INTEGRATED MARKETING COMMUNICATION What is IMC? ■ Marketing + Communication = Marketing Communication – Marketing: human activity directed at satisfying needs and wants through exchange processes (Kotler 1980) – Communications: process of sharing meaning to establish a relationship based on a common thought – Marketing Communications: the collection of all elements of a firm’s marketing mix that facilitate exchange by establishing shared meaning with the firm’s customers ■ Can be B2B, B2C, non-profit and looks different for each ■ Marketing mix: specific collection of certain levels of elements of a brand’s 4Ps (product, price, place, promotion) IMC for B2B, B2C and Partnerships Exchange, A Key Component of Marketing For exchange to occur, there must be… ■ Two parties and each party must… ■ Have something of value to the other party, ■ Be capable of communication and delivery, ■ Be free to accept or reject the offer, and there must be ■ An agreement to terms, whether implicit or explicit. Promotional Mix Advertising Direct Marketing Public Relations Personal Selling Sales Promotion Digital Marketing/ Social Media Owned, Paid and Earned Media Key Terms ■ Promotion Management: coordination of promotional mix elements in setting objectives, establishing budgets, designing programs, evaluating performance, and taking corrective action – General objectives of promotion: inform, persuade, induce action ■ Brand: a name, term, sign, symbol or design intended to identify the goods and services of one seller or groups of sellers and differentiate them from those of competition ■ Brand Equity: the goodwill that an established brand has built up over its existence Integrated Marketing Communications The coordination of the promotional mix elements with each other and with other elements of the brand’s marketing mix such that all elements speak with one voice. Synergy ■ 1 + 1 =3 ■ The integration of multiple communication tools and media yield a more positive result than the same tools used separately ■ This is my goal for your agencies. – Think about your individual strengths. – What are you good at? What are you not as good at? – Find people to complement your strengths.