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McGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 17-1 Mkt 340/Principles of Advertising Class 2

Transcript of McGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 17-1 Mkt...

Page 1: McGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 17-1 Mkt 340/Principles of Advertising Class 2.

McGraw-Hill/Irwin

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17-1

Mkt 340/Principles of Advertising

Class 2

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The Marketing Concept

Coordinating the total resources of an organization

Toward the identification and satisfaction of customer needs and wants

In a way planned to enhance profits and/or success.

“Find (or create) a need and fill it (at a profit).

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Marketing involves stimulating and managing exchanges.

The Marketer -- The Initiator

The Thing Offered -- Value/Benefit

The Target Market -- The Receiver

Pric

e

The Marketing Exchange Model

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Difference between Marketing and Selling

Selling is Self-Focused> producing a product and then trying to persuade

customers to purchase it -- in effect, trying to alter consumer demand. It is internally focused.

Marketing is Customer-Focused> determining customer wants and then developing

a product to satisfy that need and still yield a satisfactory profit. It is externally focused.

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Selling vs. Marketing

CustomersCustomers PromotionMessage

MediaProduct

ProductProductPromotion

MessageMedia

Customers

Selling: Self-Focused

Marketing: Customer-Focused

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Recent Refinements of the Marketing Concept

Quality> Quality is defined by customers.> TQM - Total Quality Management.> ROQ - Return on Quality analysis.

Relationships> An attempt to build personal, long-term bonds

with customers.> Relationship marketing has expanded to

include all groups an organization interact with: suppliers, employees, unions, government, and even competitors.

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Recent Refinements of the Marketing Concept (Con’t.):

Mass Customization> An attempt to provide affordable products

customized to come as close as possible to meeting the needs of individual customers.

> This is made possible because of advances in information and production technology.

Value Creation> An attempt to assess what customers value

in a product.> Value means more than money to customers.> Value is a concept unique to each individual.

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Return on Marketing Investment> Traditionally, the cost of marketing has been

treated as an expense.> Since marketing can represent at least 50%

of all corporate costs, it is now being looked at as an investment.

Societal Marketing Concept> Does the Marketing Concept conflict with the

best interests of society?> Involves broadly defining customer and

taking a long-term view of customers satisfaction.

Recent Refinements of the Marketing Concept(Con’t.):

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Step OneThe Target Market -- Needs, Wants, Expectations

Step TwoThe Positioning -- The Story

Brand Image & Competitive Advantage

Step Three“The 4 P’s”

Product ---- Price ---- Place ---- Promotion

The Marketing Mix

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Promotion is the component of a firm’s marketing mix that informs, persuades, and reminds the market regarding the firm and/or its products.

It includes all the means by which a company communicates with customers.

Persuasion means to influence feelings, beliefs, or behavior.> It is an attempt to shift or change the demand curve

for a firm’s goods or services.

Promotion versus Marketing

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The Promotion Mix Components

Advertising Public Publicity Personal SalesRelations Selling Promotions

Name some Promotion Mix Objectives.> Increase sales, votes, desired behaviors, etc.> Create awareness, preference, loyalty> Identify prospects (sales leads)> Encourage/discourage trial, retrial> Recruit and support middlemen and sales dpt.> Hurt competitors

Promotion/Communications Mix

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How Does Promotion Mix Persuade?

Each component

> Provides awareness

> Provides information

> Differentiates the product from competition

> Makes the perceived value = price

> Reduces cognitive dissonance

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Promotion Mix Components Defined

Advertising: Any paid-for type of non-personal communication by an identified sponsor. > Business-to-Consumer vs. Business-to-Business> Product vs. Corporate vs. Institutional> Local vs. Regional vs. National vs. International> Indirect Response vs. Direct response

Public relations: A planned communication effort intended to make the firm appear as a good corporate citizen.

Publicity: A special form of public relations that involves creating positive newsworthy stories about an firm and/or its products.> News releases, featured articles and video segments> Press conferences> Product placement in movies and TV

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Promotion Mix Components Defined

(continued) Personal selling: The direct presentation of a

product to a prospective customer by a representative of the selling organization.

Sales promotion: Demand-stimulating activity designed to supplement advertising and facilitate personal selling.

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Integrated Marketing Communications (IMC)

The promotional mix components are coordinated in a strategy called Integrated Marketing Communications (IMC) – Also called a Campaign.

When designing the IMC effort, five things should be considered:> The Target Audience> The Promotional Objective> The Nature of the Product> Stage in the Product’s Life Cycle> Funds Available for Promotion

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ExerciseAdvertising - Public Relations -

Publicity - Personal Selling - Sales Promotions

How would you classify the following:> McDonald’s uses billboards to promote its

free fries with a Big Mac purchase.> A Honda salesperson calls you about a new

model that coming out soon.> Channel 5 news has a story about Energizer

Battery’s new ad campaign. It features a commercial with the Energizer rabbit.

> Quaker Oats mails a 50 cents-off coupons to 500,000 homes in L.A. county.

> Kool-Aid donates two cases to a little league baseball team to use in a fundraiser.


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