MKT 300 Final Exam (UW-Madison Laurie Brachman)Questions and Answers with complete

What are the decisions marketing managers have to make? (4) - Answer-1. Desired objective 2. Kind of advertising 3. Media to reach target customers 4. What to say (the message) advertising allowance - Answer-price reductions to firms further along in the channel to encourage them to advertise or otherwise promote the firm's products locally Cooperative advertising - Answer-involves producers sharing in the cost of ads with wholesalers or retailers Types of Advertising - Answer-1. Product 1.1 Pioneering 1.2 Competitive a. Direct Competitive b. Indirect Competitive c. Comparative 1.3 Reminder 2. Institutional Product advertising - Answer-tries to sell a product and can be targeted to channel members or final consumers 3 types: - Pioneering- Competitive - Reminder Pioneering advertising - Answer-tries to develop primary demand for a product category rather than demand for a specific brand - usually done in early stage of PLC - turns people into adopters EX: Apple ad Competitive advertising - Answer-tries to develop selective demand for a specific brand - firm is forced into this as a product moves along the PLC (growth stage) - what we see 99% of the time 3 types: - Direct - Indirect - Comparative Direct Competitive advertising - Answer-aims for immediate buying action Indirect Competitive advertising - Answer-points out product advantages to affect future buying decisions - used in growth and maturity stages of PLC to distinguish the brand Comparative advertising - Answer-means making specific brand comparisons using actual product names- some countries forbid this - superiority claims need to be backed by evidence Reminder advertising - Answer-tries to keep the product's name before the public. It is useful for supporting successful products well into the market maturity and sales decline stages of the product life cycle. Institutional advertising - Answer-promotes an organization's image, reputation, or ideas rather than a specific product Choosing the BEST medium of advertising requires what? (4) - Answer-1. promotion objectives 2. target market 3. funds 4. nature of media (reach, frequency, impact, cost)