Summary: Introduction To Marketing

Read the summary and the most important questions on Introduction to Marketing

• Lecture 2 - The Marketing Environment

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• What does SOSTAC stand for?

  Situation (macro, micro and internal environment, summed up in SWOT)
  Objectives (what you need to achieve)
  Strategy (how you're going to achieve your objectives)
  Tactics (how you're delivering your strategy (7Ps))
  Actions (when/where you're going to deliver your tactics)
  Controls (how you're going to ensure that everything works)

• What is environmental scanning?

  The process of gathering information about events and their relationships within an organisation's internal and external environments. 
  
  This helps management determine the future direction of the organisation.

• Lecture 3 - Marketing Communications

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• What is a marketing communications channel?

  A medium through which marketers can convey messages about their product or service to their target audience. Includes television, social media, newspapers, etc.

• Define integrated marketing communications.

  Making sure that every element of the promotional mix is complementary to the others in order to avoid mixed messages and strengthen the brand.

• What are the overarching objectives of a promotional campaign?

  - Differentiate
  - Remind/reassure
  - Inform
  - Persuade

• Define the communication strategies push, pull and profile.

  Push: pushing products; sending your message down a distribution channel.
  
  Pull: promote your product directly to the consumers to get them to come into stores or go online and purchase your products.
  
  Profile: all about building reputation. Communicating simultaneously with wholesaler and retailer to give your product a grand reputation.

• List all of the words in the AIDA model.

  - Awareness (build it)
  - Interest (stimulate it)
  - Desire (stimulate this, too)  
  - Action (encourage your target audience to take it)

• What steps need to be taken to ensure effective communication of your message regarding your product?

  1. Identify the target audience
  2. Determine communication objectives
  3. Design your message (AIDA framework)
  4. Choose media appropriate for your target audience
  5. Personal communication channels
  6. Selecting the message source
  7. Collect feedback

• What are the 4 Cs making up the 4 Cs Framework? What is their use?

  - Cost
  - Control
  - Credibility
  - Communication effectiveness
  
  All Cs must be considered when deciding which elements of the marketing communications mix should be used.

• Lecture 4 - Consumer Behaviour

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• List the buyer characteristics that influence a customer's decision to buy a product.

  - Knowledge
  - Lifestyle
  - Attitudes
  - Motivation
  - Perceptions
  - Personality