GRIM.

What is the best method to determine how customers interact with and use a productObservationWhat is an example of a quantitative research technique?Survey/Questionnaires They are the most popular type of quantitative primary data collection method.True or False? All Primary and Scanner Data is PrimaryFalse, Panel and scanner research can be either secondary or primary.What does experimental research do? is it quantitative or qualitative?It systematically manipulates one or more variables to determine which variables have a causal eﬀect on other variables. It is qualitative dataWhat is Big Data? Who is the Posterboy for it?Big data are data sets that are too large and complex to analyze with conventional data management and data mining software. Amazon is the poster child for big dataWhere are Big Data Stored?In a Data WarehouseList 4 places where big data comes from?1) Sales transactions, 2) Customer Relationship Management (CRM) systems, 3) Web-sites, 4) Social media, 5) Blogs 6) Locational devices, 7) WearablesWhat is Data Mining?A variety of statistical tools used to analyze big data to uncover previously unknown patterns or relationships among variables stored in the data warehouse.Marketing Analytics are from which part of the Market Research Process?Decision Making ProcessWhat are the four broad categories of marketing analytics tools and methodsA) The four categories of marketing analytics tools and methods include: descriptive analytic tools, predictive analytics tools, prescriptive analytic tools, and active analytic tools. (DAPP)What do Descriptive Analytical Tools do?Descriptive Analytics Tools - Help ﬁrms organize, tabulate, and depict their available data, usually in easy-to-understand reports, tables, and charts.What do Active Analytical Tools do?Artiﬁcial intelligence algorithms used to analyze input gathered from various databases including data from the Internet of Things (IoT).What do Prescriptive Analytical Tools do?Analyses that use simulations, which ask a series of what if-type questions, and optimization techniques to find the most effective or best result, which help firms better understand what they should doWhat do Predictive Analytical Tools do?Rely on historically available data to forecast the future, such as what is predicted to happen to a ﬁrm's product sales in the next month, next quarter, next year, and so on.Describe the various secondary data sources.books, personal sources, journals, newspapers, websites, government records. Also External secondary data: Syndicated data from Nielsen, IRI, JD Power, Mediamark research - expensive secondary researchSummarize the differences between secondary research and primary research.Primary data is very accurate, unbiased, tailor made for the research at hand. It is expensive and laborious to collect. Secondary data may have bias, may not be perfectly relevant to the research at hand, but it is cheap and inexpensive. External secondary data is basically outsourcing primary data collection. Since it isn't done by those actually doing the research, it is secondaryIdentify the 5 Vs of big data.They are volume, variety, velocity, veracity, and value dimensions.What is Velocity in Big Data?how quickly the data can be gathered as well as how promptly marketers need to respond to insights generated from the data.What is veracity in big data?trustworthiness of dataWhat is value in big data?insights they provide into factors that are critical to marketers, such as consumer or purchasing decisions.What are the four aspects of an augmented products/associated services?product warranties, ﬁnancing, product support, and after-sale service.What is at the center of a product?core customer value (which defines the basic problem-solving benefits that customers are seeking)Explain the three components of a product.Core customer value, actual product, and associated services.What are the four types of consumer products?specialty, shopping, convenience, unsoughtWhat are Specialty products/servicesproducts or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliersWhat are Shopping products/servicesthose for which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliancesWhat are Convenience products/servicesthose for which the consumer is not willing to spend any effort to evaluate prior to purchaseWhat are Unsought products/servicesproducts or services consumers either do not normally think of buying or do not know aboutWhat is a product mix?The complete set of all products and services oﬀered by a ﬁrmWhat is a product line?groups of associated items that consumers tend to use together or think of as part of a group of similar products or services.The product mix reflects the _________ and ________ of the company's product linesBreadth and DepthWhat is Product Mix Breadth?the number of different product lines a firm offersWhat is Product Line Depth?the number of products within a product lineIf a company Increased Breadth, it wouldadd new product lines to capture new or evolving markets. Ex) a firm adds a whole new line of yogurt.If a company Decreased Breadth, it wouldDrop a product line Ex) a firm drops its line of