Double spaced, 12 point font, a minimum of 10 total pages including charts, graphs, tables of evidence, and outside examples of how companies might be using the theory behind the question. List question, then answer.
Here is some insight:
Question 1 All Marketers are Liars….spoke about this in Lecture 6 and u can find more info online, by Google Searching A;; Marketers are Liars by Seth Godin. https://youtu.be/vrJY85dBJLc
Question 2: Importance of target market defining. Lecture 2 and Power point on Segmentation.
Question 3: Elements of good social media promotion….was an online assignment.
Question 4: AIDA definition and Use. In Lecture Video and an online assignment.
Question 5. Five things u have learnedIBM 307
Mid Term Progress Report
List question, then the answer
Double spaced
Min of 2 pages per question, inc. charts, graphs, examples
Hard copy only – due May 3rd
Question1:
There’s a saying that goes, All Marketers are Liars. Take a position as to whether or not you think this is true and back it up with specific examples.
Question 2:
Why is defining the target market so critical to advertising and promotional success? Provide a real world example of a defined target market.
Question 3:
What are some of the keys to a Good Social Media Promotion. Provide 3 examples of excellent SM promos.
Question 4:
AIDA is the tried and true acronym that defines success in advertising. What does it stand for? Provide 2 examples of ads that follow this prescription for advertising success.
Question 5:
List at least 4 things you have learned so far in class and provide examples of their application in the real world.SEGMENT
&
TARGET
Marketing Strategy
© GW Arends. All Rights Reserved. Posting on the internet is a violation of copyright.
4-2
F I G U R E
Review: The IMC Planning Process
Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 4-3
Customers/Consumers
The IMC Planning Process
• Current customers
• Former customers
• Potential new customers
• Competitors’ customers
• Who buys? Who uses?
How & Why?
4-4
• Identify major competitors.
• Identify communication strategies and
tactics of each competitor.
Sources of information
• Primary research
• Secondary data
Competition
The IMC Planning Process
Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 4-5
• Company communications
• Industry communications
• Competitor communications
Communications
The IMC Planning Process
Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 4-6
Target Markets
• Selection of target markets
• Market segmentation approaches
• Product positioning strategies
Criteria for Effective Targeting
Identifiable Sizeable
Stable Accessible
Congruent with the
company’s objectives
and resources
Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall 7Chapter Three Slide
Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 4-8
• Demographics
• www.census.gov
• Psychographics
• Generations
• Geographic
• Geodemographics
• Benefits
• Usage
F I G U R E
Methods of Segmenting Consumer Markets
http://www.census.gov/
Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 4-9
Psychographic Segmentation
• Describe consumers
• AIO measures
• Activities
• Interests
• Opinions
• Combined with demographic profiles
Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 4-10
VALS
Psychographic Segmentation
• Innovators – successful, sophisticated – upscale products
• Thinkers – educated, conservative, practical – durability, value
• Achievers – goal-oriented, conservative, career, and family
• Experiencers – young, enthusiastic, impulsive, fashion, social
• Believers – conservative, conventional, traditional
• Strivers – trendy, fun-loving, peers important
• Makers – self-sufficient, respect authority, not materialistic
• Survivors – safety, security, focus on needs, price
Take the VALS Survey to find out your classification:
http://www.strategicbusinessinsights.com/vals/presurvey.shtml
http://www.strategicbusinessinsights.com/vals/presurvey.shtml
What Is Shown or Stated in This Ad That Is
Designed to Attract Consumers to This New
Product?
12
12Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall
Chapter Fourteen
Slide
Segment by Adoption Group
Post-Millennials / Generation Z: 1996 (?) to Present…..
