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FASHION INSTITUTE OF TECHNOLOGY / OTHER / AC 111 / How does brand identity help establish loyalty?

How does brand identity help establish loyalty?

How does brand identity help establish loyalty?

Description

School: Fashion Institute of Technology
Department: OTHER
Course: Advertising and Promotion
Professor: Robert bohn
Term: Spring 2017
Tags: Advertising, Marketing, promotion, IMC, demographics, Branding, segmentation, market, and publicity
Cost: 25
Name: Advertising and Promotion Weeks 1-7 Study Guide
Description: The Four P's The Promotional Mix Integrated Marketing Communications Direct Marketing Strategic Marketing Plan The target marketing process Target Market Identification Market Segmentation Positioning Strategies Campaign Themes
Uploaded: 04/06/2017
7 Pages 43 Views 1 Unlocks
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What is marketing?


How does brand identity helps establish loyalty?



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

The four P’s

∙ Product

∙ Price

∙ Place

∙ Promotion

Brand Identity (helps establish loyalty)

∙ Name

∙ Logo

∙ Symbols

∙ Image of associations

∙ Performance

∙ Packaging (Tiffany’s blue boxes)

∙ Design

The Promotional Mix

∙ Advertising


Dividing a market into distinct groups with common needs and who respond similarly to a market situation is called what?



o Paid, not personal media We also discuss several other topics like What is the amount that will not be collected because customers are unable to pay?
If you want to learn more check out What product is an important biofuel produced by the countries of indonesia, malaysia, and thailand?

o TV, radio, magazines, newspapers, internet

∙ Sales Promotion

o Marketing activities that provide extra value or incentives to the sales force,  retailers, and consumer. Ex: Free gift with purchase.  We also discuss several other topics like What is the main purpose of having administrative agencies?

∙ Direct Marketing

o Mail, catalogs, direct selling, direct response ads, telemarketing, shopping  channels, internet sales

∙ Publicity/Public Relations We also discuss several other topics like Which body part stores calcium required for muscle contraction?

o A news story, editorial, or announcement to a mass audience.  

o Not always under company control

o Is sometimes unfavorable


Fitting the product of service to one or more segments of the broad market in such a way as to set it apart from the competition is called what?



∙ Interactive/internet marketing

o Mobile devices, kiosks, interactive TV.

∙ Personal Selling

o Person to person communication

Strategic Marketing Plan:

Opportunity analysis- where are there needs/demands in the market place.  

Competitive analysis- What is the competition doing. How much did they spend on advertising  etc.  

The target marketing process:

∙ Identify markets with unfulfilled needs

∙ Determine market segmentation  

∙ Select a market to target

∙ Position through marketing strategies

Target market identification: 

Lifestyles, social class, economic status, geographic location, age, marital status, needs. Elements: Don't forget about the age old question of What is a pro forma financial statement?

∙ Demographics

o Age, gender, marital status

∙ Psychographics

o Lifestyle- areas of interest/hobbies

∙ Geographic

o Where you live, where is your market

∙ Benefit

o Benefit/attribute providing a benefit to the consumer

∙ Behavioristic

o Reaching a certain percentage of the market. 80/20 rule applies

∙ Socioeconomic

o Income, occupation

Market Segmentation: 

Dividing a market into distinct groups with common needs and who respond similarly to a  market situation.  

Segments:

∙ Undifferentiated We also discuss several other topics like How do plants help prevent soil being washed away by rain?

o One product/one market (ford’s first car. 1 product, one target market; men  18+)

∙ Differentiated

o A lot of different products with many line extensions. Different target markets. ∙ Concentrated

o Concentrate money on reach a specific group. Ex rolls Royce; only the elite/rich

Market Positioning 

Fitting the product of service to one or more segments of the broad market in such a way as to  set it apart from competition.

Positioning Strategies:

∙ Attributes and benefits

∙ Price/quality

∙ Use/application

∙ Product class

∙ Product users

∙ Competitors  

∙ Cultural symbols

Wallas’ Creative Process Model 

Illumination  

(seeing the  

solution)

Incubation  (setting the  problem  

aside)

The  

Creative  Process

Verification  

(refining the  idea)

Key Terms 

Preparation  (gathering  information

Exchange- Two or more parties with something of value to one another, a desire and ability to  give up that something to the other party, and a way to communicate with each other.  

Marketing- The process of planning and executing the conception, pricing, promotion and  distribution of ideas, goods, and services to create exchanges that satisfy individual and  organizational objectives.  

Value- The customer’s perception of all of the benefits of a product or service weighed against  all the costs of acquiring and consuming it.  

Integrated Marketing Communications (IMC)- coordinating the carious promotional elements  and other marketing activities that communicate with a firm’s customers.  

Marketing Mix- Combining the four p’s, product price, place (distribution) and promotion into a  marketing program to facilitate the potential for exchange with consumers in the marketplace.  

Promotion- The coordination of all seller-initiated efforts to set up channels of information and  persuasion in order to sell goods and services or an idea.  

Promotional mix- The basic tools used to accomplish an organization’s communication  objectives. Elements- advertising, direct marketing, interactive/internet marketing, sales promotion, publicity/public relations, personal selling.  

