MKT Advertising PR, Sales, Promotions

what are the 5 elements of the promotional mix?

- advertising

- personal selling

- sales promotion

- digital and direct marketing

- public relations

advertising

any paid form of presentation and promotion of products (goods, services, or information) by an identified sponsor

what are the 4 steps of advertising?

1. set objectives

2. set a budget

3. develop an advertising strategy

4. evaluate the ad campaign

what are the types of advertising objectives?

informative, persuasive, reminder

informative advertising

communication used to create and build brand awareness, with the ultimate goal of moving the consumer through the buying cycle to a purchase

competitive parity

seeing how much your competitors are spending on advertising and aligning yourself to that

persuasive advertising

communication used to motivate consumers to take action (purchase now, switch to a brand, etc.

reminder advertising

maintaining customer relationships

advertising budget

the dollars and resources allocated to a product or a company's advertising program

- target market, objectives, and budget are interdependent upon each other

what are the 3 budgeting methods?

1. affordable

2. percentage-of-sales

3. objective-and-task

what are the pros/cons of affordable budgeting?

Pros: easy, especially for small businesses

Cons: ignores promotion impact on sales, places promotion last among priorities and often results in underspending

what are the pros/cons of percentage-of-sales budgeting?

Pros: incorporates relationship between promotion and sales

Cons: views sales as cause rather than effect, budget based on funds rather than opportunities, and annually uneven

what are the pros/cons of objective-and-task budgeting?

Pros: forces company to spell out promotion objectives, assumptions, and costs

Cons: difficult to figure out exactly which tasks are required

advertising media

vehicles through which advertising messages are delivered to their intended audiences

what are the steps in advertising media selection?

determining...

- reach

- frequency

- impact

- engagement

reach

number or percentage of people exposed to the ad campaign during a given period of time

frequency

how many times the average person is exposed to the message

impact

the qualitative value of message exposure through a given medium

- Time versus National Enquirer

- Television versus radio

engagement

the relevance of ad content for its audience

formula for reach

reach = # of people

average frequency formula

impressions / reach

impressions formula

reach x frequency

return on advertising investment

net return on advertising investment divided by the costs of the advertising investment

public relations

activities designed to engage and build good relations with the company's various publics

lobbying

building and maintaining relations with legislators and government officials to influence legislation and regulation

product publicity

publicizing specific products

public affairs

building and maintaining national or local community relations

investor relations

maintaining relationships where shareholders and others in the financial community

development

public relations with donors or members of nonprofit organizations to gain financial or volunteer support

news

occur naturally or create news opportunities

special events

press conferences, brand tours

written materials

annual reports, brochures, articles, and company newsletters and magazines

audiovisual materials

DVDs and online videos

corporate identity materials

logos, stationery, business cards, buildings, uniforms

public service activities

corporate social responsibility (CSR), good-will activities

sales promotion

- Short-term incentives to encourage purchase

- Advertising offers reasons to buy a product or service

- Sales promotion offers reasons to buy now

what are the objectives of a sales promotion?

- boosting consumer buying and brand involvement

- getting retailers to carry new items and more inventory

- (B2B) Stimulating purchases and getting more salesforce support for current or new products

global firm

an organization that by operating in more than one country, gains marketing, production, R&D, and financial advantages that are otherwise unavailable to a domestic firm

what are the two types of global marketing programs?

standardized and adapted

standardized global marketing

same marketing strategy and mix

adapted global marketing

Adjusting the marketing strategy and mix elements

global product and communication strategies