Chapter 13, Problem 1QA

Summary Introduction

To determine: The concept of the terms “Promotion, Integrated Marketing Communication (IMC) and multichannel promotion strategies”.

Introduction:

Promotion: It is a way in which how buyer and seller communicate. It is one of the most important elements of marketing mix. It brings awareness in the mindset of the customer.

Integrated Marketing Communication (IMC):It means integrating all the promotional tools and makes them work together.

Multichannel Promotion Strategy:It means using different channels to communicate with the customers.

Explanation of Solution

Promotion: It is a way in which how buyer and seller communicate. It is one of the most important elements of marketing mix. It brings awareness in the mindset of the customer. With the help of promotion, companies tend to generate interests of the customers in their product and try to promote the product to the end user. There can be different types of promotion like:

1. Advertising
2. Direct marketing
3. Sales promotion
4. Personal selling
5. Public relations

Integrated Marketing Communication (IMC):It means integrating all the promotional tools and makes them work together. Companies try to coordinate with channels to communicate the clear and consistent message. IMC is a mix of all the marketing tools, concepts, resources to maximize the profit at minimum cost.

Multichannel Promotion Strategy:It means using different channels to communicate with the customers. Customer preferences keep on varying so as to keep with the track it is essential for the company to have adaptive channel promotion strategy. It helps to boost company’s sales and helps serve customers better.

3 fundamentals to Multichannel Promotion are:

1. Marketers must understand their audience: It is important for the marketers to keep up the pace with changing customer preferences, it is important to understand the changing needs of customers so as to serve them better.
2. Targeted Messaging at key moments: Channel partners should deliver the right message to the right customer at the right time and it should be authentic and trustworthy.
3. Automation of campaigns: Since all channels are not created equal, it is necessary to keep introducing marketing campaigns and keep with the data and response attribution.