protein bars and focuses on energy drinks and vitamin water.If a company Increased Depth, it wouldAdd new elements to an existing product line. Ex) New ice cream flavorsIf a company Decreased Depth, it wouldGet rid of options in a product line. Ex) Getting rid of ice cream flavorsWhat is the difference between product line breadth and product line depth?Breadth (sometimes also referred to as variety) represents the number of product lines offered by the firm. Product line depth, in contrast, is the number of categories within a product line.Why would a company change the product line breadth or depth?To capture new or evolving markets, increase sales, and compete in new venues; to address changing market conditions or meet internal strategic priorities, To address changing consumer preferences or preempt competitors while boosting sales, to realign resources.name at least 4/6 parts of a brand1) Brand Name 2) URLs 3) Logos and Symbols 4) Characters 5) Slogans 6) Jingles or SoundsWhat are 5 value aspects of a brand?1) Facilitates purchases 2) Establishes loyalty 3) Protects from price competition 4) Brand is an Asset to the company 5) Brand affects market valueWhat are the components of brand equity?Brand awareness, perceived value, brand associations, and brand loyaltyList some Manufacturers/National Brands?Kraft, Nike, Coca-ColaList some Private Label/Store/House Brands?Kroger, Costco, Trader Joe's.What is a Brand extension?extending an existing brand name to new product categoriesWhat is a line extension?development of a product that is closely related to existing products in the lineWhat is an example of co-branding?Marketing two or more brands together. Ex) Dunkin Donuts & Baskin RobbinsWhat is an example of brand licensing?The NBA team, the New Orleans Pelicans (licensor), provides the right to use its brand to apparel manufacturers (licensee) in return for royalty payments.What is brand repositioning/rebranding?When marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences.What are the differences between manufacturer and private-label brands?Manufacturer brands are owned and managed by the manufacturer. The manufacturer develops the merchandise, produces it to ensure consistent quality, and invests in a marketing program to establish an appealing brand image. Private-label brands are products developed by retailers.What is primary packaging?the packaging the consumer uses, such as the toothpaste tube, from which he or she typically seeks convenience in terms of storage, use, and consumptionWhat is Secondary Packaging?the wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners; can contain additional product information that may not be available on the primary packageWhy is packaging important?Packaging A) Attracts the consumers' attention, B) Enables products to stand out from their competitors. C) Allows for the same product to appeal to different markets with different sizes, D) Provides information the consumer needs, E) Many labeling requirements stem from various laws, F) Is a communication toolGive 5 reasons why firms innovate?Changing customer needs, market saturation, managing risk through product diversity, and fashion cyclesDefine the "Diffusion of Innovation" Process?The process by which the use of an innovation spreads throughout a market group over time and across categories of adopters.What are Pioneers/Breakthroughs in the diffusion of innovation cycle?Products/Services that establish completely new markets or radically change competition and consumer preferences. They have the advantage of being first movers.Name the diffusion of innovation curve, by percentageInnovators, 2.5% Early Adopters, 13.5% Early Majority, 34% Late majority, 34% Laggards, 16%What factors enhance the diffusion of a good or service?Relative advantage, compatibility, complexity, and trialabilityName the 6 stages of the product development process1) Idea Generation - Development of new product ideas 2) Concept Testing - Testing the new product idea among potential customers 3) Product Development - Developing a prototype 4) Market Testing - Testing the Product in a market 5) Product Launch - the Full scale release of the product 6) Evaluation of Results - Analysis of the performance of the new product, modifying it accordinglyWhat is an R&D ConsortiaFirms join to form research consortiums. Lower costs and risks, Benefits spread to all firms Example: pharmaceutical industry researchWhat is Licensing?Firms purchase the rights to technology or ideas from other research-intensive firms. University research centers often provide such licenses.What is outsourcing?Hiring an outside firm to help generate ideas and develop new products and services. Design firms help clients generate new product and service ideas in industries such as health care, toys, and computers.How would competitor's products inspire a new product?By Reverse Engineering their product or creating a Copycat ProductWhat is customer input? What are lead users?Listening to the customer in both B2B and B2C markets can lead to successful idea generation. Lead users: innovative product users who modify existing products according