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Unformatted text preview: 11/1/07 Lecture Notes Marketing and Advertising Four Ps of Marketing- Product - improve- Price competitive price- Place put product in an unavoidable place- Promotions The Promotions Mix- Paid o Advertising o Sales Promotion Devices (i.e. Cereal Box toys, McDonalds Monopoly game, etc) o Packaging Sometimes spent more on packaging than advertising Ex: Yoplait yogurt shape recognition, similar to shape of body of a woman Very important!! o Brand Name/ Logo Recognizable logos o Point of Purchase Ex: check out line at the supermarket (magazines, gum, candy, batteries, etc) Duracell will pay to have their batteries at the check out line o Paid Endorsements Nike/James, events. Ex: Tiger Woods, Bob DolePepsi and , Celebrities o Sales Force Human billboards- Free o Public Relations Donating money in the name of a company Having parties etc o Endorsements Oprah Winfrey (with free endorsements sales of product increase 3000%) o Internet? o Word of Mouth- Paid o High Cost (-) o Low Credibility (-) b/c can just pay for advertising o Difficult to Assess Feedback (-) no way to test how well it worked o High Control (+) can control whats said about it - Free o Low Cost (+) o High Credibility (+) o Difficult to Assess Feedback (-) o Low Control (-) Branding- Brands become central to individual identity- Marlboro advertising campaign in the 50s to women with babies, a family concept- Regard the brand as an important part of who you are (the goal)- Ex: Mac Campaigns vs. PCs Marketing Branding Strategies- Lifetime Loyalty (ex: getting tattoo of restaurant logo for free food for life)- Creating a Brand Culture (Saturn Fair) Brand Promotion Becomes Culture- Miller Lite o Competed tastes great vs less filling o Created a paradigm that was integrated into culture Hierarchy of Effects- Awareness (beginning of effect)- Attitude (changing attitude)- Behavior (buy product) Maslows Hierarchy of Needs- Self Actualization Higher Education Be all that you can be- Esteem Needs Luxury Car Be in Control of the road- Belonging Needs Engagement Ring Nothing says I love you like a diamond- Safety Needs Tires Theres a lot riding on your tires- Physiological Needs Snickers Satisfies hunger New Coke- One of the biggest advertising failures of all time- New Coke won in blind taste tests o When it came out, people said it was sewer water and furniture polish- Consumers didnt want different taste, the old Coke meant something more to them o There were only two good things in my life, God and Coca-Cola and now youve taken one of those away from me o Functional vs. symbolic need o Emotional attachment Mere Exposure Effect Audio Mere Exposure Qualifications- Complex stimuli have a stronger effect than simple stimuli....
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