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CMU202 Marketing Communications
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CMU202 Marketing Communications
0 Download9 Pages / 2,084 Words
Course Code: CMU202
University: Elite Education Institute
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Question:
Answer the following questions. Your answers should be based on your own research and study of the subject:
Why do you think marketing communications play a significant role in the success of an organisation’s overall marketing strategy? Discuss. Provide justification and examples to support your arguments.
How important is establishing an appropriate budget in a marketing communication strategy? Discuss the relevance of the communication budget in a marketing communication strategy. Provide examples to elaborate.
Answer:
With the ramified economic changes, increasing business complexities, each and every organization needs to undertake proper strategic programs and goals in determined approach. The marketing communication plays a pivotal role in the business success of organization. If company formulates marketing strategies in an effective manner then it could easily achieve its set objectives and goals in a determined approach. In this essay imperativeness of the marketing communication will be discussed in the overall marketing strategy of the company. After that, establishment of the appropriate budget in marketing communication strategy will be given which reveals estimation of the inflow and outflow of cash from the undertaken process.
Marketing communication is the process to communicate and share relevant information with the stakeholders. It includes practice of advertisement, branding, direct marketing, promotion, publicity, sponsorship and setting strong public relation. The communication process is sender- encoding- transmission device-decoding- receiver which are the main parts in the communication process. The main objective of marketing strategy is to increase the overall turnover and increases the market share of the offered products and services. Many companies such as Wesfarmers, GE capital, Woolworths and Morrison have created core competency in their marketing communication strategy. These marketing communication strategies have allowed these companies to set up their brand image distinguish those of others in market. The marketing communication helps organization to keep its business more transparent and make buyers aware of the offered products and services. It will not only assist in showcasing the attributes and quality of the products and services offered in market but also influence potential clients to buy more offered products and services. However, in order to make business more successful due to the marketing communication, company needs to strengthen the effectiveness of the business decisions. It has to focus on choosing the right median while communicating the imperative information with the stakeholders. It is analyzed that successful marketing communication relies or depends upon the sound management decisions and how well sales team are using the resource of organization in best and effective manner. The marketing communication strategies assists in identifying what clients’ needs and what type of changes organization needs to make in its business process to make its offered products and services more customized in long run. In this cut throat business, every organization needs to create core competency in market to give tough competition to other rivals in market. Therefore, marketing communication strategy plays pivotal role in the business success and playing the core competitive advantage (Arnone, et al. 2010). It will assist in making the products and services more customized as per the needs and demand of the clients. Company could easily develop core competency in product differentiation strategy. Nonetheless, due to the increasing complexity of the business process, markeing communication strategy of the organization should be integrated and amended timely. This concept is based on the perceptive that marketers needs to realize that advertising, public relation, and sales were often at odds regarding the responsibilities, budgets and management myriads which could influence the marketing strategies of organization in long run. If the marketing communicating strategy is timely integrated then it will make the marketing plans and methods to make business more market driven instead of oriented towards the client’s demand in the particular time. Ideally, integrated marketing communication is implemented by the developing comprehensive database on the clients and prospects. However, with the changes in time, marketing communication plan should focus on profitable relation with the clients and other important stakeholders (Baltes, 2015). Therefore, after analyzing all the facts, it could be inferred that marketing communication provides comprehensive marketing plan which assists in collecting the required amount of data to customize the business process as per the client’s needs and demand. It is analyzed that the main objective of company is to earn profit and consistently increase the market share. The marketing communication strategy focuses on influencing clients to buy offered goods and services. However, with the changes in time, database marketing is direct marketing channel in which data of the clients is used to reinforce the sales transactions while at the same time being the customers driven in the given market segment. This marketing communication strategy provide framework to develop loyalty card management program in which clients are approached and communicated required imperative information in effective manner. In context with the cultural issues, markeing communicators need to face issues like language program, understanding values, belief and perception of the clients. These problems need to be encountered by the sales employees while communicating the imperative information with the clients. Now in the end, it could be inferred that marketing communication plan assists organization to establish the linkage with the organizational development with the stakeholder’s objectives. It will not only assist in encountering the client’s issues and problem but also assist in increasing the overall output in effective manner (Black, and Görman, 2018).
From the above discussion, it could be inferred that marketing communications has become an integral part of the social and economic system. Consumers rely on the shared information from the marketing communication to make the wise purchase. If company could effectively use these marketing communication and marketing strategies in effective manner then it will assist organization to meet its set objectives and goals in determined approach.
