MCS3620-Marketing-Communications - MCS*3620 Marketing Communications Midterm Notes Chapters 1-5 Lecture#1 Integrated Marketing Communications Mix

MCS3620-Marketing-Communications - MCS*3620 Marketing...

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MCS*3620: Marketing Communications Midterm Notes – Chapters 1-5 Lecture #1 Integrated Marketing Communications Mix - Marketing is adding value to how you present something - Making value for your consumers and making it gel/come together - Can be done through various touch points - IMC is coordinating all forms of marketing communications into one unified program to maximize the impact on the target audience - Advertising (to the mass audience) public relations sales promo (coupons, discounts, benefits over competitors) personal selling (junk mail, door to door) experiential marketing direct response (expectation to respond to the promo) digital (interactive) communications (online, social media) - Tom Duncan: “a cross-functional process for creating and nourishing profitable relationships with customers and other stakeholders by strategically controlling or influencing all messages sent to these groups and encouraging data-driven, purposeful dialogue with them” - Inform, persuade, remind Effectively employing IMC - Highly targeted customer-focused strategy - Consistent brand positioning - Diverting resources toward a variety of media, producing synergistic effects - Greater use of databases, new expectations from marketing communication suppliers to assist in database development - An ongoing process driven by measurable objectives (continuous and built into marketing plan) - Combination of print media, experiential marketing and activations, social media – using multiple channels to communicate - Coca cola does a great job of IMC – print ads, kiosk product placement, mobile and social campaigns, activations, interactive campaigns Consumer behavior essentials - The study of how people buy, what they buy, when they buy, and why they buy - Maslow’s Hierarchy of Needs : psychological safety belonging esteem self-actualization (different brands fit into different categories) - Understanding the essentials of consumer behavior allows marketers to create relevant IMC plans Marketing segmentation - Achieved by identifying a target audience - What is the marketing strategy? - Who is my target customer? - What is the position I want my product/brans to occupy in the target customer’s mind? - Before deciding on that strategy, need to identity segments of customers that could be good targets - Strategy drives communications Segmentation - Marketing insight: not all customers are the same - Step 1: different groups of customers desire different benefits (and/or differ in how they react to your 4Ps)
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- Market segmentation is the process of identifying relatively homogenous groups of customers with respect to perceptions of, evaluations of, need for, and behavior toward a product or service - Market segmentation is more than simple classification - Segmentation is saying something to somebody instead of saying nothing to everybody – Jay Conrad Levinson Descriptor variables used for consumer segmentation - Demographics : age, gender, education, religion etc.
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