Download C209 STRATEGIC MANAGEMENT: MARKETING EXAM ACCULATELY SOLVED 100% and more Exams Strategic Management in PDF only on Docsity!
C209 STRATEGIC MANAGEMENT:
MARKETING EXAM ACCULATELY
SOLVED 100%
Market(s) - correct answer 1) group of consumers for a brand
- all of the competitors in that market Four types of markets - correct answer 1) Consumer
- Business to business (B2B)
- Institutional
- Channel Marketing communication (Marcom) - correct answer involves advertising, PR, sales promotion, direct response, events and sponsorships, point of sale, digital media, packaging, personal sales Marketing function - correct answer -Builds brand and customer relationships that generate sales and profits; for nonprofits, memberships and donations -Traditional goals have been to sell goods, services, ideas IMC - correct answer the practice of coordinating all brand communication messages and messages from the marketing mix decisions Cause marketing - correct answer sponsoring a good cause in the hope that the association will result in positive public opinion about the company Share of market (market share) - correct answer the percentage of the total market in a product category that buys a particular brand
4 P's of marketing (aka Marketing Mix) and functions of each - correct answer -Product: Design, performance, and quality; Communication works to build awareness of a brand, explain how the new product works and explain how it differs form competitors. -Place: distribution (channels), market coverage, push-pull, co op advertising -Price: psychological pricing, sales, value -Promotion: brand communication, personal selling, advertising, sales promotion, point of purchase, customer service, public relations, direct marketing, merchandising, packaging, events, sponsorships Brand - correct answer a perception, often imbued with emotion, that results from experiences with and information about a company, an organization, or a line of products Brand value - correct answer enhanced meaning of a brand that adds worth to products and services Brand equity - correct answer the intangible value of the brand based on the relationships with its stakeholders as well as its intellectual property value Brand loyalty - correct answer the degree of attachment that a customer has to a particular brand as expressed by repeat sales Brand elements - correct answer trademark or package design, perception loaded with emotion and feelings Brand identity - correct answer unique characteristics of a product within a product category Brand image - correct answer a special meaning or mental representation created for a product by giving it a distinctive name and identity Brand promise - correct answer communication that sets expectations for what a customer believes will happen when the product is used
-Society/Economy: Advertising flourishes in societies and economies where demand for products exceeds the productions and supply of products. Roles of advertising - correct answer -Marketing Role -Communication Role -Economic Role -Societal Role Key components of advertising - correct answer strategy, message, media, evaluation Types of advertising (purposes and functions) - correct answer -brand advertising -retail advertising -institutional advertising -business to business advertising Eras of advertising (major developments and major contributions of each) - correct answer -The early age of print (15th-18th century): Mechanization encouraged businesses to advertise beyond their locations. -The early age of agencies (1840s-1890s): As advertisers became concerned with creating ads that worked, professionalism took shape. -The scientific era (1900s-1950s): Modern advertising adopted scientific research techniques. Art and science were blended. -The creative era (1960s-1970s): The power of agencies exploded, with a resurgence of art, inspiration, and intuition. -The era of accountability and integration (1970s to present): Clients want ads that produced sales. The public expects social responsibility. Managers adopted IMC to better coordinate brand communication. -The social media era: In this new interactive world, consumers generate brand messages and share experiences on social media sites.
Concept advertising (development and differences) - correct answer Key players in advertising (roles and functions) - correct answer -The media: channels of communication that deliver messages and engage audiences, many are large media conglomerates such as Time Warner and Viacom, the mass media enable advertisers to reach many people with a single message in a cost-efficient manner. -Professional suppliers and consultants: provide specialized services to advertisers and agencies, includes artists, writers, photographers, producers, printers, and vendors who supply user- generated content online -In the new world of digital media, consumer-generated content is supplied by the consumer, often via social media. Types of agencies (roles and functions, how are they paid, internal and external) - correct answer -Full-service agencies: Encompasses account management, creative services, media planning, and account planning -In-house agencies: Is a part of the advertiser's organization -Specialized agencies: Specialize in certain functions, audiences, industries or markets -Creative boutiques: Small agencies that work only on the creative execution of an idea or product. -Media-buying services: Specialize in the purchase of media for clients -Agency networks and holding companies: Large conglomerations of agencies under a central ownership, one or more agency network, usually with multiple offices -Paid through commissions, fees and retainers Jobs and functions in agencies: account director - correct answer Jobs and functions in agencies: account executive - correct answer A person who acts as a liaison between the client and the agency. Jobs and functions in agencies: account planner - correct answer A person who acts as a liaison between the client and the agency.
