MKTG 465 Study Guide
MKTG 465 Study Guide MKTG 465 001
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MKTG 465 001
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This 7 page Study Guide was uploaded by Dominique LaSalle on Monday March 14, 2016. The Study Guide belongs to MKTG 465 001 at University of Colorado Colorado Springs taught by Andrew Czaplewski in Spring 2016. Since its upload, it has received 102 views. For similar materials see Marketing Strategy and Planning in Marketing at University of Colorado Colorado Springs.
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Date Created: 03/14/16
MKTG 465 EXAM 1 STUDY GUIDE Items below the list of asterisks should be given more attention as more difficult question may come from these MODULE 2 OVERVIEW OF IMC Chapters 1 amp 2 What Changes have occurred to make IMC more important a Increase in technology b People are less responsive to ads traditional amp pop ups C Big data d Social change cashrich timepoor Dual incomeNo kids Be able to identify the Key Advertising Classifications see Figure 1 4 a Advertising to Consumer Markets a National advertising b Retaillocal advertising C Primary versus Selective Demand advertising b Advertising to Business and Professional Markets a Business to Business advertising b Professional advertising C Trade advertising Review the key advantages disadvantages of Advertising a Key advantages a Control of the message b Cost effective way to reaCh large audiences C Effective way to create brand awareness and brand associations b Key disadvantages a High overall costs of producing and running ads b Low credibility C Cluttered space d Difficulty in determining effectiveness e No feedback Be able to identify Consumer Oriented and Trade Oriented Sales Promotion tactics What are the main advantages disadvantages of Personal Selling a Advantages a Allows for more exibility b Can tailor sales message to specific needs of customers C Allows for more immediate feedback d Sales efforts can be targeted to best prospects b Disadvantages a High costs per contact b Expensive way to reach large audiences C Difficult to have consistent and uniform message delivered to all customers What are the biggest advantages of Public Relations over other IMC Elements a The biggest advantage PubliC Relations has over other IMC Elements is credibility What is the difference between primary and selective demand advertising Be able to identify Direct Marketing methods What are the six main IMC Communication Tools aka the Promotions Mix Be able to identify each a The Promotions Mix is advertising public relations sales promotions internetinteractive personal selling and direct marketing Review the concept of market segmentation and be able to identify the three main methods bases for segmentation a Market segmentation is dividing a market into distinct groups that have common needs and will respond similarly to a marketing action b The main bases for segmentation are geographic demographic psychographic behavioristic and benefit Be able to identify and describe the 7 market positioning approaches note repositioning is a change strategy rather than an approach 1 Positioning by product attributes and benefits Positioning by pricequality Positioning by use or application Positioning by product class Positioning by product user Positioning by competitor Positioning by cultural symbols 0SJ HgtP N MODULE 2 ROLE OF ADVERTISING AGENCIES Chapter 3 What are the main services offered by a full service advertising agency a A full service advertising agency offers clients a full range of marketing communications and promotions services including planning creating and producing the advertisingit also offers non advertising services such as strategic market planning sales promotions direct marketing and digitalinteractive capabilities package design and public relations and publicity Review the advantages disadvantages of using an in house agency 1 Advantages a Cost savings reduction in advertising and promotion cost b More control c Increased coordination d Stability personnel is retained and turnover rate is less than 5 e Access to top management marketing communications is tied to the top 2 Disadvantages a Less experience outside agencies are likely to have more skilled specialists b Less objectivity c Less exibility d Less access to top creative talent What are the main reasons advertising agencies lose clients How do they gain clients a Why agencies lose clients a Poor performance service b Poor communication C Unrealistic demands by the client d Personality con icts e Personnel changes f Changes in size of the client or agency g Con icts of interest h Changes in the client s corporate andor marketing strategy i Declining sales j Con icting compensation philosophies k Changes in policies 1 Disagreements over marketing andor creative strategy m Lack of integrated marketing capabilities b How agencies gain clients a Referrals b Solicitations c Presentations d Public relations e Image and reputation Compare and contrast the 1 Commission System 2 Fixed Fee Method and 3 the Incentive Based System of advertising agency compensation Evaluate the pros and cons of each method MODULE 3 PERSPECTIVES ON CONSUMER BEHAVIOR AND THE COMMUNICATIONS PROCESS Chapter 4 amp 5 Review the stages of the Consumer Decision Making Process Be able to match the psychological process with each stage of the decision making process a Consumer Decision Making Process b