FBLA Advertising Ultimate Study Guide (copy)

Marketing Concept

Focuses on identifying and satisfying customer needs to achieve organizational goals.

Economic Growth (Benefits of Marketing)

Drives innovation, competition, and economic activity.

Customer Satisfaction (Benefits of Marketing)

Meets customer needs effectively.

Product Awareness (Benefits of Marketing)

Informs customers about products and services.

Enhanced Quality of Life (Benefits of Marketing)

Encourages the development of better products.

Product/Service Management

Developing and managing products that meet customer needs.

Pricing

Determining prices that maximize profit while appealing to customers.

Promotion

Creating awareness through advertising, sales promotions, and public relations.

Distribution

Delivering goods to customers through efficient channels.

Selling

Engaging directly with customers to complete transactions.

Market Research

Gathering data to make informed marketing decisions.

Financing (Marketing Function)

Securing funds to support marketing activities.

Marketing Mix - Product

Goods, services, or ideas meeting customer needs.

Marketing Mix - Price

Balancing cost to the customer with value and profitability.

Marketing Mix - Place

Channels and locations that deliver the product to customers.

Marketing Mix - Promotion

Strategies to communicate value and persuade customers, including advertising and social media.

Idea Generation

Brainstorming new product ideas.

Market Research (New Product Development)

Validating the demand for the product.

Concept Development

Designing the product or service.

Prototyping

Creating a sample for testing.

Testing (Product Development)

Gathering customer feedback to refine the product.

Commercialization

Launching the product to the market.

Diversification

Reduces business risk by offering a range of products.

Meeting Market Demand

Satisfies diverse customer preferences.

Increased Revenue (Product Line Extension)

Attracts more customers by expanding offerings.

Brand Strength

Builds a stronger presence in the market.

Packaging - Protection

Safeguards products during transportation and storage.

Packaging - Promotion

Attracts customer attention with appealing designs.

Packaging - Information

Displays key details such as usage instructions and ingredients.

Packaging - Convenience

Enhances usability and accessibility for consumers.

Branding (Importance)

Establishes product identity, increases recognition, and builds trust.

Packaging (Importance)

Drives purchase decisions through visual appeal and functionality.

Labeling (Importance)

Provides critical information and ensures legal compliance.

Features (Product Positioning)

Highlighting unique attributes.

Benefits (Product Positioning)

Showcasing advantages for customers.

Price (Product Positioning)

Aligning with target audience affordability.

Quality (Product Positioning)

Emphasizing superior craftsmanship.

Competition (Product Positioning)

Differentiating from rival products.

Brand Loyalty (Product Positioning)

Leveraging customer allegiance.

Cost (Factors Influencing Price)

Covers production, distribution, and operational expenses.

Quality (Factors Influencing Price)

Reflects the perceived value and durability.

Competition (Price Influences)

Aligns with market pricing trends.

Brand Loyalty (Price Influences)

Allows premium pricing based on trust and reputation.

Target Audience (Advertising Term)

The specific group of consumers a campaign aims to reach.

Call to Action (CTA)

Encourages the audience to take specific steps.

Reach (Advertising Term)

The total number of people exposed to an advertisement.

Frequency (Advertising Term)

The number of times a message is delivered to the same audience.

Impressions (Advertising Term)

The total number of times an ad is displayed.

ROI (Return on Investment)

A measure of the effectiveness of advertising spending.

Generate Leads (Sales Process)

Identify potential customers who may have an interest in the product.

Approach Customers (Sales Process)

Initiate contact with potential customers.

Determine Customer Needs (Sales Process)

Use techniques to understand what the customer requires.

Present the Product (Sales Steps)

Highlight product features and benefits.

Overcome Objections (Sales Process)

Address customer concerns and hesitations.

Close the Sale (Sales Process)

Secure a commitment from the customer to purchase.

Follow Up (Sales Process)

Ensure customer satisfaction after the sale.

Influence Consumer Decisions (Sales Promotion)

Encourage customers to choose a product over competitors.

Encourage Trial of New Products

Help reduce risk for customers trying unfamiliar products.

Strengthen Brand Loyalty (Sales Promotion)

Enhance customer retention and repeat purchases.

Influence Consumer Behavior (Sales Promotion)

Create urgency and encourage impulse purchases.

Radio Advertising - Advantages

Wide reach and cost-effective.

Radio Advertising - Disadvantages

Lack of visual appeal.

Television Advertising - Advantages

High visual impact and broad audience.

Television Advertising - Disadvantages

Expensive production and short exposure time.

Direct Mail - Advantages

Targeted and personalized.

Direct Mail - Disadvantages

High cost and potential for being perceived as junk mail.

Outdoor Advertising - Advantages

High visibility and constant exposure.

Outdoor Advertising - Disadvantages

Limited message space and dependency on location.

Newspaper - Advantages

Local reach and timely.

Newspaper - Disadvantages

Declining readership and limited visual appeal.

Advertising Media Selection - Reach

The number of people exposed to the advertisement.

Advertising Media Selection - Frequency

The number of times the target audience sees or hears the ad.

Advertising Media Selection - Lead Time

The time required to create, schedule, and launch the advertisement.

Advertising Media Selection - Cost

The financial investment required for each medium.

Transit Advertising

Ads placed on public transportation.

Aerial Advertising

Use of airplanes or drones to display banners.

Cinema Advertising

Ads shown before movies in theaters.

Product Placement

Integrating products into movies, TV shows, or video content.

Directory Advertising

Listings in directories targeting consumers searching for products.

Video Advertising

Includes ads on streaming platforms and social media.

Mobile Advertising

Ads designed for smartphones and tablets.

Importance of Branding

Establishes identity and builds trust.

Brand Loyalty

Encourages repeat business.

Value Addition through Branding

A well-established brand can command premium pricing.

Marketing Effectiveness

Consistent branding reinforces messaging across channels.

Business Growth through Branding

Facilitates market expansion and product diversification.

Price/Quality Positioning

Emphasizing value relative to cost.

Features/Benefits Positioning

Highlighting specific attributes or advantages.

Competitor-Based Positioning

Differentiating a product by directly comparing it to competitors.

Usage-Based Positioning

Positioning the product for specific uses or occasions.

Target Market Positioning

Tailoring the product to appeal to specific demographics.

Cultural or Lifestyle Positioning

Associating the product with a particular lifestyle or cultural identity.

Definition of Promotional Mix

A combination of promotional tools and strategies used to achieve marketing goals.

Importance of Promotional Mix

Ensures consistent messaging and increases reach.

Define Objectives (Promotional Plan)

Set clear goals for the promotional campaign.

Identify the Target Audience (Promotional Plan)

Understand demographics, behaviors, and preferences.

Determine the Budget (Promotional Plan)

Allocate resources for promotional activities.

Select the Promotional Mix (Promotional Plan)

Choose the most effective combination of promotional tools.

Create the Message (Promotional Plan)

Develop a compelling message that resonates with the audience.

Choose the Media Channels (Promotional Plan)

Select platforms where the target audience is most active.