4-13
Characteristics of Generation Segments
Name of Segment Year of Birth Characteristics
Millennials 1978-2002 Spend money on clothes, MARK4210, 2014 Spring, L1/L2
MARK4210: Strategic Marketing
2014 Spring, Section L1/L2
[Class #18]
Promotion Strategies
2
MARK4210, 2014 Spring, L1/L2
Communicating
Promotion
Communicating
value
Creating
Value
Product Price
Capturing
value
Distribution
Delivering
value
The Role of Promotion
Inform, persuade & remind the market about the
organization and/or its products
3
MARK4210, 2014 Spring, L1/L2
Promotional Mix Elements
Element Description
Personal
selling
Presenting a product to a prospective customer by a
firm’s sales representative, usually face-to-face; often
used for ‘purchasing’ intermediaries
Advertising
Paid, non-personal mass communication, in which the
sponsor is clearly identified; often used for end-users
Sales
promotion
Demand-stimulating activity designed to supplement
advertising and complement personal selling
Direct
Marketing
Directly selling goods to consumers rather than via
retailers – usually by direct-mail, telephone selling, or
the internet
Public
Relations
Planned communication effort by an organisation to
contribute to generally favourable attitudes and opinions
toward an organisation and its products
Source: Essential Marketing Skills, Peter Rix, McGraw Hill Australia
4
MARK4210, 2014 Spring, L1/L2
Promotional Mix Elements (2)
Source: Integrated Marketing Communications and Direct Marketing, Kerin, Hartley, Rudelius, McGraw-Hill
5
MARK4210, 2014 Spring, L1/L2
9-5
Choosing the Right Promotional
Element – Considerations (1)
1. The target market
Household versus business customers
Number and concentration of customers
Determine customer’s readiness to buy (stage of
purchase behavior): Awareness Knowledge
Liking Preference Conviction Purchase
Sources: Essential Marketing Skills, Peter Rix, McGraw Hill Australia; Strategic Marketing Asia Edition, Jain & Haley, Cengage Learning, 2009
6
MARK4210, 2014 Spring, L1/L2
9-5
Choosing the Right Promotional
Element – Considerations (2)
2. The nature of the product
Durable versus non-durable
Unit value of the product (purchase amount)
Amount of product customization
Amount of pre-sale and post-sale service required
Perceived risks
Sources: Essential Marketing Skills, Peter Rix, McGraw Hill Australia; Strategic Marketing Asia Edition, Jain & Haley, Cengage Learning, 2009
7
MARK4210, 2014 Spring, L1/L2
9-5
Choosing the Right Promotional
Element – Considerations (3)
3. The stage of the product’s life cycle
Market share
Industry concentration
Intensity of competition
Product demand
4. Budget
Sources: Essential Marketing Skills, Peter Rix, McGraw Hill Australia; Strategic Marketing Asia Edition, Jain & Haley, Cengage Learning, 2009
8
MARK4210, 2014 Spring, L1/L2
Choosing the Right Promotional Mix
– Consumer Purchase Decision
PRE-PURCHASE
AdvertisingPromotion Strategies
Promotion (Marketing Communications) Mix
� Advertising
� any paid form of nonpersonal presentation of ideas, goods or
services by an identified sponsor
� Personal Selling
� a paid form of personal presentation of ideas, goods or
services by an identified sponsor
� Publicity
� any unpaid form of nonpersonal presentation of ideas, goods
or services
� Sales Promotion
� an activity and/or material that acts as a direct inducement,
offering added value or incentive for the product, to
resellers, consumers or employees
Promotional Elements Used in IMC
Promotion-Expenditure Strategy
� Percentage-of-Sales
� Per-Unit Expenditure
� All You Can Afford
� Competitive Parity
� Research Approach
� Objective and Task
Promotion Mix Strategy
� Several factors affect the promotional mix:
� Nature of the Product
� Stage in the PLC
� Target of the Promotion
� Promotion Budget
� Nature of the Competition
� Marketing mix factors
Advertising Campaign Strategy
1. Identify and analyze the target market
2. Define advertising objectives
A. Specific, obtainable, measurable
B. Communication and sales
3. Create the advertising platform
4. Determine the advertising appropriation
5. Develop the media plan
A. Type of media
B. Specific vehicles
C. Reach and frequency
D. Message content
Advertising Campaign Strategy – Continued
6. Create the advertising message
A. Consider type of media and platform
B. Copy and artwork
7. Execute the advertising campaign
8. Evaluate the effectiveness of the advertising
A. Extent of reaching objectives
B. Testing procedures
Spending on National Advertising:
2003 Projections
Top Ten Fortune 500 Online Advertisers
Top Ten Web Properties
Hosting Online Advertising
Publicity Strategy
1. Types
A. Press release
B. Feature article
C. Captioned photograph
D. Press conference
E. Letters to editor/editorials
F. Films/tapes/videos
2. Requirements
3. Limitations
Sales Promotion Strategy
� Objectives
� Resellers
� Consumers
� Employees
� Use with other mix elements
� Sales promotion can not:
� generate long-term buyer commitment
� stop (except temporarily) declining sales
� compensate for lack of advertising or sales support
� convince buyers to purchase an unacceptable product
Personal Selling Strategy
� The Sales Process
� Sales Strategy
� account targeting strategy
� relationship strategy
� selling strategy
� sales channel strategy
� Sales Management StrategyMarketing Plan
1. Start with a section for defined “Goals and Objectives.” Limit the number of goals and objectives and the number of words to keep it short and manageable.