to their own specific needs.list the three product development stages?Prototype; Alpha Testing; and Beta TestingWhat is concept testing?the process in which the concept is presented to potential buyers or users to obtain their reactions. It triggers the marketing research process.What is Alpha Testing?The first stage of testing. Tested by the developer and by using realistic test data to simulate the real environment.What is Beta testing?having potential consumers examine a product prototype in a real-use setting to determine its functionality, performance, potential problems, and other issues specific to its useWhat is Pre-Market Testing?Customers are exposed to a product and then surveyed, after which the firm makes a decision. Another way to do it is by Test Marketing, which is a Mini product launch that is more expensive and is used to estimate demandWhat are the steps in the product development process (Familiarize, do not have to memorize)First, they generate ideas for the product or service. Second, firms test their concepts by either describing the idea of the new product or service to potential customers or showing them images of what the product would look like. Third, the design process entails determining what the product or service will actually include and provide. Fourth, firms test market their designs. Fifth, if everything goes well in the test market, the product is launched. Sixth, firms must evaluate the new product or service to determine its success.List the four stages of the product life cycle?introduction, growth, maturity, declineWhat happens in the introduction phase of the PLC?The introduction stage is characterized by initial losses to the firm due to its high start-up costs and low levels of sales revenues as the product begins to take off. Few competitors, only innovators try productWhat happens in the growth phase of the PLC?The growth stage is marked by a growing number of product adopters, rapid growth in industry sales, and increased in the number of competitors and the number of available product versions. Competition starts picking up, Early adopters/early majority begin using the productWhat happens in the maturity phase of the PLC?The maturity stage of the product life cycle is characterized by the adoption of the product by the late majority and intense competition for market share among ﬁrms. Firms pursue various strategies during this stage to increase their customer base and/or defend their market share. Sales peak, so profits.What happens in the decline phase of the PLC?The few laggards who have not yet tried the product or service enter the market at this stage. Firms with products in the decline stage either position themselves for a niche segment of die-hard consumers or those with special needs or they completely exit the market.List 2 limitations of the PLC?A) Each product or service has its own shape. B) Challenging to know precisely the stage of the PLC.What is a service?Any intangible offering that involves a deed, performance, or effort that cannot be physically possessed.True or false: Most offerings lie somewhere in the middle of the product-service continuum?TrueServices account for __% of the US GDP?80%How does "services" marketing differ from "product" marketing.Services are intangible (can't be physically touched, so they need good atmosphere and images to convey value), inseparable (No way to test a service before use), variable (Services vary in quality), and perishable (You can't save a service for the future)List the 7 P'sProduct, Price, Place, Promotion, Presentation, Personnel, ProcessesWhat is the presentation part of the 7 P's?Lighting, color, and music are used to highlight merchandise and create a mood that will attract the store's target markets.What is the personnel part of the 7 P's?Well-trained sales personnel can influence the sale at the point of purchaseWhat is the Process part of the 7 P's?Value added actions taken to get a good or service to a customer.Why is it important to understand Customer Expectationsto reduce the knowledge gap. Expectations are based on knowledge and experience. Expectations vary according to type of service. Expectations vary depending on the situation.What is a Voice-of-customer (VOC) program?an ongoing marketing research system that collects customer inputs and integrates them into managerial decisionsWhat is the Zone of Tolerance?Refers to the area between customers' expectations regarding their desired service and the minimum level of acceptable service.What are the five service quality dimensions?Reliability, Responsiveness, Assurance (Whether an employee can earn a customer's trust), Empathy (Care provided to customers), Tangibles (Appearance of the facility/things service is associated with)List the four service gaps?Knowledge Gap, Standards Gap, Delivery Gap, Communications GapWhat is the Knowledge Gap?reflects the difference between customers' expectations and the firm's perception of those customer expectations. Firms can understand consumer expectations and evaluate service quality.What is the Standards Gap?pertains to the difference between the firm's perceptions of