MAN230 Marketing Principles
MAN230 Marketing Principles Man230
Popular in Marketing Principles
Popular in Marketing Principles
This 2 page Study Guide was uploaded by megan Notetaker on Sunday October 16, 2016. The Study Guide belongs to Man230 at Independence University taught by Ashley Dugger in Fall 2016. Since its upload, it has received 18 views. For similar materials see Marketing Principles in Marketing Principles at Independence University.
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Date Created: 10/16/16
Man230 Principles of Marketing In these notes you will find the key terms and important information about the principles of marketing. The seven functions and effects of advertising: 1.) Identifying Brands- Products, services, and ideas that are sold through businesses that are differentiated by their brand. 2.) Information- The necessary information to consumers so they know what’s available and where customers can purchase new products. 3.) Persuasion- Visual advertising. This type of advertising compels many consumers to purchase goods, services, and ideas with a way to achieve emotional fulfillment. 4.) Previewing New Trends- Motivates consumers to obtain because the consumers do not want to be left out. 5.) Demand- generated by advertising public relations and sales promotions “pulls the goods through channels of distribution.” 6.) Customer Base- Consistent quality advertising increases consumer loyalty for a product. This seeks to maintain the current customer base by reinforcing purchasing behavior with competitive prices relative to the current market. 7.) Pricing- Advertising displays consumer goods with competitive prices relative to the current market. Each of these seven steps are effective with helping the market grow effective and efficiently. Chapter One Notes: Introduction to marketing 1.) Five key components of the advertising definition. The five key components of advertising are: • Advertising is a paid form of communication, although some forms of advertising such as public service announcements (PSAS) use donate space and time. • Not only the message is paid for but the sponsor is identified • Most of the advertising tries to persuade or influence the consumer to do something, although in some cases the point of the message is simply to inform consumers and make them aware of the product or company. • Advertising reaches a large audience of potential consumers • The message is conveyed through many different kinds of mass media, which are largely non-personal. This means that advertising isn’t directed to a specific person. 2.) Marketing and explain advertisings role in marketing Marketing is the process a business uses to satisfy consumer needs and wants by providing goods and services. Advertising Role in Marketing is to make sure that consumers are communicated with about new product releases this also helps the company that is advertising get the word out about products and services. 3.) Five key players in world of advertising and what are the responsibilities of each • The advertising industry is complex because it has a number of different organizations involved in making decisions and execution advertising plans. The players include: • The client – buyer • The agency- people who work for the agency • The media – where the product or service is advertised • The supplier – person or place that supplies the goods • Audience – people that are looking at the product. • 4.) the seven types of advertising: 1.Brand- most visible type of advertising is national consumer or brand advertising 2. Retailer or local advertising- focuses on retailers or manufactures that sell their merchandise in certain geographical areas. 3. Direct-response advertising- can use any advertising. This includes direct mail. 4. Business to business (B2B)- sent from one business to another business 5. Institutional- corporate advertising 6. Non-profit advertising- charities, foundations, associations, hospitals. 7. Public service announcements- Communication on good cause. 5. Effectiveness and importantance to advertisers Effectiveness is important to advertisers because this helps them to have assurance of the product that they are selling and to know what which and what products they can continue to establish. 6. IMC is the practice of unifying all marketing communication tools so they send a consistent persuasive message promoting the company goals. This is important to advertisers because it helps the advertisers get the word out about the company and the products that the company are selling.
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