2. Create a time line in the next section. This is where to list a proposed start and end date, and benchmark dates in between for product introductions, holidays and other marketing campaigns, as well as dates when evaluation sessions will take place.
3. Add a section for the detailed description of the “Target Market.” This should contain summaries describing the target customer, age, income, location, buying habits and needs. Any lengthy supporting documents can be attached in an “Addendum” section or provided separately.
4. Continue with a section describing “Strategies” to be used to attract your target customer, including new product features, strategic agreements with other companies, and promotions.
5. Finish the marketing plan template with a “Budget” section that includes the cost of promotions, marketing materials, events and an estimate of the revenues that will be generated from these activities.
Promotional Plan
1. Insert the “Promotional Plan” in the marketing plan after the “Strategies” section or present it as a stand-alone document. Again, control the length of this plan by placing supporting documents in an “Addendum” section.
2. List planned media buys, placement details, their dates and costs in the “Advertising” section. Include marketing messages to be used, promotional copy, keywords, and prepared graphics or story boards shown in abbreviated form, with full documents attached in the Addendum or as separate documents.
3. List any brochures or other marketing documents in the “Marketing Collateral” section. Keep graphic representations small with attachments in Addendum or provided separately.
4. List promotional events, their dates and projected costs in the “Events” section. Include trade show booths, speaking engagements, in-house promotional events, product launch events, and holiday and clearance sales. Summarize the goals of these events and the marketing messages they are expected to convey, with supporting documents in the Addendum or separately provided.Predictive Analytics – An overview
Agenda
Introduction to Big Data.
What is Analytics?
Overview of Predictive
Analytics
Techniques.
Business Applications
of Predictive Analytics.
Predictive Analytics Tools in Market.
What is Predictive Analytics?
Predictive analytics is the practice of extracting insights from the existing
data set with the help data mining, statistical modeling and machine learning techniques and using it to predict unobserved/unknown events.
Identifying
cause-effect
relationships
across
the
variables
from
the
historical data.
Discovering hidden insights and patterns with
techniques.
the
help of data mining
Apply observed patterns to unknowns in the Past, Present or Future.
Things That Happen On Internet Every Sixty Seconds
Things That Happen Every Sixty Seconds
The 5 V’s of Big Data
“Big data is high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making.”
What is Analytics?
Data Analysis: OSEMN Process
OSEMN is an acronym that rhymes with “awesome”
Obtain Data
Scrub Data
Explore Data
Model Data
iNterpret Results
Predictive Analytics Process Cycle
Common Predictive Analytics Methods
•
Regression:
Predicting output variable using its cause-effect relationship with input variables. OLS Regression, GLM, Random forests, ANN etc.
•
Classification:
Predicting the item class. Decision Tree, Logistic Regression, ANN, SVM, Naïve Bayes classifier etc.
•
Time Series Forecasting:
Predicting future time events given past history. AR, MA, ARIMA, Triple Exponential Smoothing, Holt-Winters etc.
Common Predictive Analytics Methods
(Contd.)
•
Association rule mining:
Mining items occurring together.
•
Clustering:
Finding natural groups or clusters in the data. K-means, Hierarchical,
Spectral, Density based EM algorithm Clustering etc.
•
Text mining:
Model and structure the information content of textual sources.
Business Applications
Multi-channel
of
Predictive
Analytics
Renewable
Energy
Smarter Healthcare
Finance
sales
Factory Failures
Telecom
Traffic Control
Spam Filters
Fraud and Risk
Retail: Churn
Manufacturing
Trading Analytics
Business Applications (Contd.)
•
Supply Chain:
Simulate and optimize supply chain flows to reduce inventory.
•
Customer Profiling:
Identify high valued customers and retain their loyalty.
•
Pricing:
Identify the optimal price which will increase net profit.
•
Human Resources:
Best Employees selection for particular tasks at optimal compensation. Employee churn retention.
Business Applications (Contd.)
•
Renewable Energy:
Energy forecasting, electricity price forecasting, Predictive
Maintenance, Operational cost minimization.
•
Financial Services:
Approval of credit cards/ loan applications based on credit scoring
models, Options pricing, Risk analysis etc.
•
E-CommerceMARKETING MANAGEMENT
Presented By: HAZEL R. TANILON
“A name, logo, or symbol that
evokes in customers a perception of
added value for which they will pay
a premium price.”
