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IMC Lec#4
| Question | Answer |
|---|---|
| The sheer volume of advertising "noise" that consumers are bombarded with on a daily basis can shape their decision-making processes, brand loyalty, and overall consumer experience. | 1. The Pervasive Influence of Advertising |
| It raises important questions about its potential implications for consumer autonomy, societal values, and the overall balance between commercial interests and the well-being of individuals and communities. | 1. The Pervasive Influence of Advertising |
| One of the world's largest advertisers, with a global advertising budget of over $7 billion annually. Allocates a significant portion of its budget to television advertising, while also investing heavily in digital and social media channels. | Procter & Gamble (P&G) |
| Factors driving these changes include the rise of digital platforms, evolving consumer media consumption habits, technological advancements, and changing economic conditions. | 2. Advertising Expenditure Trends |
| The specific marketing objectives, such as brand awareness, product promotion, customer acquisition, or sales, play a crucial role in determining the advertising budget. | 3. Factors Influencing Advertising Budgets |
| Factors Influencing Budget Variances: | -Changes in market conditions -Changes in organizational goals and strategies -Errors in budgeting process -Unforeseen events or circumstances |
| Businesses must carefully balance investments across traditional media channels (e.g., TV, radio, print) and emerging digital platforms to create a cohesive Integrated Marketing Communications (IMC) approach. | 4. Optimal Media Mix Allocation |
| Businesses can employ various research and analytics methods to assess advertising effectiveness, including brand awareness surveys, sales data analysis, digital campaign tracking, and attribution modeling. | 5. Measuring Advertising Effectiveness |
| The rise of data-driven personalization and targeted advertising has enabled advertisers to enhance the relevance and effectiveness of their campaigns by tailoring messages to individual consumer preferences and behaviors | 6. Emerging Trends and Considerations |
| Setting Marketing Communications Objectives: | -Objective 1: Precise Statement of 5W & 1H Objective 2: Quantitative and Measurable Objective 3: Specify Amount of Change Objective 4: Realistic & Internally consistent |
| -Objective 1: Precise Statement of 5W & 1H | What, Why, When, Where, Who, and How |
| A non-measurable objective would be a vague statement “Marketing communications should enhance consumers’ knowledge” This objective lacks measurability because it fails to specify the product benefit of which the consumers are to possess knowledge | Objective 2: Quantitative and Measurable |
| By specifying the exact amount of change or improvement you want to see, you can then track your progress and determine if your integrated marketing communications strategy is effective in helping you reach those goals. | Objective 3: Specify Amount of Change |
| Realistic Objectives: Based on past performance and data - Look at your historical marketing and sales metrics to set objectives that are grounded in what's been possible for your business before. Account for resources and constraints | Objective 4: Realistic |
| Stretch but don't overreach - The objectives should push you to improve, but not be so lofty that they are unattainable. Align with overall business goals - The marketing objectives should directly support your broader company objectives and strategy. | Objective 4: Realistic |
| The individual objectives should all ladder up to and support the broader marketing and business strategy. They should not be working at cross-purposes. | Alignment |
| The sheer volume of advertising "noise" that consumers are bombarded with on a daily basis can shape their decision-making processes, brand loyalty, and overall consumer experience. | 1. The Pervasive Influence of Advertising |
| It raises important questions about its potential implications for consumer autonomy, societal values, and the overall balance between commercial interests and the well-being of individuals and communities. | 1. The Pervasive Influence of Advertising |
| One of the world's largest advertisers, with a global advertising budget of over $7 billion annually. Allocates a significant portion of its budget to television advertising, while also investing heavily in digital and social media channels. | Procter & Gamble (P&G) |
| Factors driving these changes include the rise of digital platforms, evolving consumer media consumption habits, technological advancements, and changing economic conditions. | 2. Advertising Expenditure Trends |
| The specific marketing objectives, such as brand awareness, product promotion, customer acquisition, or sales, play a crucial role in determining the advertising budget. | 3. Factors Influencing Advertising Budgets |
| Factors Influencing Budget Variances: | -Changes in market conditions -Changes in organizational goals and strategies -Errors in budgeting process -Unforeseen events or circumstances |
