Marketing Communication Strategies

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Questions and Answers

Which of the following represents the correct sequence of buyer readiness stages?

Awareness, Liking, Knowledge, Preference, Purchase, Conviction

Liking, Awareness, Knowledge, Preference, Conviction, Purchase

Awareness, Knowledge, Liking, Preference, Conviction, Purchase (correct)

Knowledge, Awareness, Liking, Conviction, Preference, Purchase

When designing a message, what are the three primary types of appeals that can be considered?

Logical, Ethical, Social

Rational, Emotional, Moral (correct)

Informative, Persuasive, Reminding

Direct, Indirect, Subliminal

Which of the following is NOT considered a component of 'message format'?

Layout

Body Language

Words

Argument Order (correct)

What are the two main categories of communication channels?

Personal and Nonpersonal Signup and view all the answers

Which of these methods are used to establish a communications budget?

Affordable, percentage of sales, competitive parity, and objective and task. Signup and view all the answers

Which of these is a primary function of a public relations department?

Creating and placing newsworthy information in the news media Signup and view all the answers

When a PR department focuses on maintaining relationships with shareholders, it is engaged in:

Investor relations Signup and view all the answers

Which of the following is NOT typically considered a major tool for public relations?

Telemarketing campaigns Signup and view all the answers

What is a key impact of public relations on a firm?

Strong impact on public awareness and greater credibility Signup and view all the answers

Which marketing approach involves connecting directly with targeted customers through interactive channels?

Direct marketing Signup and view all the answers

What is a primary benefit of direct marketing for customers?

Access to comparative information about products Signup and view all the answers

Which of these direct marketing methods uses detailed databases to tailor marketing offers?

Online marketing and Direct mail marketing Signup and view all the answers

What is the meaning of ‘knock-down effect’ in the context of Public Relations?

The increased credibility that results from media coverage Signup and view all the answers

Which of the following is the MOST accurate description of price in a marketing context?

The monetary value assigned to a product or service representing the benefits customers receive. Signup and view all the answers

Which of the following is NOT explicitly mentioned as a marketing strategy for service firms?

Managing global expansion. Signup and view all the answers

Service firms should focus on which of the following areas to improve customer retention MOST effectively?

The areas most important to customer retention. Signup and view all the answers

In the context of service quality, becoming 'customer obsessed' implies:

Prioritizing customer satisfaction and understanding their needs/wants. Signup and view all the answers

Which of the following is characteristic of a service?

Intangible experiences or actions. Signup and view all the answers

Which of these is a typical service industry?

Architectural Signup and view all the answers

According to the content, which of the following is NOT a potential service delivery result?

Neutral Indifference Signup and view all the answers

What is one approach to improving service productivity mentioned in the content?

Increase quantity by decreasing service quality Signup and view all the answers

Which of the following is NOT a typical area for product differentiation?

Price point Signup and view all the answers

According to the material, what is the MOST important action a company must take AFTER choosing its desired position?

Communicate strongly the chosen position to target consumers Signup and view all the answers

If a company positions its product based on a specific user category, what is it focusing on primarily?

The demographic or lifestyle of the consumers Signup and view all the answers

A company is said to be under-positioning when:

Potential consumers have only a vague idea of the company/product Signup and view all the answers

What is considered the 'Unique Selling Proposition' (USP) in the context of positioning strategy?

The specific competitive advantage a company promotes Signup and view all the answers

A company that promotes itself as having superior customer service is using which type of differentiation?

Service differentiation Signup and view all the answers

Which of the following is NOT a common positioning strategy?

Positioning by pricing tactic Signup and view all the answers

Why is it important to monitor and adapt positioning strategy over time?

To align with changes in consumer preferences and competitive actions Signup and view all the answers

Which pricing method primarily uses the buyer's perception of value rather than the seller's cost as the key factor?

Value-based pricing Signup and view all the answers

A company decides to set its prices based on the prices of its competitors. Which pricing method does this describe?

Competitive-based pricing Signup and view all the answers

When a company initially sets a high price for a new, unique product, taking advantage of less price sensitivity, which strategy are they using?

Skimming pricing Signup and view all the answers

What is the primary objective of using 'loss-leader' pricing?

