Marketing Final

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 Communication

Carefully integrating and coordinating the company’s many communication channels to deliver a clear, consistent, and compelling message about the organization and its products.

AIDA model

Model used to develop an effective message

AIDA stands for

Attention, Interest, Desire, Action

Elements of the communication process

Sender, Encoder, Message, Media, Decoder, Receiver, Response, Feedback, Noise

Acronym used for the communication process

Started exploring many mountains didn’t rest recently for now

Buzz Marketing

Involves cultivating opinion leaders and getting them to spread information about a product or service to others in their communities

Opinion Leader

People whose opinions are sought by others

The different types of appeals

Rational Appeals, Emotional Appeals, Moral Appeals

Emotional Appeals

Attempt to stir up positive/negative emotions to motivate purchase

Moral Appeals

Directed to an audience’s sense of what “right” and “proper” often used to urge people to support social causes

Rational Appeals

Relate to the audience's self-interest, they show that the product will produce the desired benefits

Word of mouth influence

Recommendations from friends & family are the most powerful influence on consumers worldwide. Companies can make this influence work for them by hiring or creating opinion leaders for their brands

Different budget methodologies

Affordable, Percentage of Sales, Competitive Parity, Objective & Task

Affordable Method

Companies set promotion budgets at the level they think the company can afford.

Percentage of sales method

Setting a promotion budget at a certain percentage of current or forecasted sales or unit price sales

Competitive-Parity Method

Setting promotion budget to match competitors’ outlays one by monitoring competitors’ promotion activity.

Objective and task method

Setting a promotion budget based on what it wants to accomplish with promotion 

Push Strategy

Producers direct marketing activities toward channel members to induce them to carry the product & promote it to final consumers

Pull Strategy

The producer directs its marketing activities toward final consumers to engage with and buy the product

Comparative Advertising

When a company directly/indirectly compares its brand with one or more other brands

Decisions made to develop an advertising program

Setting advertising objectives, Setting the advertisement budget, message and media decisions, evaluating advertising effectiveness

Acronym used to remember the decisions made to develop an advertising program

OBaMA (Objective setting, Budget setting, as well as Message, and Media decisions, Advertising effectiveness evaluations)

Madison and Vine

To break through the clutter, many marketers are now subscribing to a new merging of advertising and entertainment.

Creative Concept (Big Idea)

The compelling big idea that will bring the message strategy to life in a distinctive and memorable way

Characteristics of advertising appeals

meaningful, believable, distinctive

Slice of Life

Execution style that shows one or more “typical” people using the product in a normal setting

Lifestyle

Execution style that shows how a product fits with a particular lifestyle

Fantasy

Execution style that creates a fantasy around the product or its use

Mood or Image

Execution style that builds a mood or image around the product or service

Musical

Execution style that employs music or dance engage viewers with the brand

Personality Symbol

This execution style creates a character that represents the product

Technical Expertise

This execution style shows the company’s expertise in making the product

Scientific Evidence

This execution style presents survey/other evidence that the brand is better or better liked than one or more other brands

Testimonial Evidence or Endorsement

This execution style features a highly believable or likable source endorsing the product.

Steps in advertising media selection

Determining reach, frequency, social impact and engagement, Choosing among major media types, Selecting specific media vehicles, choosing media timing

Media Vehicle Selection Criteria

Media planners should evaluate audience quality, audience engagement and editorial quality

Measuring communication’s effects

Tells whether the ads and media are communicating the ad message well

New or alternative media

Advertisers have found less costly highly targeted ways to reach consumers so that no matter where you go you will run into some new form of advertising.

Public Relations

Consists of activities designed to engage the company’s various publics and build good relations with them.

Press relations or press agency

Creating and placing newsworthy information in the media to attract attention

Product and Brand Publicity

Publicizing specific products and brands

Public Affairs

Building and maintaining relationships with legislators and government officials to influence legislation and regulation

Lobbying

Building and maintaining relationships with legislators and government officials to influence legislation and regulation

Investor Relations

Maintaining relationships with shareholders and others in the financial community

Development

Working with donors or members of nonprofits organizations to gain financial or volunteer support

Press relations, product and brand publicity, public affairs, lobbying, investor relations, development

Name public relation functions

Salesperson Responsibilities

The salesforce serves as the critical link between a company and its customers as they represent the company to customers and customers to the company.

Team Selling

Using teams of people from sales, marketing, engineering, finance, tech support and even upper management to service large accounts.

Salesforce automation systems

Computerized, digitized salesforce operations that let salespeople work more effectively anytime, anywhere

Social Selling

The use of online, mobile, and social media to engage customers, build stronger customer relationships and augment sales performance. 

Steps in the selling process

Prospecting and qualifying, Pre-approach, Approach, Presentation & Demonstration, Handling objections, Closing, Follow Up

Acronym used for the selling process

PPAPHCF

Prospecting and Qualifying

When a sales person identifies qualified potential customers

Handling Objections

The salesperson should use a positive approach, seek out hidden objections, ask the buyer to clarify any objections, take objections as opportunities to provide more information and turn the objections into reasons for buying.

Pre approach

Before calling on a prospect, the salesperson should learn as much as possible about the organization and its buyers

Closing

 The step when the salesperson asks the customer for an order, closing the sale

Presentation and demonstration

The salesperson tells the “value story” to the buyer, showing how the company’s offer solves the customer’s problems.

