Chapter 5+ Holistic Framework + IMC + Fixation On Price

Question 1

Different marketing formats

Answer 1

• advertising
• sales promotion
• public relations
• events and experimental marketing
• direc and interactive marketing
• WOM
• personal selling

Question 2

Integrated marketing communications

Answer 2

Marketing communication tools

Question 3

For a successful IMC campaign 4 components

Answer 3

• integration scope
• integration strategy
• integration modes
• organisational support process

Question 4

Integration scope

Answer 4

the scale at which IMC is implemented at a tactical (short term), functional (long term) or strategic level (cross functional).

Question 5

Integration strategy

Answer 5

Defining and understanding target audience, managing organisational message sources, and leveraging media channel effectively

Question 6

Integration modes

Answer 6

• communication consistency, coherent messages
• communication customisation, tailoring messages to specific segment
• communication interactivity, two dialogue between brand and audience

Question 7

Organisational support process

Answer 7

Internal mechanism such as cross functional coordination, customer database, management support

Question 8

IMC outcomes

Answer 8

• tactical, short term outcomes such as consumer responses
• Intermediate, mig range outcomes like customer info, knowledge, satisfaction
• Strategic, long term, like increased market share, brand equity, profitability

Question 9

Strategic social media marketing

Answer 9

Comprehensive approach how strategic social media marketing can guide organisation

Question 10

4 dimensions of SMM social media marketing

Answer 10

1. Scope (defenders vs. Explorers)
2. Culture (conservatism vs. Modernism)
3. Structure (hierarchies vs. Network)
4. Governance (autocracy vs. Anarchy)

Question 11

1. Scope

Answer 11

• Defenders use social media for one-way communication
• Explorers engage interactively with various stakeholders

Question 12

2. Culture

Answer 12

• Conservatism companies control their messaging
• Modernism embrace transparency, flexibility, openess

Question 13

3. Structure

Answer 13

• Hierarchies, centralised control
• Networks, encourage employee participation, boosting responsiveness and creativity

Question 14

4. Governance

Answer 14

• Autocracy, strict guidelines governance limits employee freedom
• Anarchy, balance control with autonomy, empowering employees to engage freely with customers while maintaining professionalism

Question 15

4 pricing stratégie to shift focus from price

Answer 15

1. Use price structure to clarify your advantage
2. Wilful overpriced to stimulate curiosity
3. Partition prices to highlight over looked benefits
4. Equalise price points to enhance personal relevance

Question 16

1. Use price structure to clarify your advantage

Answer 16

Aligning pricing with key value proposition.
-> effective when customers struggle to see the value of a product compared to competitors, commoditised markets where differentiation is unclear.

Question 17

2. Wilful overpriced to stimulate curiosity

Answer 17

Companies set prices higher than expected to make customers curious about the products added value.
-> useful in luxury market or when launching innovative products, high quality or exclusivity products

Question 18

3. Partition prices to highlight overlooked benefits

Answer 18

Breaking down a price into components to draw attention to specific features (Ryanair)

-> when a product has multiple features or benefit that customers might overlook. Often used in service industries or for complex product bundles

Question 19

4. Equalise price points to enhance personal relevance

Answer 19

Offering a uniform price across variants encourage customers to focus on which option best suits their needs, rather than price (IKEA)

-> effective when customers have different preferences but you want to avoid price-based competition.

Question 20

Why does price matter?

Answer 20

• perception of value: price influence how customers perceive the value of the product
• competitive advantage: price strategy allows companies to differentiate themselves from competitors.
• profitability: price directly affects profit margins.
• market dynamics: price is a flexible tool in response to market conditions like competition, customer demand or cost changes allowing companies to adjust quickly