Business Venture Free Essay Example

Trendsetter Collection Assignment 2 Professor Fault November 30, 2011 Chic 2 Abstract Marketing strategy Is essential to any business. In order to be successful there has to be a reliable. One of the most important components of the marketing strategy is the marketing mix. The elements that are featured In the marketing mix are: advertising, direct marketing, sales promotion, publicly/public relations, and personal selling. The first part of the report discusses the aspect of the MIMIC.

In the report all of the components of the communication mix are defined and discussed.

The second part of the report focuses on the actual application of the concepts in the product developed. In this part a detailed description of the MIMIC approach is provided. The second part also contains the desired message to be communicated to the customers. In the last part of the report the suitable method for measuring advertising is chosen and analyzed. Introduction The Integrated Marketing Communications (MIMIC) approach is an important concept in marketing because it incorporates the different communication alternatives.

The elements of the marketing mix include: adverting, direct marketing, ales promotion, publicity/public relations, and personal selling. Each of the individual communication alternatives has both pros and cons. The MIMIC approach can be used to indicate which alternatives are good for the business and which are not. This is important because it narrows the company’s focus to Just the communication alternative they are interested in. The core strategy allows the seller to communicate to the market their strategies and goals for the product.

The core strategy of the Chi! Collection is to develop a product that will exceed the customers’ expectations. Finally there are numerous methods for measuring advertising, but after a thorough research the Chi! C collection has select what the company believe will be the most suitable method to measure advertisement. Part 1: General Research In Integrated Marketing Commutations all the elements of the marketing mix are coordinated in order to facilitate the interaction with the customers. The MIMIC approach is a key element in a company’s strategy. Communication is vital to an organization because it is how sellers can interact with others including customers.

Not only does a company need to have good communication skills when dealing with he staff but also effective communication when interacting with the outside world. An organization should always attempt to communicate their ideas or messages adequately and efficiently in order to avoid any confusion or Chic 4 misunderstandings. But the process of communications is not always effective and easy. Sometimes it can be quite challenging to convey the exact message; other times errors can occur in an attempt to communicate with others. Messages can be transmitted through communication channels.

There communication channels serve to convey the information or message a business is trying to achieve. There are two distinctive communication channels that can be used. The first channel is personal channels of communication. The second form of communication is the nonparallel channels of communications. (Winner ; Dharma, 2011, p. 283). Personal channels involve direct contact, while nonparallel involves the use of mass-media as the main communication method. Some of the personal methods include direct sales such as face-to-face interactions. The nonparallel method focuses on mass-media such as television, radio, magazines, internet, etc.

The purpose of the Integrated Marketing Communications (MIMIC) is to ensure hat all the elements of the communication mix are coordinated. In order for an organization communicate with consumers they have to use one or more of the promotional alternatives. These alternatives permit the interaction between the sellers and the buyers. The five communication elements are: adverting, personal selling, public relations, sales promotions, and direct marketing. (Kerri, R. A. , Hartley, advertisement. Advertising is important to the sellers as well the consumers.

When the sellers advertise their products, they are drawing attention to the product and his can eventually stimulate growth and perhaps generate profit. Chic 5 Advertising was initially defined as the nonparallel form of communication channel; however, this definition has since changed because adverting can also depend on direct interactions. (Winner ; Dharma, 2011, p. 283). It is a good idea to spend money on adverting because it will draw attention to the product and make consumers aware of the product or service. There are many advantages to adverting a product or a service.

One of the best advantages of adverting is that it creates attention to the product or service. This attention can attract buyers and generate profits. For instance, if a vendor features their product in a magazine, this brings attention to their product and can generate prospective buyers. Exposing the product to the customer is imperative to the sale a product and/or service. An effective advertising campaign can help a company increase and sustain profits. ( Overview of the Role of Advertising and Public Relations, 2007). There are many types of advertisements a company or a vendor can partake in.

