IMC Mizzou Exam 1

Geo-fencing

The use of GPS or RFID technology to create a virtual geographic boundary, enabling software to trigger a response when a mobile device enters or leaves a particular area

Geo-conquesting

A technique that uses location data to identify a brand's competitors to promote a competing or competitive offering to their customers

Geo-targeting

Digital marketing strategy that delivers content to users based on their geographic location

4Ps of marketing

Product, Price, Place, Promotion

Marketing Mix

The collection of specific elements of a brand's 4Ps and usually aimed at a target market

Marketing

Human activity directed at satisfying (customer) needs and wants through exchange process

Marketing Concept

the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals

Communication

The process whereby commonness of thought is established and meaning is shared between individuals or organizations

Marketing Communication

A collection of all elements in an organizations marketing mix that facilitate exchange by establishing shared meaning with its customers

Promotional mix

The blend of advertising, pr, personal selling, direct marketing, and digital marketing/social media elements usually aimed at a specific target market

Advertising

Any paid form of non-personal communication of ideas, goods, or services by an identified sponsor

Public Relations

An organizational activity involved with fostering goodwill between a company and the public

Publicity

Non-personal communication to a mass audience

Sales Promotion

Short-term incentives to encourage the purchase or sale of a product or service

Personal Selling

A paid, person to person communication in which a seller determines needs and wants of prospective buyers and attempts to persuade these buyers to purchase the company's products or services

IMC

The strategic coordination of all marketing and promotional tools to deliver a consistent, unified, and persuasive brand message across all channels

Digital Marketing and Venn Diagram

The promotion of products and services online

Venn Diagram: shows the shared social media channels that people use

Earned Media

- When customers become the channel

- Ex. Social media Comments

- Credible, but don't have control

Paid Media

- Brand pays to leverage a channel

- Ex. Display ads, paid search, sponsorships

- Control, but poor credibility and response rate

Owned Media

- Channel a brand controls

- Ex. Website, personal social media accounts

- Cost efficient and controlled, but no guarantees

Examples of Direct Response Advertising

Direct Mail, Telephone Solicitation, Online Advertising

Examples of Place Advertising

Billboards, Bulletins, Posters, Transit Ads

Examples of Store Signage and Point of Purchase Advertising

External/In Store Signs, Shopping Cart Ads

Examples of Trade and Consumer Oriented Promotions

Trade Deals, Display and Advertising Allowances, Trade Shows, Samples, Coupons

Examples of Event Marketing and Sponsorships

Sponsorships of sporting events and more

Examples of digital marketing

Mobile advertising, search engine marketing

Promotion Management

coordination of promotional mix elements in setting objectives, establishing budgets, designing programs, evaluating performance, and taking corrective action

Objectives of MARCOM

1. Inform customers about products, services, terms of sale

2. Persuade customers to choose certain products or take certain action

3. Inducing action from customers that is more immediate

Brand

A name, term, sign, symbol, or combination intended to identify the goods/services and differentiate from competition

Brand Equity

The goodwill that an established brand has built up over time

Synergy

When different components work together to produce a greater combined effect

Five Key Features of IMC

1. Start with the customer or prospect

2. Use any form of relevant contact or touchpoint

3. Speak with a single voice

4. Build relationships

5. Affect behavior

Touchpoint

Any interaction between a customer and a business, brand, or product

Brand Touchpoint Matrix

Range of touch points for a brand from personal to mass market, and from short term to long term

Positioning Statement

Key idea that encapsulates what a brand is intended to stand for in its target market's mind and then consistently delivers the same idea across all media channels

Relationship

An enduring link between a brand and its customers

Objective of IMC

Affect the behavior of the target audience, move people to action

SWOT analysis

Strengths, weaknesses, opportunities, threats

Undifferentiated Marketing

Overall mix is applied to mass market

Differentiated Marketing

Separate marketing mix is applied to each segment

Concentrated marketing

One overall marketing mix is applied to one separate segment

Positioning

The key feature, benefit, or image that a brand stands for in the target audience's mind

Top down budgeting

Senior management decides how much each subunit recieves

Bottom up budgeting

Managers of subunits determine how much is needed to achieve their objectives

Optimum Mixture

Mixture of elements that would maximize profits

Ill-structured Problem

A problem for which the existing and desired states are unclear and the method of getting to the desired state is unknown.

All marketing communications should be

1. Directed to a particular target market

2. Clearly Positioned

3. Created to achieve a specific objective

4. Undertaken to accomplish the objective within budget constrains

Trade dress

The appearance and image of the product, including its packaging, labeling, shape, color, sounds, design, lettering and style

Positive outcomes from increasing brand equity

1. Achieving a higher market share

2. Increasing brand loyalty

3. Being able to charge premium prices

4. Earning a revenue premium

Revenue premium

The revenue difference between a branded item and a corresponding store brand item

Brand Asset Valuator

- differentiation, relevance, esteem, knowledge

- Way of measuring brand equity

Brand Awareness

An issue of whether a brand name comes to mind when consumers think about a particular product category and the ease with which the name is evoked

Brand Image

The associations that are activated in memory when people think about a particular brand

