MKT Final

What is an advertising plan?

how a firm spends money on promotions

Name 5 steps of the advertising plan

1. Intro
2. Situation Analysis
3. Objectives
4. Budgeting
5. Strategy

Name a few things you would find in an advertising plan

* executive summary
* historical context
* time frame

What is an executive summary?

brief recounting of the key points contained in an advertising plan

what 2 things do you define in situation analysis?

* the market
* the consumer

what is one way to define the market situation?

PESTLE

What does PESTLE mean?

political, economic, social, technological, legal enviornment

what is ethnocentrism?

the belief in the superiority of one’s nation or ethnic group

what is self-reference criterion (SRC)?

an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions

what does historical context mean in an AD plan?

it allows you to look back at your past successes and previous campaigns

what YOY?

year over year

* method of comparing financial data of one period to a period at the same point in a pervious year

what is market share focus?

(demand side) in total value of the sales in that industry how much was your firm responsible for

What happens with the supply side?

rarely an issue- but demand is so great that supply can’t keep up

give an example of how to do competitor analysis

SWOT: strengths, weakness, opportunities, and threats

name 2 of 6 objectives in an advertising plan

1. increase consumer awareness
2. switch user from a competing brand

what is top of mind awareness

you brand is the first though in a consumer’s mind- creates a place in a consumers mind that the brand is the best

what is proxy on social media?

engagement metrics

what are native ads?

paid ads that don’t look like ads and blend into the content around it

give an example on how we measure AD plan effectiveness?

1. household penetration
2. engagement metrics
3. market share

what is a household penetration?

how many households are in target market and how many are getting your messages

Advertising is a(n) ________, not a(n)

investment expense

what is percentage of sales approach?

the amount of money spent on promotion is a percentage of past or anticipated sales; normally 2%-12%

what is one problem with percentage of sales?

if you have one year where sales are low, but then you will advertise less the next year

how do you calculate market share?

sales of business/total sales in market x 100

what is the advertising response function?

phenomenon in which spending for advertising and sales promotion increases sales or market share up to a certain level but then produces diminishing returns

important part of advertising response graph?

sales might be going up but you might end up spending more than you can profit from sales

* flat sales- diminishing returns
* tall sales- bang for your bucks

what is marginal analysis?

how much more sales we get for every additional dollar of advertising

what is build-up analysis?

a method of building up the expenditure levels of various tasks to help establish an advertising budget

what makes objective and tasks budgeting method special?

listing all of the things you might spend money on for advertising and adding them up

what is measured media (include example)

media that are closely measured to determine advertising costs and effectiveness: television, radio, and newspaper

what are the 3 types of m-commerce?

1. mobile shopping
2. mobile banking
3. mobile payments

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what is ALT and BLT

* Above the line - measured media
* below the line - everything else

what is targeting

strategy in which marketers evaluate of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers

what is geotargeting and geofencing?

identifying a users physical location for the purpose of delivering tailored ads or other content

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drawing a circle on an area for an ad to be shown in

what is microtargeting

the use of direct marketing techniques that employ highly detailed data analytics in order to isolate potential customers with great precision

what is reach?

number of target consumers exposed to an ad during a specific period, usually 4 weeks

what is frequency?

the average number of times a person in the target audience is exposed to a message or advertisement, normally shown 3 times to be effective

what is effective reach?

amount of consumers in target market that are exposed to the ad a specified, sufficient number of times to trigger effect

what is message weight?

measure of how many times the message is shown at all’ measured in gross impressions

audience duplication refers to

refers to the fact that people often expose themselves to more than one media vehicle

What are GRPs?

Gross Rating Points- measures used for comparing the effectiveness of different media vehicles - average reach x frequency

describe vehicle duplication

seeing the same ad twice when watching tv

unduplicated estimate within vehicle duplication

reach

what is continuous continuity?

a pattern of placing ads at a steady rate over a period of time

what is flighting continuity?

heavy advertising for a period of time, then stopping advertising altogether, only to come back with another heavy scedule

what is pulsing continuity?

* combines continuous and flighting continuity
* scheduled continuously in media over a period of time, byt with periods of heavier scheduling

The forgetting function is…

idea that accuracy decline as the time from the event increases

explain the square root law

full page is 4x size of quarter page, square root of 4 is 2 so 2x recall

what is CPM

cost per mile

push marketing is

sending content out to consumers to appear in front of them like emails, calls

what is pull marketing?

an attempt to get a customer to interact with brand POPs

what is social listening?

a social media marketing strategy that involves listening to social chatters

a dyadic relationship is

relationship between brand and consumer

triadic relationship is

relationship between brand and consumer share with each other and with brands

what is programmatic media buying?

algorithm buys ad space targeting you at a cost based on the data in your profile

Upfronts are…

buy your ads ahead of time

what is in-house media buying?

company has enough research to decide the purchasing decisions themselves

what is agency of record media buying?

advertising agency that manages the business between a company and the agencies it has contracts with

social media…

stuff we create for the purpose of sharing, to enable the transformation of broadcast monologues into social dialogs

name a quality that socially embedded websites have

UGC, network effects

what is the integrative approach in advertising?

how we use social media to boost other marketing initiatives

what is buzz?

word-to-mouth communication that customers view as authentic

what is synergy?

the power that results from the combination of two or more forces

how do we measure things on social media?

engagement metrics

PESO model and example

* Paid, Earned, Shared, Owned Media
* ads, sponsored content, reviews

pseudo-image is…

how you portray yourself online

what is phishing?

technique to gain personal information for the purpose of identity theft

self-transformative brands

you share it because it showcases who you are

Aspirational brands

brands the target audience would like to buy but cannot affect, exclusivity

what is site stickiness and how do we measure it?

how long someone spends on a site:

* time on site
* repeat visiors

what is bounce rate?

the percentage of times a visitor leaves the site almost immediately

Digital over engagement is

all of the bad things that could happen from spending too much money online; some lose perception of reality and it affects outside line

what are some payment models of Digital Advertising?

1. cost per click
2. cost per mile

Interstitial advertisements

unskippable ads, roll out before the website

what are display ads?

print ads that include artwork and fancy typefaces to capture the readers attention

what is EAT?

Expertise, Authority, Trust

What are pillar pages?

provide information to people about a topic so they stay on your website

What is behavioral targeting?

using the online consumer tracking data to target advertisements and marketing offers to specific consumers

What is digital footprint?

all of the information about a person that can be found online

what is SME

subject matter expert

What are the 3 types of advergaming and examples?

1. associative (honda in racing game)
2. illustrative (jolly green giant in smash bros)
3. demonstrative (pepsi man, game created by company)

describe advergaming

placing advertising messages in Web-based or video games to advertise or promote a product, service, organization, or issue

Name a digital public relations company

Business Wire

Wire companies are

these companies are ones where other companies pay this company to create an article for them to put out on the news

social monitoring

process of tracking social media mentions and conversations

what is market resistance?

we ignore ads because we see too many… if we saw fewer, they would get more attention