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The Role of IMC in the Marketing Process Group 8 Chapter 2 Integrated Marketing Advertising And Promotion, 6/E - Belch CommunicationsAditya GSN Indrajit Bage N Krishna Chaitanya Neeraj Panghal Prateek Jaiswal Silpa Kamath
Chapter Objectives To understand the marketing process and the role of advertising and promotion in an organization’s integrated marketing program. To know the various decision areas under each element of the marketing mix and how they inﬂuence and interact with advertising and promotional strategy. To understand the concept of target marketing in an integrated marketing communications program. To recognize the role of market segmentation and its use in an integrated marketing communications program. To understand the use of positioning and repositioning strategies.
Marketing Strategy and AnalysisOpportunity Analysis Competitive Analysis• A careful analysis of the • In developing the firm’s marketing marketplace should lead to strategies and plans for its alternative market opportunities products and services, the manager for existing product lines in must carefully analyse the current or new markets, new competition to be faced in the products for current markets, or marketplace. new products for new markets. • This may range from direct brand competition (which can also• Market opportunities are areas include its own brands) to more where there are favourable indirect forms of competition, such demand trends, where the as product substitutes. company believes customer needs and opportunities are not • An important aspect of marketing being satisﬁed, and where it can strategy development is the search compete effectively for a competitive advantage, something special a ﬁrm does or has that gives it an edge over competitors
The Target Marketing ProcessIdentifying Markets Target market identiﬁcation isolates consumers with similar lifestyles, needs, and the like, and increases our knowledge of their speciﬁc requirements. The more marketers can establish this common ground with consumers, the more effective they will be in addressing these requirements in their communications programs and informing and/or persuading potential consumers that the product or service offering will meet their needs.
The Target Marketing ProcessMarket Segmentation• Dividing up a market into distinct groups that have common needs and will respond similarly to a marketing. The Process Involves following steps: • Finding ways to group consumers according to their needs • Finding ways to group the marketing actions—usually the products offered available to the organization. • Developing a market-product grid to relate the market segments to the ﬁrm’s products or actions. • Selecting the target segments toward which the ﬁrm directs its marketing actions. • Taking marketing actions to reach target segments. Bases for Segmentation Geographic Segmentation Demographic Segmentation Psychographic Segmentation Behaviouristic Segmentation Benefit Segmentation
The Target Marketing ProcessSelecting a Target Market Determining How Many Segments to Enter Three market coverage alternatives are available: Undifferentiated marketing involves ignoring segment differences and offering just one product or service to the entire market. Differentiated marketing involves marketing in a number of segments, developing separate marketing strategies for each. Concentrated marketing, is used when the firm selects one segment and attempts to capture a large share of this market. Determining Which Segments Offer Potential The second step in selecting a market involves determining the most attractive segment. The firm must examine the sales potential of the segment, the opportunities for growth, the competition, and its own ability to compete. Then it must decide whether it can market to this group.
The Target Marketing ProcessMarket Positioning Approaches to Positioning Positioning by Product Attributes and Benefits Positioning by Price/Quality Positioning by Use or Application Positioning by Product Class Positioning by Product User Positioning by Competitor Positioning by Cultural Symbols Repositioning Determining the Positioning Strategy Identifying competitors Assessing consumers’ perceptions of competitors Determining competitors’ positions Analysing the consumers’ preferences Making the positioning decision Monitoring the position.
Developing the Marketing Planning ProgramProduct Decisions Product planning involves decisions not only about the item itself, such as design and quality, but also about aspects such as service and warranties as well as brand name and package design. Consumers look beyond the reality of the product and its ingredients. The product’s quality, branding, packaging, and even the company standing behind it all contribute to consumers’ perceptions. Branding One important role of advertising in respect to branding strategies is creating and maintaining brand equity, which can be thought of as an intangible asset of added value or goodwill that results from the favourable image, impressions of differentiation and/or the strength of consumer attachment to a company name, brand name, or trademark. Packaging Packaging is another aspect of product strategy that has become increasingly important. The package is often the consumer’s first exposure to the product, so it must make a favourable ﬁrst impression.
Developing the Marketing Planning ProgramPrice Decisions The price variable refers to what the consumer must give up to purchase a product or service. While price is discussed in terms of the dollar amount exchanged for an item, the cost of a product to the consumer includes time, mental activity, and behavioural effort. A ﬁrm must consider a number of factors in determining the price it charges for its product or service, including costs, demand factors, competition, and perceived value. Relating Price to Advertising and Promotion Factors such as product quality, competition, and advertising all interact in determining what price a ﬁrm can and should charge.Distribution Channel Decisions Marketing channels, the place element of the marketing mix, are “sets of interdependent organizations involved in the process of making a product or service available for use or consumption. Direct channels Indirect channels Developing Promotional Strategies: Push or Pull? Promotional push strategy Trade advertising Promotional pull strategy