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The role of marketing communication in modern business - Essay Example

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The role of marketing communication in modern business

Competitiveness in business the world over is so acute that survival is possible for only those organizations, which are ready to employ every possible means to increase profit by reducing cost in production, while remaining uncompromising in quality and aggressive in marketing.. The account of the phenomenon of Integrated Marketing Communication by Aaker, Batra and Myers (1992) constitutes a fair working explanation of the phenomenon:
The ambiguity centered on the definition of Integrated Marketing Communication has created complexity in assessing the operational efficiency of the process. There are many levels of integration, which produces problems collectively as well as individually. The ideal execution of Integrated Marketing Communication calls for the sharing of the entire organization.
The better your market research, the smarter your decisions, and the more profitable you will be. Market research will: help you to determine whether the idea is viable; help you to identify the customers within your target markets; help you to analyse the market and the competition; help you to analyse your own Capabilities
A related but separate area of market research is pricing. Every product or service you intend to offer must have a price set for it. In determining your pricing policy, you need to calculate you're: Production costs; Profit margins; Overheads; Promotional and advertising expenses & Delivery costs are included. There are several types of pricing strategy: (Business eye)
1. Cost-based pricing - You arrive at the price by adding the costs of production (material, labour, fixed and variable overheads) and business operations to a profit margin. This is a popular strategy in manufacturing
2. Mark-up pricing - You add a pre-set percentage to the cost of goods from your supplier + distribution costs. This is a popular strategy in retail
3. Demand-based pricing - You determine price according to what customers are willing to pay
4. Follow the market pricing - You set your price by following the usual or average price of your competitors
5. Penetration/loss leader pricing - You offer a low price or below cost price in ...Show more

Summary

The role of marketing communication in modern business practices has been identified as a key factor in survival in modern day business. As part of the search for business effectiveness the entire process of marketing communication is being approached in a comprehensive and unified manner where by all activities of business communication functions in unison…
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The role of marketing communication in modern business essay example
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