MKTG 2400, Week 13 Notes April 11, 2017 What is marketing plan? Intersection of creativity and numbers. Final exam ∙ 50 multiple choice questions ∙ 45 questions from chapters 15, 16, 17, 18, 19, 20, 21, and 4 plus articles on D2L and the book Predictably Irrational ∙ 5 questions from midterms 1 and 2 Promotion and Integrated Marketing Chapter 17: IntegraDon't forget about the age old question of What is a way of referring to a person without constantly re-spelling their English names?
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ted Marketing Communication and Direct Marketing Communication Process ∙ For communication to take place we must have… Source (encoded) Message/Channel of Communication (Decoding) Receiver Encoding – Decoding – (a) is the reverse of encoding, (b) receiver take a set of symbols, the message, and transform them back to an idea (c) is performed by the receivers Six Key Elements of the Marketing Communication Process Pretesting – ensuring your message is decoded properly for the correct feedbackPromotion Planning ∙ Who is the target audience? ∙ Hat response do you want? ∙ What message will motivate their response ∙ What source attributes should accompany the message? ∙ What channel of communication should be used? ∙ What feedback should be collected? Promotional Objectives change with the 4 lifecycle changes. Promotional activities ∙ Advertising ∙ Personal selling ∙ PR ∙ sales promotion ∙ direct marketing Integration of all Promotion Tactics ∙ integration of all promotional tactics available for maximum effective Advertising ∙ least personal/ non-personal ∙ Any paid form of non-personal communication about an organization, product, service, or idea by an identified sponsor o How much does a full-page four color ad cost in Time Magazine? About 300,000Personal Selling ∙ Two-way flow of communication between a buyer and seller, often in a face to-face form Public Relations ∙ A form of communication usually about the company itself (instead of product) which influences feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics Sales Promotion ∙ Adding a value to your purchase ∙ It has a short time frame ∙ Meant to arouse interest/ sense of urgency is added Direct Marketing ∙ Promotion alternative that uses direct communication with consumers Stages of Buying Decision ∙ The importance of promotional elements varies during stages of consumer purchase decision process Objective ∙ Inform consumers of our products ∙ Persuade to try our product ∙ Or remind them of our products benefitsThis can shift demand Channel Strategies (Flow of demand stimulation) Push – (synthetic to consumers) letting Costco advertise for me Pull – (organic to consumers) advertising our own products and sending people to Costco to buy our product Setting the Promotion Budget Developing an IMC (integrated marketing communication) program % of sales competitive parity All you can afford objective and task Scheduling the promotion ∙ Timing is everythingApril 13, 2017 Chapter 18: Advertising, Sales Promotion, and Public Relations What is this beast? Types of Advertising… Product Advertisements (vs. Institutional) ∙ Pioneering (informational) ∙ Competitive (persuasive) ∙ Reminder Institutional Advertisements ∙ Advocacy Ads – “position of a company on an issue” ∙ Pioneering institutional ads – “strengthen positioning of the company” ∙ Competitive institutional ads – “promoting a product class” (not a brand) ∙ Reminder institutional – “bring a company’s name to attention” How do we develop an advertising program? 1. Identifying the target audience 2. Specifying advertising objectives 3. Setting the advertising budget (constraints) 4. Designing the advertisement 5. Selecting the right media 6. Scheduling the advertising *Lastly, you execute the advertisement program* Message (content & appeal) ∙ Message content o Informational element o Persuasive element ∙ Types of appeals o Fear appeals o Sex appeals o Humorous appeals Choosing the right media…Television specs ∙ Television reach o 96% of all households ∙ Where can you find a TV? o Everywhere; bars, hotels, airports, college campuses, offices ∙ Television viewing o Is increasing: American viewers spend 41 hours each week watching TV ∙ High cost disadvantage ∙ Wasted coverage disadvantage Radio Specs∙ Radio reach o 91% of adults (weekly) ∙ What is the advantage of radio? o It is a highly segmented medium ∙ Radio listening timing o Peak during morning drive time, declines in the afternoon ∙ Does not have the undivided attention of consumers ∙ Product can’t be seen Magazines & Yellow Pages ∙ What is the advantage of magazines? o Very highly segmented, almost specialized o Can be shared o Long shelf-life Internet ∙ Rich Media o You can see animation, motion, product in action, etc. o Interactive ads, drop-down menus, built-in games, search engines, etc. ∙ Internet ads ∙ 80% of internet traffic begins at? o Search engines ∙ Disadvantage: Difficulty of measuring impact On the internet, how do you know when you are successful? ∙ If I goes viral! Outdoor Advertising ∙ $7 billion expenditure Media AlternativesExecution Stage ∙ Pretesting the advertising copy before carrying it out o Portfolio tests – place your ad in the middle of a portfolio, and have people look through the entire portfolio, and ask specific questions to see if they can identify your ad o Jury tests – directly showing people your ad and asking questions about it o Theatre Tests – showing your ad in relation to film media Scheduling Advertising ∙ Continuous – steady o People might phase out because the message is no longer fresh ∙ Flighting – intermittent o Can avoid habit creation ∙ Pulse – burst Assessing the advertising program∙ Aided recall – “Did you see that one part…” ∙ Unaided recall – “What did you see?” ∙ Attitude tests ∙ Inquiry tests ∙ Sales tests ∙ Making needed changes What did you note about the advertisement? What was it associated with? Read on? PR and Sales Promotion Using Integrated Marketing Communication (IMC) ∙ Coupled with sales promotion o Consumer-oriented promotions o Trade-oriented promotions ∙ Coupled with public relations o Publicity tools o Self-regulation o Building long-term relationships Sales Promotion ∙ Coupons ∙ Deals ∙ Premiums ∙ Contests ∙ Sweepstakes ∙ Samples ∙ Loyalty programs ∙ Point-of-purchase displays ∙ Rebates ∙ Product placements Direct Marketing ∙ The growth of direct marketing ∙ The value of direct marketing o Direct orders o Lead generation o Traffic generation ∙ Technological, global, and ethical issues in direct marketing