MS 68 IGNOU MBA Solved Assignment -Explain the concept of Marketing Communication. What marketing communication tools would you recommend in the following situations?

Explain the concept of Marketing Communication. What marketing communication tools would you recommend in the following situations?

Ans : Marketing communication is a critical component of any marketing activities. Effective marketing communication will ensure that the right messages are conveyed to the right audiences through the right channels. The measure of effectiveness will occur through the achievement of goals and objectives that may focus on such things as raising awareness, increasing preference and, of course, generating leads and sales. Types of marketing communication concepts include: clearly identifying and understanding the target audience, differentiating oneself against the competition, developing key messages to address potential audience questions and concerns, and selecting communication channels designed to reach audiences at an optimum time.

Clearly Identifying and Understanding the Target Audience

A critical marketing communication concept is having a very clear and thorough understanding of the desired target audience. It is not enough to define the audience in general terms, such as women age 25 to 55. Instead, marketers should attempt to further refine the market definition to provide them with a focus for their communication efforts. For instance: college-educated women, living in XYZ area, single, making an average income of $100,000 per year who are interested in fine food and wine. The more specific marketers can be, the better they will be able to develop appropriate messages that will be delivered through appropriate communication channels.

Differentiating from the Competition

It is important for marketing communicators to understand who the competition is, what they have to offer and how they can position what they're offering in ways to attract buyers. Competition may be both direct and indirect. Target is a direct competitor of Walmart, for instance. But Target's indirect competitors could include the entire broad range of retail stores that sell the same types of products they sell. To position themselves effectively against the competition, marketers will draw both upon their understanding of the competition and their understanding of their target market and its desires and preferences.

Developing Key Messages

To effectively connect with target audiences, marketing communicators must develop key messages designed to emphasize the main points about their products and services that will meet audience needs and position them against the competition. Key messages should be direct, benefit-oriented and limited to no more than three to five. The more specific and impactful, the marketing communicator can be, the more likely he or she will be able to get their points across in an increasingly cluttered communication environment.

Selecting Communication Channels

Today's marketing communicators have a wide range of communication channels to choose from, which can be a good thing. It can also present challenges in terms of narrowing the options and selecting those most likely to connect with the target audience at the right time. Again, the marketer must consider his own unique target market segments and select the tools he is most likely to engage with. For instance, while many marketers have embraced social media, social media may not be the best tool to reach certain audiences. Marketers must select communication channels because they are the right channels and not simply because they are trendy.

                     4-      Trade shows, seminars, webinars: These tools can address many issues, but usually their primary objectives are leads and a product/service introduction or announcement. An example might be “Visit our booth #1234 and see the industry’s fastest switch”.   Two of the biggest mistakes are not getting the leads out to the field in a timely manner and having a very strong message that is easy to understand.

5-      Newsletters, Catalogs: Primary use is for convening information, be it some form of an update or similar to the trade show, an announcement of a new product or service.   Key for success for these is attention getting and true value proposition.

Understand there are numerous marketing tools and even more  when you make different mixes, and I have just highlighted just 5.  Regardless of the tools you use or what combinations, remember that you must have an objective, a well defined audience, an agreed method of measurement and most importantly, adequate funds for each program/campaign.  The key to a successful use of these marketing tools is to coordinate these activities with the sales organization (give them plenty of notice ahead of time) and other distribution channels.