What is the communication mix, and how should it be set?
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Transcript of What is the communication mix, and how should it be set?
What Is The Communication Mix, And How Should It Be Set?
Kotler Chapter 16Aayushi Aggarwal IIT Kanpur
Communication Mix
Companies must allocate the budget over 7 Major modes of communication
Advertising
Advertising reaches geographically dispersed buyers.
Dramatizing the brand attracts attention
The advertiser can choose the aspects of the brand and product to focus.
Compare the messages of various competitors
Trigger quick sales
Sales promotionThey incorporate some concession, inducement, or contribution that gives value to the customer to draw a stronger and quicker buyer response
COUPONS
Public Relations and Publicity
Variety of programs directed to promote or protect a company's image.Highly credible than ads
Impress by telling the story behind your company
Charitable Donations
Seminars
Events and Experiences
Given their live, real-time quality, events and experiences are more actively engaging for consumers
Indirect “Soft Sell”
Direct and Interactive marketing
To directly communicate with or solicit response or dialogue from specific customers and prospects quickly.
Word Of Mouth Marketing
People trust others they know and respect.
Personal Selling
Buyer is given personal choices and encouraged to respond directly leading to quicker sales
Factors in Setting MarCom MixType of MarketCommunications mix allocations vary between consumer and business markets.
Consumer marketers tend to spend comparatively more on sales promotion and advertising
Business marketers tend to spend comparatively more on personal selling.
Factors in Setting MarCom Mix
Buyer readiness stageCommunication mix tools vary cost effectiveness at different stages of buyer’s readiness. There are 5 stages in the buyer’s readiness.• Awareness• Comprehension• Conviction• Order• Reorder
Factors in Setting MarCom MixCommunication mix tools also vary in cost effectiveness at different stages of the product life cycle. There are 4 stages in the product life cycle.• Introduction stage• Growth stage• Maturity stage• Decline stage