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Marketing & Integrated Marketing Communications

Marketing & Integrated Marketing Communications

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Marketing & Integrated Marketing Communications

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  1. Marketing & Integrated Marketing Communications

  2. Marketing - Defined “The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.” The American Marketing Association

  3. Marketing Concept or Philosophy • Identify consumer needs & wants • Develop products & services to meet needs • Implies market segmentation (who are the consumers?) • Implies continuous marketing research

  4. Marketing Mix: The Marketer’s Toolkit PRODUCT PLACE DISTRIBUTION PROMOTION INTEGRATED MARKETING COMMUNICATIONS PRICE

  5. Market Segmentation • Market - individuals or organizations willing, able, and capable of purchasing a firm’s product • Mass Market - views all customers as essentially the same by offering a standardized marketing mix • Market Segment - distinct group of customers which share homogeneous characteristics • Niche Market - a relatively small market segment desiring a specialized marketing mix • Micromarket - a very small, narrowly defined market segment that desires a highly unique marketing mix

  6. Consumer Segmentation Variables • Demographic Segmentation • Basic demographic factors; family life cycle • Geographic Segmentation • Country, region, state, city, neighborhood • Psychographic Segmentation • Lifestyle characteristics; attitudes, interests, opinions • Benefit Segmentation • Preference for a specific attribute or characteristic • Situation Segmentation • Purchase situation or occasion • Usage Segmentation • Light, heavy, medium users; the 80/20 principle

  7. Integrated Marketing Communications • Carefully coordinating all promotional activities to produce a consistent, unified message that is customer focused

  8. Informing Persuading Reminding MAJOR OBJECTIVES OF MARKETING COMMUNICATIONS

  9. Increase Market Penetration • Develop Repeat Purchase Behavior • Establish Customer Relationships • Increase Rate of Consumption • Encourage Product Trial • Stimulate Impulse Buying • Stimulate Demand • Differentiate the Product • Establish a Product Image • Influence Sales Volume • Establish, Modify, or Reinforce Attitudes • Develop Sales Leads • Stimulate Interest • Establish Understanding • Build Support & Acceptance MARKETING COMMUNICATIONS OBJECTIVES

  10. 1. Advertising 5. Direct Marketing 2. Public Relations 4. Personal Selling 3. Sales Promotion ELEMENTS OF THE MARKETING COMMUNICATIONS MIX Integrated Marketing Communications (IMC) is the strategic integration of multiple means of communicating with target markets

  11. Design Creative Strategy Select Target Market Determine Advertising Objectives Determine Advertising Budget Evaluate Advertising Effective-ness Select & Schedule Media DEVELOPING AN ADVERTISING CAMPAIGN

  12. Push and Pull Strategies • Push strategy is directed toward the channel members • Provide incentives for those in the distribution channels to buy the product • Pull strategy is directed toward the ultimate purchaser • The focus is on creating demand at the household or ultimate consumer level

  13. Reach & Frequency • Reach: number of different target consumers who are exposed to a message at least once during a specific period of time • Frequency: number of times an individual is exposed to a given message during a specific period of time • Cost per contact: cost of reaching one member of the target market • Allows comparison across advertising strategy vehicles

  14. Pretesting Tools: Posttesting • Focus Groups • Screening • Persuasion Scores Tools: Sales Effectiveness Evaluations • Unaided Recall Tests • Aided Recall Tests • Inquiry Evaluations Tools: • Monitor Sales EVALUATING ADVERTISING EFFECTIVENESS

  15. Personal Selling • PERSONAL SELLING • Oral presentation in a conversation with one or more prospective purchasers for the purpose of making a sale • Personal selling represents the most popular promotional effort in terms of financial expenditures and number of people employed • Personal Selling is: • (1) Dyadic, (2) Flexible, (3) Focused (personalized), and (4) Often results directly in a sale • Other promotional elements move the customer toward the sale, personal selling closes the sale

  16. STEPS IN THE SELLING PROCESS: A RELATIONSHIP APPROACH • INITIATING RELATIONSHIPS • Prospecting • Pre-Call Planning • Approach • DEVELOPING CUSTOMER RELATIONSHIPS • Sales Communications and Presentations • Gaining and Managing Commitment • ENHANCING CUSTOMER RELATIONSHIPS • Follow-Up • Support • TRADITIONAL vs. RELATIONSHIP APPROACHES • Consultative (needs-satisfaction) vs. Manipulative (product-focused)

  17. Sales Promotion • SALES PROMOTION • Those marketing activities - other than advertising, public relations/publicity, and personal selling - that stimulate consumer purchasing and dealer effectiveness • Displays, shows and exhibitions, coupons, contests, samples

  18. Price Deals Advertising Specialties Coupons Rebates Sampling Premiums Cross- Promotions Contests, Games, Sweepstakes CONSUMER SALES PROMOTION TECHNIQUES

  19. Direct Marketing • Techniques used to get consumers to make a purchase from their home, office or other non-retail setting • Direct mail, catalogs, mail order, telemarketing, electronic retailing