M415 Exam 1 2023/2024 CORRECT ANSWER

M415 Exam 1 2023/2024 CORRECT ANSWER IMC stands for: -CORRECT ANSWER- Integrated Marketing Communication A company name that doesn't reflect what goods and/or services the company sells is called: -CORRECT ANSWER- Iconoclastic When a company offers a series of goods or services under one brand name, it's using a ______ brand strategy -CORRECT ANSWER- family proprietary brands marketed by an organization and normally distributed exclusively within the organization's outlets are: -CORRECT ANSWER- private brands (aka private labels) from an IMC perspective, the two most important steps in the consumer decisionmaking process are: -CORRECT ANSWER- Information search and evaluation of alternatives The most common (but not only) attitude formation sequence is: -CORRECT ANSWERcognitive-affective-conative _____________ are simulations of the knowledge structures embedded in an individuals brain -CORRECT ANSWER- cognitive maps _____ are strongly held beliefs about various topics or concepts and lead to the judgments that guide personal behaviors -CORRECT ANSWER- values in developing an integrated marketing communications plan, the first step requires an analysis of what 3 c's? -CORRECT ANSWER- Customers, competitors, and communications segmenting strictly by gender means the firm is eschewing psychographic and other segmenting strategies in favor of employing one type of: -CORRECT ANSWERdemographic segmentation the perception created in the consumers mind regarding the mature of a company and its products relative to the competition is: -CORRECT ANSWER- positioning according to the text, what 3 marketing activities account for 90% of most IMC budgets: -CORRECT ANSWER- media advertising, trade promotion, consumer promotions one potential advantage of an in-house advertising process is: -CORRECT ANSWERlower costs (there are several mentioned) a key advertising phrase the is consistent across platforms and conveys the uniqueness of the offering is -CORRECT ANSWER- the tagline ad agency personnel who actually develop and produce ads for clients are called: - CORRECT ANSWER- creatives the 5 components of a creative brief are: -CORRECT ANSWER- objectives, target, message theme, support, constraints Learning Objecting 1.1: What is the definition of communication? -CORRECT ANSWER- -Communication is defined as transmitting, receiving, and processing information. Learning Objecting 1.1: Components of the communication model -CORRECT ANSWER- -Sender: the person(s) attempting to deliver a message or idea -Encoding Processes: the verbal (words, sounds) and nonverbal (gestures, facial expression, posture) that the sender utilizes in sending the message -Transmission Device: all of the items that carry the message from the sender to the receiver -Decoding: takes place when the receiver employs any set of his or her senses (hearing, seeing, feeling, etc.) in the attempt to capture the message -Receiver: the intended audience for the message -Feedback: information the sender obtains from the receiver regarding the receivers perception or interpretation of the message -Noise: anything that disrupts or distorts the message Learning Objective 1.1 Continued: Figure 1.2 Examples of Communication Noise - CORRECT ANSWER- *Talking on the phone during a commercial on TV *Driving while listening to the radio *Scanning a newspaper for articles to read *Being offended by the message on a flyer for a local business Learning Objective 1.2: What is an integrated marketing communications program? Definition -CORRECT ANSWER- -IMC is the coordination and integration of all marketing communication tools, avenues, and sources in a company into a seamless program designed to maximize the impact on customers and other stakeholders. -The program should cover all of a firms B2B, market channel, customer-focused, and internally-directed communications. Learning Objective 1.2: What does the marketing mix consist of? -CORRECT ANSWER- -Product -Pricing systems -Distribution systems -Promotional programs Learning Objective 1.2: What does the promotion mix consist of? -CORRECT ANSWER- -Advertising -Sales promotion (including customer and trade promotions) -Personal selling activities Learning Objective 1.2: What does the IMC promotional mix additionally include? - CORRECT ANSWER- -Database marketing -Direct Response marketing -Online marketing -Social media -Guerilla marketing -alternative marketing -public relations programing Learning Objective 1.2: All steps required to complete a marketing plan -CORRECT ANSWER- 1.Situational Analysis (examining problems and opportunities in the organizations external environment and strengths and weaknesses in the firm itself) 2. Defining marketing objectives (sales, market share, competitive position, and consumer actions desired) 3. Budget preparation 4. Finalizing marketing strategies and tactics 5.Evaluation of performance Learning Objective 1.3: What new trends are affecting marketing communications? - CORRECT ANSWER- -Emphasis on accountability and measurable results -Explosion of digital marketing -Integration of media platforms -Changes in channel power -Increases in global competition -increase in brand parity -emphasis on customer engagement Learning Objective 1.3: Emphasis on accountability and measurable results -CORRECT ANSWER- -Advertising agencies are expected to produce tangible outcomes. Promotional dollars must be spent carefully -less inclined to use 30 second television ads -instead using alternative communication venues and methods combined with special events where info on prospective customers can be collected and tracked Learning Objective 1.3: Explosion of digital media defined -CORRECT ANSWER- - Smartphones, tablets, and text-messaging systems have created a new landscape and in some cases nearly a new language -These techniques seek to create experiences with a bran rather than mere purchases with little or no attachment -Cannot be considered an option for companies but rather a mandatory ingredient -marketers now seek to engage a brand with all current and prospective customers in order to achieve success Learning Objective 1.3: Integration of media platforms defined -CORRECT ANSWER- - Todays consumers spend an average of 5 hours and 16 minutes in front of screens other than television -When combined with television the total becomes more than 10 hours per day examining some kind of screen Learning Objective 1.3: Integration of media platforms- FOUR WAYS CONSUMERS INTERACT ACROSS MULTIPLE MEDIA FORMATS DEFINED -CORRECT ANSWER1. Content grazing: looking at two or more screens simultaneously to access unrelated content (ex: watching TV and texting a friend) 2. Investigative spider-webbing: when consumers pursue or investigate specific content across multiple platforms (ex: watching a football game and accessing stats for various players on a PC or mobile phone) 3. Quantam Journey: focuses on completing a specific task (ex: when a consumer looks for a Chinese restaurant using a PC to locate one in the area, then obtains consumer reviews of the restaurants close by on a cell phone, and finally employs a map app to locate the restaurant or to place an order) 4. Social spider-webbing: when consumers share content or information across multiple devices (ex: by posting pictures on Facebook from a laptop then texting friends to go check them out) Learning Objective 1.3: Changes in channel power defined -CORRECT ANSWER- - Retailers seek to maintain channel power by controlling shelf space and purchase data that allows them to determine which products and brands are placed on store shelves -Internet and information technology have shifted more power to the consumer. -Individuals and businesses can also post negative comments online -Understanding shifts in channel power has become essential. Marketers cannot rely solely on mass media marketing. They must incorporate social media and engage consumers with their brand (brand equity) Learning Objective 1.3: Increases in Global Competition Defined -CORRECT ANSWER- -Consumers can purchase goods and services from anyone in the world. -Competition no longer comes from the firm just down the street- it can also come form a firm 10,000 miles away -This shift affects manufactures, retailers, and intermediaries. -Customers want both value and price -Quality relationships between members of the marketing channel help to acquire and keep customers Learning Objective 1.3: Increase in brand parity defined -CORRECT ANSWER- -Many products have nearly identical benefits