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Chapter 3 Advertising and the Marketing Process
What is Marketing? Planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy the perceived needs, wants, and objectives of the customer and the organization
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Advertising’s Role in Marketing?
Strengths Examples Can reach a mass audience Super Bowl commercials reach 150 million consumers Introduces products Windows 98 was simultaneously introduced in multiple world markets Explains important changes MTN Cellular’s ads explain changes in its technology Reminds and reinforces Pepsi has been advertised continuously for 50 years Persuades Nike campaigns have helped increase sales by 300% during the past decade
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Types of Markets Market Consumer: Business-to-business Institutional
Where goods are sold and bought or Particular type of buyer Consumer: Business-to-business Institutional Reseller
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Approaching the Market
Undifferentiated vs. Segmentation approaches Product differentiation Positioning Attribute Price Ability to surpass the competition Application Product user Product class
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The Marketing Concept and Relationship Marketing
Integrated marketing Relationship marketing
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Four Tools of Marketing
1. Product Branding (brand, name, mark, equity) Packaging Colorful and distinctive Coordinate with image Functional Coordinate with advertising
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Four Tools of Marketing
2. Place: channel of distribution Direct marketing Indirect marketing Cooperative advertising allowances Pull strategy Push strategy Exclusive, selective, intensive
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Four Tools of Marketing
3. Price Customary Pricing Psychological pricing Low prices High prices Changing prices/alternate offerings Price lining Match pricing with advertising
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Four Tools of Marketing
4. Promotion: marketing communications Personal selling Advertising Sales promotion Public relations Direct marketing Point-of-sale/packaging
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Ad Agencies Why hire an ad agency? Why not? Types of agencies
Full-service agencies Specialized agencies Industry-focused agencies Minority agencies Creative boutiques Media buying services Virtual agencies
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How agencies are organized
Ad Agencies How agencies are organized Account management Creative development and production Media planning and buying Account planning and research Internal services How agencies are paid
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