Week 6,7,8
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IMCrazy: Establishing Objectives and Budgeting for the Promotional Program

IMCrazy: Establishing Objectives and Budgeting for the Promotional Program | Week 6,7,8 | Scoop.it
TSZ HA FUNG's insight:

This article is very practical and useful, it helps me further to understand how important a company to have a goal and budget for their promotional program. Company use advertisement to promote they product and service to target market, company tend to advertise on mass media but it also costly, therefor author state that company should set realistic objective of promotional and business, control the balance between realistic and the budget, as a result obtain the mixaimun befits from advertisement 

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Lucy Lim's comment, September 26, 2013 6:06 PM
Marketing objectives define what you want to accomplish through your marketing activities. There are several important factors to consider when establishing effective marketing objectives. When setting objectives it is very important to ensure that your objectives are; specific, measurable, achievable, realistic and time specific, or SMART for short. The "SMART" approach allows you to effectively manage your marketing activities and importantly be able to determine how successful they have been and whether they have delivered the particular benefits sought. The marketing objectives should also be consistent with and indicate the priorities of the organisation. This means that objectives should flow from the mission statement of your business, towards the financial objectives and to the rest of the marketing plan. Also establishing effectiveness marketing objectives help to create a good budgeting.
Yunqi Zeng's comment, September 26, 2013 11:20 PM
there are many promotion methods in today world, the marketers need to target the consumers and selecting the best method to create the most value.
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Establishing Objectives and Budgeting for the Promotional Program

Establishing Objectives  and Budgeting for the Promotional Program | Week 6,7,8 | Scoop.it
Can we measure the ROA? Oopsss ! This is not Return on Assets, this one time and it is: RETURN ON ADVERTISEMENTS Is it hard to measure this ROA? Although a number of metrics can be used as a proxy ...
TSZ HA FUNG's insight:

This article is very use for me to understand the return of advertisements (ROA), company use larges amount advertising to promote their product and service, it is important for company and advertiser to make sure message is effectively exposure to target market. Author state that company have to has a clear objective in the first place and the objective should be SMART. Author also had identify the factors that need to aware in to budgeting, by choose the communication channel, analysis the market size and market potential will effective result of advertisement, these factors company need to include in consideration during how to allocate budget.

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Lucy Lim's comment, September 26, 2013 5:42 PM
This article states that although there is no particular metric to measure the advertising effectiveness. The first and the foremost thins one needs to do is to define the objectives of the advertising campaign in order to measure the advertising effectiveness. Integrated marketing communications objectives are statements of what various aspects of the IMC program will accomplish. It has to be translated into communication goals and specific promotional objectives. In general an objective should be SMART, i.e. Specific, Measurable, Attainable, Realistic and Time-bound. Also there are two perspectives of objectives that we have to look at which are sales objective and communication objective. Lastly as TSZ HA FUNG’s mentioned already company should be aware in to budgeting. Having an adequate marketing budget is one of the most essential aspects of doing business. It ensures that a marketing department has support for their activities and can perform their job functions. Without a budget, a marketer can only spend on random activities and cannot develop a proper marketing strategy.
Yunqi Zeng's comment, September 26, 2013 11:25 PM
The promotion is one of the key elements in marketing mix model, and in communication mix model, the marketers need to use the budget very smart as Tsz Ha Fung said, to create the profit.
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What Is a Marketing Communication Mix?

What Is a Marketing Communication Mix? | Week 6,7,8 | Scoop.it
Marketing is a broad business function that includes product research and development, merchandising and distribution processes and pricing, as well as communication or promotion. The communication ...
TSZ HA FUNG's insight:

This article state that the marketing promotional mix include six elements. - Advertising is the one of the communication mix element, companies can control the content of message and deliver the message through television, radio station or website, it can be costly but companies still willing to pay for it because it can research the mass targeted audience. - Discount and promotions involve offering a lower price to consumer, the goals of this element is to increasing revenue and cash flow, attracting new customer. - Personal selling more focus on promote the value of product and services by salespeople, company targeted on high price level product since it require more effort on selling. -Public relations involves sending message through mass media but company don’t pay for it therefore company can control the message, the risk is negative might deliver, this is important for company build a good relationship with TV and other media reporter.-  Direct marketing is mean contact and sending message to consumer through direct communication such as email, Mail or phone. – Event sponsorship element is company pay to sponsor sport, entertainment, nonprofit or community events to gain an exposure by hand out samples, gift or place the company logo during the event. All six element is important, company use one or more than one to communication mix channel to reach the target market based on segment characteristic.