Relevant Internal Psychological Process Problem Recognition lt gt Motivation Information search lt gt Perception Alternative evaluation 4 gt Attitude formation Purchase decision 4 gt Integration Post purchase evaluation L Learning What are the sources of problem recognition Be able to identify appeals toward each of Maslow s hierarchical levels a The sources of problem recognition are Out of stock physiological needs Dissatisfaction New needswants physiological needs Related productspurchases Marketerinduced problem recognition esteem needs New products What is Psychoanalytical Research aka Motivation Research a Psychoanalytical research is the study of human behavior Marketers use this study to better understand consumer behaviors in regards to buying a product or service Be able to identify internal and external information search sources a Internal search often consists of an attempt to scan information stored in memory to recall past experiences andor knowledge regarding various purchase alternatives External search consists of seeking out information from external sources These include internet sources personal sources marketer controlled sources public sources and personal experience What is an Evoked Set Why is this concept important to advertisers a An evoked set is generally only a subset of all the brands of which the consumer is aware It is important because advertisers want their product or service to be a brand that will be included in the consumers evoked set and be considered during a purchasing decision or alternative evaluation What factors determine the extent of involvement by consumers What is an attitude How are attitudes formed review beliefs and importance of the Multiattribute attitude model a An attitude is a learned predisposition to respond to an object and are some of the most heavily studied concpets in consumer behavior They are formed by a consumer s belief towards a brand and the importance that brand has on them Know the main strategies for changing attitudes a Main strategies 1 Increasing or changing the strength or belief reating of a brand on an important attribute 2 Changing consumers perceptions of the importance or value of an attribute 3 Adding a new attribute to the attitude formation process 4 Changing perceptions of belief ratings for a competing brand What is a heuristic What is the Affect Referral Rule a A heuristic is a simplified decision rule a consumer uses to purchase a good or service This can be applied to products the consumer is familiar with or those that they are not b The Affect Referral Rule is another heuristic The consumer can make a decision to buy a product on the basis of the product s impression on them or alternatives thereof that they know about What is Behavioral Learning be able to identify and distinguish between the two types Know the stages of the hierarchy of effects model a The stages in the hierarchy of effects model are 1 Awareness 2 Knowledge 3 Liking 4 Preference 5 Conviction 6 Purchase What is meant by Central and Peripheral routes to persuasion aka central and peripheral processing a Under the central route of persuasion the receiver is viewed as a very active involved participant in the communication process whose ability and motivation to attend comprehend and evaluate messages are high Under the peripheral route to persuasion the receiver is viewed as lacking the motivation or ability to process information and is not likely to engage in detailed cognitive processing MODULE 4 MESSAGE DESIGN Chapter 6 amp 7 Review the two key dimensions of source credibility a The two key dimensions of source credibility are expertise and trustworthiness A communicator who has both expertise and is trustworthy is seen as more persuasive to prospective consumers Know the three dimensions of attractiveness a The three dimensions of attractiveness are similarity familiarity and likability Similarity is a supposed resemblance between the source and the receiver of the message an example of this would be a commercial advertising medication for a certain illness that multiple people suffer from Familiarity is knowledge of the source through exposure and likability is an affection towards the source through physical appearance Regarding Celebrity Sources what is meant by Overshadowing Overexposure Target Audience Receptivity and Risk to the Advertiser a Overshadowing when the celebrity gains more attention than the product or service being advertised b Overexposure when a celebrity has been known to promote several different products or services and consumers become skeptical of their presence for another one c Target Audience Receptivity choosing the right face for a product service or brand How well does the individual match with and is received by the advertiser s target audience d Risk to the Advertiser a celebrity s behavior and personal image may pose a risk to the company they help to endorse Any wrong choice they make can pose negative repercussions not only for them but to the company as well What is meant by Source Power Which element of the promotions mix would allow for this type of strategy a Source power is when he or she can actually administer rewards and punishments to the receiver The source has the ability to induce a response from the person who is watching This type of strategy would work in the promotion mix regarding people What are Primacy Effects and Recency Effects a Primacy effects is when you present the