MKT 343 FINAL EXAM STUDY GUIDE
promotional mix elements (6) - Answers - 1. advertising
2. direct marketing
3. digital/internet marketing
4. sales promotion
5. publicity/PR
6. personal selling
two classifications of consumer market advertising - Answers - 1. national vs retail or
local
2. primary demand vs selective demand
opportunity analysis - Answers - opportunities exist when:
- favorable demand trends
- customers' needs/opportunities not being satisfied
- firms can compete effectively
STP - Answers - - segmentation: how you split up the market
- targeting: who you go after
- positioning: what place do we want to occupy in the minds of target audience
three types of audience targeting - Answers - 1. undifferentiated: mass audience
2. differentiated: segmented audiences
3. concentrated: single audience
agency compensation methods (3) - Answers - 1. media commissions
2. fee, cost plus, and incentive based
3. percentage charges
participant groups (5) in IMC - Answers - 1. advertiser (client)
2. advertising agency
3. media organizations
4. specialized marketing communications services organizations
5. collateral services organizations
three organizational approaches for structuring IMC teams - Answers - 1. centralized:
decisions made by marketing manager; small to medium sized
2. decentralized: product/brand managers make decisions for large corporation
3. in house agency
types (5) of environmental influence on consumer behavior - Answers - 1. culture
2. subcultures
3. social class
, 4. reference groups
5. situational determinants
four levels of audience aggregation - Answers - 1. mass markets and audiences
2. market segments
3. niche markets
4. individual and group audiences
roles and activities in the communication process - Answers - - source/sender encodes
the message into the channel
- receiver decodes and responds; source gets feedback
- noise can disrupt
clutter - Answers - amount of advertising in a medium
three source attributes - Answers - 1. credibility --> internalization
2. attractiveness --> identification
3. power --> compliance
wearout - Answers - tendency of a commercial to lose effectiveness when seen
repeatedly
advertising budget methods (5) - Answers - 1. affordable method (leftover money)
2. arbitrary allocation
3. percentage of sales
4. ROI
5. competitive parity
carryover effect - Answers - money spent on advertising does not have immediate
impact on sales
top down vs bottom up budgeting methods - Answers - - top down: management sets
the spending limit
- bottom up: objectives and activities carried out and budget is approved
big selling idea - Answers - attract consumers' attention, set client apart, get a reaction
creative brief - Answers - document account planner gives creative team
poets/suits - Answers - - poets: creative people
- suits: make money or sell product
risk taking - Answers - essential for creating breakthrough ads that get noticed
advertising appeal - Answers - approach used to attract attention and influence feelings
- informational, emotional, and transformational
promotional mix elements (6) - Answers - 1. advertising
2. direct marketing
3. digital/internet marketing
4. sales promotion
5. publicity/PR
6. personal selling
two classifications of consumer market advertising - Answers - 1. national vs retail or
local
2. primary demand vs selective demand
opportunity analysis - Answers - opportunities exist when:
- favorable demand trends
- customers' needs/opportunities not being satisfied
- firms can compete effectively
STP - Answers - - segmentation: how you split up the market
- targeting: who you go after
- positioning: what place do we want to occupy in the minds of target audience
three types of audience targeting - Answers - 1. undifferentiated: mass audience
2. differentiated: segmented audiences
3. concentrated: single audience
agency compensation methods (3) - Answers - 1. media commissions
2. fee, cost plus, and incentive based
3. percentage charges
participant groups (5) in IMC - Answers - 1. advertiser (client)
2. advertising agency
3. media organizations
4. specialized marketing communications services organizations
5. collateral services organizations
three organizational approaches for structuring IMC teams - Answers - 1. centralized:
decisions made by marketing manager; small to medium sized
2. decentralized: product/brand managers make decisions for large corporation
3. in house agency
types (5) of environmental influence on consumer behavior - Answers - 1. culture
2. subcultures
3. social class
, 4. reference groups
5. situational determinants
four levels of audience aggregation - Answers - 1. mass markets and audiences
2. market segments
3. niche markets
4. individual and group audiences
roles and activities in the communication process - Answers - - source/sender encodes
the message into the channel
- receiver decodes and responds; source gets feedback
- noise can disrupt
clutter - Answers - amount of advertising in a medium
three source attributes - Answers - 1. credibility --> internalization
2. attractiveness --> identification
3. power --> compliance
wearout - Answers - tendency of a commercial to lose effectiveness when seen
repeatedly
advertising budget methods (5) - Answers - 1. affordable method (leftover money)
2. arbitrary allocation
3. percentage of sales
4. ROI
5. competitive parity
carryover effect - Answers - money spent on advertising does not have immediate
impact on sales
top down vs bottom up budgeting methods - Answers - - top down: management sets
the spending limit
- bottom up: objectives and activities carried out and budget is approved
big selling idea - Answers - attract consumers' attention, set client apart, get a reaction
creative brief - Answers - document account planner gives creative team
poets/suits - Answers - - poets: creative people
- suits: make money or sell product
risk taking - Answers - essential for creating breakthrough ads that get noticed
advertising appeal - Answers - approach used to attract attention and influence feelings
- informational, emotional, and transformational