-Crisis communication management: Anticipating and planning for disasters from a media perspective and with stakeholders. -Financial Relations/Investor Relations: Communications aimed at the financial community. Media relations - correct answer Focuses on developing media contacts, one must know who in the media might be interested in the organization's story -Relationships must be built on honesty, accuracy, and professionalism. Role of publicity - correct answer -Public relations seeks to persuade media gatekeepers to "cover" their companies. (Gatekeepers are writers, editors, producers, talk-show coordinators, and newscasters) Publics - correct answer all groups of people with which a company or organization interacts Stakeholders - correct answer groups of people with a common interest who have a stake in a company and who can have an impact on its success Goodwill, financial value - correct answer a positive attitude about a company among the general public Trust - correct answer Public relations is the conscience of the company, creating trust and maintaining its integrity. Reputation, reputation management - correct answer The overriding goal of reputation management is to strengthen stakeholder trust. Implies third party endorsement - correct answer Benefits and differences between use of advertising and PR - correct answer
Differences and functions of paid, earned and owned media (examples) - correct answer -Paid media: the sponsoring organization pays for media and controls how and when the message is delivered. -Owned media: channels owned and controlled by the sponsoring organization: websites, blogs, or sponsored events. -Earned media: Consumers and mass media control mentions and comments about the brand; the most credible media option. Tools of PR (function and use) - correct answer advertising and paid, earned and owned media Direct Response Marketing and DRC - correct answer -Designed to motivate an audience to immediate sales response -Uses a variety of media to connect a company with its customers -DRC uses messages to reach a target audience to encourage them to respond in some way -Opportunities for interactivity between company and customer Key players roles and functions of DRC - correct answer -advertisers, Brands, Companies, Organizations, Clubs, Charities -Advertising Agencies -direct-Marketing Agencies -Service Firms -fulfillment Houses Key elements of DRC - correct answer 1) Offer and Response
- Communication Package that contains and delivers the message 3)Testing and Analysis of effectiveness of pieces of the package 4)Fulfillment of the order and follow-up to the response Organizations and functions of direct response industry - correct answer
-Highlight novelty -Invigorate mature brands -Reward loyal customers Trade promotions (use, push and pull strategies, affects on demand) - correct answer -Help introduce new products -Encourage distribution penetration -Encourage special displays (on- or off-shelf) -Stop/counter competition -Stimulate the sales force -Help overcome stock imbalances Multiplatform promotions (use and types) - correct answer In IMC planning, multiple functional areas and tools, such as PR and sales promotion, are used to deliver messages and create brand interactions, a practice referred to as multiplatform communication Databases (purposes and use, data mining, behavioral targeting) - correct answer -list of consumers with info that helps target and segment those who are highly likely to be in the market for a certain product -data mining: sifting through and sorting a company's computer database records to target customers and maintain relationships with them -behavioral targeting: the practice of identifying groups of people who might be in the market for a product based on their actions, particularly the patterns of their online behavior Basic communication model (SMCR) - correct answer source/sender --> encoded message --> channel --> decoded message --> receiver Feedback - correct answer information about reactions to a good, service, or idea that is used as a basis for improvement
Interactive communication (difference between one way and two way communication) - correct answer Works as a conversation or dialogue, including shared communication. Notice how the source and receiver change positions as the message bounces back and forth between them. Effects, impact of communication - correct answer Above all, brand communication must be purposeful.It must have some effect on the people who read or see it. Hierarchy of effects model (how it works, setting objectives, consumer responses, evaluating effectiveness) - correct answer -model of how advertising influences a consumer's decision to purchase or not purchase a product or service. upside down pyramid -cognitive phase: awareness, knowledge -affective phase: liking, preference, conviction -behavioral phase: purchase Think-Feel-Do model (how it works, setting objectives, consumer responses, evaluating effectiveness) - correct answer A model of advertising effects that focuses on the cognitive, emotional and behavioral responses to a message Facets Model Effects (how it works, setting objectives, consumer responses, evaluating effectiveness) - correct answer Effective advertising creates six types of consumer responses: 1.Awareness: the Perception Facet 2.Feel: the Affective or Emotional Facet 3.Think/understand: the Cognitive Facet 4.Connect: the Association Facet 5.Believe: the Persuasion Facet 6.Act/Do: the Behavior Facet AIDA (how advertising works) - correct answer A hierarchy of effects identified as attention, interest, desire, and action
-Brand linkage reflects the degree to which associations in the message and consumer interest connect to the brand. -Symbolism: A brand takes on a symbolic meaning. It stands for certain, usually abstract, qualities. Persuasion facet (factors that drive persuasion, motivation) - correct answer -engagement: the consumer is turned on -conviction: consumers agree with a message and achieve a state of certainty or belief about a brand -preference and intention: here, consumers are motivated by conviction -motivation: something prompts one to act in a certain way -influence: opinion leaders may influence others' attitudes. word of mouth is created by strategies that engage influencers. -involvement: the degree to which one attends to messages and how they make product decisions Behavior facet (act/do, direct action, indirect action) - correct answer Behavior is the action response. -It can involve a number of actions including trying or buying the product, visiting a store, returning an inquiry card, calling a toll-free number, clicking on a Web site Factors that drive the behavioral response: -Mental rehearsal: Advertising attempts to create virtual memories, things we can imagine ourselves doing. -Trial: This is important for new or expensive products. -Buying: Advertising can stimulate sales by the call to action Distinctions between "strong" and "weak" effects of advertising - correct answer -The "strong" theory: Advertising can persuade people who had never bought a brand to buy it once, and then repeatedly. -The "weak" theory: Advertising has a limited impact on consumers; best used to reinforce existing brand perceptions.
-Delayed effects: A consumer may see or hear an advertisement but not act on that message until a later date.
