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Comm 340 Chapter ONE An Introduction To Integrated Marketing Communication The process of planning and executing the conception, pricing, promotions and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. Today the term… to create exchanges that satisfy means … (ideally) Relationship Marketing Creating, maintaining and enhancing long term relationships with individual customers for mutual benefit. Superior Customer Value More cost effective to retain customers than to acquire new ones Life Time Value Reduce customer loss by 5%, increase future profit by 30 to 90% The Marketing Mix The 4 ‘P’s: Product / Service Price Place Promotion Promotion IS Marketing Communication The coordination of all seller initiated efforts to set up channels of information and persuasion to sell goods and services or to promote an idea. CHANNELS OF INFORMATION & PERSUASION Media Advertising Direct Marketing Interactive / Internet Marketing Sales Promotion Personal Selling Public Relations Integrated Marketing Communication (IMC) Coordinating the various promotional elements and other marketing activities (price, place and product) that communicate with a firm’s customers. Why Bother? Consumer’s Perceptions of a company & its products are a synthesis of the sum, total of the messages that they receive from: Consumers Get Messages From Three Levels Corporate Mission, Corporate culture All messages should be delivered and received on a platform of executional and strategic consistency. Consumers are Changing Demographics AMedia Advertising More Fragmented •Shift in $’s to consumer & trade promos. BLess Mass Media (Nat’l TV & Print) For Image Communication •Now more targeted event marketing, direct mail, internet, sponsorships. Major Areas of Change In Marketing continued.. CShift in Marketplace Power •From manufacturers to retailers. CRapid Growth and Development of Data Base Marketing •Demographic, geographic, psychographic profiles, purchase patterns, preferences, credit rating, etc. Major Areas of Change In Marketing continued… EDemand for Greater Accountability From Ad Agencies •Performance related (sales, market share). IMC Gives more efficient and effective marketing communication programs though Synergy & Avoiding Duplication The Promotional Mix: The Six Tools of IMC oADVERTISING oDIRECT MARKETING oINTERACTIVE / INTERNET MARKETING oSALES PROMOTION oPUBLICITY / PUBLIC RELATIONS oPERSONAL SELLING A successful IMC program requires the right combination & application of the right promotional tools and techniques. Tools Of IMC: 1- Advertising 130 companies spend + 100 million per year. Ex: GM - $ 3 billion Cost-Effective Ex: Primetime 10 million households @ $14.00/1000 Use: Image, can promote brand differentiation. Tools Of IMC: 2- Direct Marketing Direct Mail / Catalogs Direct Response Advertising – Purchase direct from manufacturer. Popular - avoid in-store shopping, toll-free calls, credit card & internet. Tools Of IMC: 3- Internet / Interactive Marketing Interactive Media The internet can execute all elements of the promotional mix (advertising, sales promotion, direct marketing, personal selling, public relations). Tools Of IMC: 4- Sales Promotion Activities that provide extra value / incentive to sales force / channel or consumers to stimulate sales. Consumer and / or trade focused. $240 billion in 1999. Tools Of IMC: 5- Public Relations / Publicity Publicity not paid for, communication - news story, editorial, announcement Ex: movie review. Public Relations - management function which identifies public attitudes and executed programs to ensure public understanding and acceptance. Exhibit 1-12 : Page 24 Advertising may also be used to enhance company’s corporate image. Promotional Management Coordinating the promotional mix elements to develop a controlled, integrated program of effective marketing communications. THE PROMOTIONAL PLANNING PROCESS A Six Step Process Step # 1 Review the Marketing Plan & Its Objectives Keep on the same page. ensure promotional continuity Step # 2 Promotional Program Situational Analysis Areas covered in the situational analysis Step # 3 Analysis of The Communications Process Set goals & objectives (awareness, attitudes, intentions). Determine IMC tools to use to reach G&O’s. Step # 4 Budget Determination Cost vs. availability Step # 5 Developing the IMC Program Develop the creative strategy (basic appeal / message to target audience). Role, importance, interplay of each promotional mix element in the process is determined. Develop media strategy - which communication channels to use. Develop the actual creative / copy. Select execution details. Repeat a similar process for each element to be used. Step # 6 Monitoring Evaluation & Control Sooner is better. Now to put it all together!