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Lecture One MKT 6810

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Introduction to Promotions Management and Integrated Marketing ... a variety of communication ... synergy Build Relationships Brand Equity One of the ... – PowerPoint PPT presentation

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Title: Lecture One MKT 6810


1
Lecture OneMKT 6810
  • Introduction to Promotions Management and
    Integrated Marketing Communications (IMC)

2
Key Terms
  • Marketing
  • Set of activities whereby businesses and other
    organizations create transfers of value
    (exchanges) between themselves and their customers
  • Communications
  • Process whereby thoughts are conveyed and meaning
    is shared between individuals or between
    organizations and individuals

3
Marketing Communications
  • What types of communications exist to promote
    their offerings and achieve their financial and
    non-financial objectives?
  • B2B
  • B2C
  • B2NP

4
Integrated Marketing Communications
  • a concept of marketing communications planning
    that recognizes the added value of a
    comprehensive plan that evaluates the strategic
    roles of a variety of communication disciplines -
    for example, general advertising, direct
    response, sales promotion, and public relations-
    and combines these disciplines to provide
    clarity, consistency, and maximum communications
    impact.

Slide 1-1
Irwin/McGraw-Hill
  • The McGraw-Hill Companies, Inc., 1998

5
Marketing Communications
  • Collection of all elements in a brands marketing
    mix that facilitate exchanges by establishing
    shared meaning with the brands customer of
    clients

6
Strategies for IMC
  • Affect Behavior
  • Use all forms of contacts
  • Start with customer
  • Achieve synergy
  • Build Relationships

7
Brand Equity
  • One of the primary objectives of brand and
    category managers if to utilize promotions to
    enhance brand equity
  • Brand equity
  • New products would be perceived as on a level
    playing field with existing brands in the
    marketplace as well as other products of the firm
  • Most IMC focuses on brand level

8
Importance of Brand Loyalty vs. Equity
  • While marketers have long viewed brands as
    assets, the real asset is brand loyalty. A brand
    is not an asset. Brand loyalty is the asset.
    Without the loyalty of its customers a brand is
    merely a trademark, an ownable, identifiable
    symbol with little value. With the loyalty of
    its customers, a brand is more than a trademark.

9
Importance of Brand Loyalty
  • A trademark identifies a product, a service, a
    corporation. A brand identifies a promise. A
    strong brand is a trustworthy, relevant,
    distinctive promise. It is more than a
    trademark. It is a trustmark of enormous value.
    Creating and increasing brand loyalty results in
    a corresponding increase in the value of the
    trustmark.

10
Valuable Brands in the Market
  • Coca-Cola
  • Marlboro
  • IBM
  • Motorola
  • HP
  • GE
  • Levis

11
Brand Concept Management (BCM)
  • Brand concept
  • The specific meaning that managers create and
    communicate to the TM
  • Introduce
  • Utilize advertising and promotions to yield
    awareness and familiarity
  • Fortify
  • Reinforce the image and connections in consumers
    minds
  • Elaborate
  • Build and expand to other products

12
BCM
  • Focuses on three basic consumer needs
  • Functional needs
  • Provide solutions to consumers problems through
    product attributes
  • Symbolic needs
  • Psychological desires addressed
  • Group membership
  • Affiliation, belongingness (think Maslow)
  • Experiential Needs
  • Sensory pleasures addressed as well as cognitive
    and hedonic consumption

13
Elements of the Promotions Mix
  • Advertising
  • Sales Promotion
  • Publicity/PR Management
  • Personal Selling
  • Direct Marketing

14
Advertising
  • Paid
  • Identifiable Sponsor
  • Mass Media
  • Inform or Persuade

15
Sales Promotion
  • Incentive or extra value to encourage the
    consumer to act in a certain fashion.
  • Trade-oriented and consumer oriented
  • Examples coupons, sweepstakes, trade shows,
    rebates, free samples

16
Publicity
  • nonpersonal communication regarding the
    organization, product, service or idea that is
    not directly paid for nor run under identified
    sponsorship, usually coming from a news story,
    editorial, or announcement about an organization
    or its products and services

17
Public Relations
  • the management function which evaluates public
    attitudes, identifies the policies and procedures
    of an individual or organization with the public
    interest, and executes a program of action to
    earn public understanding and acceptance.

18
Personal Selling
  • involves the direct contact between the buyer and
    seller in which the seller attempts to persuade
    and assist the prospective customers to purchase
    the companys products or service or to act on an
    idea.

19
Direct Marketing
  • Communication delivered directly to the consumer
    to generate a response or a transaction
  • Direct mail
  • catalogs, specialty promos
  • Telemarketing
  • Direct selling
  • Direct response advertising

20
Trends in IMC
  • Reduced Dependence in Mass Media Advertising
  • Increased Reliance on Highly Targeted
    Communications Methods
  • Greater Demands Imposed on Marketing
    Communications Suppliers
  • Increased Efforts to Assess Communications ROI
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