Advisements can be made through the media, magazines, Journals, newspapers, elevation, radio, and billboards. Some of the advantage of advertising includes the vendor having complete control of how exactly they want to showcase their product. Another advantage is that the advisement can be consistent and be presented repeatedly making customers very aware of the product. ((Small Business Advertising, 2011). Advisement can be very beneficial for the exposure of the product however, there are some cons of advantages of adverting. One of the advantages of adverting includes the cost; the cost of advertising a product can be extremely high.

Another Arabica of advertising is that it cakes planning. It takes a lot of time and planning in advance. Another advantage is that vendors must “repeatedly remind prospects and customers about the benefits of doing business with you. ” (Small business advertising, 2011). Chic 6 Direct marketing is one of the promotional alternatives of communication with the target market. In Direct marketing, because of the direct interaction with the consumers it elicits a response from the customers. (Kerri, R. A. , Hartley, S. W. , ; Rudderless, W. , 2009, p. 469).

There are many forms of commutations in direct racketing including face-to-face selling, catalogs, direct mail, telephone, solicitations, direct response advertising, and online marketing. There are both advantages and disadvantages of direct marketing. The main advantage is that the vendor can focus only on the target market and deliver a message intended only for that target. (Winner ; Dharma, 2011, p. 287). Because the vendor can focus on their target there is little waste in delivering the message. Another advantage of direct marketing is that it is easy to evaluate because the quick customer response.

Because the seller is immunization directly with the customers is easy to establish whether or not they customers are satisfied or content with the product or service. An advantage of marketing methods. Some people get annoyed with some forms of direct marketing such as telemarketing, constant Junk mails, etc. (Direct Marketing 101 , 2004). A sales promotion is another component of the marketing mix. The main objective of sales promotion is to achieve a short term goal by providing extra incentive and others to customers. (Guppy, Sunnis, 1988). Because of their short-term nature, sales promotion can stimulate sales in short-term duration.

Sales promotion can be very effective in generating short-term sales. In an experimental study by Surest Remnants and Sandy K. Dharma, it examines how sales promotions affect the size and composition of the overall shopping basket. In their findings it showed that many retailers benefit from sales promotion. “our research suggests that retailers such as Wall-Mart, which use every day-low-pricing strategies to promise savings, carry Chic 7 well-known brands, and have conventional sorts layouts, consistent with a prevention focus, would benefit from using temporary price promotions” (Remnants S. Pm;. Dharma, S. K, 2010). Therefore sales promotion can be beneficial to some businesses but detrimental to others. An advantage of sales promotion is that the short-term sales can elicit a response that can be measured. Because sales promotions are short-term, they need advertising convert the sales promotion customers into long-term buyers. (Winner ; Dharma, 2011, p. 283). Another disadvantage of sales promotion is there is too focused on price. This can be detrimental because most costumers are price-sensitive and are interested in a lot more than Just the price of the product.

Public relations “control the development of the message and the image to represent a company both in verbal content and visual design. ” (Overview of the Role of Advertising and Public Relations, 2007). One of the great aspects of public relations is that the organization doesn’t have to pay for it. One of the advantages of public relation is their credibility. Public relations come from an unbiased source making more credible than other promotional alternatives such as advertising. Advertising focuses on promoting a product or service, while public relations and publicity are unpaid communication channels.

The disadvantage of public relations is that the user has not control over it whatsoever. The sponsoring company has no control over what is said about them or the placement if the item in a publications, and others aspects. (Winner & Dharma, 2011, p. 287). The last promotional alternative to communicate with consumers is personal selling. In personal selling, the seller is directly interacting with the customers in an attempt to persuade them to buy the product. Personal selling involves the two-way communication between the Chic 8 buyer and the seller.

Some advantages of personal selling are that the sales errors can control to whom they want to show the presentation. (Kerri, R. A. , Hartley, S. W. , & Rudderless, W. , 2009, p. 469). This is an important advantage because it reduces the amount of wasted time the vendors communicate with those that are not their target market. Another advantage of personal selling is that the seller can see Part 2: Application to Product/Service Overview The product developed is a high-end eclectic, retro, and fierce accessories line. This product is targeted to teens, teens and adult women.

