Integrated Marketing Communication MARKETING COMMUNICATION Marketing communication are

Integrated Marketing Communication

MARKETING COMMUNICATION Marketing communication are messages and related media used to communicate with the market. Marketing communication is the “promotion” part of the marketing mix, or the “four Ps”: price, place, promotion and product. It can also refer to the strategy used by a company or individual to reach the target market through various types of communication.

EIGHT ELEMENTS OF IMC 1. CORPORATE IMAGE A company’s corporate image sums up the publicly established characteristics of the businesss. This includes what the company claims it does best[known as core competencies], logos , policies and company culture.

2. BRANDING �Brands are the name generally associated with the product , group of products or a company. A brand name is meant to evoke a certain set of thoughts and feelings in consumers, and business can charge more for successful Brand-name products. IMC creates branding and is aided by existing brands.

3. MARKET SEGMENTATION �Market segments are sets of consumers grouped together because of similar needs and behavior of characteristics. Marketers research segments to determine what types of products and messages appeal to them.

4. ADVERTISING �Advertising messages reach the target segment is essential to IMC plans. Different types of messages match up with the corporate image, branding and market segment preference.

5. MEDIA SELECTION �Markets must select the type of advertising mediums that will best feature the IMC and brand messages.

6. PROMOTIONAL TOOLS �IMC uses consumer promotional tools to enhance branding and attract market segments. Coupons , rebates , sales and bonus are examples of promotional tools.

7. PUBLIC RELATIONS �Public relations protect the brand corporate image by creating publicity that builds the positive impression of the Company and by reducing the negative event related to business.

8. CUSTOMER RELATIONSHIP MANAGEMENT �CRM programs are designed to instill long-term loyalty in existing customers. CRM tactics include commitment to excellent customer service and keeping a record of current customers in a data base to update them with frequent , personalized messages.

ROLE OF BUSINESS COMMUNICATIO IN MARKETING �Business communication take many forms �Internal communication between manager or employees �External communication to inform consumers about company’s product

ROLE 1. 2. 3. 4. 5. 6. FUNCTIONS TYPES OF CHANNELS STRATEGY CONSIDERATIONS HIRING AN AGENCY FOCUS

1. FUNCTION Businesses often follows a few basic steps when creating marketing communication Marketing strategies can also include an analysis of economic market place to determine the strength of consumers' demand supply of product by competing companies. This analysis helps businesses to understand how to differentiate their communication from other advertisements

2. TYPES OF CHANNELS Marketing communication channels include TV commercials, radio ads, print media ads and other traditional marketing channels Information technology has increased the no. of marketing channels and has increased the target markets

3. STRATEGY These are divided into two basic groups : �DIRECT – businesses uses this strategy by comparing their products to a leading competitor. This style allow businesses to promote the benefits of their product �INDIRECT – this strategy presents a product’s feature and allow consumers to make up their own mind about the benefits of the products

4. CONSIDERATIONS Demographic group usually respond to marketing communication in different ways Using a blanket communication channel or strategy may create or societal confusion. Tailoring business communication in marketing can companies avoid these negative situations

5. HIRING AN AGENCY Using a professional marketing agency can help companies develop effective business communications in marketing. These agencies have copious amounts of resources regarding economic markets, consumer demand behavior and other information

6. FOCUS Marketing communication is focused on product/service, and is primarily concerned with demand generation and product/service positioning.

MARKETING COMMUNICATION OBJECTIVES

�CREATING PREFERENCE �SHORTENING THE SALES CYCLE

MARKETING COMMUNICATION IMPORTANCE

v Developing strategic vision v Creating brand awareness

v Expressing competitive advantage v. Fostering goodwill

v Attracting talent v Informing investment community

v Cost saving v. Customer preference

Marketing Communication Process

Noise Sender Encodin g Transfer Mechanis m Feedbac k Decodin g Respons e

Sender Encoding

Transfer Mechanism

Decoding

Response Feedback

Noise