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Launch your PollEV session: Text : UWMBUSINESS to 37607

Launch your PollEV session: Text : UWMBUSINESS to 37607. *Text LEAVE at the end of class*. Alternate #: (747) 444-3548. Test 3. Class average = 75.5% 90 – 100 = 21.2% 80 – 89 = 20% 79 & below = 58.8%. Breakdown:. Done well : zone of tolerance

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Launch your PollEV session: Text : UWMBUSINESS to 37607

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  1. Launch your PollEV session: Text: UWMBUSINESS to 37607 *Text LEAVE at the end of class* Alternate #: (747) 444-3548

  2. Test 3 • Class average = 75.5% • 90 – 100 = 21.2% • 80 – 89 = 20% • 79 & below = 58.8%

  3. Breakdown: • Done well: zone of tolerance • Not so well: services characteristics, plc/doi, basic branding concepts

  4. Don’t forget to WEIGHTyour points 3 best out of 4

  5. Note! • Updated spreadsheet on Monday • On Monday, you can let me know if you plan on doing the final (Pollev) – we’d like to know numbers • I will also be available to answer any end-of-term questions • Final exam: Thursday, 5/16, 8.30am in this lecture hall

  6. The Third ‘P’: Retailing and Omnichannel Marketing “All” Ref: Text, chapter 17

  7. “Hybrid Store”

  8. low price strategy • Consider: • Overall portfolio of goods • VALUE being offered • In relation to other 3P’s • Item to item: compared to average price in the market • Ultimately, a PERCEPTION in consumers’ • minds

  9. The Fourth ‘P’: Integrated Marketing Communications (“IMC”) Ref: Text, chapter 18 (and chapter 19)

  10. In this topic, we will: • Identify the components of the communication process • Explain the four steps in the AIDA model • Describe the various integrative communication channels • Explained the various ways used to allocate the IMC budget • Identify marketing metrics used to measure IMC success

  11. “PRODUCT” (Value) 4th P(Promotion) communicating Value Seller Buyer VALUE

  12. “Promotion*” = Communication** *in Marketing **Persuasive

  13. 4thP: Mediated, Ftf (non-mediated) “PRODUCT” (Value) M E D I A Seller Buyer VALUE

  14. Phone needs a new battery • Walk into an Apple store

  15. 4thP: Mediated, ftf “PRODUCT” (Value) M E D I A Seller Buyer VALUE

  16. Phone needs a new battery • Talk to a live customer service person • via a web chat

  17. Before “media” – the ancient Agora

  18. Integrated Marketing Communications (IMC) “Noise” Sales Promotions

  19. # of times you’re exposed to brand information in a day? • Logos, bumper-stickers, t-shirts, radio, tv, print, billboards, clothes, shoes, packaging, etc., • Text in a number

  20. Noise! 5,000-10,000 Brand Exposures/ day, 3,500+commercial messages

  21. Integrated Marketing Communications (IMC) “Noise” Sales Promotions

  22. IMC • IMC (Integrated marketing communications) represents the promotion P of the 4P’s • Promotion = communication • IMC encompasses a variety of communication disciplines – advertising, personal selling, sales promotion, PR, direct marketing, online marketing – in combination to provide clarity, consistency, and maximum communicative impact.

  23. “The WHOLE is more than the sum of the parts” Communication Synergy

  24. GEICO

  25. Warren Buffett

  26. GEICO

  27. 3 Objectives of their IMC: • Increase awareness of GEICO • Win new customers • Grow the company

  28. “15 minutes….”

  29. “Handing Over” IMC Sales Promotions

  30. Successful IMC?? • High brand recognition • Has become the 2nd largest insurer in the US • Acquired more new customers than any other insurance company • Annual growth rate of 10%+

  31. The Communication Process“General model” • The Sender: the message originates from the sender • The Transmitter: the sender works with the creative department or ad agency (the transmitter) to develop marketing communications • Encoding: converting the sender’s ideas into a message ( verbal, visual, or both). The most important asset of encoding is not what is sent but rather what is received • The Communication Channel: the medium – print, broadcast, the Internet – that carries the message. The media chosen must be appropriate to connect the sender with its desired recipient

  32. The communication process(general model)

  33. The Communication Process • The Receiver: the person who reads, hears, or sees and processes the information contained in the message. Decoding refers to the process by which the receiver interprets the sender’s message • Noise: any interference that stems from competing messages, a lack of clarity in the message, or a flaw in the medium; a problem for all communication channels. If there is a difference between encoding (what the sender intends to say) and decoding (what the receiver hears), it is probably due to noise • Feedback Loop: allows the receiver to communicate with the sender and thereby informs the sender whether the message was received and decoded properly. Can take many forms ( increase in sales, store traffic, complaint, compliment, redemption of a coupon or rebate)

  34. The communication process

  35. The AIDA model • How marketing communications work. • Move consumers stepwise through a series of mental stages. The AIDA model explains these: Awareness  Interest  Desire  Action ( think, feel, do)

  36. The AIDA Model

  37. Awareness • “Brand awareness” refers to a potential customer’s ability to recognize or recall that the brand name is a particular type of retailer or product • Awareness metrics: aided recall, top-of-mind awareness

  38. FLO??

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