The product will initially be sold primarily online tit plans of expanding to consignment stores, department stores, and eventually our own specialty store. MIMIC Approach The integrated marketing communication (MIMIC) plan will developed around the five promotion alternatives. These alternatives are effective and necessary for the sellers to communicate with the customers. The five alternatives are: advertising, personal selling, public relations, sales promotions, and direct marketing. The product will be designed specifically to teens, teens, and adult women. The target market generation Y, Generation X, and baby boomers.

Meaning that deciding what immunization methods are best for delivering messages to customers is imperative. Advertising is valuable element to the success of a product. Advertising would be a great advantage to the Chi! C fashion line collection. Because the product Chic 9 will initially be sold online, advertising is vital. The Chi! C collection can reach a large number of customers and bring awareness to the product and draw attention to the product. A business can advertise their product through many different forms of personal and nonparallel channels. But advertising can be very expensive therefore in the first year, the Chi! Election will focus on more affordable methods of advertisement. Because a large majority of the target market is active internet users, the product will focus their advertisement mainly through the internet. One of the forms of advertising the product line will advertise is through social media. So the company plans to campaign on social media sites such as faceable. Com and twitter. Com. Through these social media websites the company can measure market interest in the product. Through Faceable the company can evaluate the interest amount about a certain population.

This can perhaps provide valuable information which segments to focus on. The interaction through direct sales has its pros and cons. The fact that most of them constantly call customers or send them numerous emails can be very irritating. However, the Chi! C collection will use some direct selling methods to promote products but try to not upset potential customers. The Chi! C collection is interested in doing fashion events and parties once a month to display their products. Also the collection plans to develop a campaign through Faceable and Twitter.

The can both be effective tactics because it provides the sellers with direct response to the reduces. The Chi! C collection will not be using any forms of sales promotion. Sales promotions almost always focus on price and focuses on achieving short-term objective (Ferret, O. C. & Hairline, M. , 2005, p. 298). The line is more interested in establishing long-term relationships Chic 10 year of the fashion line. Personal selling will only work when the collection has a party or an even. However, because the line will be initially sold in online, it won’t be a very used form of communication.

Once the company is established in a store then personal selling will be a more effective method. Core Strategy The core strategy of the Chi! C collection is to develop a product that will exceed the customers’ expectations. Even though our accessories line is focused on the products, the service provided to the customers is Just as important. Being able to provide excellent service to the customers is important in our business, as some customers’ value service more than price. In a four-year survey by the Ohio- based market intelligence firm Big Research, “most customers will put service ahead of price – if you give them the chance. (Satisfied Customers, 2005). Some ways to maintain good services includes listening to the customer’s needs, processing their orders accordingly, and attending to their concerns and suggestions. The company also wants to be able to acknowledge those customers that are active in our products with incentives and reviving deals such as free shipping if you spend over a specific amount, and other reviving deals. Most Suitable Method for Measuring Advertising Effectiveness. One of the most difficult tasks faced by many company, organizations, sellers, and others is the measure of adverting.

Measuring advertising effectiveness is not n easy task. Chic 11 Because it is so difficult to measure effectiveness all the precaution is necessary. One of the main purposes of measuring effectiveness can be achieved by determining the effect of each advertising campaign. (Vela, Mira, 2007). Measuring effectiveness through the internet can be an easy task top accomplish because it is simple and inexpensive. Companies can measure the effectiveness on the internet through sites such as Google Analytics. The most effective way to measure this campaign is through the internet because that Chi! Collections is starting as small business it isn’t have a lot of money therefore using inexpensive methods the best way. Conclusion The Integrated Marketing Communications (MIMIC) approach is one of the most important concepts it marketing. All the different communication channels allow for interaction between the sellers and the buyers. The MIMIC approach helped rationalize all the decisions made by the Chi! C collection. Being able to communicate with the target market is very important as it was shown earlier because the customers are the ones that purchase the product therefore sellers must be able to meet or exceed the customer’s needs.