What are some of the different stages that a company goes through when developing their IMC strategy?
Am I on the right track?
Establish the Communication Objectives Determine and Allocate the Marketing Communication Budget
Design the Promotion Mix
Evaluate the Effectiveness of the Communication Program
Determine the Total Promotion Budget
Decide on a Push or a Pull Strategy
Allocate the Budget to a Specific Promotion Mix
Yes, you are on the right track! Developing an Integrated Marketing Communication (IMC) strategy involves several stages. Here's an explanation of each stage:
1. Establish the Communication Objectives: In this stage, a company sets clear objectives for its communication efforts. These objectives include what the company wants to achieve through its marketing communication, such as increasing brand awareness, driving sales, or improving customer loyalty.
2. Determine and Allocate the Marketing Communication Budget: At this stage, the company determines the budget it is willing to allocate to its marketing communication activities. This budget is usually based on factors such as the company's financial resources, industry benchmarks, and the desired impact of the communication strategy.
3. Design the Promotion Mix: The promotion mix refers to the various promotional tools the company will use to communicate with its target audience. These tools include advertising, sales promotion, public relations, personal selling, and direct marketing. In this stage, the company carefully selects and plans how it will use each element of the promotion mix to deliver its message effectively.
4. Evaluate the Effectiveness of the Communication Program: Once the IMC strategy is implemented, it is crucial to evaluate its effectiveness. Companies use various methods such as surveys, tracking customer behavior, and analyzing sales data to measure the impact and success of their communication program. This evaluation helps the company identify any areas for improvement and make necessary adjustments to optimize results.
Regarding the other points you mentioned, they are also important steps in developing the IMC strategy:
- Determine the Total Promotion Budget: This refers to deciding on the overall budget for the entire promotional effort, considering various factors such as the company's financial situation and the competitiveness of the market.
- Decide on a Push or a Pull Strategy: A push strategy focuses on pushing the product through the distribution channel to reach the end customer, while a pull strategy aims to create consumer demand directly, encouraging customers to demand the product from the retailers.
- Allocate the Budget to a Specific Promotion Mix: Once the overall budget is determined, it is important to allocate specific amounts to each element of the promotion mix based on their objectives, costs, and potential impact.
By following these stages, a company can effectively develop and implement an IMC strategy to reach its target audience, communicate its message, and achieve its marketing goals.