Advertising- Any paid form of non-personal communication about an organization, product,  service, or idea by and identified sponsor.

Direct marketing- Organizations communicate directly with target customers to generate a  response and/or a transaction.  

Direct Response Advertising- A product is promoted through an ad that encourages the  consumer to purchase directly from the manufacturer.

Interactive Media- Allows a back and forth flow of information whereby users can participate in  and modify the form and content of the information they receive in real time.  

Sales Promotion- Marketing activities that provide extra value or incentives to the sales force,  the distributors, or the ultimate consumer and can stimulate immediate sales. Broken into two  major categories: consumer oriented and trade oriented activities.  

Publicity- Non personal communications regarding an organization, product, service or idea not  directly paid for or run under identified sponsorship.  

Public Relations- The management function which evaluates public attitudes, identifies the  policies and procedures of an individual organization with the public interest and executes a  program of action to earn public understanding and acceptance.  

Personal Selling- A form of person-to-person communication in which a seller attempts to  assist and/or persuade prospective buyers to purchase the company’s product or service or to  act on an idea.

Contact (or touch) point- Refers to each and every opportunity the customer has to see or hear  about the company and/or its brands or have an encounter or experience with it.  

Integrated marketing communications management- the process of planning, executing,  evaluating, and controlling the use of the various promotional-mix elements to effectively  communicate with target audiences.  

Target Marketing- Involves four basics:  

∙ Identify markets with unfulfilled needs

∙ Segmenting the market

∙ Targeting specific segments

∙ Positioning one’s product or service through marketing strategies.  

Geographic Segmentation- Markets are divided into different geographic units. These units  include nations, states, countries, or even neighborhoods.  

Demographic Segmentation- Dividing the market on the basis of demographic variables such as  age, sex, family size, education, income, and social class.  

Psychographic segmentation- Dividing the market on the basis of personality and/or lifestyles.  

Behavioristic Segmentation- Dividing consumers into groups according to their usage, loyalties,  or buying responses to a product.  

80-20 rule- 20 percent of their buyers account for 80 percenty of their sales volume.  

Benefit Segmentation- The grouping of consumers on the basis of attributes sought in a  product.  

Positioning- The art and science of fitting the product or service to one or more segments of the  broad market in such a way as to set it meaningfully apart from the competition.  

Brand Equity- An intangible asset of added value or goodwill that results from the favorable  image, impressions of differentiation, and/or strength of consumer attachment to a company  name, brand name or trademark.  

Heuristics- Sometimes consumers make their purchase decisions using more simplified rules known as heuristics. For familiar products that are purchased frequently, consumers may use  price-based heuristics (buy the least expensive brand) or promotion-based heuristics (choose  the brand for which I can get a price reduction through a coupon, rebate, or special deal)

Concave-downward function model- The logic is that those with greatest potential to buy will  likely act on the first (or earliest) exposures, while those less likely to buy are not likely to  change as a result of the advertising. For those who may be potential buyers, each additional ad  will supply little or no new information that will affect their decision. Thus according to the  concave-downward function model, the effects of advertising quickly begin to diminish.

Budgeting under this model suggests that fewer advertising dollars may be needed to create  the optimal influence on sales.  

Percentage of sales method- The advertising and promotions budget is based on sales of  product. Management determines the amount by either (1) taking a percentage of the sale  dollars or (2) assigning a fixed amount of the unit product cost to promotion and multiplying  this amount by the number of units sold.  

Account Planning- The process of conducting research and gathering all relevant information  about a client’s product, service, brand and consumers in the target audience for use in the  development of creative strategy as well as other aspects of an IMC campaign.  

Focus Groups-A qualitative marketing research method whereby a group of 10 to 12 consumers  from the target market is led through a discussion regarding a particular topic such as a  product, service or advertising campaign.  

Advertising Campaign- A comprehensive advertising plan that consists of a series of messages in  a variety of media that center on a single theme or idea.  

Campaign theme- The central message or idea that is communicated in all advertising and other  promotional activities. Ex:

∙ McDonald’s- I’m lovin’ it

∙ Marlboro- Marlboro country

∙ Wheaties- Breakfast of champions

∙ Kay Jewelers- Every kiss begins with Kay

∙ Nike- Just do it

∙ BMW- The ultimate driving machine

Slogan (tagline)- A statement or phrase consisting of a few words that succinctly express the  company image, identify and/or positioning a company or brand wants to communicate.  

Inherent Drama- An approach to advertising that focuses on the benefits or characteristics that  lead a consumer to purchase a product or service and uses dramatic elements to emphasize  them.  

Hierarchy of Effects Model 

Awareness, knowledge, liking, preference, conviction, purchase

Cognitive Stage- Awareness, Knowledge

Affective Stage- Liking, preference, conviction

Behavioral Stage- Purchase

AIDA MODEL

Attention, Interest, Desire, Action Cognitive Stage- Attention

Affective Stage- Interest, Desire Behavioral Stage- Action  

The Consumer Decision Making Process:

∙ Problem Recognition

∙ Information search

∙ Alternative evaluation

∙ Purchase decisions

∙ Post purchase decisions

∙ Post purchase evaluation

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