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Session 30 MG 220 MBA - 25 Nov 10

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Session 30

Session 30
MG 220 Marketing Management
MBA 10

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    Session 30  MG 220 MBA - 25 Nov 10 Session 30 MG 220 MBA - 25 Nov 10 Presentation Transcript

    • Part 7:Communicating Value
      > The Role of Marketing Communications
      > Developing Effective Communications
      > Deciding on Marketing Communications Mix
      > Managing the Integrated Marketing Communications Process
      Class Presentation | Session 30 | 25 Nov 2010
    • The Role of Marketing CommunicationsConcept
      Marketing Communication and Brand Equity
      The means by which firms attempt to inform, persuade, and remind consumers, directly or indirectly, about the products and brands they sell
      Marketing Communications Mix
      MG 220 Marketing Management
      2
    • The Role of Marketing CommunicationsConcept
      Marketing Communications Mix - Definitions
      Advertising
      Any paid form of non-personalpresentation and promotion of ideas, goods or services by an identified sponsor
      Sales Promotion
      A variety of short-term incentives to encourage trial or purchase of a product or service
      Events & Experiences
      Company-sponsored activities and programs designed to create daily or special brand-related interactions
      Public Relations & Publicity
      A variety of programs designed to promote or protect a company’s image or its individual products
      Direct Marketing
      Use of mail, telephone, fax, e-mail or internet to communicate directly with or solicit response or dialogue from specific customers and prospects
      Personal Selling
      Face to face interaction with one or more prospective purchasers for the purpose of making presentations, answering questions and procuring orders
      MG 220 Marketing Management
      3
    • The Role of Marketing CommunicationsConcept
      Marketing Communications Mix - Examples
      Advertising
      Print and broadcast ads, Brochures, Posters, Billboards, POP displays
      Sales Promotion
      Contests, sweepstakes, Premiums, Sampling, Coupons, Rebates
      Events & Experiences
      Festivals, Arts, Causes, Factory tours, Company museums, Street activities
      Public Relations & Publicity
      Press releases, Seminars, Annual reports, donations, Community relations, Lobbying
      Personal Selling
      Sales presentations, Sales meetings, Incentive programs, Samples, Fairs and trade shows
      Direct Marketing
      Catalogs, Mailings, Telemarketing, Electronic shopping, TV shopping, Fax mail, E-mail, Voice mail
      CONSISTENCY IN MESSAGE BY INTEGRATING THESE MARKETING COMMUNICATIONS IS REQUIRED
      MG 220 Marketing Management
      4
    • The Role of Marketing CommunicationsThe Communication Process Models
      Macro-model of Marketing Communications
      Major parties in Communication
      Sender | Receiver
      Major Communication Tools
      Message | Media
      Major Communication Functions
      Encoding | Decoding | Response | Feedback
      These processes operate during communication
      Selective Attention
      Selective Distortion
      Selective Retention
      MG 220 Marketing Management
      5
    • The Role of Marketing CommunicationsThe Communication Process Models
      Micro models of Marketing Communications
      Response hierarchy models
      Learn-Feel-do sequence
      Buyer passed through:
      Learn-Feel-do
      Do-Feel-Learn
      Learn-Do-Feel
      Fragility of Marketing Communications
      Example: If at all stages success prob. is even 50%
      MG 220 Marketing Management
      6
    • Developing Effective Communications
      Identify Target Audience
      Use Segmentation strategies
      Analyze target audience:
      Image Analysis
      Favorability Analysis
      Familiriaty Analysis
      MG 220 Marketing Management
      7
    • Developing Effective Communications
      Determine Objective
      Category Need
      Developing need for a certain category
      Brand Awareness
      Identifying a brand within a certain category
      Brand Attitude
      Evaluation of brand to meet a relevant need
      Brand Purchase intention
      Taking purchase-related action
      MG 220 Marketing Management
      8
    • Developing Effective Communications
      Design Communications
      Message Strategy (what to say)
      Looking for appeals related to brand positioning
