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    The Marketing Mix - IMC approach and promotion strategy to target market

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    The final component of the Strategic Marketing Plan is the Marketing Mix. The Marketing Mix is the set of decisions about price, communications and promotion, product policy, channels of distribution, and customer relationship management. Only by addressing these elements can you actually implement your marketing strategy.

    This week you will focus only on communications and promotion, following an integrated marketing communications (IMC) approach. Such an approach delivers a clear and consistent message to your consumers. In a five to six page report,

    Provide a detailed description of your IMC approach and the corresponding promotion strategy necessary to send your message to your target market. (For example, the elements of the promotion strategy include: advertising, personal selling, public relations, direct marketing, and sales promotion) and how you would use them to communicate with your target segment.

    Explain your rationale for choosing these specific elements.

    Describe the message you wish to communicate based on your core strategy and explain your rationale for the message.

    Develop a strategy to measure the effectiveness of the IMC.

    Has the internet played any role in how you developed your marketing approach? Why or why not?

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    Solution Preview

    Let us first understand the concept of IMC:

    I am cutting and pasting information from a weblink, which I feel is an excellent source to develop this section. Please visit this link for more information and material on this topic.

    Integrated Marketing Communication is more than the coordination of a company's outgoing message between different media and the consistency of the message throughout. It is an aggressive marketing plan that captures and uses an extensive amount of customer information in setting and tracking marketing strategy. Steps in an Integrated Marketing system are:

    Customer Database
    An essential element to implementing Integrated Marketing that helps to segment and analyze customer buying habits.

    Insight from analysis of customer data is used to shape marketing, sales, and communications strategies.

    Once the basic strategy is determined the appropriate marketing tactics can be specified which best targets the specific markets.

    Evaluate Results
    Customer responses and new information about buying habits are collected and analyzed to determine the effectiveness of the strategy and tactics.

    Complete the loop; start again from the first step.

    IMC approach for our business scenario of Ethnic marketing for financial advisory business:

    Our business has some peculiar characteristics which will influence our integrated marketing approach. We are planning to target a very niche audience within the vast population of USA. This population is concentrated heavily in few regions of the country but there are numerous patches and regions around the country where they are scattered as well. ...