Analysing elements of integrated marketing communication

Analysing elements of integrated marketing communication In the past, the various elements of marketing communication mix were handled by experts in the relevant areas and regarded as separate functions. For example, sales department managed its selling activities independently; advertising campaigns conduct by advertising agencies whereas the sponsorship and direct marketing are conduct by specialists or consultants in these areas. Obviously, it can lead to frequently inconsistent and uncoordinated. Therefore, to change this situation to be better, integrated marketing communication should be implementing. There are some factors of implementing the IMC which are significant political and social changes, rapid technological development, and the empowerment of consumers. All these powerful forces have all contributed to creating a business climate in which marketers can no longer afford to ‘dictate’ to their target audience. Hence, marketers should learn to adapt with the new environment because marketing landscape has much ch anged over the last decade. It is an environment where consumers are able to evaluate the offers being made to them and to decide more independently how to satisfy their requirements. Consumers are more selective where they will ensure that the company provides what and when they want it. Thus, this has lead to significant changes in the way marketers promote their product offerings to consumers. So, we can say that the era of IMC is very important to company. DEFINITION OF KEY TERMS Integrated means that combine or coordinate separate elements so as to provide a harmonious, interrelated whole. In other word, when all marketing communication tool work together, it will be more effective than work as a single component. It will create more competitive advantages, boost sales and profit, while saving cost, time and stress if this concept is incorporated in marketing strategy. So, if the marketing communication tools are combined as a group it will produce more powerful outcome in the process of delivering customer superior value. Marketing The root word for marketing is market. Market is defined as a place for consumer and sellers to carry out transaction that required cash as an exchange medium for obtaining a product or service. Marketing can be defined in two perspectives which include old view or new view of marketing. From the new view of marketing, it is all about the creation of superior value for customers and building strong customer relationship in order to capture value and feedback from customer. It is different from old views of marketing which focus only on process of selling and telling the product to target market. Communication In  general, communication is defined  as  a  process of transmitting information and meaning from sender to receiver  either  in  verbal  or  nonverbal no matter it is occurred in a group or interpersonal.   This  process of communication  is considered successful if the receiver understanding inf ormation or message conveyed by the sender. There are two types of communication which is verbal communication and non verbal communication. Verbal communication includes written and oral presentation while non verbal communication includes an overall body language of the person which included the body posture, gesture and facial expressions. In marketing perspective, communication is defined as a process by which persuasive information is transmitted as promotional messages through one or more channels such as print, radio, television, direct mail, and personal selling.

Risk identification is an underdeveloped art Discuss and include an Essay

Risk identification is an underdeveloped art Discuss and include an overview of risk identification aids and techniques in yo - Essay Example These entrepreneurs are called trendsetters in a market. In a dynamic environment, swift business decisions are required to be taken in response to the fast changing environment. This adaptability is essential for the survival of the business. Risks in a business cannot be avoided. Is the management risk averse? Risk is inevitable in a business process and it is involved in every activity of the business, though the degree of the risk is insignificant in many cases. Therefore, the approach should be: Is a particular risk tolerable, considering the willingness and ability of the management to take risk? The business decisions need to be consistent with the management’s policy with regard to risk. In all other cases, the management has to decide whether the risk is acceptable at all. Therefore, risk identification is a continuous process in an organization to evaluate the risk potential of the business decisions, its impact on the business in the worse scenario and the risk rewa rd ratio. Risk Analysis If risk identification or analysis is considered as an art, the passion and ability for analysis on the part of the personnel is important, and the management’s recognition and support for this function should form the basis for its efficient and successful functioning and contribution to the business development. Risk analysis or risk identification in this sense is as a continuous process as a part of the management function with necessary authority at its disposal and suitable place in the management structure. Risk analysis calls for collecting information from external and internal sources. The analyst needs to possess the analytical ability and proficiency in using various analytical tools for the purpose of analysis. Collection of information from the internal sources through various periodical reports, surveys, job cards and other records is a regular process. Classification of this information for various analytical purposes for the current us e or storage of the classified information for future use is important. The information has to be cross-verified for its correctness and reliability by using various auditing and other techniques. The information is analyzed for abnormalities or other indications and recorded either for future use or further action by the different departmental heads. Barron and Barron (2011) suggest keeping the management informed of project risks and potential impacts at all times. The understanding of the business by the analyst in this process is enhanced and it would be useful in evaluation of the strengths and weaknesses in the system. Strengths and Weaknesses of the Organization Analysis of the internal strengths and weaknesses of the organization is the first step in risk identification because opportunities and challenges in the environment have to be analyzed in relation to the strengths and weaknesses of the organization to evaluate the preferred course of action or to formulate adaptive strategies. Starr et al. (2003) state, ‘Enterprise resilience is the ability and capacity to withstand systemic discontinuities and adapt to new risk environments. A resilient organization effectively aligns its strategy, operations, management systems, governance structure, and decision-support capabilities so that it can uncover and adjust to continually changing risks, endure disruptions to its primary earnings drivers, and create advantages over less

