In the contemporary environment of competitive business, the technological advancements have brought forth an explosion of information that is easily accessible to public through the internet and other media like television, radio, mobile phones etc. The internet has made it…
The inter-dependence of the various elements within the system has vast potential to establish a market that is sustainable as well as mutually satisfying. IMC, through e-communication greatly facilitates the success of the existing and new products and therefore needs to become intrinsic part of market strategy of the organizations.
The core business strategy of any business heavily relies on the market strategy that facilitates its products and services to meet the needs and requirements of the people at large. According to Shultz, McCarthy’s principles of 4Ps of marketing have outgrown their effectiveness in the present age of information technology. In the past, the 4Ps (product, price, place and promotion) of marketing strategy were highly relevant mainly because of the three reasons: There was lack of variety within the products; people were exposed to limited means of publicity; and promotional activities were more localised (Shultz, 2001). Therefore, under the given restrained parameters, the strategy satisfied both the customers and the retailers.
The equation is drastically changed in the contemporary times. Today, the technological advancements have brought forth an explosion of information that is easily accessible to public through the internet and other media like television, radio, mobile phones etc. The internet has made it easy for the customers to become aware of the product details including its availability at competitive prices which has precipitated the need to develop a whole new perspective for a new marketing technique. Integrated marketing communication therefore, becomes the most vital part of market strategy for all organizations to maintain a competitive edge over their rivals. The inter-dependence of the various elements within the system has vast potential to establish a market that is sustainable as well as mutually satisfying.
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The customer relations that will be maintained by the organization through integrated marketing communication will lead to value increase in the organization products brands (Kitchen, &Pelsmacker, 2004, p 147). For instance, Coca Cola applied communications method to attract and retain customers through its website and CSR.
Today’s business environment is highly dynamic as products offerings of most of the companies in a particular industry are similar in design, price, features, performance and core benefits, and therefore it is highly important for a marketer to differentiate them through benefits augmentation to attract targeted customers.
Marketing communication has been in existence for long and it involved using a single marketing tool at any particular time to reach prospective buyers. Most firms enlisted the services of marketing agencies that specialized in one kind of communication such as advertising or personal selling.
Marketing is, conventionally, an empirical discipline based on a number of minor concepts and reasoning. Successful marketing is a combination of understanding the benefits of the product, the minds of the target customers and what they respond to. That is category experience and it is the "added value" that companies look for when choosing outside marketing assistance.
Therefore, more and more companies today resort to differentiated marketing through highly focused segmentation and targeting strategies.
Having identified the segments of the markets which the company can effectively serve, given the
In general, IMC combines both the traditional and non-traditional marketing modes. The collaboration is done with modern promotional means which reinforces the marketing channels. In the modern market, numerous IMC
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