IMC Plans
The sum of every experience that consumer has with both the product and company that makes the product.
(What is) brand value?
Focus Groups, Interviews, Surveys, Experiments, Test Markets
(What is) primary data?
Strengths, Weaknesses, Opportunities, Threats
(What is) SWOT analysis?
Segmentation based on vital population statistics.
(What is) demographic?
Any social entity in a social graph: a person, a family, an organization.
(What is) a node?
Marketers increasingly focus on an approach in which products and services are designed to meet consumers’ individual needs and wants.
(What is) outside-in approach?
How much revenue one customer can potentially provide over their lifetime.
(What is) customer lifetime value?
What does the target think about the product/service compared to the competition?
(What is) brand positioning?
Segmentation based on mindset or lifestyle characteristics.
(What is) psychographic?
Resources inherent in social relationships that facilitates collective action.
(What is) social capital?
A synopsis of the product or service and the target audience. It should convey the key benefits to the target audience.
(What is) a creative strategy?
The potential to alter someone’s behavior without nixing any of their options or changing their economic incentives.
(What is) a nudge?
A company’s or product’s reputation in the marketplace.
(What is) brand equity?
Dividing the mass market into subsets of consumers who share common needs, characteristics, or behaviors.
(What is) market segmentation?
Connections that stretch beyond a person's immediate circle of friends and family.
(What is) bridging social capital?
Five qualities of an effective marketing objective.
Specific, Measurable, Achievable, Relevant, and Time-bound
A circumstance in which an individual places a higher value on an object that they already own than the value they would place on that same object if they did not own it.
(What is) the endowment effect?
Five elements of a strong brand positioning statement.
Who the company is
The market category it occupies
What it does
How it substantially differs from its competitors
Why the company matters to critical audiences
Three factors for selecting a target market.
Size and growth
Structural attractiveness
Client’s objectives
Sales, Downloads, Email signups, Contact form submissions, Phone calls
(What is) KPI?
Seven components of an IMC Plan.
Situation analysis (SWOT), Marketing objectives, Marketing strategy, Target market analysis, Creative strategy, Implementation tactics, Evaluation
Define prospect theory and give an example in a marketing context.
Pain from loss is greater than pleasure from gain.
(See slide) Describe the following research design and explain the results.
(A) An image of a Coke can was used to cue the occurrence of Coke. A red or yellow circle (randomized across subjects) predicted the other. Both sodas delivered were Coke.
(B) Coke delivered following an image of a Coke can evoked significantly greater activity in several regions when contrasted against Coke delivered following a neutral flash of light.
Explain the STP Marketing Model.
Segmentation is about IDing the different types of consumers in the market.
Targeting is about finding the right consumers for your product.
Positioning is about the follow-through (i.e., making sure your target customers see the value of your product).
An effective SEO strategy will usually consist of creating entire plans surrounding these three elements.
Content creation
Organic link-building strategies
Technical website optimization