MKTG 330 CSULB MoisioExam study guide 2024 latest update already graded A+

Objectives of MARCOM Programs Informing, Persuading, Inducing Action Informing Telling customers about their products, services, and terms of sale Persuading convincing customers to choose certain products and brands, shop in particular stores, go to certain websites, attend certain events, and other specific behaviors Inducing Action getting customers to make a purchase or action that is far more immediate than delayed in nature Marketing Communications represents the collection of all elements in an organization's marketing mix that facilitate exchange by establishing shared meaning with its customers -Intentional and unintentional Promotional Mix the combination of promotional tools—including advertising, public relations, personal selling, sales promotion, direct marketing, and social media—used to reach the target market and fulfill the organization's overall goals Integrated Marketing Communications (IMC) the careful coordination of all promotional messages for a product or a service to ensure the consistency of messages at every contact point at which a company meets the consumer, speaking with one single voice. earned media a category of promotional tactic based on a public relations or publicity model that gets customers talking about products or services. (Social media, word-of-mouth, buzz) paid media a category of promotional tactic based on the traditional advertising model, whereby a brand pays for media space(paid search promotion, display ads) owned media a new category of promotional tactic based on brands becoming publishers of their own content in order to maximize the brands' value to customers(website, app) Reasons for integration Using multiple communication tools in conjunction with one another can lead to greater results than when used individually and uncoordinated. Synergistic effect in IMC TV and Online advertisements used together produce more attention, positive thoughts, and higher credibility than the sum of each used individually. 5 key features of IMC 1. Start with the customer or prospect 2. Use any form of relevant contact or touch point 3. Speak with a single voice 4. Build relationships 5. Affect behavior 1) Start with a Customer or Prospect -Consumers crave control. Evidenced by consumer generated content. Personalization is important. -Reduced dependence on mass media, Contact customers using touch points that reach them when, where, and how they wish to be contacted. 2. Use any form of relevant contact -Touch points: ANY message medium capable of reaching target customers and presenting the brand favorably. -360 degree branding: touch points need to surround your target audience. 3) Speak with a Single Voice Coordination of messages and media is absolutely critical to achieving a strong, unified image and moving customers to action. Use positioning statement. positioning statement a statement that summarizes company or brand positioning using this form: to (target segment and need) our (brand) is (concept) that (point of difference) 4. Build relationships rather than engage in flings Creating a relationship is an enduring link between the brand and customer that leads to repeat business and brand loyalty Leaky bucket in effect, firms are putting customers into a leaky bucket, and instead of preventing them from leaking away through the bottom of the bucket, the firm keeps topping up the bucket with new customers. -Much cheaper to retain customers than earn new ones. experiential marketing programs -special events or exciting branded venues -can create brand experiences that make positive, relevant, and lasting impressions on customers 5. Affect Behavior Marketing communications ultimately must do more than just influence brand awareness or attitudes. -Must encourage some form of behavioral response. Brand a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products trade dress the appearance and image of the product, including its packaging, labeling, shape, color, sounds, design, lettering, and style (think MGM Lion's roar or red/white coca cola lettering) brand equity the added value a brand name gives to a product beyond the functional benefits provided based on the good will it has established over its existence Firm Based Brand Equity focuses on outcomes extending from the efforts made by a company to enhance a brand's value to its stakeholders Positive consequences of brand equity -achieving a higher market share -increasing brand loyalty -being able to charge premium prices -earning a revenue premium Elasticity vs brand equity elasticity of demand becomes less as brand equity increases. Meaning consumers will pay prices even as they escalate to obtain certain brand Revenue Premium the revenue differential between a branded item and a corresponding private-labeled store brand item Brand Asset Valuator (BAV) 4 pillars of brand equity that measure: -differentiation -relevance -esteem -knowledge BAV Differentiation degree to which the brand is seen as different from others BAV Relevance degree to which customer identifies or associates with brand BAV Esteem degree to which brand us held in high regard and respected BAV Knowledge degree to which consumers are familiar with or aware of brand BAV power grid graph showing strength, stature, and brand development.