The Marketing Mix is the set of decisions about communications and promotion, price, channels of distribution, and customer relationship management.
PART 1: General Research
1. Discuss the aspects of the IMC. (The elements of the communication mix include: advertising, direct marketing, sales promotion, publicity/public relations and personal selling.) Define each and discuss the pros and cons of the individual elements.
PART 2: Application to Product/Service
2. Provide a quick overview of the product or service you created â?" you should continue using the content from the U3 Discussion Board.
3. Provide a detailed description of your IMC approach. Explain your rationale for choosing or rejecting the specific elements (include applications to the earlier research section). What changes do you expect to make as the product/service matures?
4. Describe the message you wish to communicate based on your core strategy. Explain your rationale for the message. Formulate how you will communicate with your target market? Be specific. How will the internet be used in your IMC approach?
5. Select and explain the most suitable method for measuring advertising effectiveness. Your decision must include research to back up the selected method. Be sure to explain why this is the most effective method to measure the effectiveness of your marketing campaign.
The response addresses the queries posted in 2266 words with references.
//The Integrated marketing communication (IMC) is a critical aspect of a company's marketing strategy, whether it is involved in B2B exchanges, B2C marketing or non-profit organisation. In this paper, firstly, we will discuss the concept of IMC and then elaborate the pros and cons of various elements of marketing communication tools.//
Integrated Marketing Communication entails planning, creation, integration and implementation of all the marketing communication tools (Marcom) like advertising, direct marketing, sales promotion, etc., to maximise its impact on consumers with minimum cost. For developing effective integrated marketing communication opportunity, the analysis of promotions, buyer behaviour, brand management and advertising management is essential (Shimp, 2010). The major marketing communication tools are:
l Advertising is non-personal presentation and promotion of ideas, goods and services by an identified sponsor in paid form. Advertisement is the way to popularise the products or services among the customer and prospects. It can be done through different mediums like print media, radios, televisions, internet, etc. Advertisement has an impact on the large number of customers across a wide geographical area. The customers are quickly attracted and influenced by the ads and consider advertised goods as legitimate. It helps in building the brand image, stimulating the short term sales and building the customer trust. But, since it is impersonal and cannot answer all the customer's questions, it does not influence the customers to make a final purchase decision. It is very expensive also.
l Direct Marketing is interacting with the customers and prospects directly to promote the product for creating awareness and generating sales. For example, telemarketing, direct mail, online marketing, door to door marketing, etc. It is beneficial because it helps in targeting the potential customers and maintains personal relationship with them. It helps to reach those customers who do not go to shops. In door to door selling, there is no intermediary (retailers) to take part in the profits. But, it is costly due to the cost of distribution of promotional material, time consuming and covers only a limited geographical area.
l Sales promotion is providing incentives, discounts, and offers to customers or distributors for stimulating the product demand. It boosts the advertising and promotions to increase the sales with the help of premiums, coupons, contests, etc. It can stimulate quick rise in sales by promotional incentives and attracting the attention of the customers. It serves as a short term tactical tool. But, it is a short lived and not effective in establishing the long term brand image and preferences. Too much promotion may negatively impact the customer's perception about the product and can lower the brand image.
l Public Relation is the communication about the product, service, and brand in media without paying for it. For example, writing about the product in magazine editorial. It focuses the potential customers, who may include from government regulators, other officials, consultants advisors, etc. This type of communication is always considered credible since the message is conveyed by the third party, such as magazine, newspaper, etc. It is a low cost way of reaching to customers. But, it has a risk of loosing control over the promotional content as the opinion of writer can not always be effective. If it is not controlled, it may lead to negative publicity.
l Personal Selling is oral communication and personal interaction with the customers with an intention to develop a long term relationship and to close the sale successfully. It is highly interactive and influences the purchasing decision of the customers, as it satisfies all the ...
The response explains different marketing approaches, profiles the product and then says which should be applied to that product in 2266 words with 7 references.