Few IMC Notes 2 <<Last>>

[sagar sankhe]

Hi All,

Below is remaining part: 

Q. What is concept of Augmented Reality(AR)?

Ans:

Environment when supported (augmented) by computer-generated sensory input such as sound, video, graphics or GPS data is called augmented reality, it is live, direct or indirect view of real world which is supported by tech 

(Image) Mr. Pranav Mistry's SixthSense augmented reality system lets you project a phone pad onto your hand and phone a friend without removing the phone from your pocket

Another example can be showing fielding position or attack/defense pattern during soccer or cricket match (where science/digital technology augments the real time sports view)

Virtual reality replaces the real world with a simulated one. Augmentation is conventionally in real-time and in semantic context with environmental elements, such as sports scores on TV during a match. With the help of advanced AR technology (e.g. adding computer vision and object recognition) the information about the surrounding real world of the user becomes interactive and digitally manipulable. Artificial information about the environment and its objects can be overlaid on the real world.

Q. What Chris Anderson's Theory of Long Tail? Mention three forces which form base of these theory?

Ans:

Long Tail Theory was explained by Chris Anderson in his Wired Article. 

It talks about describing niche marketing and the way it works on the Internet. It says how internet allows people to find less popular items and subjects. He says that there's profit in those "misses," too. Amazon sells obscure books, Netflix rents obscure movies, and iTunes sells obscure songs. That's all possible because the Internet has taken geographic location out of the equation

It's basically a retailing strategy of selling a large number of unique items with relatively small quantities sold of each usually in addition to selling fewer popular items in large quantities. Chris Anderson in an October 2004 Wired magazine article mentioned Amazon.com, Apple and Yahoo! as examples of businesses applying this strategy. Anderson elaborated the concept in his book The Long Tail: Why the Future of Business Is Selling Less of More

Long tail signifies plenty of products (long) each of which are low in general demand (see the popularity in y axis is minimum at tail) 

Three forces:

> "democratizing the tools of production: e.g. personal computer, (cost of making the first copy of something, and marginal cost of making each additional copy) basically revolving around economies of scale and use of technology to bring down marginal cost

> "cutting the costs of consumption by democratizing distribution": Amazon and Netflix exploit the Internet to more effectively distribute goods (Chris says "Internet makes everyone a distributor), sourcing from supplier as and when that item is demanded by customer helps reduce cost by huge margin, use of technology and database tracking has made locating item and its movement much simpler

> "connecting supply and demand": enables consumers to find those high-quality, produced and aggregated niche products, (by reviews, likes, favorites, recommendations, links, and so on help us to find things we like on the Internet where trust is a major issue when we see list of may suppliers)

Q. What is FCB grid?

Ans:

Integrative model by Richard Vaughn dividing goods and services into four categories, along two axes: the Think/Feel axis, and the High Involvement/Low Involvement axis

He says that the marketer should put consumer decision process in each of these four quadrants, for example:

> High involvement and feel: (psychological)

 • Products fulfilling self-esteem, subconscious, ego-related impulses

 • Requires perhaps more emotional communication 

 • Feel →Learn → Do

> High involvement and think: (economic)

 • Classical hierarchy-of-effects 

 • Awareness →Knowledge →Liking →Preference →Conviction →Purchase

 • Learn →Feel →Do

> Low involvement and think: (responsive)

 • Routine consumer behavior

 • Learning occurs most often after exploratory trial purchase

 • Learning by doing

 • Do → Learn → Feel

> Low involvement and feel: (social)

 • Personal taste

 • Life’s little pleasures

 • Peer-oriented items

 • Do → Feel →Learn

Q. What is brand value pyramid?

Ans:

Tells how to turn your brand into the driving force behind your company’s growth, operational success, and long-term profitability. 

Once the functional benefits are met, the customer’s mind moves to other needs, which are intangible, emotional and often irrational, It is only at the pinnacle of the Brand Value Pyramid that a brand achieves highest level of loyalty. Hence, it is important for scompanies to relate to these needs by interacting with consumers at a more emotional level and ultimately becoming a trustworthy partner and sustain brand loyalty in the long run.

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Two principles:

> Content must reflect the Voice of the Customer: 

 • To speak in the customer’s voice, you need to capture the customers’ 

    1) beliefs and values up front, ahead of the

    2) product benefits, and 

    3) features and attributes, effectively making use of the Brand Value Pyramid shown above.

> Allow the customer to drill down and research:

 • Your case can then be briefly supported by testimonials, statistics and data that allow the customer to confirm for him/herself what peers are saying about the product.

Q.What is DAGMAR model of advertising communication?

Ans:

Defining Advertising Goals for Measured Advertising Results abbr. DAGMAR was an advertising model by Russel Colley (1961)

According to DAGMAR, each purchase prospect goes through 4 steps:

1. Awareness

2. Comprehension

3. Conviction

4. Action

These steps are also known as ACCA advertising formula. ACCA/DAGMAR is a descendant of AIDA advertising formula and considered to be more popular and comprehensive than AIDA. Important parts of the DAGMAR model are definitions of target audience, (people whom the advertising message is addressed to) and objectives (goals of advertising message).

<<AIDA: For Ref>>

List of events that may occur when a consumer engages with an advertisement.

A - Awareness: attract the attention of the me

I -  Interest: raise my (customer) interest by focusing on and demonstrating advantages and benefits 

D- Desire: convinces me that I want/desire product/service since it will satisfy my needs

A- Action: leads me towards taking action and/or purchasing

Its a general understanding of how to target a market effectively, Companies move from step to step closer to purchase by prospects

Q. Explain Keller’s Customer-Based Brand Equity Pyramid for Red Bull?

Ans:

Below is generic Brand Equity Pyramid:

Below is Redbull's Brand Equity Pyramid:

Q. What is perceptual mapping, give an example?

Ans:

Diagrammatic representation of perceptions of customers/potential customers, Position of a product, product line, brand, or company is displayed relative to their competition

Respondents are asked questions about their experience with the product in terms of its performance, packaging, price, size, etc. Theses qualitative answers are transferred to a chart (called a perceptual map) 

Example:

Thanks & Regards,
Sagar Sankhe

Sagar Ramkrishna Sankhe

Ex-Employee: TATA CONSULTANCY SERVICES. (2009-2012)

MMS 2012-14

Consultancy & Entrepreneurship Committees Member at
Sydenham Institute of Management Studies, Research & Entrepreneurship Education (SIMSREE), Mumbai.
Contact No: 9773682257