John Torella, J.C. Winters Group, Toronto
“A product with a personality.”
Chris Staples, Rethink, Vancouver
Marketing communications in any form has an impact
on customers’ perceptions.
What is a brand ?
Branding is a combined effort of the company which is projected to
the consumer.
Company
Brand
Consumer
Marketing
Design
(1) Products and services have become so alike that they fail to
distinguish themselves by their quality, efficacy, reliability, assurance
and care. Brands add emotion and trust to these products and services,
thus providing clues that simplify consumers’ choice.
(2) These added emotions and trust help create a relationship between
brands and consumers, which ensures consumers’ loyalty to the brands.
(3) Brands create aspirational lifestyles based on these consumer
relationships. Associating oneself with a brand transfers these lifestyles
onto consumers.
(4) The branded lifestyles extol values over and above the brands’
product or service category that allow the brands to be extended into
other product and service categories. Thus saving companies the
trouble and costs of developing new brands, while entering new
lucrative markets.
(5) The combination of emotions, relationships, lifestyles and values
allows brand owners to charge a price premium for their products and
services, which otherwise are barely distinguishable from generics.
What is a brand ?
“The degree of consumer attachment
to a brand.”
Recognition
Preference
Insistence
Awareness of name,
benefit and package
Is useful, consumer will
buy if available…evoked
set
Will search for; must have
Identify the maker
Simplify product handling
Organize accounting
Signify quality
Create barriers to entry
Serve as a competitive advantage
Secure price premium
Branding is endowing
products and services with
the power of the brand
Brand equity is the added value
endowed on products and
services, which may be reflected
in the way consumers, think, feel
and act with respect to the brand.
Improved perceptions of product
Greater loyalty
Less vulnerability to competitive marketing actions
Less vulnerability to crises
Larger margins
More inelastic
Greater trade cooperation
Increase marketing communications effectiveness
Possible licensing opportunities
A brand promise is the
marketer’s vision of what the
brand must be and do for
consumers
Company
Product A
Product B
Product Packaging
Websites
Advertisements
A brand is a promise. A promise to achieve certain results, deliver a
certain experience, or act in a certain way. A promise that is conveyed
by everything people see, hear, touch, taste or smell about your
business.
logo
Integrity of Brand
Brand elements
3. AIDA, A is a stands for attention, get their attention, I stands for create interest. D stands for creating intense desire. And then the last A is a call to action, make the customer do something. So when you’re writing an advertisement, or to keep it simple, a classified ad, which is only used really in magazines, and newspapers, which today doesn’t really work that well. But that’s recall that says the easiest way to understand this, this concept called AIDA is for you to write a classified ad. So that’s going to be one of the assignments this week. So your headline should be attention getting, you have three seconds to capture, the reader, the listener, the viewer, etc, when it comes to any sort of advertising medium. So your headline, your tagline has to be attention getting Got Milk, for example, that’s a perfect one.
The second line needs to create interest. So you have to get them interested enough to go to that third line, or to continue viewing, listening or reading your particular ad. So line two creates interest, tell them something that’s going to make them excited enough to go to the third line.
The third line should create intense desire through mystery and intrigue. Things like learn the secrets have learned something you didn’t know about, right? That sort of thing.
And then the fourth line is the call to action. And the call to action should tell the customer to do something, log on to this, go to this, use this QR code scan with your phone, call this 800 number something to that effect. So that is going to be part of your weekly assignments. is social media in order for social media promotions to be successful.
4. There’s about four or five keys that you have to follow in order to make a social promo work. key number one is you should post three times. A week across at least two to three platforms. So whether it’s instagram, facebook, if it’s an older demographic that sort of thing. You should post three times a week minimally. And again across a few platforms. You could use a social media, promoting calendar or HotSpot Or a few others out there that you could actually link up to where you post one thing and it’ll upload Sit across all yours Social media. If you want to be lazy and do one promotion. Caught across all these different social media platforms. So that’s key number one post, often right post, often three times a week.
And then key number two is you have to post the correct time of day. Always consider the fact that people are only in the morning of going up and they’re going to the gym, and they’re having their coffee and they’re driving to work, and that sort of stuff, and they’re checking their phones. So typically, the times to post social media three times a day would be between six and 7am, then followed by around 2pm, and then followed again, about six to 7:30pm. Again in the evening, you want to catch them after their dinner. So something like that. So don’t be posting at lunchtime. Don’t be post
