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Marketing Mix Strategy IV: Integrated Marketing Communication Strategy -…
Marketing Mix Strategy IV: Integrated Marketing Communication Strategy
The Promotional Mix
Advertising:
Broadcast
Print
Online
Mobile
Outdoor
Advantages
Digital and Social Media: High Selectivity, Low Cost and immediacy
Newspapers: Flexibility, timeliness and good local market coverage
Disadvantages
Digital and Social Media: Potentially low impact
Newspapers: Short life, poor reproduction quality
Sales Promotion:
Discounts
Coupons
Displays
Demonstration
Advantages
Persuade customers
Clear excess inventory
Upselling and cross selling
Disadvantages
Changes customers' price perceptions
Limit your revenue
Personal Selling:
the personal interaction by the firm's sales force for the purpose of engaging customers, making sales, and building customer relationships.
Advantages
Get instant feedback
Build up trust
Persuasive of form marketing
Easy reach target audience
Disadvantages
Expensive method of selling
labor intensive method
Training time consuming and costly
Only reach limited number of peoples
Public Relations:
entails fostering positive relationships with the company's diverse audiences through securing positive press, enhancing the company's reputation, and managing or averting negative rumours, tales, and incidents.
Advantages
Influence
Reach
Cost - effectiveness
Disadvantages
No direct control
No guaranteed results
Evaluation
Direct and Digital Marketing:
entails having direct communication with specifically targeted individual customers as well as customer communities in order to receive a quick reaction and create enduring relationships.
Direct Marketing
Advantages
Targeting
Personalization
Affordable
Measurable
Informative
Disadvantages
Intrusive
Environment
Low response rates
Competition
Cost
Digital Marketing
Advantages
Global reach
Lower cost
Trackable, measurable results
Personalization
Openness
Disadvantages
Skills and training
Time consuming
High competition
Complaints and feedback
Security and privacy issues
Digital and Social Media Marketing
Online Marketing:
internet-based marketing using blogs, online video, e-mail, online advertisements, and company websites
Marketing Websites:
In order to encourage a direct purchase or other marketing goal, engage customers.
Branded Community Websites:
offer brand content that captivates customers and builds a brand community.
Online Advertising:
advertisements that show up when users are exploring the internet. These can be display ads, search engine-related ads, online classifieds, and other types.
E-mail Marketing:
include sending email marketing communications that are highly personalized, highly targeted, and relationship-building.
Viral Marketing:
digital word-of-mouth marketing in the form of viral videos, advertisements, and other material that consumers will actively seek out or recommend to others.
Online Video Marketing:
entails publishing digital video material on social media platforms like Facebook, YouTube, and others, as well as brand websites.
Blogs:
online diaries where individuals and businesses publish their ideas and other material, typically pertaining to certain subjects.
Social Media:
Independent and for-profit online communities where users gather, interact, and share opinions and information
The New Marketing Communication Model
Content Marketing:
generating, motivating, and disseminating brand messages and dialogues with customers via a flexible combination of owned, earned, shared, and paid media.
Steps In Developing Effective Marketing Communication
:
Identify the target audience
Determine the communication objectives
Design the message
Choose the media to send the message
Select message source and collect feedback
Setting the Total Promotion Budget and Mix
Setting the Promotional Budget:
Competitive-parity method:
sets the promotion budget to correspond with the expenditures of rivals.
Objective and task method
: creates the promotion budget based on specified goals for the campaign and the expenses associated with the tasks required to meet these goals.
Shaping the Overall Promotional Mix
The Nature of Each Promotional Tool:
Advertising:
can repeat a message multiple times and reach a large number of geographically scattered purchasers at a cheap cost per exposure.
Personal selling:
the most effective method at certain stages of the buying process, particularly in building buyers’ preferences, convictions, actions, and developing customer relationships.
Sales promotion:
includes coupons, contests, cents-off deals, and premiums that attract consumer attention and offer strong incentives to purchase.
Public relations:
very believable form of promotion that includes news stories, features, sponsorships, and events.
Direct and digital marketing:
an immediate, customized, and interactive promotional tool that includes direct mail, catalogs, telephone marketing, online, mobile, and social media.