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Questions and Answers
What is marketing?
Human activity directed at satisfying needs and wants through exchange processes.
Which of the following is NOT a requirement for exchange to occur?
Marketing communications is the collection of all elements of a firm's marketing mix that facilitates exchange.
True
Which element is NOT part of the promotional mix?
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What is earned media?
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Paid media allows for high control and immediate results.
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The promotional tool that includes trade deals and buying allowances is known as __________.
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Which of the following is an example of owned media?
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What is the first step in the Traditional Learning Hierarchy model?
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Which of the following is a characteristic of Low Involvement Hierarchy?
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What primarily drives brand loyalty?
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Which of the following should NOT be a consideration when setting good Marcom objectives?
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What type of objectives do campaigns aimed at enhancing brand awareness typically focus on?
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Which of the following factors can influence brand loyalty?
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In the Hierarchy of Effects Model, what comes after Affect in the Traditional Learning Hierarchy?
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Which of the following statements about personal experience and advertisements is accurate?
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What is the primary objective of Integrated Marketing Communications (IMC)?
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What is a crucial aspect of the IMC feature that focuses on branding?
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Which statement best describes the concept of 'Affect Behaviour' in IMC?
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Which IMC feature emphasizes the importance of consistency in messaging?
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What is a primary challenge in implementing IMC according to the content?
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What is the primary function of Long-Term Memory (LTM) in relation to consumer choice?
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Which of the following statements accurately reflects a feature of IMC?
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Which of the following best describes low involvement learning?
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Why are loyalty programs considered important in IMC?
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Which of the following describes a non-compensatory heuristic?
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According to the levels of processing theory, how is information retained best?
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Which component of an attitude pertains to a person's beliefs and knowledge?
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What does a media-neutral approach suggest in a marketing strategy?
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What is one of the six tools of persuasion that involves psychological reactance theory?
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How does the receiver's initial position affect cognitive response type generated?
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What does the spreading activation model primarily explain?
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In the hierarchy of effects model, what is the sequence for high involvement learning?
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What is one important factor in persuasion that involves the clarity and creativity of the message?
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Which model is characterized by ranking the importance of attributes in decision-making?
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What role does imagery play in the learning process?
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What role does the 'commitment and consistency' tool play in persuasion?
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What is meant by 'concretising' in the context of information learning?
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In the context of setting marketing communication objectives, what is one key purpose?
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What can enhance a receiver's involvement in a persuasive message?
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What is a disadvantage of working with a full-service advertising agency?
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Which of the following is primarily responsible for developing the overall media strategy?
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In the agency organization, which department focuses on understanding the client’s customers' buying habits?
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What is one of the common elements of sticky ads that helps make a lasting impression?
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What is a primary role of account management in an advertising agency?
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Which option best describes the 'Impression Hierarchy' in advertising?
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What does the term 'unexpectedness' refer to in the context of advertising?
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Which method is commonly used to acquire insights into consumers' preferences in advertising research?
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Study Notes
Marketing Fundamentals
- Definition of Marketing: A human activity aimed at satisfying needs and wants through exchange processes.
- Marketing Concept: Aligns company offerings with customer needs and wants.
Exchange Conditions
- Requires two parties, both must possess something valuable to each other.
- Parties must be capable of communication and delivery.
- There must be freedom to accept or reject the offer.
- An agreement on the terms of exchange is essential.
Communication in Marketing
- Communications: Sharing meaning and establishing common understanding.
- Marketing Communications: Collection of all elements in a marketing mix aimed at facilitating exchange through shared meanings with customers.
Marketing Mix
- 4Ps of Marketing: Product, Place, Promotion, and Price.
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Promotional Mix Elements:
- Advertising
- Direct marketing
- Public relations
- Sales promotion
- Digital marketing/Social media
- Personal selling
Media Types
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Earned Media: Generated when customers become the channel (e.g., word of mouth, buzz, viral content).
- Role: Reacting to earned media as a result of owned and paid media efforts.
- Benefits: Credibility, vital for sales, transparent.
- Challenges: Lack of control, potential negativity, scalability, measurement difficulties.
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Paid Media: Instances where a brand pays to utilize a channel (e.g., display ads, paid searches).
- Role: Transforms from foundational to a catalyst that supports owned media and creates earned media.
- Benefits: High demand, immediacy, scale, and control.
- Challenges: Clutter, decreasing response rates, credibility issues.
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Owned Media: Channels that a brand controls (e.g., website, blog, social media accounts).
- Role: Establish longer-term relationships with customers and support earned media.
- Benefits: Full control, cost efficiency, good longevity, versatility, niche targeting.
