MKT 441 Exam 1 – Study Guide, Practice Questions & Exam Review
Marketing - ✔✔- The activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large.
- Involves an exchange.
Value - ✔✔- Consumer perception of benefits vs cost.
- What you get for what you give.
Marketing Mix - ✔✔- Product, Price, Place, Promotion.
- Use the 4P's to convey value.
What is IMC? - ✔✔- Integrated Marketing Communications.
- Coordinates all activities that communicate with customers.
- Develops a comprehensive plan that:
> Evaluates strategic roles of communication disciplines.
> Combines the disciplines to provide clarity, consistency, and maximum communications
impact.
- Ensures consistent, unified image.
,Approximately, how many ads/logos do people see per day? - ✔✔3,000
Growing Importance of IMC - ✔✔- Identifying most appropriate and effective methods for
communicating and building relationships.
- Develops more efficient and effective marcom programs.
- Takes advantage of synergy among promo tools.
- Adapting to changing media environment.
Adapting to changing media environment - ✔✔- Focus on more targeted media.
- Consumers are less responsive to traditional media.
> By 2020 it is expected that 45% of all media spending will be digital advertising.
Targeted Media example - ✔✔Search something on google and see ads for it on Facebook.
Traditional Media - ✔✔TV, Newspaper, Magazine, Billboards, etc.
Elements of the Promotional Mix - ✔✔Tools that accomplish an organizations communication
objectives:
- Advertising
- Direct Marketing
,- Digital/Internet Marketing
- Sales promotion
- Publicity/public relations
- Personal Selling
Advertising - ✔✔Any paid form of non personal communication:
- About an organization, product, or service.
- With an idea from an identified sponsor.
Non-personal Advertising - ✔✔- Involves mass media.
- Message transmitted to large groups of individuals.
- No opportunity for immediate feedback.
Advantages of Non-personal Advertising - ✔✔- Cost effective way to reach many consumers
- Builds brand equity by influencing consumers' perceptions.
How much does Sunday night football ads cost vs the Super Bowl ads? - ✔✔- Sunday night
football: $600,000
, - Superbowl: $3 million - $4 million
Advertising to Consumer Markets: National Advertising - ✔✔Most ads we see day-to-day are
national advertisements.
Advertising to Consumer Markets: Retail/Local Advertising - ✔✔- Particular location.
- Particular store.
Advertising to Consumer Markets: Primary Demand Advertising - ✔✔- Stimulates demand for
the general product class or entire industry.
- Ex: Got Milk advertising entire milk industry not just one brand.
Advertising to Consumer Markets: Selective Demand Advertising - ✔✔- Creates demand for a
specific company's brands.
- Ex: Nike, Apple, etc.
Advertising to Business & Professional Markets: B2B Advertising - ✔✔- Targets individuals who
purchase industrial goods or services for their companies.
- Buying on behalf of your company.
- Usually fact based.
Marketing - ✔✔- The activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large.
- Involves an exchange.
Value - ✔✔- Consumer perception of benefits vs cost.
- What you get for what you give.
Marketing Mix - ✔✔- Product, Price, Place, Promotion.
- Use the 4P's to convey value.
What is IMC? - ✔✔- Integrated Marketing Communications.
- Coordinates all activities that communicate with customers.
- Develops a comprehensive plan that:
> Evaluates strategic roles of communication disciplines.
> Combines the disciplines to provide clarity, consistency, and maximum communications
impact.
- Ensures consistent, unified image.
,Approximately, how many ads/logos do people see per day? - ✔✔3,000
Growing Importance of IMC - ✔✔- Identifying most appropriate and effective methods for
communicating and building relationships.
- Develops more efficient and effective marcom programs.
- Takes advantage of synergy among promo tools.
- Adapting to changing media environment.
Adapting to changing media environment - ✔✔- Focus on more targeted media.
- Consumers are less responsive to traditional media.
> By 2020 it is expected that 45% of all media spending will be digital advertising.
Targeted Media example - ✔✔Search something on google and see ads for it on Facebook.
Traditional Media - ✔✔TV, Newspaper, Magazine, Billboards, etc.
Elements of the Promotional Mix - ✔✔Tools that accomplish an organizations communication
objectives:
- Advertising
- Direct Marketing
,- Digital/Internet Marketing
- Sales promotion
- Publicity/public relations
- Personal Selling
Advertising - ✔✔Any paid form of non personal communication:
- About an organization, product, or service.
- With an idea from an identified sponsor.
Non-personal Advertising - ✔✔- Involves mass media.
- Message transmitted to large groups of individuals.
- No opportunity for immediate feedback.
Advantages of Non-personal Advertising - ✔✔- Cost effective way to reach many consumers
- Builds brand equity by influencing consumers' perceptions.
How much does Sunday night football ads cost vs the Super Bowl ads? - ✔✔- Sunday night
football: $600,000
, - Superbowl: $3 million - $4 million
Advertising to Consumer Markets: National Advertising - ✔✔Most ads we see day-to-day are
national advertisements.
Advertising to Consumer Markets: Retail/Local Advertising - ✔✔- Particular location.
- Particular store.
Advertising to Consumer Markets: Primary Demand Advertising - ✔✔- Stimulates demand for
the general product class or entire industry.
- Ex: Got Milk advertising entire milk industry not just one brand.
Advertising to Consumer Markets: Selective Demand Advertising - ✔✔- Creates demand for a
specific company's brands.
- Ex: Nike, Apple, etc.
Advertising to Business & Professional Markets: B2B Advertising - ✔✔- Targets individuals who
purchase industrial goods or services for their companies.
- Buying on behalf of your company.
- Usually fact based.