customers' expectations and the service standards it sets. Firms can set appropriate service standards and measure service performance.What is the Delivery Gap?the difference between the firm's service standards and the actual service it provides to customers. This gap can be closed by getting employees to meet or exceed service standards by providing incentives and support.What is the Communications Gap?Refers to the difference between the actual service provided to customers and the service that the firm's promotion program promises. If firms are more realistic about the services they can provide and manage customer expectations effectively, they generally can close this gap.What are the three steps to service recovery?1) Listening to the customer, 2) Involving them in service recovery, 3) Finding a fair solution.What are the two types of fairness in service recovery?Distributive Fairness, Procedural FairnessWhat is Distributive Fairness?A customer's perception of the benefits he or she received compared with the costs (inconvenience or loss).What is Procedural Fairness?The perceived fairness of the process used to resolve the problem.What are the 5 C's of pricing?1. Competition 2. Costs 3. Company Objectives 4. Customers 5. Channel MembersList the four pricing orientations?1. Profit orientation, Sales Orientation, Competitor Orientation, Customer OrentationWhat is Profit Orientation?Target profit pricing, Maximizing Profits, Target return pricing Ex) Institute a company wide policy that all products must provide for at least an 18 percent profit margin to reach a particular profit goal for the firm.What is Sales Orientation?Focus on increasing sales, Premium pricing may be pursued. More concerned with overall market share. Ex) Set prices very low to generate new sales and take sales away from competitors, even if profits suffer.What is Competitor Orientation?Competitive parity: prices similar to competitors Status quo pricing: only change prices to meet competitors' prices Value is not directly a part of this pricing strategy.What is Customer Orientation?Pricing strategy based on how the firm can add value to its products and services. Match prices to customer expectations. Ex) Target a market segment of consumers who highly value a particular product benefit and set prices relatively high (referred to as premium pricing).Describe the prestige product demand curveBowed out to the right. Demand increases as price increases, which pushes it out to the right. Then it hits the apex. After the apex, as price increases, demand decreases.What does price elasticity of demand measure?the responsiveness of the quantity demanded to changes in pricePrice elasticity of demand =% change in quantity demanded / % change in priceWhat is Dynamic/Individualized PricingCharging a high price when there's high demand and lower pricing as demand fallsName three things that affect demandIncome Effect, Cross Price Elasticity, Substitution EffectWhat is the Income Effect?Generally, as people's incomes increase, their spending behavior changes: They tend to shift their demand from lower-priced products to higher-priced alternatives.What is the Substitution effect?Consumers' ability to substitute other products for the focal brand. The more substitutes, the more elasticityWhat is cross-price elasticity of demand?The percentage change in the quantity of Product A demanded compared with the percentage change in price in Product B. If you buy a printer, now you need to buy ink for it. This would mean that they share a high rate if cross-price elasticityDescribe the relationship between complementary and substitute products?If demand for a product goes up, demand for a complementary product will also go up, and the demand for a substitute product will decrease. And vice versaWhat is the difference between Elastic and Inelastic Demand?Elastic demand is when relatively small changes in price will generate fairly large changes in the quantity demanded, so if a firm is trying to increase its sales, it can do so by lowering prices. The market for a product is generally viewed as inelastic when lowering prices will not appreciably increase demand; customers just don't notice or care about the lower price.How do you calculate the break even point in units?Fixed Costs/CM Per UnitWhat are the four competitive price levels?monopoly, oligopolistic competition, monopolistic competition, and pure competition.What is a Monopoly?When one company controls an industry. Ex) Public UtilitesWhat is an oligopoly?When a handful of firms control the market. Ex) Cable TV NetworksWhat is Monopolistic Competition?Many companies selling unique products. Ex) Watch MakersWhat is Pure Competition?Many companies selling the same thing. Ex) SodaWhat is EDLP?Everyday low pricing. Reduces consumers' search costs.What is High/Low Pricing (Price Skimming)When a company starts the price high and lowers it overtime. See dynamic pricingWhat is penetration pricing?Setting the initial price low for the introduction of the new product or service.What is Price Skimming (Premium Pricing)Setting a higher price to appeal to those segments of consumers who are