Study Guide Final Exam Mkt 340

Study Guide Final Exam Mkt 340 - Study Guide Final Exam...

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Study Guide Final Exam Forms of marketing communication o Advertising o Mass Media o Outdoor o Online advertising o Sales promotion Coupons, samples, rebates, contests o Press releases Integrated Marketing Communication o The process that marketers use to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time to targeted audiences. Making and Delivering Value o Making Marketing Value Decisions (Part 1) o Understanding Consumers’ Value Needs (Part 2) o Creating the Value Proposition (Part 3) o Communicating the Value Proposition (Part 4) o Delivering the Value Proposition (Part 5) Communication Model o The process whereby meaning is transferred from a source to a receiver. o Encoding The process of translating an idea into a form of communication that will convey meaning o Source An organization or individual that sends a message. o Message The actual communication going from sender to receiver. o Medium A communication vehicle through which a message is transmitted to a target audience. o Receiver The organization or individual that intercepts and interprets the message. o Decoding The process by which a receiver assigns meaning to the message. o Noise Anything that interferes with effective communication. o Feedback Receivers’ reactions to the message.
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Marketing Communication Strategy and the Promotion Mix o Promotion Mix The major elements of marketer-controlled communication, including advertising, sales promotion, public relations, personal selling, and direct marketing. Mass Appeals o Advertising Most familiar and visible Non personal communication Establishes and reinforces a distinctive brand identity Helps marketers bond with customers Useful in communicating factual information Suffers from credibility problems Biased or are intended to sell them something not needed Very expensive Firms must ensure that their message is effective o Public Relations Relatively Low cost High Credibility Lack of control over the message that is eventually transmitted and no guarantee that the message will ever reach the target. Hard to track the results of publicity efforts. o Sales promotion Incentive programs such as contests, coupons, or other incentives. Designed to build interest in or encourage purchase of product Intended to stimulate immediate action rather than build long term loyalty. Short term emphasis Number of competing promotions Personal Appeals o Personal Selling Direct contact with the customer gives opportunity to be flexible and modify sales message. Immediate feedback
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Study Guide Final Exam Mkt 340 - Study Guide Final Exam...

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