Integrated Marketing Communication

IMC – BOST

An approach to achieving the objectives of a marketing campaign through a well-coordinated use of different promotional methods that are intended to reinforce each other.

A strategic business process used to plan, develop, execute and evaluate coordinated, measurable, persuasive brand communication programs with consumers, customers, prospects, employees and other relevant external and internal audiences.

BUDGET

Definition: the money a company is willing to set aside to accomplish its marketing objectives.

Methods of Setting up Budget for IMC:

1. Competitive Parity Method - wherein an IMC strategist decides the budget on the basis of competitors' spending

A problem with this method is that not only does it assume that all competitors' marketing objectives are the same but also that it leaves an IMC strategist subject to the same mistakes the competitor may make.

2. Affordable Method – A method of setting an IMC budget in which the firm first forecasts their sales and expenses, excluding IMC. The difference between the forecasted sales and expenses plus desired profit is reserved for the IMC budget

3. Percentage of Sales Method – setting IMC budget based on a fixed percentage of forecasted sales

4. Objective & Task Method – budgeting method that determines the cost required to undertake specific tasks to accomplish communication objectives; process entails setting objectives, choosing media, and determining costs

OBJECTIVE

The objective of IMC is to create/increase brand awareness, generate favorable attitude towards the brand, increase brand loyalty and eventually increase sales.

These objectives are measured through the Buyer Readiness Stage model, according to which there are 6 stages after Non-awareness:

Non-awareness

A – Awareness

K – Knowledge

L – Liking

P – Preference

C – Conviction

A – Action

The basic objective of an IMC strategy is to move the consumer up this Buyer Readiness Stage model....