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MKM803 Integrated Marketing Communications Chapter 5 – Setting Objectives for the IMC Plan Strategic Planning Strategic planning is a process of developing and maintaining a fit between the organization’s goals and capabilities and changing market opportunities. A corporate or business plan states a company’s financial objectives and strategies for achieving those objectives. New companies must also have a business model. A marketing plan is a set of objectives, strategies, and tactics orchestrating marketing activities designed to help the company achieve its financial objectives. Annual MC plans are generally composed of a campaign. Marianne Marando Winter 2005 How Planning Works Three critical tasks in planning: Setting measurable objectives Deciding on strategies Choosing tactics Marianne Marando Winter 2005 Why set objectives? Communication. Help to orient everyone involved in the IMC program toward one, common goal. Planning and decision making. Serve as criteria for developing plans and making decisions. Measurement and evaluation of results. Provide the standards and benchmarks for evaluating results. Marianne Marando Winter 2005 Cascading Objectives and Strategies Marianne Marando Winter 2005 Types of Objectives Marketing objectives. Statements of what is to be accomplished by the overall marketing program within a given time period. Defined in terms of specific measurable outcomes Sales volume Market Share Profits Specific, Measurable, Realistic, Attainable Marianne Marando Winter 2005 Types of Objectives Why Sales is NOT a good objectives: Carryover effect- money spent on advertising does not necessary have an immediate impact on sales. Sales objectives offer little guidance for planning and development of the IMC program. Poor sales can be the result of many factors. Marianne Marando Winter 2005 Types of Objectives Communication objectives. Statements of what the communications will accomplish. They should be based on the particular communication tasks required to deliver the appropriate messages to the specific target audience. The message should be delivered at a relevant point within the targets purchase decision making process and consumption experience. Marianne Marando Winter 2005 The DAGMAR Approach Define Advertising Goals for Measuring Advertising Results Marianne Marando Winter 2005 The DAGMAR Approach Using DAGMAR, an advertising goal involves a communication task that is specific and measurable. It is based on a hierarchical model of the communication process. Awareness Comprehension Conviction Action Marianne Marando Winter 2005 Characteristics of Objectives Well-Defined Target Audience Concrete Measurable Communication Tasks Existing Benchmark Measure Degree of Change Sought Specific Time Period Marianne Marando Winter 2005 Assessment of DAGMAR Problems with response hierarchy Consumers do not always go through this sequence of the communication effects before making a purchase. Practicality and costs Research costs more than it is worth. Inhibition of creativity Imposes too much structure. Marianne Marando Winter 2005 Communication Objectives: Are stated in three parts: 1. Target Audience 2. Behavioural Objectives – what is the behaviour that you want this communication to cause in your target audience 3. Communications Objectives – the effect that you want your communication to have on the target audience Marianne Marando Winter 2005 Target Audience Current Customers Brand Loyal Customers – regularly buy the firm’s products. Favorable Brand Switchers – buy the focal brand, but also buy other brands within the product category. Non-customers New category users – customers not currently purchasing in the focal brand’s product category. Other brand switchers – purchase a few different brands within the product category, but not the focal brand. Other brand loyals – purchase only one brand and are completely loyal Marianne Marando Winter 2005 Behavioral Objectives What is the behaviour that you want this communication to cause in your target audience Trial Repeat purchase Purchase related behaviour Repeat consumption Application Marianne Marando Winter 2005 Communication Objectives Category Need Brand Awareness Brand Attitude Brand Purchase Intention Purchase Facilitation. Marianne Marando Winter 2005