Approach

When the salesperson meets the customer for the first time

Follow up

If the salesperson wants to ensure customer satisfaction and repeat business, the salesperson should complete any details on delivery time and other matters as well as schedule a follow-up call after the buyer receives the initial order to make sure proper installation, instruction and servicing occur.

Value Selling

Demonstrating and delivering superior customer value and capturing a return on that value that is fair to both the customer and the company.

Types of consumer promotions

Samples, Coupons, Rebates, Price Packs, Premiums, Promotional Products, Point of Purchase Promotions, Contests

Types of trade promotions

Targeted toward retailers and wholesalers but use Consumer promotion tools, discounts off the list price, allowance in return for retailer agreement, free goods, push money, and free specialty advertising items.

Direct and digital marketing

Marketing that involves engaging directly with carefully targeted individual consumers and customer communities to both obtain immediate response and build lasting customer relationships.

Benefits of direct marketing

Is convenient for buyers, provides low cost efficient speedy alternative for reaching markets, greater opportunity for sellers and provides opportunities for real-time marketing

Brand Community Websites

 Websites that present brand content that engages consumers and creates a customer community around a brand 

Viral Marketing

Involves creating videos, ads, and other marketing content that is so infectious that customers will seek them out or pass them along to their friends.

Social Media Advantages

is targeted and personal, interactive, immediate and timely, caused a surge in real-time marketing, is cost-effective and increases engagement and social sharing capabilities

Disadvantages of social media

Campaigns can easily backfire, largely user controlled so marketers must become a valued part of the online experience.

Mobile marketing

Features marketing messages, promotions and other marketing content delivered to on the go consumers through their mobile devices.

Internet Marketing Concerns

* Direct marketing excesses sometimes annoy/offend consumers
* Television shopping channels, enticing websites and infomercials target impulsive shoppers seem to be the worst culprits of taking unfair advantage of consumers.
* Fraud schemes such as investment scams have multiplied in recent years as internet fraud has become a serious problem
* Consumers also worry snoopers will eavesdrop on online transactions and social media postings picking up personal/financial info
* Consumers concerned of access by vulnerable or unauthorized groups such as childrenDirect marketing excesses sometimes annoy/offend consumers


* Television shopping channels, enticing websites and infomercials target impulsive shoppers seem to be the worst culprits of taking unfair advantage of consumers.
* Fraud schemes such as investment scams have multiplied in recent years as internet fraud has become a serious problem
* Consumers also worry snoopers will eavesdrop on online transactions and social media postings picking up personal/financial info
* Consumers concerned of access by vulnerable or unauthorized groups such as children

Various competitor’s points of view

Companies can either identify competitors from an industry pov or a market pov 

Strategic Groups

A group of firms in an industry following the same or similar strategy in a given target market

Customer Value Analysis

An analysis conducted to determine the benefits customers value and how they rate relative values of competitors’ offers.

Good competitors

Competitors that play by the rules of the industry.

Bad competitors

Break rules by buying shares rather than earning them, take large risks and play by their own rules.

Blue Ocean Strategy

Rather than competing head-to-head with established competitors, many companies seek out unoccupied positions in uncontested market spaces, trying to create products and services for which there are no direct competitors.

Approaches to marketing strategty

Entrepreneurial, Formulated and Intrapreneurial market

Entrepreneurial marketing

Most companies are started by individuals who live by their wits, who visualize an opportunity, construct flexible strategies and knock on every door to gain attention.

Formulated Marketing

As small companies achieve the success they inevitably move toward more formulated marketing developing formal marketing strategies and adhering close to them

Intrapreneurial Marketing

Companies sometimes lose the marketing creativity and passion they had at the start and need to recapture some of the spirit and action that made them successful in the first place.

Different value discipline strategies

Operational excellence, Customer intimacy, producer leadership

Second mover advantage

An advantage in which a market challenger observes what has made the market leader successful and improves upon it

Market Challengers

Runner-up firms fighting hard to increase their market share

Full Frontal Attack

Matching the competitor’s product, advertising, price and distribution efforts, attacking competitor’s strengths rather than weaknesses.

Indirect Attack

An attack on a competitor’s weakness or on the gaps in the competitor's market coverage using tactics established leaders have trouble responding to or choose to ignore.

Market Nicher

Firms that serve small segments not being pursued by other firms

Market Nicher Strategies

Market specialization and multiple niching

Multiple Niching

By developing two or more niches, a company can increase its chances of survival.

Different customer and competitor orientations

Competitor centered company, Customer centered company, Market centered company, product oriented company

Competitor Centered Company

A company that spends most of its time tracking competitors’ moves and market shares and trying to find strategies to counter them

Customer Centered Company

Focuses more on customer developments in designing its strategies 

Market Centered Companies

Watching both their consumers and competitors

Product-oriented company

Paying little attention to either customers or competitors.

Risks of international trade

* Global competition intensifies as a result as few industries are safe from foreign competition.
* Companies may face highly unstable governments and currencies
* Companies may face restrictive government policies and regulations with high trade barriers
* Corruption is an increasing problem
* Dampened global economic environment has created big global challenges

Global Firm

A firm that by operating in more than one country gains marketing, production R&D and financial advantages not available to purely domestic competitiors.

International Trade System

When selling to another country a firm may face restrictions on trade between nations

World Trade Organization

Designed to promote world trade by reducing tariffs and other international trade barriers

Economic Communities

Groups of countries that work together toward common goals in the regulation of international trade.

Key economic factors of international marketing

Industrial Structure, Subsistence Economies, Emerging Economies, Income Distribution