Senator Profile Essay Example | Topics and Well Written Essays - 1000 words

Senator Profile - Essay Example Corker is a Presbyterian and in his late twenties, he participated in a mission trip to Haiti. This trip inspired him to become proactive in the welfare of his home community. He remarkably pioneered the founding of Chattanooga Neighborhood Enterprise, a nonprofit organization aimed at providing low interest home loans as well home maintenance knowledge to thousands of Tennesseans since 1986. This enterprise since its inception in 1986 has aided many families to enjoy decent, fit, and affordable housing. Prior to his graduation from the university, Corker worked as a construction laborer. This points out to his love for hard work and determination to succeed in life. Upon his graduation, he worked as a construction superintendent where he managed to save adequate money. He later commenced his own construction company in 1979 with $ 8,000 he had saved from his former job. Admirably, this company grew tremendously gaining reputation owed to meeting deadlines not only on time but also b elow the budget. This attracted numerous clients prompting him to expand operations in eighteen states. In 1999, he had gathered enough funds to purchase two of the largest and oldest commercial real estate companies in Chattanooga. When appointed Tennessee Commissioner of Finance and Administration by Governor Don Sundquist in1994, bob exhibited exemplary leadership. In his two years in this docket, he tightened the state’s budget and helped eradicate poverty by creating jobs for almost forty thousand Tennesseans. In 2001, Corker rises to become the mayor of Chattanooga where he serves for one term. During his tenure as the mayor, he is famous of fascinating $ 2.1 billion new investments to Chattanooga. He also transformed the waterfront as well as implemented the merit bonus pay for teachers. This program improved student achievement especially in most poor performing schools. He also markedly contributed to crime reduction by working closely with local law enforcement offi cials. Focusing on his political life, Bob’s interest in politics dates back in 1994 when he declared his interest in contending for the senatorial seat on a Republican ticket. Unfortunately, he lost to his major opponent Bill Frist during the Republican primaries. However, even after losing to Bill, he continually supported Bill to the general election. This is adorable as it portrays his partisanship and loyalty to the Republican Party. Remarkably, the critics of Bill’s campaign manager who tagged him â€Å"pond scum† did not move him. Soon after the 1994 elections, Don Sunquist appointed him the Commissioner of Finance and Administration for the State of Tennessee where he served between 1995 and 1996. During his time in this office, Bob is attributable with numerous achievements like the $2.1 billion investment, cutting down crime by almost half, improving the quality of education amongst others. Bob served as the Mayor for Chattanooga following his victory in the 2001 elections. As a Mayor, he is significant for his value addition to education in Chattanooga. This he achieved by implementing a â€Å"merit based bonus system.† This program entailed giving bonuses to principals and teacher whose students exhibited improved performances. This encouraged competition amongst schools and ultimately improved performance of the students around Chattanooga. It is also during this time that Corker established a program aimed at facilitating monthly meetings with public