Brand Related Personality Dimensions

1. Sincerity

2. Excitement

3. Competence

4. Sophistication

5. Ruggedness

Sincerity

Down to earth, honest, authentic, wholesome, cheerful

Ex. Disney

Excitement

Daring, spirited, imaginative, up to date

Ex. IPhone

Competence

Reliable, intelligent, successful

Ex. Tesla

Sophistication

Upscale, Charming

Ex. Luxury brands, Rolex

Ruggedness

Tough, outdoorsy

Ex. REI, North Face

Brand Concept

Specific meaning that brand managers create and communicate to their target market

Brand Concept Management

the analysis, planning, implementation, and control of a brand concept throughout the life of a brand

Functional Needs

pertain to the performance of a product or service

Symbolic Needs

Associating the brand with symbolic objects

Experiential Needs

Messages that provide sensory pleasure, variety, and cognitive stimulation

Strategies to enhance brand equity

1. Speak for itself approach

2. Message driven approach

3. Leveraging approach

Co-branding

A relationship that potentially serves to enhance both brands' equity and profitability

Ingredient Branding

A special type of alliance between between branding partners, whereby one brand appears on or inside another brand

Difficulty of Measuring Marcom Effectiveness (4 things)

1. Obstacles in identifying an appropriate measure, or metric of effectiveness

2. Complications with getting people throughout the organization to agree that a particular measure is the most appropriate

3. Snags with gathering accurate data to assess effectiveness

4. Problems with determining the exact effect that specific marcom elements have on the measure that has been selected

Brand Adoption Process

1. Awareness

2. Trial

3. Repeater

Trier Class

The group of consumers who actually try a new product; the second step in which an individual becomes a new brand consumer

Repeater Class

A function of five primary forces: personal selling, advertising and social media, price, distribution, and product satisfaction

Five characteristics that influence attitudes towards new brands and likelihood of adopting them

1. Relative Advantage

2. Compatibility

3. Complexity

4. Trial ability

5. Observability

Relative Advantage

The degree to which consumers perceive a new brand as being better than existing alternatives with respect to specific attributes or benefits

Compatibility

The degree to which an innovation is perceived to fit into a person's way of doing things

Complexity

An innovations degree of perceived difficulty

Trialability

The extent to which an innovation can be used on a limited basis prior to making a full blown commitment

Observability

Degree to which the user of new brand or other people can observe the positive effects of new product usage

The name chosen for a brand

1. Affects the speed with which consumers become aware of the brand

2. Influences the brand's image

3. Plays a major role in brand equity formation

Requirements for a good brand name (4)

1. Distinguish brand from competitive offerings

2. Facilitate consumer learning of brand associations

3. Achieve compatibility with a brand's desired image and with it's design and packaging

4. Be memorable and easy to pronounce

Brand naming process

1. Specify objectives for the brand name

2. Create candidate brand names

3. Evaluate candidate names

4. Choose a brand name

5. Register a trademark

Good logos...

1. Are recognized easily

2. Convey essentially the same meaning to all target members

3. Evoke positive feelings

Intellectual Property

Number of different author or company creations for which a set of exclusive rights are recognized under law

Patent

Exclusive rights to the use of an invention for a period of 20 years

Copyrights

For the form in which something is expressed (sheet music, books, maps, paintings, photographs)

Trademark

A distinctive sign or indicator used by an individual business organization to identify goods or services to customers

Green marketing

Responding to environmental and sustainability concerns by introducing environmentally oriented products and undertaking marcom programs to promote them

Greenwashing

A practice in which companies promote their products as environmentally friendly when in truth the brand provides little ecological benefit.

Three types of green advertising appeals

1. Ads that address relationship between product/service and biophysical environment

2. Those that promote a green lifestyle without highlighting a product or service

3. Ads that present a corporate image of environmental responsibility

Four principles for green marketing

1. qualifications and disclosures should be sufficiently clear and prominent to prevent deception

2. Claims should make clear whether they apply to the product, package, or component of either

3. Claims should not overstate an environmental attribute or benefit, either express or by implication

4. Comparative claims should be presented in a manner that makes basis clear to avoid deception

Benefits of regulation

- Consumer choice improved through information

- Product quality tends to improve

- Reduced prices

Costs of regulation

- Cost of complying

- Enforcement costs

- Unintended side effects

Three elements to FTC's deception policy

1. Misleading

2. Reasonable Consumer

3. Material

Unfair advertising

Acts or practices that cause or are likely to cause

1. substantial injury to consumers

2. not reasonably avoidable

3. not outweighed by countervailing benefits to consumers or competition

Corrective advertising

if a firm misleads consumers, they should have to use future advertisements to rectify the deceptive impressions

Lanham Act

spells out what kinds of marks can be protected and the exact method of protecting them

Self regulation

undertaken by the advertising community itself rather than by governmental bodies

Federal Trade Commission

- a federal agency established in 1914 to investigate and stop unfair business practices

- Promulgated guides for environmental marketing claims (Green Guides)

FDA (Food and Drug Administration)

an agency in charge of ensuring the safety of all foods sold except meat, poultry, and seafood

National Advertising Review Board

a self-regulatory unit that considers challenges to issues raised by the National Advertising Division about an advertisement

Children's Advertising Review Unit

Determines if advertising in children's media is honest and appropriate