Impacts of Advertising Market Share Market share is key metric that helps firms evaluate demand in their market and can be influenced by PR and marketing campaigns. LEARNING OBJECTIVES Discuss how companies use market share as a key indicator and tool to increase market competitiveness KEY TAKEAWAYS Key Points Market Share metrics, a desired asset among competing firms, enable firms to judge not only total market growth or decline, but… Read More »Impacts of Advertising

Product Advertising The stage of the Product Life Cycle (PLC) often determines the type of advertising that is used by advertisers for a particular product. LEARNING OBJECTIVES Define pioneering, competitive, and comparative advertising KEY TAKEAWAYS Key Points Pioneering advertising is heavily used in the introductory stage of product life cycle when a new product is launched. The goal of using competitive advertising is to influence demand for a specific brand.… Read More »Product Advertising

Types of Advertising Corporate Advertising Advertising designed to win an audience over to a specific point of view is called institutional or corporate advertising. LEARNING OBJECTIVES Distinguish between product-oriented advertising and corporate or institutional advertising techniques KEY TAKEAWAYS Key Points Institutional advertising use the same approaches and techniques that apply to product -oriented advertising: image, branding techniques, clear messaging, a call to action, and selling benefits as opposed to features.… Read More »Types of Advertising

The Growing Importance of Word of Mouth Because of the increased role of sharing – or online “word of mouth” – the way many products and services are marketed has changed. LEARNING OBJECTIVES Define the growing role of word-of-mouth in integrated marketing communications KEY TAKEAWAYS Key Points Marketing was once seen as a one way relationship, with firms broadcasting their offerings and value proposition. The goal of an organization is… Read More »The Growing Importance of Word of Mouth

Measuring Success Continuous monitoring of performance against predetermined targets is essential in achieving effective & efficient integrated marketing communications. LEARNING OBJECTIVES List the most important analyses used to measure marketing performance KEY TAKEAWAYS Key Points It is important to put both quantities and timescales into marketing strategies. The most important elements of marketing performance include sales analysis, market share analysis, expense analysis, and financial analysis. Indirect measures like market research,… Read More »Measuring Success : most important analyses used to measure marketing performance

Determining a Budget Marketing budgets aid in the planning of operations by forcing managers to prioritize activities and consider how conditions may change. LEARNING OBJECTIVES Explain how the components of IMC influence the allocation of funds for a marketing budget KEY TAKEAWAYS Key Points Budgeting also helps coordinate the activities of the organization by compelling managers to examine relationships between their own operation and those of other departments. Two big… Read More »IMC Budget: Marketing budgets aid in the planning of operations

Integrated Marketing Communications Setting Goals The ultimate goal of IMC is to unite all aspects of marketing communications so they work together seamlessly and harmoniously. LEARNING OBJECTIVES State the most common goals of integrated marketing communications campaigns KEY TAKEAWAYS Key Points Integrated Marketing Communication (IMC) is an approach to brand communications where the different modes work together to create a seamless experience for the customer and are presented with a… Read More »State the most common goals of integrated marketing communications campaigns

Trade vs. Consumer Promotions Trade promotions are targeted toward retailers while consumer promotions are targeted toward consumers. LEARNING OBJECTIVES Differentiate between trade and consumer promotions relative to a product’s marketing mix KEY TAKEAWAYS Key Points The purpose of trade promotions is to help companies differentiate a product, increase product visibility, and increase the product purchase rate. The purpose of consumer promotions is to increase brand awareness and market acceptance. There… Read More »Differentiate between trade and consumer promotions relative to a product’s marketing mix

Push and Pull Strategies Push and pull strategies are promotional strategies used to get the product to its target market. LEARNING OBJECTIVES Differentiate between push and pull strategies as part of a product’s promotional mix KEY TAKEAWAYS Key Points A push strategy places the product in front of the customer to make sure the consumer is aware of the existence of the product. This can work well when manufacturers have… Read More »Push and pull strategies are promotional strategies

Types of Buying Decisions Different types of buying decisions can involve logical, impulsive, and emotional motivations. LEARNING OBJECTIVES Distinguish between a consumer and business buying decision KEY TAKEAWAYS Key Points Buying decisions are based on buying behavior. Consumer behavior and business behavior can differ because their buying processes are different. Consumers will often buy on emotion or impulse whereas businesses will buy based on need. The type of buying decision… Read More »Different types of buying decisions