Marketing Strategy: Key Concepts 10
got milk?
Definition:
To communicate with individuals, groups or organizations to directly or indirectly facilitate exchanges by informing and persuading one or more audiences to accept an organization's products.
-Companies must communicate with their customers, this communication should not be left to chance.
Design communication to your specific target audience:
Target Market
Part of Target Market
Different stakeholders of your organization.
Promotion: Fourth element of the marketing mix. Need to make sure the goals of promotion are integrated with other Ps.
Need to design a communications strategy, that integrates the promotion mix:
advertising: paid form of non personal communication about an organization or its products that is transmitted to a target audience through a medium: US: 1990, $138 b, 2000 $320 b (approx), worldwide, $780 b. In US, 25% promotional budget
sales promotion: materials that act as a direct inducement, offering adding value, or incentive for the product, to resellers, sales people or consumers: trade promotions = 47% of promotional budget, consumer promotions = 28%
public relations / publicity: news story form about an organization or its products or both, through a medium at no charge
personal selling: personal communication in an exchange situation
direct marketing
Increasing importance of Integrated Marketing Communications ... Why?
The fourth P the critical P?
Communications process consists of:
sender
encoding
message
media
decoding
receiver
response
feedback
noise
Need to identify and understand the target audience, from the perspective of information processing:
selective attention
distortion
recall
contextual issues
Steps of the promotional program:
Identify target audience and characteristics, and perception of product, context etc.
Define communications objectives (not aware, awareness, interest, evaluation, trial, adoption). Seeking cognitive, affective or behavioral response
message:
content (rational / emotional / moral)
structure (one or two sided)
format (headline, copy, sound)
source (trusted / likable / expert)
select media (communications channels)
establish budget (affordable / % sales / competitive / objective and task)
Consider:
push versus pull
stage of purchase process
stage of product life cycle
product complexity and risk
market position
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