With the ramified economic growth of the organization, many business entrepreneurs are thinking that marketing budget is luxury and unnecessary expenses which could be avoided as view of cost cutting strategy. It is analyzed that if the prepared markeing communication plan is not supported by the proper financial budget then it will be the failure of the undertaken business strategies. The budget prepared reflects the cost and income which will be required for the undertaking marketing communication plan. The marketing communication strategy is much like business plan. It assists in identifying the expected needs and demands of the clients and assist organization to customize its offered product and services in market (Fedorko, Back,. Kot, and Kakalejcik, 2015). A well thought- out markeing strategy researchers compares and contrasts the cost and other valuable parts of the business which will make business more valuable in effective manner. It is analyzed that while setting up marketing strategy, budget is very important to the small business’s health as it lower down the overinvestment in the particular marketing strategies and plans. It is easy to divulge that the business success of the Organizaiton is highly dependent upon the costing of the business. It is analyze that increased costing and over-expenses in the marketing plan of the business will negatively impact the business growth in long run. For instance, if the marketing communication strategies will bear high amount of costing then it will negatively impact the business production cost and eventually the products and services offered to clients will be given at high cost. Nonetheless, the budget of the markeing communicating strategies of the organization controls the expenses of the particular department. It is analyzed that setting budget in the particular set process of the marketing communication plan sets up the boundaries and control the unnecessary expenses for the business (Lindstrom, 2011). The marketing communication budget sets the parameters for the costing and business outcomes which company could have for the implementation of the marketing communication budget plans (McDonald, and Wilson, 2016). The markeing budget allows organization to invest in small business activities which includes signage, website, literature and rubrics of the undertaken marketing communication strategies which will assist in implementing the effective marketing strategies in long run. The main relevance of the undertaken marketing budget is based on the timing and cost associated with the marketing activities (SHKURATOVA, 2015). If the marketing activity undertaken takes high amount of costing or crosses the boundaries of the set expenses then it will put the company in the danger. The budget of the markeing communication plan reflects the boundaries and arrangement of the finance which could be used to pay off the bills and expenses of the marketing communication activities (Andrews, and Shimp, 2017). If company fails to manage these expenses then it will put the company in bad condition and may result to failure to arrange the proper finance for the costing of the developed marketing communication strategy (Luxton, Reid, and Mavondo, 2015). The main fundamental fact of the prepared budget plan is based on how well company could manage its finance for its business function activities. If the expenses of the marketing budget cross the boundaries then it becomes big trouble for the organization to manage the finance for its business (Omar, Williams and Lingelbach, 2009). It is analyzed that marketing communication plan is the key aspect for the successful business. Therefore, all the activities such as arraignment of finance, sales team and development of the activities should be undertaken properly before implementing the effective strategies. It will not only provide the base plan to support the communication strategies but also increase the efficiency of the undertaken business functioning in determined approach. The relevancy of the budget could be determined on the basis of costing of the marketing communication process and time involved in the particular process system of the business organization. To ensure the relevancy of the budget, there is another step which also ensures that preparing the budget is the imperative task for the success of the organization in long run. Therefore, to ensure that marketing funds are being wisely used or producing the desired results, mangers of the marketing department asses the implemented plans with the budgeted program. It will provide as base to determine whether the undertaken marketing communication plan is crossing the limit of the costing decided by the budget or not. It will assist in setting up the branches to compare and control the unnecessary expenses in the particular markeing project (Valos, et al. 2016).
After analyzing all the details about the marketing communication plan and implemented budget, it could be inferred that effectiveness of the marketing communication strategy plays pivotal role in the business success and helps in achieving the set objectives and goals in determined approach. It is analyzed that if company fails to prepare the budget then it will also fail to put the assessment on the costing of the marketing communication strategy which will eventually impact the overall costing of the business. Now in the end, it could be inferred that prepared budget of the marketing communication strategy should be prepared only after considering the fact of project marketing communication escalation. If company observes that there would be changes in the economic conditions then the budget prepare should have considered the project escalation amount to cover the possible changes in the project.
References
Andrews, J.C. and Shimp, T.A., 2017. Advertising, promotion, and other aspects of integrated marketing communications. Nelson Education. 18(3), pp.177-187.
Arnone, L., Colot, O., Croquet, M., Geerts, A. and Pozniak, L., 2010. Company managed virtual communities in global brand strategy.
Baltes, L.P., 2015. Content marketing-the fundamental tool of digital marketing. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series V, 8(2), p.111.
Black, L. and Görman, P., 2018. Podcasting a new communication strategy: Determining success factors for podcasting and audio-marketing campaigns., 9(2), p.211
Fedorko, R., Bacík, R., Kot, S. and Kakalejcik, L., 2015. The Analysis of Blog Use as A Marketing Communication Tool by the Selected Target Group in the Conditions of the Slovak Market. Journal of Advanced Research in Law and Economics, 6(1), p.66.
Lindstrom, M.A.R.T.I.N., 2011. Corporate branding and the web: a global/local challenge. Journal of Brand Management, 8(4), pp.365-368.
Luxton, S., Reid, M. and Mavondo, F., 2015. Integrated marketing communication capability and brand performance. Journal of Advertising, 44(1), pp.37-46.
McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons. 11(3), pp.77-87.
Omar, M., Williams Jr, R.L. and Lingelbach, D., 2009. Global brand market-entry strategy to manage corporate reputation. Journal of Product & Brand Management, 18(3), pp.177-187.
SHKURATOVA, Y., 2015. Marketing communication of the company operating in B2B market (Doctoral dissertation, Masarykova univerzita, Ekonomicko-správní fakulta).8(2), p.111
Valos, M.J., Haji Habibi, F., Casidy, R., Driesener, C.B. and Maplestone, V.L., 2016. Exploring the integration of social media within integrated marketing communication frameworks: Perspectives of services marketers. Marketing Intelligence & Planning, 34(1), pp.19-40.
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