M311 Midterm

M311 Midterm - M311 Midterm 16:58 Marketing: process of...

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Unformatted text preview: M311 Midterm 16:58 Marketing: process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives Advertising: any paid form of nonpersonal communication about an organization, product, service or idea by an identified sponsor. Marketing and Advertising: Increasingly difficult to target audiences and communicate effectively o Consumers no longer passive recipients o They demand more than information o From a myriad of sources Resources and budgets are becoming ever more limited or fixed, resulting in greater pressure on ROI Marketing dollars have to be more efficient, in essence work smarter and harder for the marketer/business owner A well defined and thought out Integrated Marketing Communication Plan (IMC) can strategically maximize advertising and promotional mix elements to drive long term sales and revenue growth Marketing Mix: Four Ps o Product, Price, Place, Promotion (advertising) o An organizational function and process for creating, communicating and delivering value to customers Integrated Marketing Approach Traditional mass media (television, radio, magazines etc) o Now drive consumers to web sites Online Strategies o provide detailed information be experimental, entertaining, interactive myspace, youtube, facebook, email, wireless mobile devices IMC: a strategic business process used to plan, develop, execute and evaluate coordinated measurable, persuasive brand communication programs with consumers, customers, prospects, employees and other relevant external and internal audiences The goal of IMC is to generate short-term financial returns and build long term brand value o Recognized as a business process o Multiple relevant audiences o Demand for accountability and measurement of outcomes Growing Importance of IMC Strategic integration of communications functions o Avoids duplication o Synergy among promotional tools o More efficient and effective marketing Rapidly changing environment o Consumers, technology, media Moving From---- Toward Media advertising multiple forms of communication Mass media specialized media Low agency accountability specialized media Traditional compensation performance based compensation Select a Target Market Determine how many segments to enter Determine which segments have the greatest potential Marketing Position Fitting the product or service to one or more segments of the broad market in such a way as to set it apart from the competition Developing a Positioning Strategy CHART Positioning Strategies...
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This note was uploaded on 02/02/2011 for the course BUS 311 taught by Professor Palmer during the Fall '11 term at Indiana.

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M311 Midterm - M311 Midterm 16:58 Marketing: process of...

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