willing to pay a premium price to have the innovation first.Name 4 deceptive advertising techniques1) Deceptive reference prices, 2) Loss-leader pricing (selling stuff at a loss intentionally), 3) Bait and switch (advertising a sale to get people into your store, then putting an inferior product up for sale) 4) Predatory Pricing - Prices are set low with the intent to drive competitors out of business. This is illegal but difficult to prove.What is bait and switch?Advertising a product at a certain price/You show and they only have a more expensive product to sellWhat is predatory pricing?the practice of charging a very low price for a product with the intent of driving competitors out of business or out of a marketWhat is price discrimination? is it always illegal?Charging different people different prices. It is legal sometimes, like when charging museum admissions prices based on ageWhat is Horizontal Price Fixing?When competing firms collaborate with each other to set pricesWhat is Vertical Price Fixing?When manufacturers tell retailers to sell their items at MSRPWhat is Gray Market Pricing?A gray market legally circumvents authorized channels of distribution to sell goods at prices lower than those intended by the manufacturer.Why are marketing channels/supply chain management important?They make sure that Merchandise is produced and distributed: 1) in the right quantities, 2) to the right locations, 3) at the right timesWhat is a wholesaler?Firms that buy products from manufacturers and resell them to retailersWhat is a Distributor? What is a Distribution Center?Distributor - someone who runs a distribution center. Distribution center is a facility for the receipt, storage, and redistribution of goods to company stores and may be operated by retailers, manufacturers, or distribution specialists.What are fulfillment centers?warehouse facilities used to ship merchandise directly to customersWhat are Just in Time (JIT)/Quick Response (QR) Systems?As its name implies, just-in-time inventory management ensures goods get delivered only when they are needed.What happens in a direct marketing channel?Manufacturer sells directly to consumersWhat happen in an indirect marketing channel with one intermediary?Manufacturer sells to Retailer, who sells to consumerWhat happen in an indirect marketing channel with two intermediary?Manufacturer sells to Wholesaler, who sells to Retailer, who sells to consumerWhat is a Vertical Channel Conflict?Vertical channel conflict: A type of channel conflict in which members of the same marketing channel disagree (Ex - Manufacturer vs Retailer)What is a Horizontal Channel Conflict?A type of channel conflict in which members at the same level of a marketing channel disagree (Ex - two retailers)How is power created in the marketing channel?When one firm has the means or ability to dictate the actions of another member at a different level of distribution.What is reward power?When a company gives a reward if a subordinate company does what it desiresWhat is coercive power?When a company threatens to punish a subordinate for not behaving the way it wants it toWhat is referent power?When a company has influence over another company because the other company wants to be affiliated with the first company's nameWhat is expertise power?When an established company relies on its past experiences in order to make decisionsWhat is Information power?When a larger company can withhold information from a smaller company to influence what it doesWhat is legitimate power?When a company can get another company to do something because of a contractual agreement between the two firmsWhy are distribution centers better than in store delivery?More accurate sales forecasts due to many stores. Lower inventory in each story, therefore lower overall inventory costs. Easier to avoid running out of stock or having too much stock in any particular store. It is less expensive to store in a remote warehouse then expensive retail location. Note: A small company would rather have store delivery than a distribution centerWhat is retailing?a set of business activities that adds value to the products and services sold to consumers for their personal or family useWhat are four things manufacturers look at when choosing retail partners?1) the basic channel structure, 2) where their target customers expect to find the products, 3) channel member characteristics, and 4) distribution intensity.What is intensive distribution?trying to sell their products in as many outlets as possible. often used for convenience offerings (soft drinks or newspapers)What is exclusive distribution?selling products through one or very few outlets (TV series on only one network)what is selective distribution?involves selling products at select outlets in specific locations.What is omni-channel retailing?creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shoppingList 3 benefits of omni-channel retailing?Deeper and broader selection. Personalization. Expanded market presence. Integrated CRM. Brand Image. Pricing. Supply Chain.What is noise in the communication process?anything that interferes with the transmission