February 23rd and 25th Principles of Marketing Notes
February 23rd and 25th Principles of Marketing Notes BCOR 2001
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This 7 page Class Notes was uploaded by Robin Silk on Sunday February 28, 2016. The Class Notes belongs to BCOR 2001 at University of Colorado at Boulder taught by Emily Edwards and Kevin McMahon in Winter 2016. Since its upload, it has received 37 views. For similar materials see Principles of Marketing and Management in Business at University of Colorado at Boulder.
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Date Created: 02/28/16
February 23rd Chapters 17 & 18: Promotion 1. Promotion a. Why do we promote i. To create differential advantage 1. unique features perceived by the target market as significant and superior to competition ii. To shift/rotate the demand curve 1. milk example: Shift. markets all milks 2. Miller Lite example: rotate. increase ML demand 3. Rom Example: Both. 2. Promotion Mix a. Integration i. Why Integrate 1. Try to reach more consumers 2. Have all teams be on the same page b. Spark Team: Walgreens i. Arm Yourself Campaign 1. Objectives a. Get 5mil people to get flu shots (at Walgreens) b. Become #1 retail store for flu shots c. Increase brand image 2. Target Market a. Intender Moms; women who want flu shots but haven’t gotten around to it 3. Consumer Insight a. Family protection; caring 4. Tactics & Channel Strategies a. Facebook Sharing; free publicity b. Heart Shaped Bandages i. Getting a flu shot for yourself wasn’t just for yourself, it was for your family and all those around you 5. Communication Process a. Channels i. National News Coverage ii. Social Media b. Encoding i. Arm yourself for those you love ii. CU Program Council Tory Lanez Spring Concert 1. Target Audience a. Males & Females 1625 b. Rap fans c. CU Students 2. Objectives a. Get target audience to purchase tickets to come to the concert 3. Advertising Budget a. $100$200 3. Jay Z Bing IMC a. Who is the Marketer i. Bing b. What were the objectives i. Highlight project features ii. Gain search engine market share c. Target Market i. Younger demographic 4. Choosing the Promotional Mix a. Factors Involved i. Target Audience ii. Stage in Product Lifecycle 1. Intro (inform), Growth (persuade), Maturity (remind), Decline iii. Product Characteristics iv. Stage in Buying Process 1. Prepurchase (advertise), Purchase (personal selling), Postpurchase (advertising; feel good about your purchase) v. Push vs. Pull Strategy 1. Push: Manufacturer pushes product to wholesaler; incentivizes them to sell. Advertising to intermediaries 2. Pull: Advertising to consumers; making them go to retailers 5. Types of Ads a. Product / Service i. Sell a good/service b. Institutional i. Build a brand; brand promotion 6. Advertising Goals a. Pioneering Inform b. Competitive Persuade i. Comparative show product strengths over competition weaknesses c. Reminder Remind d. Advocacy Alignment with a cause February 25th C hapter 18: Promotion (Cont.) 1. Designing the Ad Message a. Message Content i. Persuade The best tasting low fat frozen dinner ii. Inform Now available in your grocer’s freezer b. Types of Appeals i. Emotional ii. Fear most powerful emotion iii. Humor iv. Sex 2. Claims in Advertising a. Puffery promotional statements/claims that express subjective views which “no reasonable person” would take literally (redbull gives you wings) b. Deception A material representation, omission, or practice that is likely to mislead the reasonable consumers (Easytone shoes) 3. Media Planning Goals & Objectives a. Advertize when MR > MC i. Maximize exposure; Minimize Cost b. Super Bowl is cheapest per capita to reach people; but are the right people (target market) watching? 