To attract customers with very low prices on certain items with an expectation that they will purchase other items. Signup and view all the answers

Which type of pricing involves adjusting prices to account for differences in customer groups, product variations, or locations?

Discriminatory pricing Signup and view all the answers

What type of pricing is used when a company sets a low initial price for its product to capture a large portion of a price-sensitive market?

Penetration pricing Signup and view all the answers

Which of the following includes discounts based on the quantity purchased by a customer?

Quantity discounts Signup and view all the answers

A company is facing a price reduction from a competitor. According to the content provided, what is one possible initial reaction?

Hold current price level Signup and view all the answers

Which of the following is NOT a factor contributing to the changing landscape of marketing and sales?

Increased brand consistency Signup and view all the answers

What is the first step in designing a sales promotion?

Determine the objectives Signup and view all the answers

Which of the following is a consumer promotion objective focused on encouraging customers to try a new product?

Entice consumers to try a new product Signup and view all the answers

Which of the following tools is most directly related to trade promotions?

Allowances Signup and view all the answers

What is the primary goal of business-to-business promotion?

To stimulate purchases, generate business leads and motivate salespeople Signup and view all the answers

What is the core concept of personal selling?

A person-to-person communication where a salesperson influences a purchase. Signup and view all the answers

Which of the following is NOT a benefit of personal selling?

Guaranteed sale with every interaction Signup and view all the answers

What is the first step in the personal selling process?

Prospecting Signup and view all the answers

What is the purpose of the pre-approach stage in personal selling?

To gather information about the customer before the initial visit Signup and view all the answers

What should a salesperson aim to do during the approach phase?

To make a good first impression and develop rapport Signup and view all the answers

What does the 'Need Identification' phase in personal selling primarily involve?

Asking probing questions to determine customer needs Signup and view all the answers

What is the focus of the 'Presentation' step in personal selling?

Explaining how product features provide benefits Signup and view all the answers

How should a salesperson perceive objections from a prospect?

As a sign of interest and a chance to provide further information Signup and view all the answers

What is critical to do in order to finalize a sale during the 'Gaining Commitment' phase?

To ask for the order Signup and view all the answers

What is the primary goal of public relations?

To build good relationships with the company's publics and handle any adverse publicity Signup and view all the answers