| Businesses must carefully balance investments across traditional media channels (e.g., TV, radio, print) and emerging digital platforms to create a cohesive Integrated Marketing Communications (IMC) approach. | 4. Optimal Media Mix Allocation |
| Businesses can employ various research and analytics methods to assess advertising effectiveness, including brand awareness surveys, sales data analysis, digital campaign tracking, and attribution modeling. | 5. Measuring Advertising Effectiveness |
| The rise of data-driven personalization and targeted advertising has enabled advertisers to enhance the relevance and effectiveness of their campaigns by tailoring messages to individual consumer preferences and behaviors | 6. Emerging Trends and Considerations |
| Setting Marketing Communications Objectives: | -Objective 1: Precise Statement of 5W & 1H Objective 2: Quantitative and Measurable Objective 3: Specify Amount of Change Objective 4: Realistic & Internally consistent |
| -Objective 1: Precise Statement of 5W & 1H | What, Why, When, Where, Who, and How |
| A non-measurable objective would be a vague statement “Marketing communications should enhance consumers’ knowledge” This objective lacks measurability because it fails to specify the product benefit of which the consumers are to possess knowledge | Objective 2: Quantitative and Measurable |
| By specifying the exact amount of change or improvement you want to see, you can then track your progress and determine if your integrated marketing communications strategy is effective in helping you reach those goals. | Objective 3: Specify Amount of Change |
| Realistic Objectives: Based on past performance and data - Look at your historical marketing and sales metrics to set objectives that are grounded in what's been possible for your business before. Account for resources and constraints | Objective 4: Realistic |
| Stretch but don't overreach - The objectives should push you to improve, but not be so lofty that they are unattainable. Align with overall business goals - The marketing objectives should directly support your broader company objectives and strategy. | Objective 4: Realistic |
| The individual objectives should all ladder up to and support the broader marketing and business strategy. They should not be working at cross-purposes. | Alignment with Overall Strategy |
| Objectives for different marketing channels (e.g. email, social media, content) should work together in a cohesive way to maximize impact. | Synergy Between Channels |
| If one objective relies on the achievement of another, the timelines and targets need to be realistic and achievable in that sequence. | Realistic Interdependencies |
| Objectives should measure a healthy mix of output metrics (activities) and outcome metrics (results) to provide a comprehensive view of performance. | Balanced Metrics |
| (Budgeting) Determine your key marketing objectives for the year - are you focused on brand awareness, lead generation, customer retention. | Assess your marketing goals |
| (Budgeting) Review your marketing spend from previous years to understand what has worked well. Look at which channels and tactics drove the best results. | Analyze past marketing spend |
| (Budgeting) Divide your budget across different marketing channels like digital advertising, content creation, email marketing, events, etc. Allocate more to higher-performing channels based on your analysis. | Allocate across channels |
| (Budgeting) Fixed costs are things like software subscriptions, agency retainers, etc. Variable costs are things like ad spend, event costs, content creation, etc. that fluctuate. | Account for fixed and variable costs |
| (Budgeting) Leave room in your budget for testing new channels or tactics. Have a contingency fund for unexpected opportunities or changes in strategy. | Build in Flexibility |
| (Budgeting) Monitor your marketing performance and adjust your budget allocations as needed. Continuously evaluate what's working best and shift resources accordingly. | Track and optimize |
| (Practical Budgeting Methods) Start from scratch each year and justify every expense, rather than just increasing/decreasing last year's budget. Helps ensure each marketing activity is aligned to current goals and priorities | Zero-Based Budgeting |
| (Practical Budgeting Methods) Allocate a fixed percentage of projected sales revenue to the marketing budget. Common range is 5-15% of sales, but can vary by industry | Percentage of Sales |
| (Practical Budgeting Methods) Match or exceed competitors' marketing spend to maintain market position. Requires analyzing competitors' budgets and tactics | Competitive parity |
| (Practical Budgeting Methods) Budget based on specific marketing objectives and the costs to complete each task. More time-intensive but links budget directly to desired outcomes. | Objective and task method (best for IMC) |
| (Practical Budgeting Methods) Base the current year's budget on previous years' actual marketing spend. Accounts for past performance, but may not align with new goals | Historical Budgeting |
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