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MKT Quiz Five
| Question | Answer |
|---|---|
| Promotion | communication of marketers to inform, persuade, and remind potential buyers of a product in order to influence an opinion or elicit a response |
| Strategy | identifying whatever your competitive advantage |
| Competitive advantage & value proposition | what makes you special |
| Interpersonal communication | direct |
| Mass communication | sender - company, listener - consumer We all take in information differently |
| Noise | anything that interferes with, distorts, or slows down the transmission of information - this isn't always bad, just difficult to break though |
| Promotion - 4 goals | 1. Informing (e.g., telling what it is, what it does, how much it costs) 2. Persuading (e.g., why you need it) 3. Reminding (e.g., reminding you to do something) 4. Connecting (e.g., how am I going to make you want this and make your life better) |
| Promotion | Promotion - Advertising - Public relations - valuable marketing tool - Sales promotion - experiential marketing, sponsorship marketing - Personal selling - direct selling between seller and consumer - Content marketing and social media |
| Types of media | 1. Paid media - I bought it ® e.g., super bowl ad 2. Earned media - I didn't have to buy it, opinion published ® e.g., CEO speech (content marketing picked up by the press), Publicity, 3. Owned media - I own it e.g., Nike's website |
| Media that is easiest and hardest to control | Owned Is the easiest to control & earned is the hardest to control |
| Advertising model AIDA | Attention, Interest, Desire, Action |
| 2 Strategies | 1. Push - making you buy/do it 2. Pull - makes you want to do/buy it Apple is good with making up pull strategies - (e.g., new phones) |
| How much money was spent on advertising in 2019? | $2 Billion |
| Biggest advertisers are tech companies...list them | Apple, Google, Amazon, Microsoft, Facebook |
| Types of advertising | 1. Brand advertising - anything that promotes what the company stands for - continuous media plan 2. Product advertising - promotes a special/specific product - flighted media plan Seasonal advertising - Lowes lawn mower/blower for spring |
| Competitive advertising | not mentioning another brand but promoting your own (e.g., Geico spend 15 minutes or more to save 15%) |
| Comparative advertising | when mentioning another brand and mentioning that their brand is better than the other |
| Types of mediums | Print, Radio, TV |
| Media plan | Thinking about what your one year plan looks like then deciding when you will use the 3 types of advertising; you should broadcast your product during times when brand, product, and TV overlap |
| most expensive and most cost effective medium | most expensive: TV most cost effective: digital tech/media you should run digital all year long |
| OOH | out of home (billboards, bus stops, buses) |
| What kind of medium should be ran during product launches | radio, ooh, print |
| Why can't you cut advertising? | because it drives sales |
| Pulse advertising | pulsing back into marketing and hitting when necessary |
| Ads structure: slice of life | chose a moment of time and make it into life (e.g., testimonial, but the person has to fit the brand/company) |
| Ads structure: scientific | (e.g., 10 second disclaimer that goes fast) |
| Find the right ad that... | fits your value proposition |
| CPM | cost per thousand, when you negotiate buying media you are always looking at what the cost per thousand(reaching one member of the target market) |
| GRP | gross rating point, when you evaluate tv shows to consider you should look at the grps the video allows you (higher the better, lower not as much) |
| Coupons/rebates | you're getting the money back when you buy something Why is this valuable? People never do it when they buy a product |
| Premium/gift with purchase | if you buy something you get something in return |
| Loyalty programs | (e.g., Chic-fil-a, Starbucks) |
| Sweepstakes | come in and buy this and you can enter to win this - you don't have to make the purchase to enter to win a sweepstakes (brings people in, drives stales, but bad thing is rules have to be filed to attorney generals in every state & Florida is strict |
| Point of sale/point of purchase (pos/pop) | cutout of athlete with cases of drinks in a gas station promoting a product- might have special offers or special products - extremely valuable because they are in places you aren't expecting to see them |
| Social media is the most... | transformative and exciting |
| Social media is different from marketing for 5 different reasons | 1. Marketers cannot control social media at all 2. Social media has the ability to share information quickly and go viral 3. There are sophisticated methods of measurements that exist in social media 4. Allows direct convos with target audiences 5. Al |
| Social media levels the playing field for... | people with small budgets |
| If social media is used right | it will help people/marketers effectively communicate |
| Social media spawned these 4 things... | 1. Social commerce (sites where we can buy stuff) 2. Where you can share information/ideas (Pinterest) 3. Peer recommendations (Yelp) 4. Participatory commerce (GoFundMe) |
| Social media monitoring services | companies that look for information on people and provide it for the company that requests it (e.g., when you post things on the internet, it will be looked at later by employers) Things posted on social media are not an invasion of privacy |
| If something is not "actionable" what should you do? | then you shouldn't care about it (e.g., if you hate me just because you hate me you can't change that, but if you hate me because I took too long doing something, then I can fix it) |
| Solving problems | Listen Launch and build relationships Promote company/products Manage your reputation - correct issues Begin to improve customer service |
| What is good about social media | - Connecting with people/family - More diverse - Insight into diff cultures/what is happening in the world (more aware of social issues: #metoo, #blm) People can ask for help in different ways now |
| How to Group people in social media | - Creators (influencers) - Conversationalists (create convos) - Critics (people what write when they’re angry) - Collectors (people who take your info to make bots) - Joiners (maintain social media to visit other websites) Spectators |
| Social media tools | (e.g., blogs, social networks, media sharing, social news, location based services, review sites, virtual worlds, gaming) |
| What is the biggest problem that marketers' have with social media? | How do you stay current & relevant (its fast af) |
Created by:
zoeyvanolinda
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