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MKTG 3310 Exam 6 Study Guide

by: Melissa Cooey

MKTG 3310 Exam 6 Study Guide MKTG 3310-001

Marketplace > Auburn University > Business > MKTG 3310-001 > MKTG 3310 Exam 6 Study Guide
Melissa Cooey

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Study guide for exam 6 based on the study guide he provides you.
Jeremy Wolter
Study Guide
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This 7 page Study Guide was uploaded by Melissa Cooey on Saturday April 23, 2016. The Study Guide belongs to MKTG 3310-001 at Auburn University taught by Jeremy Wolter in Spring 2016. Since its upload, it has received 237 views. For similar materials see PRINCIPLES OF MARKETING in Business at Auburn University.


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Date Created: 04/23/16
Thursday, April 21, 2016 MKTG 3310 Exam 6 Study Guide Promotion I: IMC - Parts of the communication process: - Sender - the party sending a message to another party. - Encoding - the process of putting thought into symbolic form. - Message - the set of symbols that the sender transmits. - Media - the communication channels through which the message move from the sender to the receiver. - Decoding - the process by which the receiver assigns meaning to the symbols encoded by the sender. - Receiver - the party receiving the message sent by another party. - Response - the reactions of the receiver after being exposed to the message. - Feedback - the part of the receiver’s response communicated back to the sender. - Noise - the unplanned static or distortion during the communication process, which results in the receiver getting a different message than the one the sender sent. - This is important because companies have to understand the best way to relay a message to consumers. They have to make sure it is relevant, and that the consumers are able to decode the message that the company is trying to send. - To communicate effectively, marketers must understand the customer’s field of experience. - When it comes to the KFC ‘fresh is better’ commercial airing after the Walking Dead episode, this could have been troubling because it was played right after a scene where someone is being eaten by zombies. It can be detrimental to a brand for a commercial to play after a show scene ends on a sad note. - Five main categories of promotion: - Advertising - any paid form of non-personal communication about an organization or product. 1 Thursday, April 21, 2016 - Sales promotion - short-terms incentives to encourage the purchase of a product. - Personal selling - personal customer interactions by the firm’s sales force for the purchase of engaging customers, making sales, and building customer relationships. - Public relations - building good relationships with the company’s various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, or events. - Direct and digital marketing - engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships. - Positives and negatives of promotions: - advertising - positive: reach - negative: costly - sales promotions - positive: purchase incentive - negative: bad for branding - personal selling - positive: customizable - negative: costly - public relations - positive: credibility - negative: lack of control - direct and digital marketing - positive: customizable - negative: low response - “The Nature of Each Promotional Tool” - each promotion tool has unique characteristics and costs: 2 Thursday, April 21, 2016 - Advertising - can reach masses of geographically dispersed buyers, and it enables the seller to repeat a message many times. It also says something positive about a company’s size, popularity, and success. However, advertising is impersonal and lacks the direct persuasiveness of company salespeople, it is only a one-way communication, it also can be very costly. - Personal selling - the most effective tool at certain stages of the buying process, particularly in building up buyers’ preferences, convictions, and actions. Also allows all kinds of customer relationships to spring up. However, a sales force requires a longer-term commitment than advertising does, and it is the most expensive promotion tool. - Sales promotion - attract customer attention, engage customers, offer strong incentives to purchase, and can be used to dramatize product offers and boost sales. Invite and reward quickly. But not as effective as advertising or personal selling because sales promotions are short-lived and temporary. - Public relations - very believable and seem more real to readers than ads do. Can also reach many prospects who avoid salespeople and advertisements. Tend to be underused, or seen as an afterthought by most companies. - Direct and digital marketing - more targeted, immediate, personalized, and interactive. Allows a dialogue between the marketing team and the consumer. - Breakage - revenue gained by retailers through unredeemed, expires, or lost gift cards. - Methods of promotion budgeting: - Affordable method - companies set the promotion budget at the level they think they can afford. Small businesses. - problem - completely ignores the effects of promotion on sales, and leads to an uncertain annual promotion budget, so it makes long-range market planning difficult. - Percentage-Of-Sales method - setting their promotion budget at a certain percentage of current or forecasted sales. Or they budget a percentage of the unit sales price. - problem - wrongfully views sales as the cause for promotions, instead of the result. does not provide any basis for choosing a specific percentage, except what has been done in the past. 3 Thursday, April 21, 2016 - Competitive-Parity method - setting their promotion budget to match competitors’ outlays. They monitor competitors’ advertising or get industry promotion spending