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I. Communications Strategy PART 1 - Coggle Diagram
I. Communications Strategy PART 1
The Promotion Mix
- Tools for engaging and communicating with customers and other stakeholders
Advertising
Sales Promotion
Personal Selling
Public Relations
Direct and Digital Marketing
Integrated Marketing Communications (IMC)
- Integrating and coordinating the company's many communication channels.
Communication Process (9)
Sender
Encoding
Message
Media
Decoding
Receiver
Responses
Feedback
Noise
Personal VS Non-Personal Channels
Personal
- Channels through which two or more people communicate directly (Ex, Word of mouth)
Non-Personal
- Media that carry messages without personal contact or feedback
Changes
in IMC
Consumers are better informed and empowered
Marketing Strategies shifting away from mass marketing
Advances in Technology
Total Promotion Budget
1.
Affordable method
- Setting the budget at the level management thinks the company can afford
Percentage-of-sales method
- A Certain percentage of current or forecasted sales or as a percentage of the unit sales price
Competitive-parity method
- Setting the promotion budget to match competitors'.
4.
Objective and task method
- Defining specific promotion objectives, determining the tasks needed, and estimating the costs of performing these tasks.
Push Vs Pull Strategy
Push Strategy
- Sales force pushes the product through channels and to final consumers
Pull strategy
- Spending on consumer advertising and promotion to induce final consumers to buy the product