of the intended messagewhat is the feedback loop in the communication process?Something that allows the receiver to communicate with the sender and thereby informs the sender whether the message was received and decoded properly.What are the steps of the feedback loop?Sender -> Transmitter (encodes the message) -> Communications Channel -> Receiver (The consumer, who decodes the message)True or False: Receivers decode messages differently?TrueWhat is the purpose of the AIDA model of communications?to show how marketing communications workWhat does the AIDA model stand for?Awareness, Interest, Desire, ActionWhat happens in the awareness stage of AIDA?Senders first must gain the attention of the consumer. Awareness metrics include: Aided recall. Top-of-mind awareness.What happens in the interest stage of AIDA?The customer must want to further investigate the product/service.What happens in the desire stage of AIDA?Getting the person from "I like it" to "I want it"What happens in the action stage of AIDA? Are there many types of actions?Action is the ultimate goal of AIDA. Purchase is just one type of action. Other actions include behavioral changes (don't drink and drive), attitude changes (that product is high quality), or physical actions (pick up the phone, log on to the website, volunteer).What is the lagged effect of marketing communications?A consumer may make a purchase way after they saw the marketing message. Marketing communications do not always have an immediate impact. Multiple exposures are often necessary. It is difficult to determine which exposure led to purchase.What is the most visible part of the IMC (Integrating Marketing Communications) strategyAdvertisingWhat is PR (Public Relations)?Public Relations (PR) - "Free" media attention. Importance of PR has grown as the cost of other media has increased. As consumers are becoming more skeptical about marketing, PR is becoming more important.What is Personal Selling?A two-way communication between the buyer and seller to influence buying decisions. Salespeople can add significant value, which can make the expense worth it.What is Direct Marketing?Communicating directly with target customers to generate a response or transaction. Growing element of IMC. Includes e-mail and mobile marketing.What are four different metrics that firm base IMC on?Competitive Parity, Percentage of Sales, Available Budget, and Objective-and-task methodWhat is Competitive Parity?The communication budget is set so that the firm's share of communication expenses equals its share of the market. Limitations: Does not allow firms to exploit the unique opportunities or problems they confront in a market. If all competitors use this method to set communication budgets, their market shares will stay approximately the same over time.What is Percentage of Sales?The communication budget is a fixed percentage of forecasted sales. Limitations: Assumes the same percentage used in the past, or by competitors, is still appropriate for the firm. Does not take into account new plans (e.g., to introduce a new line of products in the current year).What is Available budgetMarketers forecast their sales and expenses, excluding communication, during the budgeting period. The difference between the forecast sales and expenses plus desired profit is reserved for the communication budget. That is, the communication budget is the money available after operating costs and profits have been budgeted. Limitations: Assumes communication expenses do not stimulate sales and profit.What is the Objective-and-Task Method?Allocating budget according to specific things that need to be done. Its allocating your advertising dollars by task/objectiveWhat are GRP (Gross Rating Points)Every communication may be measured in terms of reach and frequency. Reach x Frequency = GRPWhat is advertising?A paid form of communication delivered through media from an identifiable source about an organization, product, service, or idea designed to persuade the receiver.What are the 7 steps in advertising (Important)(1) identify their target market, (2) set advertising objectives, (3) set the advertising budget, (4) depict their product or service, (5) evaluate and select the media, (6) create the ad, and (7) assess the impact of the ad.In Step 1: Identify Target Audience, a company should:Conduct research to identify target audience. The information is used to set the tone and to select the media.In Step 2: Set Advertising Objectives, a company should:Set the objectives of an ad campaign, derived from the overall objectives of the marketing program. Includes push and pull strategiesWhat is a push strategy?a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandiseWhat is a pull strategy?directed at consumers, you want to pull consumer to the store and create demand for the productWhat are the three goals of advertising?inform, persuade, remindWhat is informative advertising used for?Used to create and build brand awareness. Push the consumer through the buying cycle to a purchase. Inform customers about upcoming sales events or arrival of new merchandise.What is Persuasive advertising used for?When a