- Challenges: No guarantees, trust issues, scaling takes time.
Advertising Examples
- Traditional Media: Billboards, TV, radio, magazines, newspapers.
- Direct Response Advertising: Posters, transit ads, direct mail, telephone solicitation.
- Digital Advertising: Online ads and cinema advertising.
In-Store Advertising
- Point-of-Purchase Advertising: External store signs, in-store shelf signs, shopping cart ads, in-store radio/TV.
Trade and Consumer Promotions
- Involves trade deals, buying allowances, cooperative advertising, industry trade shows, and promotional tactics like coupons and samples.
Event Marketing and Sponsorships
- Sponsorships of sports, arts, fairs, and community causes play a significant role in brand visibility and engagement.
Social Media Integration
- Key platforms include Facebook, Instagram, Twitter, Pinterest, Snapchat, LinkedIn, and YouTube for marketing outreach.
Digital Marketing Overall
- Focus on mobile advertising and engaging with audiences through various digital channels for comprehensive marketing strategies.
Integrated Marketing Communication (IMC) Features
- Begin with the customer or prospect to ensure the marketing strategy is customer-focused.
- Employ a media-neutral approach to identify marketing communication (Marcom) program goals effectively.
- Allocate the marketing budget in alignment with identified goals to maximize impact.
Key IMC Features
- Utilize any relevant contact or touchpoints for 360 marketing strategies, exemplified by Apple Pay.
- Maintain synergy across multiple messages to create a unified brand voice and consistent messaging across all platforms.
- Establish and nurture relationships with customers, exemplified by Harley Davidson's focus on strong customer loyalty programs, which are more cost-effective than acquiring new customers.
Marketing Objectives
- Aim to affect behavior as the ultimate goal of IMC; the objective is to move consumers to take action rather than merely boosting brand awareness or attitudes.
- Shift from mass media advertising towards highly targeted communication methods to enhance relevance.
- Increased emphasis on assessing communication’s return on investment (ROI) to justify marketing expenditures.
Challenges of Implementing IMC
- Lack of skills among service providers poses a challenge for effective execution.
- Mass media campaigns are easier to execute compared to direct-to-customer strategies.
- Maintaining consistent execution of diverse marketing tools is critical.
Memory Models in Consumer Behavior
- Sensory Stores: Rapid loss of information unless attention is allocated; involves short-term memory (STM).
- Short-Term Memory: Limited processing time, information fades without rehearsal in about 30 seconds.
- Long-Term Memory: Unlimited storage, structured into cognitive units called brand schemas, which marketers should aim to fill with positively valued information.
- Additional theories: Levels of processing and spreading activation model.
Learning Types and Behavior Modification
- Learning occurs through changes in information organization in memory, enhancing or establishing linkages among brand associations.
- Low involvement learning focuses on concrete information to aid retrieval and improve recall.
Attitude Formation and Components
- Attitude: A mental property reflecting positive or negative feelings towards a person, object, or issue.
- Three components of attitude:
- Cognitive: Knowledge and beliefs.
- Affective: Emotional responses.
- Behavioral: Intentions to act.
Hierarchy of Effects Models
- High involvement learning hierarchy follows: Cognition → Affect → Conation.
- Low involvement hierarchy follows: Minimal Cognition → Conation → Affect.
- The Hierarchy of Marcom Effects illustrates sequential consumer movement toward marketing goals.
Important Considerations in Persuasion
- Message clarity, strength, and emotional appeal are crucial for effective communication.
- Receiver involvement and predisposed attitude will influence the effectiveness of the message.
- Moderate sources can be effective with positive initial positions, despite general skepticism towards advertisements.
Setting Marcom Objectives
- Clearly define target audience, objectives, measurable outcomes, and ensure internal consistency.
- Distinguish between indirect communication objectives (brand awareness, attitude enhancement) and direct sales objectives (sales increases).
Advertising Agency Structure
- Creative services develop advertising concepts; media services handle media strategies; research services analyze consumer behavior and preferences.
- Agencies typically compensate through commission structures, although this can lead to larger clients overshadowing smaller businesses.
Elements of Effective Advertising
- Aim for sticky ads through simplicity, emotional resonance, storytelling, credibility, and unexpected elements to leave a lasting impression.
- Prioritize establishing brand recognition, evoke emotional responses, and deliver specific commercial details in advertising campaigns.
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Description
Revise the fundamentals of marketing and the marketing concept with this mid-term quiz. Explore key principles that outline how marketing satisfies needs and wants through exchange processes. This quiz is essential for understanding the foundations of marketing strategies.