Lecture 5: Objectives and Budgeting

[blank_start]Marketing objectives[blank_end] are generally stated in the firm’s marketing plan and are quantifiable, such as sales, market share, profit [blank_start]Communication objectives[blank_end] are Derived from the overall marketing plan and are based on particular communications tasks

[blank_start]Communications[blank_end] Objectives facilitate coordination of the various groups [blank_start]Planning and decision making[blank_end] objectives guide decision making and development of the IMC plan [blank_start]Measurement and evaluation of results[blank_end] objectives provide a benchmark to measure success or failure

A SMARTT approach to creating objectives ensure that they are: Specific, measurable, maintainable, achievable, realistic, time-depending & targeting

Sales Oriented Objectives;

Factors which influence [blank_start]sales[blank_end] include; competition, technology, economy, product quality, price, distribution, advertising & promotion.

Common problems with sales objectives include;

Examples of communication objectives include:

One problem with Communications Objectives includes translating sales goals into communications objectives i.e. promotional planners have difficulty estimating what constitutes adequate levels of awareness, knowledge, liking, preference, conviction.

DAGMAR stands for

DAGMAR provides that communications effects are the logical basis for advertising goals and objectives to measure success or failure

A 'top-down' approach to establishing a promotional budget is when;

A 'bottom-up' approach to establishing a promotional budget is when;

[blank_start]Problem removal[blank_end] – Buyer experiences CURRENT problem; seeks a product that will SOLVE the problem [blank_start]Problem avoidance[blank_end] – Buyer anticipates a FUTURE problem; seeks a product that will PREVENT the problem [blank_start]Incomplete satisfaction[blank_end] – Buyer is not satisfied with current product; searches for a BETTER product [blank_start]Mixed approach-avoidance[blank_end] – Buyer likes some things about the product but dislikes others; tries to find a product that will RESOLVE the conflict [blank_start]Normal Depletion[blank_end] – Buyer is simply out of stock or running low; seeks to MAINTAIN regular supply of product

[blank_start]Sensory gratification[blank_end] – Buyer seeks extra physiological stimulation; to ENJOY product [blank_start]Intellectual Stimulation[blank_end] – Buyer seeks extra psychological stimulation; to EXPLORE or MASTER new product [blank_start]Social Approval[blank_end] – Buyer sees opportunity for social rewards; PERSONAL RECOGNITION through use of product

According to Rossiter and Percy, VisCap stands for; Visibility, Credibility (Expertise/Objectivity), Attraction (Likability/similarity), Power

Which of these is the correct order for the traditional advertising-based view of marketing communications;

[blank_start]Zero-based[blank_end] communications planning involves determining: what tasks need to be done and which marketing communications functions should be used and to what extent (Focuses on the task to be done and searches for the best ideas and media to accomplish)

Which of the following fits the description for titles 1, 2, 3 and 4;

What is the name of this theoretical issue in budget setting (sales response model);

What is the name of this theoretical issue in budget setting - (sales response model);

What are the benefits of a 'top-down' budgeting approach;

A 'bottom-up' budgeting approach is objective driven rather than being financially driven.