MKTG 345 Study Guide - Fall 2018, Comprehensive Midterm Notes - Unique Selling Proposition, Sales, Brand Equity
12 Oct 2018
School
Department
Course
Professor
MKTG 345
MIDTERM EXAM
STUDY GUIDE
Fall 2018
8/29/18
Integrated Marketing
Lecture 1
IMC Gaining Ground
Digital Changes Everything
➢ Google as a search engine
➢ Social media integrations
➢ Everything is digital
History
➢ Used to mainly be advertising and promotion
➢ Then added PR, personal selling
➢ Now added direct marketing, online, more publicity
Integrated Marketing Communications Definition
➢ All tactics look and sound alike
o Every medium, way to reach a consumer, etc. needs to be the same in that the
brand look and messages is consistent
➢ **many companies only do about 4 out of the 7
Why has IMC been gaining ground?
➢ (1) Marketing dollars are shifting
o When budgeting to market to customers, the amounts are drifting towards new
ways to advertise (shifting away from conventional media)
➢ (2) Advertising is a lesser part of the marketing mix
o Things are changing
o Ex. Newspapers are not as popular
o Shifting to more Targeted alternatives
▪ Able to reach people through new niches
▪ Was’t possile efore digital as aroud
➢ (3) Power has shifted from manufacturers to retailers
o Ex. Nestle→ largest food and coffee company
o The retailers are in charge (basically only Walmart and Target) and Amazon
o E. Walart ould’t aept a soap rad de to the hea plasti pakagig
➢ (4) Database marketing
o do a lot more in digital
➢ (5) Ad Agencies are struggling
➢ (6) The Internet changed how we communicate
➢ (7) IMC can build brands/ brand identity
7 Pillars
➢ 1. Advertising→ any paid form of communication for an identified product or service
o Pros:
find more resources at oneclass.com
find more resources at oneclass.com
▪ Cost-effective
▪ Brand differentiation
▪ Maintain brand equity
▪ Creative advertising appeals to people (harder today)
▪ Control → where it runs, when it runs
o Cons:
▪ Credibility
▪ Clutter
➢ 2. Promotion→ marketing that provides incentives to salesforce to increase sales (sales
accelerator)
o Pros:
▪ Effects can be determined quickly (tracking who uses coupons/when)
o Cons:
▪ Cannot rely solely on this (only short-term performance)
▪ People only buy from you when doing deals
➢ 3. Direct Marketing→ when companies talk to customers (people like to buy direct)
o Pros:
▪ Easy and direct
o Cons:
▪ Consumers hate phone calls,
➢ 4. Online
o pros:
▪ pinpoint targeting
▪ people visiting a site are more involved
▪ great for back and fourth between company and prospect
▪ way for people to communicate faster
o cons:
▪ not a mass medium—soe people still do’t hae aess, soe do’t
have credit card
▪ aers ad uttos do’t ork as ell
➢ 5. Public Relations→ process of creating an action plan based on what people think of
your company
o helps spin publicity
➢ 6. Publicity→ free, no control over whether its good or bad
➢ 7. Personal selling → one on one can help, but very expensive due to lack of sales (cost
per contact),
o a’t reah large audiees
o takes time to customize messages
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Used to mainly be advertising and promotion. Now added direct marketing, online, more publicity. All tactics look and sound alike: every medium, way to reach a consumer, etc. needs to be the same in that the brand look and messages is consistent. **many companies only do about 4 out of the 7. (1) marketing dollars are shifting: when budgeting to market to customers, the amounts are drifting towards new ways to advertise (shifting away from conventional media) (2) advertising is a lesser part of the marketing mix: things are changing, ex. Newspapers are not as popular: shifting to more targeted alternatives, able to reach people through new niches, was(cid:374)"t possi(cid:271)le (cid:271)efore digital (cid:449)as arou(cid:374)d. (3) power has shifted from manufacturers to retailers: ex. Nestle largest food and coffee company: the retailers are in charge (basically only walmart and target) and amazon, e(cid:454). Wal(cid:373)art (cid:449)ould(cid:374)"t a(cid:272)(cid:272)ept a soap (cid:271)ra(cid:374)d de(cid:449) to the hea(cid:448)(cid:455) plasti(cid:272) pa(cid:272)kagi(cid:374)g.
