wells02_basic - Part1:Foundations Chapter2 KeyPoints...

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Advertising’s Role in Marketing Part 1: Foundations Chapter 2
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2 Key Points Define the role of advertising within marketing Explain how the four key concepts in marketing relate  to advertising Identify the key players in marketing and how the  organization of the industry affects advertising List and explain the six critical steps in the marketing  process Summarize the structure of the advertising agency  industry Analyze the changes in the marketing world and what  they portend for advertising 
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3 What is Marketing? The way a product is  designed, tested, produced,  branded, packaged, priced,  distributed, and promoted
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4 Key Concepts in Marketing The marketing  concept Exchange Branding Added value Marketing should focus  first on identifying the  needs and wants of the  customer To compete effectively,  marketers must focus on  the customers’ problems  and try to develop  products to solve them
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5 Key Concepts in Marketing The marketing  concept Exchange Branding Added value The act of trading a  desired product or service  to receive something of  value in return Money is exchanged for  goods or services
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6 Key Concepts in Marketing The marketing  concept Exchange Branding Added value The process of creating a  distinctive and special  meaning for a product Brand equity is reputation,  meaning, and value that  the brand name or symbol  has acquired over time
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