Marketing and Advertising Fundamentals Flashcards

Comprehensive vocabulary flashcards generated from the advertising lecture transcript, covering fundamental marketing concepts, brand strategies, consumer behavior, and communications.

Marketing

The action of promoting and selling products and services, including research and advertising to take a product or service to market.

The 4 Ps of Marketing

The foundational components of marketing: Product, Place, Price, and Promotion.

Purchasing Cycle

The multi-stage customer journey consisting of Awareness, Interest (through ads, PR, event marketing, influencers), Desire/consideration, Action, and Loyalty.

The New Ps

An updated framework representing People (target), Purpose (why the product/service is advertised), Participation (who is involved), and Populace (who is talking about/aware of it).

Advertising

Paid communication that combines Media and Creative components to deliver persuasive messaging.

Brand Essence

The core identity or essence of who a product is in the mind of the consumer and within the company.

Brand Equity

The overall value of a brand in the mind of the consumer.

Integrated Marketing Communication (IMC)

The coordination and integration of message and media tools into a seamless program to maximize media selection within budget and make the strongest impact on customers, stakeholders, and employees.

Cause-Related Marketing

A cooperative business strategy where a for-profit company and a nonprofit organization team up for mutual benefit.

Brand Parity

A condition in which competing products are perceived by consumers as having nearly identical benefits.

Content Grazing

Looking at two or more screens simultaneously to access content that is not related (e.g., watching TV while texting a friend).

Quantum Journey

Completing a specific task across multiple devices (e.g., finding a restaurant on a PC, reading reviews on a smartphone, and pulling up Google Maps to navigate).

Spider Webbing

A consumer behavior pattern where individuals share content across multiple devices.

SAVE Model

An alternative framework to the 4 Ps consisting of Solution (Product), Access (Place), Value (Price), and Education (Promotion).

Noise

Anything that distorts or disrupts a message as it moves from the sender through transmission to the receiver.

Clutter

A state in which consumers are exposed to hundreds of advertising messages daily, causing them to tune out most of them.

SWOT Analysis

A strategic planning tool used to evaluate Strengths, Weaknesses, Opportunities, and Threats.

Positioning

Where a product sits relative to its competitors in the mind of the consumer, as well as where the brand desires it to sit.

Differentiation

Highlighting a product's Unique Selling Proposition (USP) to show what makes it distinct, better, cheaper, classier, or higher quality than competing options.

Strategies

The broader, high-level plan explaining HOW a project or campaign will approach reaching its goals.

Tactics

The specific, day-by-day actions, details, and schedules used to execute a strategic plan.

Standardization

A global strategy where an advertising campaign features the exact same theme across international markets.

Adaptation

Modifying advertising messages to fit the specific culture, customs, or preferences of individual countries.

Convenience Marketing

Marketing tactics aimed at making the purchasing process simple and time-saving for the consumer.

Brand Image

Reflects the feelings consumers or businesses hold about an overall organization and its products or product lines.

Brand Salience

A marketing Key Performance Indicator (KPI) measuring how well a brand is recognized and considered during purchase decisions.

Key Performance Indicator (KPI)

A quantifiable measure possessing measurable, attainable, and relevant characteristics used to evaluate advertising, PR, or organizational success.

Family Brand

A strategy where a company offers a series or group of related products under one single brand name (e.g., Kraft).

Brand Extension

The practice of using an established, recognized brand name on completely new goods or services.

Flanker Brand

Development of a new brand by a company within a product category where it already maintains an existing brand offering (e.g., Shoebox Greetings by Hallmark).

Ingredient Branding

A co-branding strategy involving the placement of one brand within another (e.g., Intel microprocessors in Dell computers).

Cooperative Branding

Joint marketing of two brands together to encourage co-purchases (e.g., Citibank and American Airlines creating a VISA card).

Complementary Branding

Marketing two brands together to encourage joint usage or co-purchases (e.g., Velveeta cheese and Rotel tomatoes).

Private Brands

Store-owned brands (such as those offered by Kroger, Walmart, or Target) that are generally perceived as value-driven purchases.

Brand Infringement

When a company creates a brand name that closely resembles a pre-existing successful brand to mislead consumers (e.g., Korrs beer vs. Coors beer).

Cyber-Squatting

The act of purchasing valuable domain names belonging or relevant to another business and attempting to resell them for profit.

Consumer Decision-Making Process

A five-step process consisting of: Problem recognition, Information Search, Evaluation of Alternatives, Purchase decision, and Post-purchase evaluation.

Internal Search

An initial search stage where a consumer recall brands from memory and eliminates options associated with negative experiences.

External Search

Gathering extra information from outside sources (friends, relatives, experts, ads, online, store visits) when internal knowledge is insufficient to make a decision.

Cognitive Component of Attitude

A person's mental images, understanding, and interpretation regarding a product, object, or issue.

Affective Component of Attitude

The emotions or feelings a person experiences toward an object, topic, idea, product name, or packaging.

Conative Component of Attitude

The aspect of an attitude that contains an individual's explicit intent to act or perform a behavior.

Evoked Set

The group of brands an individual actively considers when making a purchasing decision.

Inept Set

Brands present in consumer memory that are deliberately excluded from purchase consideration due to negative feelings or bad experiences.

Inert Set

Brands a consumer is aware of but holds neither positive nor negative feelings toward, often leading to elimination due to lack of knowledge.

Affect Referral

A decision heuristic where consumers select the brand they like best or have an emotional bond with without evaluating alternatives.

GOST Framework

A strategic planning structure consisting of Goals (long-term big picture), Objectives (numbered mini-goals), Strategies (the HOW), and Tactics (specific day-by-day actions).

Psychographics

The study and classification of consumers based on their Activities, Interests, and Opinions (AIO).

VALS Typology

A popular market classification system based on Values, Attitudes, and Lifestyles that categorizes consumers into $8$ distinct groups based on resources and action orientation.

Benefit Segmentation

Segmenting consumers based on the specific advantages or benefits they seek to gain from a product rather than individual demographic traits.

Usage Segmentation

Grouping consumers into market segments based on their frequency of purchase or level of usage (frequently utilized in quick service restaurants).