Full Answer On a large time scale, the world has been on a gradual, but accelerating, track of globalization for the last thousand years. Advancements in transportation technology enabled intercontinental trade, and this led to the exchange of goods, ideas and cultural influences over large portions of the planet. By the 17th century, explorers and merchants were capable of circumnavigating the globe; this was the first time the world became a single, contained system of politics and economics. In more recent times, the advancement of technology has accelerated the trend of globalization.
Traditionally known as the promotional element of the four Ps of marketing product, place, price, and promotionthe primary goal of marketing communication is to reach a defined audience to affect its behavior by informing, persuading, and reminding.
Marketing communication acquires new customers for brands by building awareness and encouraging trial. Marketing communication also maintains a brand's current customer base by reinforcing their purchase behavior by providing additional information about the brand's benefits.
A secondary goal of marketing communication is building and reinforcing relationships with customers, prospects, retailers, and other important stakeholders.
Successful marketing communication relies on a combination of options called the promotional mix. These options include advertising, sales promotion, public relations, direct marketing, and personal selling. The Internet has also become a powerful tool for reaching certain important audiences.
The role each element takes in a marketing communication program relies in part on whether a company employs a push strategy or a pull strategy. A pull strategy relies more on consumer demand than personal selling for the product to travel from the manufacturer to the end user. The demand generated by advertising, public relations, and sales promotion "pulls" the good or service through the channels of distribution.
A push strategy, on the other hand, emphasizes personal selling to push the product through these channels. Figure 1 Elements of Marketing Communication For marketing communication to be successful, however, sound management decisions must be made in the other three areas of the marketing mix: The best promotion cannot overcome poor product quality, inordinately high prices, or insufficient retail distribution.
Likewise, successful marketing communication relies on sound management decisions regarding the coordination of the various elements of the promotional mix. To this end, a new way of viewing marketing communication emerged in the s.
Called integrated marketing communication, this perspective seeks to orchestrate the use of all forms of the promotional mix to reach customers at different levels in new and better ways. Marketers began to realize that advertising, public relations, and sales were often at odds regarding responsibilities, budgets, management input and myriad other decisions affecting the successful marketing of a brand.
Executives in each area competed with the others for resources and a voice in decision making. The outcome was inconsistent promotional efforts, wasted money, counterproductive management decisions, and, perhaps worst of all, confusion among consumers.
Secondly, the marketing perspective itself began to shift from being market oriented to market driven. Marketing communication was traditionally viewed as an inside-out way of presenting the company's messages. Advertising was the dominant element in the promotional mix because the mass media could effectively deliver a sales message to a mass audience.
But then the mass market began to fragment. Consumers became better educated and more skeptical about advertising. A variety of sources, both controlled by the marketer and uncontrolled, became important to consumers. News reports, word-of-mouth, experts' opinions, and financial reports were just some of the "brand contacts" consumers began to use to learn about and form attitudes and opinions about a brand or company, or make purchase decisions.
Advertising began to lose some of its luster in terms of its ability to deliver huge homogeneous audiences. Companies began to seek new ways to coordinate the multiplicity of product and company messages being issued and used by consumers and others.
Thus, two ideas permeate integrated marketing communication: Rather than the traditional inside-out view, IMC is seen as an outside-in perspective. Customers are viewed not as targets but as partners in an ongoing relationship. Customers, prospects, and others encounter the brand and company through a host of sources and create from these various contacts ideas about the brand and company.
By knowing the media habits and lifestyles of important consumer segments, marketers can tailor messages through media that are most likely to reach these segments at times when these segments are most likely to be receptive to these messages, thus optimizing the marketing communication effort.
Ideally, IMC is implemented by developing comprehensive databases on customers and prospects, segmenting these current and potential customers into groups with certain common awareness levels, predispositions, and behaviors, and developing messages and media strategies that guide the communication tactics to meet marketing objectives.
In doing this, IMC builds and reinforces mutually profitable relationships with customers and other important stakeholders and generates synergy by coordinating all elements in the promotional mix into a program that possesses clarity, consistency, and maximum impact.
Practitioners and academics alike, however, have noted the difficulty of effectively implementing IMC. Defining exactly what IMC is has been difficult.
For example, merely coordinating messages so that speaking "with one clear voice" in all promotional efforts does not fully capture the meaning of IMC. Also, changing the organization to accommodate the integrated approach has challenged the command and control structure of many organizations.
However, studies suggest that IMC is viewed by a vast majority of marketing executives as having the greatest potential impact on their company's marketing strategies, more so than the economy, pricing, and globalization.
Advertising messages may promote the adoption of goods, services, persons, or ideas. Because the sales message is disseminated through the mass media—as opposed to personal selling—it is viewed as a much cheaper way of reaching consumers.
Globalization seems to be looked on as an unmitigated “good” by economists. Unfortunately, economists seem to be guided by their badly flawed models; they miss real-world problems. In. A Guest post by: Dr. Minqi Li, Professor Department of Economics, University of Utah E-mail: [email protected] This Annual Report evaluates the future development of world energy supply and its impact on the global economy as well as climate change. Words: Length: 5 Pages Document Type: Case Study Paper #: Visionary Leadership Practises Describe the concepts related to visionary leadership Visionary Leadership is a theoretical model in which the quality and impact of an organizational leaders is largely driven by the stylistic distinctions, personality and strategic orientation of a specific leader.
However, its non-personal nature means it lacks the ability to tailor the sales message to the message recipient and, more importantly, actually get the sale. Therefore, advertising effects are best measured in terms of increasing awareness and changing attitudes and opinions, not creating sales.
Advertising's contribution to sales is difficult to isolate because many factors influence sales.List the major drivers of globalization and give three examples of each. Explain at least four effects of globalization that impact your community and your organization.
What are some major regional trading blocs and specify at least two in your region of interest. initiativeblog.com is the place to go to get the answers you need and to ask the questions you want. Five major kinds of drivers, all based on change, are leading international firms to the globalization of their operations: (1) political, (2) technological, (3) market, (4) cost, and (5) competitive.
The loss of biodiversity is increasing. There is massive extinction from human activity. For example, fish stocks are dwindling, forest loss is resulting in the loss of many species, land and other resources are being misused, leading to various long terms costs. 1. Introduction William H.
Marling is a professor in English- and world literature at Case Western Reserve University. He has worked as a financial journalist for Fortune and Money magazines and has between and taught at universities in Spain, France, Japan and Austria.
The economic history of the United States is about characteristics of and important developments in the U.S. economy from colonial times to the present. The emphasis is on economic performance and how it was affected by new technologies, especially those that improved productivity, which is the main cause of economic initiativeblog.com covered are the change of size in economic sectors and the.