Describe about the Marketing Communication for Leading Business Advertisement.
In this research study, an IMC plan for a selected company (Myer Holding Limited) would be developed. Additionally, this research paper would also discuss and analyze the background information, products/services/marketing objectives of the selected company. Furthermore, this study would also provide detailed information about the audience segment analysis of Myer Holding Ltd. On the other hand, advertising/ communication objectives would also be analyzed in order to achieve the aims and objectives of this research paper. At the same time, by selecting alternative styles of creative advertising, communication objectives ethical issues would also be explained. At the same time, a media plan would be developed by selecting various media vehicles. Finally, details about the measurement of IMC plan effectiveness would also be analyzed. Hence, all these are the key objectives and aims of this research paper that would be discussed during the study of this paper in order to reach a valid outcome or conclusion.
Company, Products/Services:
Generally, Myer is also known as Myer Holding Limited that is one of the largest and leading department store chains that provides a wide range of products/services at the low costs to their customers. In addition to this, it is also the biggest retail company of the Australia in term of total sales, revenue, market share, number of customers etc. Moreover, the company was developed by the Sidney Myer in the year 1899 as a departmental store. In the current time, the company has a wide range of product categories including children’s, women’s, men’s clothing. It also provides different accessories, footwear, fragrance, cosmetics, furniture, homewares, bedding, stationery, toys, books, travel goods, electrical items etc. At the same time, it is also accessed that, the company is well known for its wide variety of goods, quality and customer services. On the other hand, it had developed maximum retail store in the nation as compare to other retail companies. Hence, it is of the leading and fast growing retail company of the Australia (Myer Holding Limited. 2016).
Today’s different kinds of long and short term and SMART marketing objectives are developed by the company in order to compete in the industry and gain competitive advantages. For example, the following are the key marketing objectives of Myer:
To increase the total market share in the Australian retail industry by introducing and offering unique, new and quality products and services to the customers
To enhance the customer base by offering value
To improve the level of sales in next two financial years
To improve image, brand awareness and identity of various products in the market
To attract a number of customers from the market by motivating and encouraging them to purchases (Myer Holding Limited. 2016).
To offer quality products with easy convince at the lower cost as compare to others
To create a strong relationship with the customers and enhance customer satisfaction rate
To fulfill social marketing goals by understanding and analyzing the needs and wants of customers (Boone, and Kurtz, 2011).
All these are the smart marketing objectives of the company that assists the organizations in reducing the marketing costs and enhancing the organizational efficiency and attaining the competitive scope.
Basically, a target strategy is used by the Myer Holding Ltd in order to select potential customers for their products or services. According to this, the company chose most valuable and appropriate customers from the segmented market in order to understand needs of customers for the products or services. For example, in the current time, the company uses different target strategies and methods to understand the needs and wants of their customers. For instance, Myer target its customers by using geographic segmentation. It also uses social marketing practices and strategies in order to target their customers for the particular product or service (Farris, Bendle, Pfeifer, and Reibstein, 2010).
On the other hand, the company is also using various kinds of promotional as well as marketing strategies to target the customers. For instance, direct mail, public relation, exhibition, internet, use of social media, sales promotion, advertising etc are the major promotional methods used by Myer in order to target the customers and create awareness in the minds of customers about the products and services. It also promotes loyalty as well as goodwill to target their customers from the market effectively (Ouwersloot, and Duncan, 2008).
At the same time, the company is also use segmentation marketing strategy by which it divides a broad target market into subsets of consumers with common interest, needs and priorities. Moreover, it is also found that, segmentation is adopted by the Myer as a marketing method that helps it in accessing the requirements, wants and needs of their customers. For example, Myer is using a geographical segmentation strategy and analyze the needs and wants of their customers on the basis of geographical elements (Ferrell, 2012). This is assisting the company in expanding the business operations, communicating, improving the productivity, and focusing on the strategic vision and mission. This segmentation strategy is also offering opportunity to Myer and the company is able to expand its business. Along with this, the company is also use Behavioral segmentation, psychographic segmentation, and demographic segmentation marketing strategies (Aaker, Kumar, and Day, 2008).
The following are the key and fundamental communication objectives such as:
Introducing new and innovative brand at the lowest price to a broadly-targeted market by using promotional tools
Raise & create brand awareness and develop brand image
Modifying the negative perceptions of the customer by motivating and creating value for them (Shimp, 2008).
To affect the buyer behavior of the current and potential customers
To educate the customers effectively about the new and existing products or services
There are different kinds of alternative styles of creative advertising that can be used by Myer in order achieve communication objectives in ethical manner. For case, emotional, generic, unique value proposition, brand image and preemptive creative styles are the major alternative styles of creating advertising. Moreover, generic creative styles would be used by the company along with the product category in order to develop the demand and needs for its own promotion (Winer, 2009). For instance, Myer should use an innovative slogan for the purpose to promote its various retail products. This strategy would help the company in adding attributes to the product category and the company would be able to attain its marketing objectives ethically. On the other hand, USP (unique selling proposition) can also be used by Myer by differentiating their products as compare to others in term of product quality, feature, price, value etc. Hence, both these styles must be used by the company in order to deliver ethical message for the customers effectively (Lancaster, and Massingham, 2010).