      To help establish POPs and POPs
      Creative Strategy (how to say it)
      Informational Appeals – giving information
      Transformational Appeals –emotional attributes
      Message Source (who to say it)
      Source should have credibility through:
      Expertise
      Trustworthiness
      Likability
      MG 220 Marketing Management
      9
    • Developing Effective Communications
      Select Channels
      Personal Channels
      Advocate Channels (e.g. salesforce)
      Expert Channels (e.g. independent experts)
      Social Channels (e.g. neighbors, family, friends)
      Non-Personal Channels
      Media
      Sales Promotions
      Events and Experiences
      Public Relations
      Integration of Communication Channels
      MG 220 Marketing Management
      10
    • Developing Effective Communications
      Establish Total Mktg. Comm. Budget
      Affordable Method
      Percentage-of-Sales method
      More result oriented, variable cost
      No logical basis for choosing the “%age”
      Competitive-Parity method
      Budget established to achieve ‘share-of-voice’ parity with comp.
      Collective wisdom (?) & preventing promotion wars (?)
      Objective-and-task method
      Establish market share goal
      Determine %age of market that should be reached by advertising
      Determine %age of aware prospects that should be persuaded
      Determine number of ad impressions per 1 percent trial rate
      Determine number of Gross Rating points (GRPs)
      Determine req. advertising budget on basis of avg. cost of GRP
      MG 220 Marketing Management
      11
    • Deciding on Marketing Communications MixCharacteristics of Marketing Comm. Mix
      Advertising
      Long-term image | trigger sales | reach geog. dispersed customers
      Pervasiveness (several repetitions)
      Amplified expressiveness
      Impersonality (it is monologue)
      Sales Promoti0n
      Stronger & Quick buyer response | Short-run effects
      Communication
      Inventive
      Invitation
      Public Relation & Publicity
      Coordinated with other elements of mix
      High credibility
      Ability to catch buyers “off-guard”
      Dramatization
      MG 220 Marketing Management
      12
    • Deciding on Marketing Communications MixCharacteristics of Marketing Comm. Mix
      Events & Experiences
      Costly yet having many advantages
      Relevant
      Involving
      Implicit
      Direct Marketing
      Forms: Direct Mail, telemarketing, internet marketing
      Customized
      Up-to-date
      Interactive
      Personal Selling
      Most effective in later stages, good for building preferences
      Personal interaction
      Cultivation
      Response
      MG 220 Marketing Management
      13
    • Deciding on Marketing Communications MixFactors in Setting the Marketing Comm. Mix
      Type of Product Market
      Consumer markets: more spend on sales prom. & advertising
      Business markets: more on personal selling
      Buyer-Readiness Stage
      Cost-effectiveness of communication tools vary at different stagesof buyer readiness
      Product Life-Cycle Stage
      Cost effectiveness of communication tools vary as with PLC stages
      MG 220 Marketing Management
      14
    • Deciding on Marketing Communications MixMeasuring Communication Results
      Feedback Measurement
      After implementing the plan:
      Impact on target audience is to be measured
      Surveyed to ask:
      Whether they have recall
      How many times they saw it
      What points they recall
      A good example of measured results:
      MG 220 Marketing Management
      15
    • Managing the IMC – Integrated Marketing Communications
      Coordinating Media
      Personal and Non-personal channels to be coordinated
      Implementing IMC
      IMC concept has been relatively slow to take hold:
      Large companies have several specialist organizations
      They don’t know much about other channels/tools
      Global companies use different agencies in different countries
      Still a few agencies have improved by integrating with differentspecialist companies – by acquiring them
      Offering one-window solutions
      MG 220 Marketing Management
      16
    • Part 7:Communicating Value
      > Developing and Managing an Advertising Program
      > Deciding on Media and Measuring Effectiveness
      > Sales Promotion: SKIM
      > Events & Experiences: SKIM
      > Public Relations: SKIM
      Class Presentation | Session 31 | 29 Nov 2010