Entrepreneurship and Small Business Management Chapter 9 Integrated Marketing Communications.

Entrepreneurship and Small Business Management

Chapter 9 Integrated Marketing

Communications

Entrepreneurship and Small Business Management, 1/eBy Steve Mariotti and Caroline Glackin

Ch. 9 Performance Objectives Define integrated marketing

communications and its components.

Conduct promotional planning and budgeting.

Understand advertising and advertising management.

Identify and evaluate media.

Ch. 9 Performance Objectives(continued)

Discuss sales promotion. Explore alternative marketing options. Analyze database and direct-response

marketing opportunities. Incorporate e-active marketing. Describe publicity and public

relations.

What Is Integrated Marketing? Promotional communication

strategies combined for maximum effectiveness

Components may include: Advertising Promotions Personal selling Sponsorships Public relations Types of specialized marketing such as

database, direct, alternative, and e-active

Promotional Planning Determine the best ways to

effectively communicate your brand and unique selling proposition to your customers.

Involve all parts of your organization.

Promotions opportunity analysis—process that includes researching target markets and the promotional strategies to reach them

Five Steps of Promotions Opportunity Analysis

1. Conduct a communications market analysis.

2. Establish communications objectives.

3. Create a communications budget.4. Prepare promotional strategies.5. Match tactics with strategies.

Common Examples of Communications Objectives Develop brand awareness and image. Provide information. Change customer beliefs or attitudes. Encourage repeat purchases. Build customer traffic. Increase market share. Reinforce purchasing decisions.

Ways to Determine Your Promotional Budget Percentage of sales—a percentage of

the prior year’s sales or anticipated sales Competitive spending—budget similar

to competition’s level of spending Excess funds—amount “left over” after

other expenses are calculated Objective and task—based on what is

needed to reach promotional objectives

Types of Advertising Institutional advertising—provides

information about an organization; intended to create awareness about the firm and enhance its image

Product advertising—designed to create awareness, interest, purchasing behavior, and post-purchase satisfaction for specific products and services

Media Planning

1. Determine your media strategy: identify which media types will be used

2. Create a media schedule: spell out specific media vehicles, volume of use, and timing

Consider critical measurement factors. Compare media costs.

Media Measurement Factors Reach—number of target audience

members exposed to the advertisement during a given time period

Frequency—how often your target audience will be exposed to the advertisement during a given period

Target audience: people, businesses, or households

Media Measurement Factors(continued) Opportunities to see (OTS)—

cumulative number of exposures in a given time period (usually four weeks)

Gross rating points (GRP)— Measures the intensity of a media plan GRP = Media vehicle’s rating (reach) x

OTS (number of insertions)

Media Categories Broadcast media (television and radio) Print media

Newspapers Magazines Directories

Outdoor advertising media (billboards) Internet

Calculating Media Costs Cost Per Thousand—cost of reaching

1,000 members of the media vehicle’s audience (not the purchaser’s)

CPM = (Cost of media buy ($) / Total audience) x 1,000

Cost Per Rating Point—measure of the efficiency of a media vehicle to a company’s target market

CPRP = Cost of media buy ($) / Vehicle’s rating

Marketing Materials Examples: stationery, business cards,

posters, flyers, brochures, newsletters Should reinforce competitive

advantage Serve three main functions:

Organize your thinking Teach others in your company about the

business Sell your product/service in marketplace

Sales Promotional ToolsConsumer Coupons Contests and

sweepstakes Refunds and rebates Sampling Premiums Tie-ins Bonus packs Mall carts or kiosks

Business-to-Business Incentives Contests Refunds and rebates Sampling Allowances Trade show exhibits

Alternative Marketing Options Guerilla marketing—original,

unconventional, and inexpensive small-business strategies

Buzz marketing—another name for word-of-mouth marketing Organic (occurs naturally) Amplified (jump-started by the

business)

Alternative Marketing Options(continued) Product placement/branded

entertainment Lifestyle marketing In-store marketing

Samples or demonstrations (edutainment) Point-of-purchase and shelf placement

Ads in/on other media venues (theaters, bus stops, clothing, shopping bags, etc.)

Database Marketing Focus on building customer loyalty. Design and follow a data-collection plan. Code and analyze the collected data.

Calculate lifetime value. Perform a RFM analysis. Use data mining to extract information.

Create highly-targeted, customized communications based on the database.

Marketing Communications Driven by Databases E-mail marketing Direct mail Catalogs Coupons Infomercials/direct-response

commercials Telemarketing

What Is E-active Marketing? Combination of e-commerce and

interactive marketing

E-commerce example: electronic store

Interactive marketing—uses Internet to collect information from consumers and communicate with them

E-active Marketing Methods Online advertising, such as banner ads Brand spiraling Blogs Online social networks (FaceBook,

MySpace, BlackPlanet, etc.) Consumer-generated

advertising/media Viral marketing campaigns

Ways to Generate Publicity Press release

An announcement sent to the media States the “who, what, when, where,

and why” of the story Pitch letter

Correspondence designed to explain the story behind the press release

Tells why the story would be interesting to the media outlet’s audience

Build Public Relations Through: Special events (contests, parties,

unusual events, etc.)

Sponsorships

Networking (exchanging information and contacts)

Public speaking

Entrepreneurship and Small Business Management Chapter 9 Integrated Marketing Communications.

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Transcript of Entrepreneurship and Small Business Management Chapter 9 Integrated Marketing Communications.

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