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ADV305 NOTES for Exam3 - Marketing and Advertising Planning...

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11-5-07 Marketing and Advertising Planning Top-Down, Bottom-Up, and IMC What is marketing? The process of developing, pricing, promoting, and distributing a product To create exchanges that satisfy the needs, wants, and objectives of consumers Customer-centricity Top-Down Marketing Situation analysis Marketing objectives Marketing Strategy Marketing tactics Traditional approach Fits for most companies Appropriate for a new product launching Step 1: Situation Analysis o The organization’s current status and how it got there Company – History of company and what the company has/doesn’t have Product – strengths and weaknesses of product, and it’s features Competition – how is the product doing in the market Target market – what kind of people are buying product o SWOT Analysis Strengths, Weaknesses, Opportunities, Threats Step 2: Marketing Objectives o Consider corporate objectives Profit, ROI (return on investment), growth, corporate reputation o Needs-satisfying objectives What kind of needs; how to satisfy them o Sales target objective Specific, quantitative goal within a certain time period Step 3: Marketing Strategy (more abstract) o How to achieve the marketing objectives o Define the target market o Determine the strategic position o Develop an appropriate marketing mix (4 Ps) o Marketing strategy determines the role/amount of advertising Step 4: Marketing Tactics (more specific) o Strategy dictates the intended route o Tactics determine the specific short-term actions to be taken Internally/externally, by whom, when Advertising campaigns are marketing tactics Bottom-Up Marketing Marketing Tactics marketing strategy marketing results Suitable for small companies Day-to-day; short-term decisions Focus on a single, competitive tactic 1
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o Ex. Domino’s Pizza tactic is that they promise 30min deliver 11-7-07 Relationship Marketing “The lifeblood of the business is the customer, not the product” Creating, maintain, and enhancing long-term relationships with customers and other stakeholders o Employees, investors, retailers, etc. The sale is not the end but the beginning in the relationship marketing o Presale vs. post-sale marketing (post-sale: marketers follow up to see how satisfied customer is) Why Relationships? Lifetime Customer Value (LTCV) o Thing long-term! o Word-of-Mouth (WOM) Cost of acquiring a new customer is high o 5-8 times more expensive than keeping a current customer Loyal customers are lucrative o 90% of the profit comes from repeat purchases IMC Broadly Defined Integrated marketing Communications o The process of building and reinforcing mutually profitable relationships o With employees, customers, other stakeholders, and the general public o By developing and coordinating a strategic communications program that enables them to have a constructive encounter with the company/brand Key Concepts of IMC Wholeness o
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