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Study Guide for MRKT 341 (key concepts, terms and quiz questions)
promotion/marketing communications mix
Advertising, Public Relations, Sales Promotion, Personal Selling, and Digital Marketing
advertising
any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor
sales promotion
short-term incentives to encourage the purchase or sale of a product or service
personal selling
personal presentations by the organization’s sales force to engage customers, makes sales or build personal relationships
public relations
activities designed to engage the company’s various publics and build good relations with them
content marketing
creating, inspiring and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels
Integrated Marketing Communications (IMC)
coordinating the organization’s many communications to deliver a clear, consistent message
Push Strategy
uses a sales force and trade promotion by promoting the product to channel members (ex: retail store) who in turn promote it to the final customers
Pull Strategy
uses consumer advertising, promotion, and other content to induce final consumers to engage with and buy the product. The consumer then requests their local retailers to sell the product
Advertising Objective
A specific communication task to be accomplished with a specific target audience during a specific period of time
Advertising Budget
dollars and other resources allocated to a product or a company advertising program
Affordable Method
setting the promotional budget at the level management thinks the company can afford
Percentage-of-Sales Method
setting the promotional budget at a certain percentage of current or forecasted sales OR as a percentage of the unit sales price
Competitive-Parity Method
setting promo budget to match competitors’ outlays
Objective-and-Task Method
defining specific promotional objective, determining the tasks needed to achieve these objectives and estimating costs of performing these tasks; sum of costs is proposed in the promotional budget
Advertising Strategy
consists of creating advertising messages and selecting advertising media
Native Advertising
advertising or other brand-produced online content that looks in form and function like the other natural content surrounding it on a web or social media platform
Creative Concept
the compelling “big idea” that will bring an advertising agency message strategy to life in a distinctive and memorable way
Execution Style
the approach, style, tone, words, and format used for executing an advertising message
Advertising Media
the vehicles through which advertising messages are delivers to their intended audiences
Return on Advertising Investment =
net return on advertising investment / costs of the advertising investment
Functions of Public Relations
press agentry, product publicity, public affairs, lobbying, investor relations and development
PR Tools
news, special events, written materials, video materials, corporate identity materials, and public service activities
selling process
steps that sales people follow: prospecting and qualifying, pre-approach, approach, presentation and demonstration, handling objections, closing, and follow-up
prospecting
the sales step in which the sales person identifies qualified potential customers
preapproach
the sales step where the sales rep learns as much about the customer as possible before making the sales call
approach
the sales step where the sales person meets the customer for the first time
presentation
the sales step in which the salesperson tells the “value story” to the buyer, showing how the company’s offer solves the customer’s problems
handling objections
the sales step in which the salesperson seeks out, clarifies, and overcomes any customer objections to buying
closing
the sales step in which the salesperson asks the customer for an order
follow-up
the sales step where the sales person makes sure the customer is satisfied
consumer promotions
sales promo tools used to boost short-term customer buying and engagement or enhance long-term customer relationships
trade promotions
sales promotion tools used to persuade resellers to carry a brand, give it shelf space, and promote it in advertising
business promotions
sales promotion tools used to generate business leads, stimulate purchases, reward customers and motivate salespeople
digital marketing
the use of technology-intensive platforms such as the internet, mobile networks, and social medias to engage with carefully targeted customers, consumer communities or businesses
digital consumer personas
detailed, nuanced, and tangible representations of prototypical consumers to be targeted by the digital marketing campaign
marketing website
a website that engages consumers in interactions that will move them closer to a direct purchase or other marketing outcome
brand community website
a website that presents brand-related content that engages consumers and creates customer community around a brand
online advertising
appears while consumers are surfing the web, including display ads, search-related ads, online classifieds, and other forms
viral marketing
the internet version of word-of-mouth marketing - websites, videos, email or other marketing events that are so infectious that customers will want to pass them along to friends
mobile marketing
marketing messages, promotions and other content delivered on-the-go consumers through their mobile devices
omni-channel marketing
creating a seamless cross-channel buying experience that integrates in-store, online and mobile shopping
global marketing
the full process of marketing products and services within and across multiple countries
economic community
a group of nations organized together to work toward shared global trade and other goals
exporting
entering foreign markets by selling goods produced in the company’s home country, often with little or no modification
joint venturing
entering foreign markets by joining with foreign companies to produce or market a product or service
licensing
entering foreign markets by developing an agreement with an entity in the foreign market to use the company’s brand, trademark, patent, trade secret, manufacturing process or some other item of value in return for some payment
contract manufacturing
a joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service
standardized global marketing
a global marketing strategy that uses the same marketing mix in all og the company’s global markets
adapted global marketing
a global marketing strategy where the company adjusts the marketing mix in each global market
whole-channel view
designing global channels that consider the entire global supply chain and marketing channel, forging an effective global value delivery network
communication tool where the firm may not control the message
social media
Wiki
collaborative knowledge networks created and managed by the public
crowdfunding
platforms used by start-ups to raise money
mobile marketing
messaging, promotion and content delivered to the on-the-go-customers through their mobile devices
According to our in-class work on what makes great communication, this Six Flags Theme Park ad on the financial new website is likely violating:
reaching the intended target market
Concerns of digital marketing
deception, fraud, consumer privacy and data integrity
Time in Advertising objectives
for which the communication should run and be measured
Task Advertising objectives
what needs to be accomplished through the communication
Target Advertising Objective
audience of who needs to be reached via the communication
sales promotion tools
coupons, contests, discounts, premiums, sweepstakes and BOGOs
True or False: In general, personal selling is more persuasive than advertising.
True
Tool of the promotional mix where the firm does not control the message
Public Relations (third party)
Note
Flashcard