product has gained a certain level of brand awareness, firms use persuasive advertising to motivate consumers to take action. May be used to reposition an established brand in the later stage of the PLC.What is Reminder advertising used for?Used to remind, or prompt repurchases. Occurs after the products have gained market acceptance and are in the maturity stage.How are product/service ads and Institutional ads different?Product-focused advertisements inform, persuade, or remind consumers about a product or service Institutional advertisements promote a company, corporation, business, institution (e.g., PSAs)What is a PSA?public service announcement. Government forces broadcasting companies to air a certain amount of them for freeIn Step 3: Determine the Advertising Budget, a company should:work on an advertising budget lolIn Step 4: Convey the Message, a company shouldCommunicate its USP (unique selling proposition) - Ex) Ford is "Built Tough" The USP (unique selling proposition) concept conveys core benefits to the target audience. A good USP communicates the unique attributes of the product and thereby becomes a snapshot of the entire campaign.What are the two types of appeals?Informational appeal - Helps consumers make purchase decisions by offering factual information. Emotional appeal - Aims to satisfy consumers' emotional desires rather than their utilitarian needs.In Step 5: Evaluate and Select Media, a company should:Plan its Media planning, Media mix, Media buyIdentify 3 types of mass media? What is mass media good for?Include outdoor/billboards, newspapers, magazines, radio, and television. Ideal for reaching large, anonymous audiences.Identify 3 types of niche media? What is niche media good for?More focused, reaches narrower segments Target unique demographics or interests HGTV, TransWorld Skateboarding, Popstar! MagazineWhat are the three types of advertising schedules? Describe themContinuous; Flighting; Pulsing. Continuous runs steadily throughout the year. Flighting is implemented in spurts. Pulsing combines continues and flighting with a base schedule with increased intensity during certain periods.In Step 6: Create Advertisements, a company shouldCreate ads that are broadcasted on the right medium, and do not overshadow the productIn Step 7: Assess Impact Using Marketing Metrics, a company shouldDo Pretesting, Tracking, PosttestingWhat is Puffery?The line between what is legal and illegal is more difficult to discern when it comes to puffery, which is the legal exaggeration of praise, stopping just short of deception, lavished on a product. When Match.com claims that it leads to "better first dates," it's puffery because better is a subjective measure.Why do companies use PR in their IMC?Public relations programs are used to build and maintain a positive image of the firm, head off unfavorable stories or events, and maintaining positive relationships with the media. Firms can accomplish these public relations objectives by working with or providing the media with products or favorable information to be used in articles, television appearances, etc. They can also work with charities or co-sponsor events.Identify the Pros and Cons of Coupons:Pro) Stimulates demand, Allows for direct tracking of sales. Con) Low redemption rates, High cost.Identify the Pros and Cons of Deals:Pro) Encourages trial, Reduces consumer risk. Con) May reduce perception of value.Identify the Pros and Cons of Premiums:Pro) Builds goodwill, Increases perception of value. Con) Consumers buy for premium, not product. Has to be carefully managed.Identify the Pros and Cons of Contests:Pro) Increases consumer involvement, Generates excitement. Con) Requires creativity, Must be monitored.Identify the Pros and Cons of Sweepstakes:Pro) Increases involvement with the product. Con) Sales often decline after the sweepstakes is over.Identify the Pros and Cons of Samples:Pro)Encourage trial, Offer direct involvement. Con) High cost to the firm.Identify the Pros and Cons of Loyalty Programs:Pro) Create loyalty, Encourage repurchase. Con) High cost to the firm.Identify the Pros and Cons of POP Displays:Pro) Provide high visibility, Encourage brand trial. Con) Difficult to get a good location in the store, Can be costly to the firm.Identify the Pros and Cons of Rebates:Pro) Stimulate demand, Increase value perception. Con) Easily copied by competitors, May just advance future sales.Identify the Pros and Cons of Product Placement:Pro) Displays products non-traditionally, Demonstrates product uses. Con) Firm often has little control over display, Product can be overshadowed.Who regulates Advertising?The FTC (Federal Trade Commission)What is aided recall?when consumers indicate they know the brand when the name is presented to themWhat is unaided recall?When someone knows a brand even without a hint, since it is so well knownWhat is Omnimedia?Its multiple channels of media, consistency is the most important thing. You need to keep the message the same for all your media, or else you're going to confuse your customers and cause brand dilution.

GRIM.

Other sets by this creator

SBKU 13

SBKU 12

QQQ 11

GRIMMER