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Yunqi Zeng's comment, September 26, 2013 11:11 PM
marketing technology develops very rapidly in today world depending on the communication channels change and for marketers improve the understanding of the consumers need more and more.
Cen Xun's comment, September 26, 2013 11:16 PM
Thanks for Joly to pick this article out. This article gives a brief definition of what marketing communication mix is. It helps me to understand marketing communication mix well. There are five methods that companies can use for promotional purposes. It clearly outlines advertising, personal selling, discounts and promotions, public relations, direct marketing and event sponsorship can benefit a company. I think all the elements are important, company use one or more than one to communication mix channel to reach the target market.
Elaine Li's comment, September 27, 2013 1:07 AM
Joly, thanks for sharing this article. It helps me to understand what the communication mix is used in companies. The article states that communication mix refers to specific elements used to promote the company or its products to targeted customers. These elements are known as Advertising, Personal selling, Discounts and Promotions, Public Relations, Direct Marketing and Event Sponsorship. It is important to know all 5 elements to use the marketing communication mix to achieve the best outcome. I believe the marketing communication mix is essentially what IMC is all about.
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Advantages and Disadvantages of Direct Marketing

Advantages and Disadvantages of Direct Marketing | Week 6,7,8 | Scoop.it
The term marketing implies the single goal of profit. It is categorized into two, direct marketing and indirect marketing and there is a significant line of difference between the two.
TSZ HA FUNG's insight:

Direct marketing is mean manufacturer selling their product to consumer without the involvement of middleman, and manufacturer use direct communication contact consumer to sell and promote their product and service, I think manufacturer using direct communication such as mail, e- mail, telephone etc is very good way to promote product, more accurately of how consumer think of the product – like it or not. It help future improvement, but the negative side it consumer may be feel annoying and offend.

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Lucy Lim's comment, September 26, 2013 6:11 PM
I agree with TSZ HA FUNG's insight.
Direct marketing, unlike indirect marketing, directly reaches the target customer without intermediate distribution channels. Examples of direct marketing channels include direct mail, media advertising, door-to-door sales, and telemarketing.
Due to the fact that, since direct marketing is considered less expensive than indirect marketing, some companies compromise the quality of marketing materials (for example, direct mail). Direct marketing can also be an irritant to consumers who prefer to not be contacted directly by the company.
Yunqi Zeng's comment, September 26, 2013 11:17 PM
i agree with her. The direct marketing is sometimes annoying and not very efficient especially delivered some messages that the consumers are not interested in, therefore the marketers can improve the messages that they want to deliver to be more useful.
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What's the best marketing communications mix for my brand? | Verve Marketing Group | Chicago Marketing Agency

What's the best marketing communications mix for my brand? | Verve Marketing Group | Chicago Marketing Agency | Week 6,7,8 | Scoop.it
Choosing the right marketing communications mix for optimal impact is more important than ever.
TSZ HA FUNG's insight:

This article explain how company find the best communication mix for their brand.  The first thing author talk about is to identify your target segment and the characteristic of you consumer. The product is different, consumer is different therefor the communication mix is different, compare to “One-Size-Fits-All” tool, there will be more efficient if the message go to the right market also can reach more potential consumer. Therefore author suggest that Use Media That Your Audience Uses promote the nature of products and services and keep review you tools, see is it still fit to reach you target market, change your communication mix if necessary.

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Lucy Lim's comment, September 26, 2013 9:00 AM
I agree with TSZ HA FUNG’s insight that firstly company have to Identify the target market because it is an essential step in the development of a marketing plan for the company. As we know that products are all different, audiences are different and it leads the communication mix have to be different. For example, if their consumer is under 40 and likely active on social media. If is not, it will more likely active on “must-do” channels.