Advertising Chapter 8 Notes
Advertising Chapter 8 Notes MKTG4025
Popular in Advertising Management
verified elite notetaker
Popular in Marketing
This 3 page Class Notes was uploaded by Allison Notetaker on Friday March 11, 2016. The Class Notes belongs to MKTG4025 at University of Cincinnati taught by Sean Rugless in Spring 2016. Since its upload, it has received 30 views. For similar materials see Advertising Management in Marketing at University of Cincinnati.
Reviews for Advertising Chapter 8 Notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 03/11/16
Advertising Chapter 8 Notes: • Instead of using advertising, Apple first used blogs to release info about ipad. o Created ad with boutique agency • Advertising plan and its marketing context o Marketing Plan: specifies overall 4 p’s o Ad Plan: specifies thinking and tasks needed to conceive and implement an effective advertising effort • Advertising Plan Components: o Introduction o Situation Analysis: what’s happening with market and consumer o Objectives o Budgeting o Strategy o Execution o Evaluation: did the ad work? • Introduction: executive summary; overview about most important aspects of plan, opportunity to say why are we here • Situation analysis: advertisers lays out most important factors affecting the firm, other brands/competition, current market conditions, cultural context, ethnocentrism, self-reference criterion, historical context, industry analysis, market analysis, competitor analysis (SWAT) • Objectives: options to choose from 1. To create or maintain brand awareness 2. To change consumer beliefs or attitudes (more difficult to change beliefs) 3. To influence purchase intent 4. To stimulate trial use 5. To convert one-time users into repeat purchasers 6. To encourage brand switching • Communication vs Sales objectives: o Focusing on communications objectives allows advertisers to consider a broad range of strategies o Both are good but communication benefits advertising more o Communications recognizes a greater complexity in the advertising/IBP process. Building brand loyalty takes time • Advertising plan components: objectives o Characteristics of workable objectives: § Quantitative benchmarks § Measurement for Success § Time frame • Budgeting: o Budgeting methods: § Percentage of Sales: does not relate spending to objectives, based on previous years sales, sales decreasing = budget decreasing, can create overspending § Share of market/voice: allocates money spent to similar share to competition/ likely to only maintain “status quo” market share, might be difficult to find exact information about competitor’s spending, assumes competition is spending money wisely-when really they may not be § Response models: associates dollars spent on advertising to sales generated, assumes simple causality (ie stats class, cause & effect) § Objective and task: preferred and most strategic approach, determines cost of ad and for how log it will air, itemized cost • Implementing of objective and task bugeting: 1. Determine cost based on “build up analysis” § Reach, frequency, time frame, production costs, media costs, ancillary costs, other promotion/IBP 2. Compare costs against industry and corporate benchmarks 3. Reconcile and modify budget 4. Determine time frame for payout • Advertising plan components: § Strategy: o Brand name recognition: repetition and frequency, broaden appeal to new segments, rhyming games § Trial Use stimulation: o Intro offers, product gurantees § Brand switching: o Value propositions, product comparisons •
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'