strongest arguments in the beginning of the message Recency effects is the inverse of primacy with the strongest points being put at the end making them more persuasive Be able to identify a one sided and a two sided messaged a A one sided message lists presents only the positive attributes or benefits A two sided message presents both the good and bad attributes When is refutation an appropriate strategy When is conclusion drawing an appropriate strategy a Refutation appeal is a good strategy when a company has to instill a message into an audience that resists change and protects its brand from its competitors attacks and counterclaims b Conclusion drawing is appropriate when the marketer wants an immediate action from the audience from the advertisement What is the difference between Marketing Objectives and IMC Objectives a Marketing objectives are statements of what is to be accomplished by the overall marketing program within a given time period Integrated marketing communications IMC objectives are statements of what various aspects of the IMC program will accomplish What factors in uence product sales besides promotion Be able to identify top down and bottom up budgeting approaches Which is objective and task Which is percentage of sales and all you can afford a Top down approach is when the budget is established at the executive level and then the money is passed down to various departments What are Q Scores How are they calculated a A Q score is a measurement of a celebrity s familiarity within the media They are calculated by dividing the number of people who state that the celebrity is among their favorites or is their favorite by the percentage of people who have heard of the celebrity Review which types of promotion are appropriate for each stage of the hierarchy of effects a Repurchaseregular use direct marketing Trial sales promotions Preference personal selling Liking internetinteractive Knowledgecomprehension public relations Awareness Advertising What is DAGMAR a DAGMAR is a model that states communications effects are the logical basis for advertising goals and objectives against which success or failure should be measured MODULE 5 CREATIVE STRATEGY Chapter 8 amp 9 Review the arguments for and against soft sell and hard sell advertising What factors create a potential con ict of interest for creative people poets ie what might be an ulterior motive What is a Maj or Selling Idea What are the four strategies for achieving a major selling idea a A Maj or Selling Idea should emerge as the strongest singular thing you can say about a product or service Should be the most meaningful appeal to the target audience The four strategies for achieving a major selling idea are positioning finding the inherent drama creating a brand image and creating a unique selling proposition Be able to identify an informationalrational appeal What is the focus of informationalrational appeals According to Weilbacher what are the five most common types of informationalrational appeals What factors about the product or target market would lead to the use of this category of appeals a Informationalrational appeal focus on the consumer s practical functional or utilitarian need for the product or service and emphasize features of a product or service andor the benefits or reasons for owning or using a particular brand The five most common types of informationalrational appeal are feature appeal competitive advantage appeal favorable price appeal news appeal and productservice popularity appeal Be able to identify an emotional appeal What is the focus of emotional appeals What factors about the product or target market would lead to the use of this category of appeals a The focus of an emotional appeal is to relate to the customer s social andor psychological needs for purchasing a product or service When the product fulfills the needs or feelings of a target audience is when this appeal can be used Many consumers motives for purchasing a product or service are driven by their emotions Distinguish between emotional appeals personal states and social based feelings a Dkd Be able to identify the main advertising execution techniques What are the basic criteria for evaluating creative approaches Review Wallas s creativity process What activities would help in the preparation incubation and illumination stages What is Transformational Advertising a Transformational advertising is a form of marketing It is defined as one which associates the eXperience of using the advertised brand with a unique set of psychological characteristics which would not typically be associated with the brand eXperience to the same degree without eXposure to the advertisement What is meant by Emotional Bonding Review how this concept can be used in developing an advertising campaign for a brand a Emotional bonding is a technique that evaluates how consumers feel about brands and the nature of any emotional rapport they have with a brand compared to the ideal emotional state they associate with the product category This concept can be used to develop an ad campaign for a brand by focusing on three levels of relationships with brands product benefits personality and most importantly emotions Each tier has the consumers thoughts and positioning towards a brand and what a company wants is for the consumer to be in the emotions tier as they have now created a bond with the brand itself
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