Role of IMC in Marketing & Business Strategy-Samples for Students

Question: Discuss about the Role of IMC in Marketing Business Strategy. Answer: Introduction Nowadays, increasing competition has emerged as the biggest issue for companies operating in any market. Furthermore, organizations are investing a huge amount of resources in activities such as marketing and promotion to attract more and more customers. Issue such as increasing competition has also resulted in raising the use of concepts such as integrated marketing communications (IMC) (Belch, Belch, Kerr, Powell, 2014). The present report highlights definition and overview of integrated marketing communication. In addition to this, the role of IMC in marketing and business strategy of companies is also mentioned in this research. The overview of IMC Integrated marketing communication can be defined as the process in which different forms of messages and communications channels are incorporated together as per the need and requirement of a company. Integrated marketing communication has become important because it provides harmony to the promotional tools. In addition to this, IMC is beneficial as it supports in lowering the overall marketing cost by encouraging the best and most effective utilization of available resources of a business enterprise(Blakeman, 2014). However, it can be critically argued that developing IMC is not an easy task as there are wide ranges of factors which need to be taken care. At the time of formulating IMC plan, it is required by companies to compare their products and services with that of other market players, carry out SWOT analysis, include a detailed summary of overall marketing plan, etc. Apart from this, the channels of communications and target audience needs to be well defined to develop a re sult oriented integrated marketing communication plan(Ewing Ramaseshan, 2015). Theory According to AIDAS theory of marketing communication, organizations are required to emphasize on five major stages. First of all, businesses need to get attention from their target audience. In the second stage, companies need to provide relevant information about their products and services to create interest of the target customers. In the third stage, companies need to evaluate whether sound interest in the product has been developed within potential buyers or not(Percy, 2014). After this, they are required to develop effective marketing strategies which can result in developing a desire for products/services within the mind of customers. In the fourth stage, businesses focus on encouraging demand of products/services within their customers. The last stage consists of satisfaction where the demand of customer gets satisfied by the utilization of product and service delivered. How IMC is utilized by Australian companies Integrated marketing communication provides best possible support to the business, and in turn, desired goals can be accomplished efficiently. Further, it is well-known fact that ultimate objective of every business is to accomplish its desired objectives. Companies operating in Australia such as ExxonMobil and Toyota Motor Corporation have utilized integrated marketing communication in an effective manner where advertising along with direct marketing tools have been employed for communicating with customers(Schultz, Patti, Kitchen, 2013). Both the companies share information with the help of social media, television and print form of advertising. This has allowed in enhancing customer base and share relevant information which customers require at the time of purchasing products. Further, these communication strategies have provided a base to deal with the challenges present in the business environment such as competition, legal, an environmental and another form of barriers. In sho rt, both the companies have utilized integrated marketing communication with the help of tools such as advertising, direct marketing to make direct contact with the target market. Role of IMC in marketing and business strategy Integrated Marketing communication plays a very important role in enhancing the marketing and business strategy of the organizations such as ExxonMobil and Toyota Motors. It assists companies in defining the target market and selects the most effective channels of communication to carry out marketing of services and products. In business strategy, IMC plays a significant role by providing information about the strategies and products of the other market players(Vernuccio Ceccotti, 2015). It supports companies to carry out changes in existing business plans, marketing tactics, and products offered to stay competitive in the market. IMC assist in carrying out appropriate market segmentation and then encourages companies like ExxonMobil and Toyota Motors to make use of different suitable channels to attract target customers. Conclusion Based on the above carried out study, it can be concluded that IMC is essential for enhancing marketing and business strategies of companies. Furthermore, it results in attracting target customers and also plays very important role in making a brand competitive in the marketplace. According to the theory of marketing communication, there are five major stages through which a company goes to attract customers and achieve its marketing objectives. References Books and Journals Belch, G. E., Belch, M. A., Kerr, G. F., Powell, I. (2014). Advertising: An integrated marketing communication perspective. New York: McGraw-Hill Education. Blakeman, R. (2014). Integrated marketing communication: creative strategy from idea to implementation. Maryland: Rowman Littlefield. Ewing, M. T., Ramaseshan, B. (2015). Integrated marketing communications: Conflicts of interest, politics and performance. Berlin: Springer. Percy, L. (2014). Strategic integrated marketing communications. Abingdon: Routledge. Schultz, D., Patti, C. H., Kitchen, P. J. (2013). The evolution of integrated marketing communications: The customer-driven marketplace. Abingdon: Routledge. Vernuccio, M., Ceccotti, F. (2015). Strategic and organisational challenges in the integrated marketing communication paradigm shift: A holistic vision. European Management Journal , 438-449.