-run strategy meant to catalyze immediate sales increases.

What does content marketing involve?

Creating valuable content that attracts and engages target audiences.

Describe the AIDA model.

It outlines consumer interaction stages with promotional messages: Attention, Interest, Desire, Action.

What does the term 'Push Strategy' refer to in marketing?

Focused on convincing retailers to carry products through aggressive promotion.

Define 'Pull Strategy'.

Stimulates consumer demand to encourage distribution from retailers.

What is meant by the term 'Advertising Response Function'?

Measures how sales increase as advertising investment rises.

Describe institutional advertising.

Focuses on the brand, business, or organization as a whole.

What is competitive advertising?

Persuasive messaging to enhance recall and consumer preference.

Define comparative advertising.

Compares two or more brands to highlight differences.

What are key tactics for handling public relations crises?

Strategies for dealing with public relations crises effectively.

What is the effect of dynamic pricing?

Prices adjust in real-time based on demand and market conditions.

What is meant by 'price skimming'?

Setting prices high initially to recapture the development costs.

What does 'value-based pricing' refer to?

Pricing aligned with marketing philosophy and consumer perceived value.

What role do key performance indicators (KPIs) play in marketing metrics?

They are indices used to assess business performance from a marketing viewpoint.

What does Customer Lifetime Value (CLV) measure?

The total profit a company can expect from a single customer throughout their relationship.

What is relationship selling?

An approach in personal selling that emphasizes creating long-term relationships.

What is the purpose of a sales management strategy?

To focus on planning, motivating staff, budgeting, and performance evaluation.

What are the steps in the selling process?

Generate leads, qualifying, approaching customers, propose solutions, handle objections, close sale.

What does the term 'digital marketing dashboard' refer to?

A visual display representing KPIs, providing insights into business performance.

What is price elasticity?

Measures the sensitivity of demand to price changes.

What is 'breakeven analysis'?

Determines the point where total revenue equals total costs.

What is the significance of social media in marketing?

Facilitates conversations and can significantly impact market operations.

What role do influencers play in social media marketing?

They impact consumer behavior significantly by sharing opinions and recommendations.

Define 'earned media'.

Public relations-like efforts occurring in an online context.

What are geographic pricing strategies?

Adjusting pricing based on geographic location of the consumers.