The following content for study purpose only on class ALR310 WEEK ONE.
- Explain in your own words what the following sentence means: ‘Value is the customer’s perception of all the benefits of a product or service weighed against all the costs of acquiring and consuming it’.
In my view, the sentence means that a consumer regards the value of a good or a service as a measure between the expenses of consuming or acquiring it against the profit of the same good or service. In other terms, the value of a product according to customers is not just what they see in the product but also a parallel measure against what they forego to acquire it. Customers weigh the product benefits against the costs to know its value.
- What do you think Belch et al. mean by ‘perception’ in the sentence you’ve explained in Question 1? Why might ‘perception’ be an important concept?
Perception according to Belch et al. 2004 means, the way the customers regard or understand the concept of value. Perception is an important concept in this case because advertisers are interested in how customers sense outside information, how the customers choose and pay attention to the various range of information basis, and how the consumers understand the information and give it meaning.
- What reasons do Belch et al. give for the growing importance of relationship marketing?
According to Belch et al. 2004, the first reason why promoters are employing the IMC methodology is that they comprehend the worth of tactically mixing the numerous communication roles relatively than having them performs separately. Belch et al. 2004, further maintains that the decision to incorporated advertising communications also mirrors a version by marketers to different surroundings, mainly concerning customers, know-how, and the press.
- Look closely at the definition and discussion of advertising provided in chapter 1 of the textbook. What have you learned about advertising that you didn’t know before? Why might these new insights be useful?
From the definition and discussion of advertising, it is stated that advertising is a nonpersonal form of communication, meaning it involves mass media. Thus, in advertising, there is no chance of getting immediate responses from the customers. From this have learned that before the advertiser sends his message to the target audience, he/she must think about the way the audience will understand and react to it. This insight is useful in that it cautions companies to be extra careful when advertising their products. A small mistake in the ad can spoil the brand name. Thus the audiences’ understanding and response must be taken into considerations before sending them a message.
- On page 4 of the textbook, a revised definition of advertising is provided: ‘Advertising is a paid, mediated form of communication from an identifiable source, designed to persuade the receiver to take some action, now or in the future.’ (Belch et al., 2012, p.4). What does the phrase ‘mediated form of communication’ mean?
A mediated form of communication, in this case, means a kind of communication aimed at bringing together the company and the consumers. The primary goal of advertising is to inform the consumers about the type of products or services being offered by a company. Therefore, the mediated form of communication is adopted by the media to enable bring the customer and company together. In other ways, the media hiring the advertisement is acting as mediate by trying to convince the consumers of acquiring the products.
- Does a flyer pinned to a notice board in a shop window or other public notice board qualify as advertising? You may assume the flyer is from a local trader promoting a special discount to mark the launch of a new product they are selling. The offer is for a limited time only.
According to Belch et al. 2004, advertising defined as any compensated type of nonpersonal communication regarding business, merchandise, service, or concept by a recognized supporter. The compensated part of the advertising meaning shows the fact that the location or instant for an advertising communication must be purchased. Therefore a flyer pinned to a notice board in a shop window or other public notice board can qualify as an advertisement. Given the flyer is placed in an identified place and the offer is for a limited instant, then it means it was paid for thus, advertising. Belch et al., 2004, further maintains that advertising is aimed at convincing the customers to take some actions. In the case of the flyer it is enticing the consumers into buying the new product by promoting the discount, thus advertising.
- A friend has asked you to explain the difference between brand equity and brand image.
Brand image is what individuals think of a particular brand name. For instance: when one hears or sees the name Coca-cola what comes to mind is thirst quenching. But this message is merely the outside part of an individual’s sane wits.
Brand equity, on the other hand, is the amount of money a company makes because of its brand name. Deduct all object possessions from the whole business worth and the amount of worth that is left owing to brand worth-that image in the brains of customers. Several businesses are sold countless times their real marketplace price just because they are well-known and believed due to their brand and as a result have vast potential.
- How would you define Integrated Marketing Communication (IMC) to a friend who knows nothing about marketing communication? In responding to this question consider the evolution and drivers of IMC.
Integrated marketing communication is the mixture of the entire marketing communications struggles in an incorporated approach, to make the most of the communication outcomes that support corporation objectives (Groom and, 2008). IMC can also be defined as an idea of promotion communications arrangement that knows the extra worth of an inclusive arrangement that assesses the planned tasks of a selection of communication regulations and then joins these subjects to offer transparency, steadiness and utmost communication effect (Yeshin, 2012).
Integrated marketing communication evolved in the 1980s when several businesses saw the need for an extra planned amalgamation of their promotional elements. These companies started stirring towards the course of IMC, which encompasses organizing the several promotional tools and other promotion actions that speak with a company’s consumers. The major drivers of IMC are direct promotion and interactive media.
- What reasons do Belch et al. give to explain how consumers and their behaviours have evolved?
Customers are using what is identified as seller connection organization, which merely means customers at the present have admittance to and are starting to employ expertise in much the same manner that marketers employed before – to recognize, assess and make relations with the dealers they have acknowledged as being the most applicable and sensible for their desires (Belch et al. 2004). Therefore, customers can currently engage in a conversation with not just the business; but they can as well communicate and bond and communicate with one another.
- Think about a company that you continue to have dealings with but which has disappointed you in some way in the past. Given your understanding of IMC and consumer perceptions, how might you explain the fact that you continue to do business with this company? What might the marketing implications be for the company?
The company has failed to employ the integrated marketing communications in its promotion approaches, a reason why it continues disappointing. The company does not consider the perceptions of the consumers at all it advertising process. I still do business with the company because it has been serving me for long and I lack a better option. The marketing implication of the company is the orientation in the direction of satisfying consumer desires that consequences in augmented consumer fulfillment.
- What are message integration and strategic integration?
Strategic integration is a vital constituent in the method of improving managerial presentation since it aids the nonstop arrangement of company approaches in the always varying company surroundings (Baird and Meshoulam, 2001). Messaging integration, on the other hand, let message-founded servers to cooperate with and give information for other dissimilar frameworks and appliances in a company.
Belch G.E. and Belch, M.A., 2004. Advertising and Promotion: An Integrated Marketing Communications Perspective,(6 Th. New York: NY: McGraw-Hill.
Groom, S.A. and Frei, F., 2008. Integrated marketing communication. Communication research trends, 2(4), pp.3-43.
Yeshin, T., 2012. Integrated marketing communications. Routledge.
Baird, L. and Meshoulam, I., 2001. Managing two fits of strategic human resource management. Academy of Management review, 13(1), pp.116-128.