UNIT 3 - MARKETING DECISION MAKING

Unit: 3 - Marketing Decision Making

Contents

Abstract3

Marketing Communication Tools4

The Foundation4

The Corporate Culture4

The Brand Focus4

Consumer Experience5

Promotional Tools5

Integration Tools5

Advantages and Disadvantages of the Major Marketing Tools under IMC5

Advertising5

Sales Promotion Campaigns6

Public Relations6

Direct Marketing Approach7

Summary7

Application to Product/Service- Marketing Decision Making8

Overview of the Chosen Product8

Description of the IMC Approach for Sugru8

Core Strategy9

Rationale for choosing the Message10

Communication Tools & Product10

Use of Internet in the chosen IMC Approach10

Measuring Advertising Effectiveness11

Effectiveness of the Method for Product11

References12

Abstract

In this assignment, the various aspects of the IMC would be thoroughly described and analyzed. The advantages and disadvantages of each component under IMC would also be discussed i.e. advertising, direct marketing, sales promotion, publicity/public relations and personal selling. Based on our chosen product, Sugru, the most suitable strategy for its marketing would be highlighted. Sufficient justifications would also be given how the chosen marketing strategy would aid the product. A clear and well speculated rationale would be discussed and how it will aid business in the potential target market. Also, the role of the internet would be assessed and how it would allow measuring the effectiveness of advertising. Finally, the decision would be thoroughly justified.

Unit: 3 - Marketing Decision Making

Integrated Marketing Communications (IMC)

The Integrated Marketing Communications is quite simple concept. The IMC ensures that all kinds of advertisement and communication messages are adequately linked together (Redilus, 2007) It can be said that for effective functioning, all the components of IMC including its promotion tools should be well synchronized and work in harmony (Clow et. al, 2006).

Marketing Communication Tools

The marketing communication tools that fall under IMC are as follows (Bach, 2006):

The Foundation

The foundation is concerned with the basic strategic understanding of the service or product. It incorporates the major changes in technology, changes in customer's attitudes and spending behaviors. It also includes the innovations and changes introduced by competitors.

The Corporate Culture

The corporate culture component under the IMC holds that the basic capabilities, vision, culture and personality of the corporation should be well in line with the company's objectives.

The Brand Focus

The brand focus includes the corporate identity, slogan and logo of the company or any other feature related to the message anticipated by the company.

Consumer Experience

It involves the overall experience of the customer. It includes elements such as product, packaging, delivery, service etc.

Promotional Tools

The promotional tools entail the database marketing, customer relationship management activities, sponsorship programs and public relations; designed to increase the revenues of the company by selling the product or service.

Integration Tools

In today's competitive world, customized softwares allow companies to track the customer behavior and to adapt accordingly to achieve corporate success. Various CRM functions i.e. customer retention, target specific marketing are included in it.

Advantages and Disadvantages of the Major Marketing Tools under IMC

Under Integrated Marketing Communications, the basic include public relations, advertising, direct and indirect marketing (Pride, 1989). Many experts on the subject have also suggested that the product design/package and most importantly Internet communications be included under ...