Study Notes

Marketing Principles - Lecture Summaries

Lectures 1 & 2:
- Marketing is the process of individuals and groups obtaining needs and wants through value exchange. It aims for customer satisfaction at a profit.
- The new economy features increased buying power, variety, information access, and ease of ordering.
- Marketing's objectives include understanding the marketplace, tasks of marketing, major concepts and tools, marketplace orientations, and responses to new challenges. Analyzing the marketing environment includes micro and macro environments.
- Micro: company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
- Macro: demographic, economic, natural, technological, political, and cultural forces. Examples of macro forces include opening new markets, transnational firms, and cross-border alliances.
- Examples of topics discussed in lectures 1 and 2 include explaining what motivates consumers and what satisfies consumer needs. Consumers gain value from owning and using a product compared to its acquisition cost; customer satisfaction depends on the product's value compared to customer expectation. Important aspects of how consumers obtain products and services include exchange, transaction, and relationships. Different buyers, categorized as actual and potential buyers, comprise the market. Different marketing philosophies such as production, product, selling, marketing, and societal marketing concepts were described. Concepts of customer-oriented marketing strategies were discussed, including situational analysis, segmentation, targeting, and positioning within the marketing program.
Lecture 3:
- Market Segmentation: Dividing a market into distinct groups of buyers with similar needs, characteristics, and behaviors.
- Market segmentation steps: identifying segmentation variables, developing profiles, evaluating segment attractiveness, and selecting segments.
- Types of segmentation: demographic, psychographic (lifestyles, personalities), and behavioral (occasions, benefits, user status).
- Effective segmentation criteria: measurable, accessible, substantial, differentiable, actionable, ethical.
- Importance of market segmentation: Identifying different market segments for targeting, allocation of marketing budgets, ensuring effective marketing, and revealing hidden opportunities.
- Market Coverage Strategies: undifferentiated, differentiated, concentrated (niche).
Lecture 4:
- Product mix: The complete set of all product lines and items that a particular seller offers for sale.
- Product mix decisions: Width, length, depth, consistency
- Key product decisions include product attributes, branding, packaging, labeling, and product support services
- Product Classifications: Consumer products (convenience, shopping, specialty, unsought) and industrial products (materials, parts, capital items).
Lecture 5:
- New product development: essentially new products, differences exist from existing company or competitor products or are minor improvements. The basis for meeting customer changing needs.
- New product fails due to issues in Over Championing, overestimated demand, poor design, poor marketing execution, high development costs, and strong competitive reactions.
- New product development process. The 6 steps presented were 1. Idea Generation. 2. Idea Screening. 3. Concept Development and Testing. 4. Marketing Strategy Development. 5. Business Analysis. 6. Product development and testing.
- Methods for market testing include simulated test markets, controlled test markets, and standard test markets as well as sales wave research.
- The process of how to adopt new products includes different stages of consumer buyers.
Lecture 6:
- Services are performances, deeds, or efforts.
- Service industries include health care, professional services, financial services, hospitality, travel, and others (e.g., hair styling, counseling services).
- Service tangibility: tangibility spectrum (high-low)
- Important service characteristics: intangibility, inseparability, variability, perishability.
- A service case discusses the balance between high-risk surgery and low-risk alternatives for customers in the medical field.
- Understanding service quality is important for managing customer experiences and creating greater satisfaction for customers.
- Marketing strategies important for service providers include managing service differentiation and managing service quality (empowerment, high standards, close monitoring), as well as service productivity.
Lecture 7:
- Pricing is the amount of money charged or exchanged for a product or service.
- Pricing is a key element for producing revenue.
- Importance of pricing includes revenue production, quality, perception, profitability, and demand.
- Pricing methods include customer value-based, cost-based, and competition-based pricing.
- Cost-based pricing methods include cost-plus pricing (markup), break-even, and target return.
- Value-based pricing methods include perceived value pricing, value-added pricing.
- Competition-based pricing methods include going-rate pricing, below-market pricing, sealed bid pricing.
- Promotional pricing types include loss-leader pricing, bait pricing, special-event pricing, cash rebates, low-interest financing, longer payment terms, warranties and service contracts, and psychological discounting.
- New product pricing can utilize skimming or penetration methods.
- Discriminatory pricing can target different segments or products, or location or time.
- Product mix pricing and discounting were described.
- A price reaction policy to competitor strategy is discussed
Lectures 8 & 9:
- Integrated Marketing Communications (IMC) involves coordinating and integrating all marketing communications channels into a coherent and unified program creating a consistent and unified image of company and products.
- Elements in the communication process include sender, encoding, message, media, receiver, decoding, response, feedback, and noise.
- Major communications mix elements include advertising, sales promotion, public relations, personal selling, and direct marketing.
- The process involves target audience identification, communication objectives determination (buyer readiness stages), message design, selection of communications channels, budget development, choosing the right communications mix, and result measurement.
Lecture 10:
- Public relations is a function for companies to build relationships with publics, obtain positive publicity, build a good corporate image, and neutralize negative rumors and events.
- Public relations functions include press relations, product publicity, public affairs, lobbying, and investor relations (development).
- Major tools for public relations include news, speeches, special events, written materials, audiovisual materials, and public service activities (CSR).
Lecture 11:
- Market logistics: a process of managing physical products from origin to consumption. -Channel design decisions include 1) analyzing customers' desired decisions (location preference, purchase preferences), 2) establishing channel objectives, and 3) identifying alternatives.
- Evaluation factors for channel alternatives include economic criteria (sales, cost, profitability) and adaptability (flexibility).
- Channel management decisions include selecting channel members, training, motivating, and evaluating.
- Types of channels include 0-level, 1-level, 2-level, and 3-level. Retailing and wholesaling were described. Legal and ethical issues within marketing channels are detailed.
- Goals of a logistics system include cost-efficiency and targeted customer service. Types of logistics systems and transportation modes are discussed.

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This quiz evaluates your understanding of marketing communication concepts, including buyer readiness stages, message designs, and public relations functions. Test your knowledge on direct marketing methods and their benefits. Prepare to explore key marketing strategies in various scenarios.