Exam 1 Study Guide

Exam 1 Study Guide - Advertising and Promotions Exam 1...

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Advertising and Promotions Exam 1 Study Guide 1. Situation Analysis a. Customer analysis (External) i. Who, when, why, demographic b. Competitor analysis (External) i. Know how to differentiate from competitors c. Company analysis (Internal) i. Assesses relevant areas involving the product/service offing and the firm itself. Assessing the strengths and weaknesses of the firm or the brand from an image perspective. 2. Strategy Development a. Segmentation (of population) i. The process of identifying smaller, relatively homogenous groups of customers that 1. Have common needs 2. Respond similarly to marketing actions 1. Interpret message similarly ii. Characteristics for Successful Segments 1. Distinct – clear lines between segments 2. Viable/Substantial/Sustainable 1. Can the market support individualized strategies 3. Accessible – can you reach the consumer (communication) 1. Limitations – literacy, privacy, cognitive ability, regulations/policy, budget of company b. Targeting (who you want) i. The process of identifying the segment(s) towards which to direct marketing efforts. 1. Undifferentiated Marketing – ignoring segment differences and offering just one product or service to the entire market (very broad) 2. Differentiated Marketing marketing in a number of segments, developing separate marketing strategies for each 3. Concentrated Marketing – when the firm selects one segment and attempts to capture a large share of this market c. Positioning the process of understanding the market structure as perceived by the customer in order to create a marketing offering that is meaningfully different from competition i. Differentiation – how are you different ii. Define Frame of Reference – external analysis 1. Identify relevant competition 2. Target market (consumers) iii. Assess Brand Perceptions 1. Own brand – internal analysis 2. Competing brands 1
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iv. Determine Desired Brand Position 1. Points-of-Parity associations 1. Ex. miller light – light beer, tastes great 2. Points-of-Difference associations 1. Ex. less filling, differing factor (reason to believe ½ less carbs) 3. The Marketing Mix – problem today is that most products are good a. Product b. Price – cost or value standpoint c. Place – distribution (what channels), how much will you store d. Promotion – follow the 3C’s and do you have the ability to have promotion Customer Characteristics Geographic Demographic Psychographic Buying Behavior Benefits sought Behavioristic Usage Purchase behavior Awareness and intentions Ex. how people think about and treat their dogs Dog as a guard vs. as part of the family Segment on type/size of dog or behavior of people Promotion – The coordination of all seller initiated efforts to set up channels of information and persuasion in order to sell goods and services or promote an idea. Promotional Mix
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Exam 1 Study Guide - Advertising and Promotions Exam 1...

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