Generally, a media plan can be defined as a plan or an innovative and dynamic process of creating and developing the best suitable and exact media vehicles to be used for the advertising. In the same way, it is a specific process by which most cost effective media vehicle is selected for the adverting in order to fulfill the marketing goals and reach the target customers. On the other hand, it is found that, there are four stages required to develop a specific and appropriate media plan such as: explaining the objectives of media, accessing the media, choosing and using the best media and developing the budget (Kurtz, Mackenzie, and Snow, 2009).
The media plan has different objectives including reach, Frequency, selectivity, impact, cost and continuity. Along with this, it is analyzed that, a media plan should have different specific elements such as: explaining the problems associated with the marketing, interpreting the needs of marketing into attainable media objectives and explaining the media solution by formulating media strategies. In addition to this, it is also important to know that, there are various types of media vehicles that used by the companies to communicate the message to their target customers. For example, the main media vehicles are Radio, Outdoor billboards, TV, Newspapers, Direct mail, catalogs, brochures, handouts, samples, Public transportation, Yellow Pages, Magazines etc (Kelley and Jugenheimer, 2008).
Moreover, in order to achieve the objectives and creative strategy, the selection of best and appropriate media would be based on advertising campaign, costs, budget, and target markets/audience. Additionally, it can be suggested that, the company should use social media as well as internet in order to target the customers and attain the marketing goals effectively. For case, the company, Myer should use internet as well as social media tools in order to target and reach millions of customers. In the same way, by using digital media, the company would be able to improve customer base and fulfill core marketing goals and objectives (Pride and Ferrell, 2008).
Moreover, such media are most cost and time effective as compare others. For example, in the current time the use of social media is increasing the people spent most of their time on social media so it would be beneficial for the company to easily target their customers. Moreover, this media would help the company in creating the brand awareness and image of the company in the front of millions of people across the national boundaries (Ferrell, 2012). At the same time, the Myer should also focus on using social media tools including banners, social sites, and mobiles, online advertisement in order to target their customers and create a unique image of their products (Schau, Muñiz and Arnould, 2009). It is because digital media have capacity to attract more customers for the product at the best possible cost.
Along with this, online advertising may also be most beneficial and effective for the company to create strategies and achieve marketing goals effectively. For example, according to this media, the company should use online search engines such direct mail, google to reach millions of customers (Pride, Hughes, and Kapoor, 2014). On the other hand, Myer can also focus on using TV media such as “free to air TV” on various channels in the peak timeslots attract the young and adults customers for the product. Hence, it can be said that, the company should adopt such media vehicle not only to attain marketing goals but also achieve competitive advantages in the market in an effective and proper manner. In this way, all these media vehicles would help the company in communicating with their key target market (Farris, Bendle, Pfeifer, and Reibstein, 2010).
Today, measuring the success and effectiveness of an IMC plan is one of the major and significant tasks for the marketing manager. It is because, it provides strategic directions to the managers about how to attain long term marketing goals and creates best marketing strategies for the overall success and growth of the organizations. In addition to this, it should also be noted down that, there are several strategies, approaches, methods and ways that should be used by the marketing manager in order to measure the effectiveness and success of an IMC plan (Mooij, 2010).
For example, in order to measure the effectiveness of IMC plan, the manager should use different tools such as: Google Analytics, Kissmetrics, Marketo, RapidMiner. All these techniques would allow the manager to access the effectiveness of IMC plan. In addition to this, the manager should also explore the responses of their customers on the advertising (Faarup, 2010). By analyzing the changes in the product preferences, the manager can also measure the effectiveness. Moreover, by watching regular reactions and response of the customers, developing communication goals, using customer response model, the manager would be able to access the success of an IMC plan (Faarup, 2010).
Conclusion
On the basis of above analysis, it can be concluded that, in the current time, to effective fulfill the marketing long term objectives; business firms should use and develop an IMC plan. On the other hand, a company must understand the importance and value of developing an IMC plan effectively.
References
Aaker, D.A., Kumar, V. and Day, G.S. (2008). Marketing Research (9th ed). India: Wiley-India.
Boone, L.E. and Kurtz, D.L., (2011). Contemporary Business. (ed.). UK: John Wiley and Sons.
Faarup, P.K. (2010). The Marketing Framework. USA: Academica.
Farris, P.W., Bendle, N.T., Pfeifer, P.E. and Reibstein, D.J. (2010). Marketing Metrics: The
Definitive Guide to Measuring Marketing Performance (2nd ed.). USA: Pearson Education.
Ferrell, O.C. (2012). Marketing Strategy Text and Cases. (6th ed.). USA: Cengage Learning.
Kelley, L.D. and Jugenheimer, D.W. (2008). Advertising Media Planning. USA: M.E. Sharpe.
Kurtz, D.L., Mackenzie, H.F. and Snow, K. (2009). Contemporary Marketing (2nd ed.). US:
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Myer Holding Limited. (2016). About Us. Available at: https://www.myer.com.au/[Accessed On:
19th Sep. 2016]
Ouwersloot, H. and Duncan, T. (2008). Integrated Marketing Communications. USA: McGraw
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Shimp, T.A. (2008). Advertising Promotion and Other Aspects of Integrated Marketing
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Schau, H. J., Muñiz Jr, A. M. and Arnould, E. J. (2009). How brand community practices create
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