mkt106 notes.docx

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27 Terms

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Marketing

The activity, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

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Marketing Mix

A total system of business activity designed to plan, price, promote, and distribute products to the target market to achieve organizational objectives.

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Price/Value Proposition

The price of a product based on market demand, competition, consumer economic well-being, relative value, and the consumer's ability to gauge that value.

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Place (Distribution)

Involves the channels used to make the product easily accessible to customers, sending messages through the choice of distribution channel.

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Promotion

Includes marketing communication tools like advertising, public relations, sales promotion, direct response, events, digital media, and personal sales.

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Concept of Exchange

Marketing creates demand leading to an exchange, trading something of value for a desired product.

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Types of Markets

Consumer markets, business-to-business markets, institutional markets, and channel markets are the four main types based on the type of buyer of a product.

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Promotional Mix

Integrated Marketing Communication (IMC) unifies all marketing communication messages and tools to send a consistent message promoting the brand’s strategy.

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History of Advertising

Traces the evolution of advertising from pre-modern times, the printing revolution, industrial period, machine period, to the digital period, highlighting key milestones and figures.

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F

Founded N.W. Ayer & Son in 1869, introduced the "open contract" in 1875, changing how advertising agencies function.

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Helen Lansdowne Resor

Renowned advertising executive at J. Walter Thompson Co., considered the greatest copywriter of her generation.

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William Bernbach

Revolutionized advertising by advocating for short, memorable copy instead of extended content.

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David Ogilvy

Known as the father of modern advertising, founded Ogilvy & Mather with a focus on selling as the primary objective.

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Centralized system

Advertising or marcom manager controls the entire promotions operation, including budgeting and coordinating ad creation.

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Decentralized system

Responsibilities transferred to brand manager who collaborates with outside agencies for promotional programs.

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In-house agency

Advertising agency owned and operated by the advertiser, responsible for significant advertising expenditures.

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Full-service agency

Offers a comprehensive range of marketing, communications, and promotions services to clients.

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Account Services

Link between ad agency and clients, with account executives interpreting client needs to agency personnel.

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Marketing Services

Research department gathering, analyzing, and interpreting information for developing advertising strategies.

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Media department

Analyzes, selects, and contracts for media space or time to deliver client's advertising message.

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Creative Services department

Responsible for creating and executing advertisements.

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Communication Process

Involves sender, message, channel, receiver, decoding, feedback, noise, and response.

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Word-of-mouth

Informal communication among consumers about products and services, a powerful source of information.

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Buzz Marketing

Organized efforts to encourage positive word-of-mouth about a company, brand, or issue.

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Viral Marketing

Propagating marketing messages through individual consumers' cooperation.

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Receiver Analysis

Cognitive, affective, and conative stages representing receiver's knowledge, feelings, and actions towards a brand.

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Effects of advertising program

Cognitive, affective, and behavioral stages influencing consumer response to advertising messages.