estimates. - problem - companies differ greatly, and each has its own special promotion needs. - Objective-and-Task method - the company sets in promotion budget based on what it wants to accomplish with promotion. The most logical. - problem - the most difficult method to use. Often, it is hard to figure out which specific tasks will achieve the stated objectives. - “Push” strategy - involves “pushing” the product through marketing channels to final customers. For example: John Deere does very little promoting of its products to final customers. Instead, John Deere’s sales force works with Lowe’s, Home Depot, and independent dealers, who in turn push John Deere products to final customers. - “Pull” strategy - the producer directs its marketing activities toward final customers to induce them to buy the product. For example: Unilever promotes its Axe grooming products directly to its young male target market using TV and print ads, its web and social media brand sites, and other channels. If the pull strategy is effective, customers will then demand the brand from retailers such as CVS, Wal-mart, or Walgreens, which will in turn demand it from Unilever. Thus, under a pull strategy, consumer demand “pulls” the product through the channels. - Integrated Marketing Communications (IMC) - The concept of designing marketing communications programs that coordinate all promotional activities. Carefully integrating and coordinating the company’s communication channels to deliver a clear, consistent, and compelling about the organization and its products. - What is IMC not?: - trying to create the same look and feel across different channels. That gets boring. - trying to create a bureaucratic nightmare. - 3 factors pushing the change of today’s marketing communications: - 1. Consumers - in this digital, wireless age, consumers are better informed and more communications empowered. 4 Thursday, April 21, 2016 - 2. Marketing strategies - as mass markets have fragmented, marketers are shifting away from mass marketing. More and more, they are developing focused marketing programs designed to build closer relationships with customers in more narrowly defined micro markets. - 3. Digital technology - causing remarkable changes in the way companies and customers communicate with each other. - Touchpoint - any point where there is an interface between an organization and a stakeholder. An interface can be through a product, front line employee, marketing communication, etc. - Silo mentality - a mindset present when certain departments or sectors do not wish to share information with others in the same company. - IMC is difficult because…: - you are aligning different functional areas. - you are aligning different external partners. - the manifestations of the “brand message” has to make sense in the promotional message. - the organization’s nimbleness must be maintained. Promotion II: Advertising - Advertising spending fluctuates with GDP. - When spending on advertising goes up, GDP also goes up because people purchase more products. - AIDA: - Attention - Interest - Desire - Action - Advertisements don’t have to have ALL of the AIDA parts to be good. - Advertising appeals: 5 Thursday, April 21, 2016 - Rational appeals: - information - persuasive - comparative - Moral appeals - doing what’s right - Emotional appeals - humor - fear - Sex appeals - Bandwagon appeals - “every on else is buying this, you should too.” - Youcan combine appeals. - Some say you can take an appeal, such as humor or fear, too far, but this is NOT true. - Reach - number of different people exposed to an ad. - Rating: % of houses that watch a channel or program - Frequency: avg number of times a person is exposed to an ad. - CPM: cost per thousand impressions. - CPM = Cost of ad÷Audience size x 1,000 - CPM = Cost of ad÷(Audience size÷1,000) Promotion III: Inbound Marketing, Viral Marketing, WOM, & Social Media Marketing - Content marketing - When marketers create, inspire, and share brand messages and conversations with and among customers across a fluid mix of paid, owned, earned, and shared communication channels. - paid media - impressions gained through paid media. 6 Thursday, April 21, 2016 - ex. advertising, sponsorships, display ads, paid search. - owned media - impressions gained through your media. - ex. blog, company website, twitter account. - earned media - impressions gained through others’ media. - ex. WOM, SEO, buzz, “viral” - Permission marketing - the solicitation of a customer’s consent (called “opt it”) to receive email and advertising based on personal data supplied by the consumer. - Differences between inbound and outbound marketing: - Inbound marketing - focuses on earning a customer’s attention. - Outbound marketing - tries to find customers and grab their attention in a specific moment. - Viral marketing - a promotional strategy that encourages individuals to forward marketer-initiated messages to others via email, social networking sites, and blogs. - STEPPS: - Social currency - people care about how they look to others. Make people feel like insiders. - Triggers - grow your habitat so that people are frequently triggered to think about your product of idea. - Emotion - emotional content often goes viral, so focus on feelings rather than function. - Public - the more public something is, the more likely people will imitate it. Design products and initiatives that advertise themselves and create some visible behavioral residue. - Practical value - useful things get shared, so highlight incredible value and package knowledge and expertise so that people can easily pass it on. - Stories - stories are vessels, so build a trojan horse. A narrative or story that people want to tell which carries your idea along for the ride. 7


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