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MKT 301 Exam 4

by: Nicole Dunne

MKT 301 Exam 4 80302 - MKT 3010 - 002

Nicole Dunne
GPA 3.6

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Principles of Marketing
Carter Willis McElveen
Study Guide
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This 8 page Study Guide was uploaded by Nicole Dunne on Sunday November 29, 2015. The Study Guide belongs to 80302 - MKT 3010 - 002 at Clemson University taught by Carter Willis McElveen in Summer 2015. Since its upload, it has received 203 views. For similar materials see Principles of Marketing in Marketing at Clemson University.

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Date Created: 11/29/15
Chapter 17: Integrated Marketing Communications  Integrated Marketing Communications  IMC- represents the promotion dimensions of the four P’s; encompasses a variety of communication disciplines- general advertising, personal selling, sales promotion, public relations, direct marketing and electronic media- in combination to provide clarity, consistency and maximum communicative impact.  Careful coordination of all promotional message to assure the consistency of messages at every contact pint where a company meets the customer  Customers getting a consisted message  Results: change behavior  Communication channels  IMC Popularity & Growth  Proliferation of thousands of media choices  Fragmentation of the mass market  Slash of advertising spending in favor or promotional techniques that generate immediate response  Communicating with Customers  The Communication Process o Sender- the firm fro which an IMC message originates; the sender must be clearly identified to the intended audience o Transmitter- an agent or intermediary with which the sender works to develop the marketing communications; ex: a firm’s creative department or an advertising agency o Encoding- the process of converting the sender’s ideas into a message, which could be verbal, visual or both o Communication channel- the medium-print, broadcast, the internet-that carries the message o Receiver- the person who reads, hears or sees and processes the information o Decoding- the process by which the receiver interprets the sender’s message o Noise- any interference that stems from competing messages, a lack of clarity in the message or a flaw in the medium; a problem for all communication channels. o Feedback loop- allows the receiver to communicate with the sender and thereby informs the sender whether the message was received and decoded properly.  Picture in notes  How Consumers Perceive Communication o Receivers decode messages differently o Senders adjust messages according to the medium and receivers’ traits  The AIDA Model  A common model of the series of mental stages through which consumers move as a result of marketing communications: Awareness, Interests, Desire, Action  Awareness o Senders first must gain the attention of the consumers o A multichannel approach increases the likelihood the message will be received o Brand awareness o Aided recall- consumers recognize name o Top-of-mind awareness- prominent place in people’s memories that triggers a response without them having to put any effort in  Interest o After the customer is aware, they must be persuaded o The customer must want to further investigate the product/service  Desire o I like it—I want it  Action o Purchase is just one type of action o Donate, volunteer, call, stop a behavior  Lagged Effect:  A delayed response to a marketing communication campaign  Advertising does not always have an immediate impact  Multiple exposures are often necessary  It is difficult to determine which exposure led to purchase  Elements of an Integrated Marketing Communication Strategy  Advertising o Most visible element of the IMC o Extremely effective at creating awareness & generating interest o A paid form of communication from an identifiable source, delivered through a communication channel, and designed to persuade the receiver to take some action, now or in the future  Public Relations o “Free” media attention o importance of PR has grown as cost of other media has increased o consumers becoming more skeptical about marketing, PR becoming more important o the organizational function that manages the firm’s communications to achieve a variety of objectives, including building and maintain a positive image, handling or heading off unfavorable stories or events, and maintain positive relationships with the media.  Sales Promotions o Can be aimed at both end user consumers or channel members o Used in conjunction with other firms of IMC o Can be used for both short-term and long-term objectives o Special incentives or excitement-building programs that encourage the purchase of a product or service, such as coupons, rebates, contests, free samples and point-of- purchase displays  Personal Selling o Some products require the help of a salesperson o More expensive than other forms of promotion o Salesperson can add significant value, which makes the expense worth it o The two-way flow of communication between a buyer and a seller that is designed to influence the buyer’s purchase decision  Direct Marketing o Growing element of IMC o Includes e-mail & m-commerce o Good for multicultural groups o Database technology improves o Sales and promotional techniques that deliver promotion materials individually  Electronic Media o Websites o Blogs o Social media  Planning for and Measuring IMC Success  Understand the outcome they hope to achieved before they begin  Short-term or long-term  Should be explicitly defined and measured  Measuring Success Using Marketing Metrics:  Frequency- measure of how often the audience is exposed to a communication within a specified period  Reach- measure of consumers’ exposure to marketing communications; the percentage of the target population exposed to a specific marketing communication, such as an advertisement, at least once  Gross rating points (GRP)- measured use for various media advertising- print, radio or television (reach*frequency)  Web tracking Chapter 4: Social Responsibility Ethics  Firm Goals  Greed and short-term profit seeking  Serious long-term consequences  Creating value over the long run  Long-term success  Ethical Behavior  Unwritten rules governing interactions  Sharing resources  Honoring contracts  Waiting in line  Business ethics, marketing ethics, ethical climate  Ethics: The moral principles or values that generally govern the conduct of an individual  Morals: The rules people develop as a result of cultural values and norms  The Influence of Personal Ethics  Genetics  Family (biggest influence)  Religion  Values  6 Tests of Ethical Actions 1. The publicity test: Would I want to see this action I’m about to take described on the front page of the local paper? 2. The moral mentor test: Would the person I admire most engage in this activity? 3. The admired observer test: Would I want the person I admire most to see me doing this? 4. The transparency test: Could I give a clear explanation for this action that would satisfy a fair and moral judge? 5. The person in the mirror test: Will I be able to look at myself in the mirror and respect the person I see there? 6. The golden rule test: Would I like to be on the receiving end of this action and its potential consequences?  Ethical Development Level  Preconventional morality: Based on what will be punished/ rewarded; self centered  Conventional morality: Moves toward the expectations of society; concerned with legality and the opinions of others  Postconventional morality: Concern about how they judge themselves; concern if it is right in the long-run  Creating Ethical Guidelines  Helps identify acceptable business practices  Helps control behavior internally  Avoids confusion in decision making  Facilitates discussion about right and wrong  Ethical Decision Making  Influential factors:  Extent of problems  Top management actions  Potential consequences  Social consequences  Probability of harm  Time until consequences  Number affected  Corporate social responsibility: Voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders  Employees  Marketplace  Customers  Society  Ignoring social responsibility and treating key stakeholders poorly can cost companies significant fines and a loss of respect  Link Between Ethics and Social Responsibility  Sustainability  Implement programs that are socially responsible  Employees should act in an ethically responsible manner Philanthropic: Be a good citizen Ethical: Do what is right Legal: Obey the Law Economic: Be profitable  The Link Between Ethics and Corporate Social Responsibility Socially Responsible Socially Irresponsible Ethical Both ethically and Ethical firm not socially involved w/ the responsible larger community UnethicalQuestionable firm Neither ethically practices, but or socially donates a lot to responsible the community  Arguments Against Social Responsibility  Businesses should focus on making a profit and leave social and environmental concerns to nonprofits  Businesses don’t have the expertise to deal with social issues and doing so may interfere with the primary goals of their firms  The expense of social responsibility may damage the country in the global marketplace  Arguments for Social Responsibility  Right thing to do  Business should police itself to avoid government intervention  Small companies can prosper and build shareholder value as they tackle social problems


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