4. Spark Team: Seaworld Public Relations a. Arguments Presented by Critics i. Whales face mental/physical distress b. Seaworld Arguments i. Without access to these whales, humans are denied the connection to them ii. Call Blackfish propaganda by extremists c. Seaworld’s Attempts to Address PR Issues i. Increase Orca Tank Size ii. More research and conservation projects d. PR Errors i. Tried to silence the film; increased hype accidentally instead ii. Block people who were asking “bad” questions on twitter during #AskSeaworld e. Plan of Action For Seaworld i. Institutional Advertising 1. build up reputation, goodwill, better image ii. Types 1. Advocacy a. Position themselves as part of a good cause 2. Reminder Institutional Advertising 5. How to Handle Negative Publicity a. Start Early b. Avoid “no comment” approaches c. be proactive d. don’t get defensive e. Get al negativity out; don’t drip drip drip it out f. Be sincere g. “im sorry, its my fault, how can I make it right” 6. Marketing Steps Google Selfdriving Car a. 5 C’s; situational analysis i. Company 1. What SBU will take this on 2. Consider that autonomous cars are a Q mark a. Need a lot of funding ii. Competitors 1. what are competitors doing? Apple? Tesla? iii. Customers 1. Research what customers want iv. Context 1. Crash test ratings, oil prices 2. Do foreigners want this? v. Collaborators b. Marketing Strategy i. Complete SWOT Analysis ii. What kind of utility will this offer? 1. Form 2. Service 3. Possession 4. Time 5. Place iii. How to position the product 1. Use perceptual maps iv. What target market? c. Select Marketing Mix i. 7 Stage Gate new product development ii. Product protocol statement iii. Factors affecting speed of adoption d. Pricing Strategy e. Place Strategy i. Distribution Approach 1. Exclusive? 2. Selective? f. Promotion i. Objectives: inform, educate ii. Tactics: TV, test drives February 26th Review Session 1. CH 11. Branding Types i. Nalgene Coolers example 1. Multiproduct “corporate” a. Just under Nalgene name. 2. Multibranding a. Selling multiple products under one corporation, i.e PnG sells Tide, Downey, Ariel 3. Private a. Selling a product through a private retailer. i.e kirkland brand, Good Value, etc. 4. Mixed a. Selling one product (i.e Tide) for a private retailer. Same exact product, just different name (ex. for Trader Joes) 5. Sub Branding a. Sort of like corporate branding. i.e Bud Light Lime 6. Cobranding a. When two brands come together to make a product, i.e Red Bull and Burton 1. Ch 13. Price Elasticity of Demand b. How to calculate it i. (Change in q / Average q) / (change in price / Average price) c. E > |1| d. I < |1| 2. Ch 8. Research Types a. Exploratory i. Creates a hypothesis ii. Observational research 1. i.e ethnographic b. Descriptive i. Builds connections and correlations between groups of people, products, etc ii. Surveys c. Causal/Experimental i. Prove Causation ii. Experiment; taste tests, 3. Chapter 18 Types of Advertisements a. Institutional vs. Product i. Pioneering ii. Competitive 1. Comparative iii. Reminder iv. Advocacy 1. Align your brand with a cause 2. Just for institutional advertisements 4. CPM know it 5. Ch 11. Diffusion of Innovation a. How quickly is a product adopted? how quickly do we go through the product life cycle? b. Introduction i. Innovators and early adopters ii. Inform consumers; spread awareness c. Growth i. Early majority ii. Sell differences; compete with other products d. Maturity i. Late majority ii. Hold on to loyal customers e. Decline i. Laggards ii. Harvest or divest 6. Chapter 15: Place a. Types of Intermediaries/Middlemen i. Wholesalers ii. Retailers iii. Distributor 1. Specialize in shipping iv. Dealer 1. Similar to agents/brokers v. Agent/Broker b. Vertical Marketing Systems i. Contractual ii. Corporate 1. Ownership 2. Forward vs. Backwards a. F: Buying an intermediary that is closer to the consumer b. B: Buying an intermediary that is further from the consumer iii. Administered 1. Influence 2. An intermediary has the power to say what another intermediary should do 7. Chapter 18 Scheduling Approaches a. Continuous i. All year long ii. Used when there isn’t a real usage peak b. Pulsing i. Consistent, steady approach. not continuous; a particular time every month(s) ii. More often than flighting c. Flighting i. A “flight” of advertisements ii. I.e school supplies; schedule a flight in August and a flight in December iii. Uses seasonal trends
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