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Boss5 ppt ch10_ada (1)
- 1. Chapter 10
Marketing and Advertising
The aim of this tutorial is to help you learn to
identify and evaluate marketing strategies and
advertisements.
Copyright © 2021 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
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© McGraw-Hill.
Why Has GEICO Been So Successful
in Its Marketing and Advertising?
Tyler Barrick/Stringer/Getty Images
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© McGraw-Hill.
Marketing in a Consumer Culture
Marketing a product or service is an essential component
of doing business in a consumer culture like that of the
United States.
A business’s success depends on its ability to determine
what customers want and then provide it at a reasonable
cost.
• To be competitive, businesses need to plan and implement effective
strategies for marketing and advertising these products and
services.
• This involves identifying target markets and customer "hot buttons"
through marketing research.
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© McGraw-Hill.
Approaches to Marketing Research
There are several approaches to marketing research,
including surveys, observation, and experimentation, each
of which involves proficiency in critical thinking and
inductive logic.
• Survey research is used to collect information and opinions about a
product.
• Observation involves directly monitoring consumers' buying
patterns.
• Experimentation measures cause-effect relationships between
product purchases or service purchases and selected variables,
such as packaging, logo, or price.
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© McGraw-Hill.
Avoiding Confirmation Bias and Other
Errors in Thinking
• Confirmation bias may lead marketers to misinterpret
or distort available information, limit their research to
sources that support their view.
• Escalation of commitment, or loss aversion, occurs
when a when a business continues to pursue an
erroneous course of action in marketing a product,
instead of changing course and cutting its losses.
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© McGraw-Hill.
Doom Loop
Topham/The Image Works
Japanese automobile manufacturers got caught in the
“doom loop" by manufacturing and marketing cars that
were not suitable for the American Market.
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© McGraw-Hill.
Marketing Strategies
After gathering relevant information through marketing
research, the next step is to engage in strategic planning.
• A strategic plan is a method by which an organization deploys its
resources to realize a goal or objective.
• In business, strategic planning generally involves the use of a
strategic model defined as "a systematic list of policies that will
guide the future specification of inputs, outputs, processes, and
values of the complete operations of the business of the
corporation."
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© McGraw-Hill.
The SWOT Model
SWOT is an acronym for strengths, weaknesses,
opportunities, and threats.
The model is used for developing new marketing
strategies, as well as by businesses and individuals for
making major life decisions.
• The first two factors, strengths and weaknesses, require an internal
assessment, while the last two, opportunities and threats, require an
external assessment.
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© McGraw-Hill.
SWOT Analysis
In carrying out a SWOT analysis, we begin by making a list
of a company’s greatest strengths.
• A company’s strengths contribute to its ability to achieve its goals
and do certain things better than its competitors.
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© McGraw-Hill.
Arturo Moreno and Los Angeles Angels
Baseball Team
Stephen Dunn/Getty Images
For his Los Angeles Angels, Arturo Moreno used
a marketing strategy that appealed to families
and the Hispanic market.
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© McGraw-Hill.
Advertisements Appearing Everywhere
pisaphotography/Shutterstock
Advertisements appear on television, in magazines, on the
internet, on billboards, store displays, buses, taxis, school
bulletin boards, and even people’s clothing.
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© McGraw-Hill.
Advertising and the Media
Advertising has three purposes:
• To create product awareness.
• To inform customers about a product or service.
• To motivate customer demand and create brand loyalty.
The ultimate aim of advertising is to make money, not
advance truth.
Most advertising reaches us through the mass media and
the Internet.
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Product Placement
Product placement involves embedding advertisements of
targeted products within television shows, films, or videos
online.
• Often these product placements go unnoticed.
Research shows children under the age of eight lack the
cognitive maturity to recognize either the intent of
advertising or the fallacious reasoning and rhetorical
devices that are frequently used in ads.
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© McGraw-Hill.
Vulnerability to Advertising Images
Morrowind/Shutterstock
Young children are particularly vulnerable to
advertising images on television because of their
undeveloped critical-thinking skills.
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© McGraw-Hill.
Evaluating Advertisements 1
When evaluating advertisements, there are a number of
questions we should ask.
• Are scare tactics used to persuade us that we need the product?
• Does the ad provide credible evidence andor statistics to support
any causal claims?
• Does the ad rely on our tendencies of group pressure?
• Does the ad set up a desirable image or lifestyle unrelated to the
product?
• Does the ad employ other informal fallacies, such as hasty
generalization?
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Evaluating Advertisements 2
When evaluating advertisements, there are a number of
questions we should ask. (continued)
• Does the ad use emotive language, images, or euphemisms?
• Is the grammar confusing or the wording misleading?
• Is the language vague, ambiguous, or obscure?
• Are the claims exaggerated?
• Does the ad omit necessary information?
• If the ad uses an analogy, is the analogy relevant?
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© McGraw-Hill.
What Feelings and Thoughts Came to Mind
When You First Saw This Ad?
The Advertising Archives
Access the text alternative for slide images.
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© McGraw-Hill.
Conclusion
Advertising influences a great deal of our buying habits
and beliefs, often more than we are willing to admit.
Because of this, we need to be constantly vigilant in using
critical thinking skills to identify and evaluate advertising
messages. Recognizing our tendencies and learning about
advertising strategies makes us less susceptible to
manipulative advertising.
