Advertising Test 1

4 key components of advertising

strategy, message, media, evaluation

brand definition

a person’s perception of a product’s features and benefits, personality and position in the market.

a brand…

transforms a product into something more meaningful than the product itself.

many early ads…

just talked about features not benefits and there was no entertainment value

Bill Berback

copywriter who understood that ads could both entertain and convey a strategy

Trout and Ries

developed positioning strategy

positioning strategy

must win over the mind of the consumer by developing brand image. requires that you understand what’s already in the consumers mind regarding the competition. Trout and Ries

account planning

the discipline that brings the voice of the consumer into the process of developing advertising.

the marketing mix

4P’s now 4C’s

4P’s

product, price, place, promotion

4C’s

consumer, cost, convienience, communications

IMC Integrated Marketing Communications

coordinating all brand communications and the messages from the marketing mix

brand communications

a cohesive effort to deliver specific message that positively influence a prospect’s opinion of a product, service, or idea

three ways a brand achieves meaning

identity, promise, personality

brand equity

the financial value of a brand, putting the success of a brand into financial terms

cause marketing

when a company’s mission goes above and beyond profit - Tom’s Shoes example, giving back is a corporate mission

puffery

a headline with subjective opinions that can’t be proven or disproven. totally legal

legal issue with food photography

what you are selling must be real in the photo

FTC Federal Trade Commision

power to investigate and issue cease and desist orders for unfair competition claims

FDA Food and Drug Administration

oversees advertising related to food and drugs

FCC Federal Communications Commission

monitors advertising broadcast by radio and television stations

Lanham Act 1947

protects trademarks (themelines and brand names) from infringement by competition and protects consumer against false advertising

common law states

using your name and logo in the course of your business gives you the rights to it

Facebook reading

in june, facebook was fined $5 billion by the FTC for privacy violations, the largest fine in US history for a privacy violation

SMCR

sender, message, channel, receiver

old SMCR model

one way communication, now it is two way

6 factor Moriarty model

perception, cognition, emotion, association, persuasion, behavior - can create a coherent brand perception

creativity

finding relationships between seemingly unrealted phenomena

greenwashing

the act or practice of making a brand or company appear more environmentally friendly than it really is

segmentation

identifying meaningfully different groups of customers, these different groups have slightly different wants and needs

targeting

selecting which segments to serve, based on the best financial return, ROI

6 ways marketers segment the market

demographics, life stage, geographics, psychographics, behavioral, benefits sought

what’s needed to evaluate the financial attractiveness of each segemnt?

audience size (if the market is too small, it won’t provide a ROI), difference (measurable differences must exist between segments), media (segments must be reachable by specific media)

targeting objective

get the largest like-minded group that you can reach with specific media

three main influences to buying decisions

cultural influences, social influences, psychological influences

maslows hierarchy of needs

self actualization, esteem, love/belonging, safety, physiological

cannibalism

when company’s new brand takes sales away from existing brand

reliability

consistency of measure

validity

accuracy of measure

random sampling

a sampling technique in which each sample has an equal probability of being chosen

sampling bias

occurs when the survey sample does not accurately represent the population

confidence level

a percetange that reveals how confident you can be that the population would select an answer within a certain range

margin of error

percentage that tells you how much you can expect your survey results to reflect the views of the actual population

research methodology

the specific procedures or techniques used to identify, select, process, and analyze information about a topic

allows agencies to critically evaluate a study’s overall validity and reliability

goals of a survey

very accurately reflect the answers, views, beliefs of the actual population - confidence level, margin of error, sample size all matter

the larger your sample size and the more random

the greater likelihood the results are the same as the total population

you don’t just need a large number or people,

you need to conduct random sampling

what is advertising?

a visual or audio form of communication that uses an openly sponsored message to promote a product, service, or idea