Marketing Decicion Making Essay Example | Topics and Well Written Essays - 2000 words

Marketing Decicion Making - Essay Example Effective market communication requires an integrated promotional system that reaches from primary producer to ultimate consumer. Communications flow to markets through long, complex channels that include manufacturers, retailers, wholesalers, consumers, agencies, and media. Each unit can break the chain or pass on the information as it sees fit. The amount and quality of information, therefore, depends on the channel. IMC's most fundamental and perhaps most challenging task is trying to reach people who can conceivably purchase a client's product. Allin (2009). explains marketing communications as "the process by which the marketer develops and presents an appropriate set of communications stimuli to a defined target audience with the intention of eliciting a desired set of responses" (p.37). Formal channels, however, do not account for all marketing communications. Publicity, which is an integral part of many promotional campaigns and sometimes precedes the advertising and sales effort, lies outside them. Although it can be important in gaining market acceptance for products and companies, publicity, like word of mouth, is often a relatively low-grade communications channel with a high degree of interference, distortion, and noise. Marketing communications serve four basic management purposes. ... Third, they help adjust the system to customer and consumer requirements. Fourth, they adjust and help in adjusting the product to customer needs. The task of marketing communications is to get people or markets to progress from a state of unawareness, or even negative reaction, to one of positive action. The stages in this progression are unawareness, awareness, comprehension, conviction, and action (Steve 2009). The theory of information is one that holds promise for the measurement of marketing communications. To date, its primary application is in electrical engineering. It deals with measuring the information content of a message, self-information, bits of information, entropy, the value of average information, loose channels, and noisy and noiseless channels. It provides operational definitions, measures, and a different basis for thinking about marketing communications. The idea of measuring the information content of stimuli, though particularly relevant, is not yet tractable, and the application of this part communications theory to practical marketing situations remains unattained. The careful financial review now being given to investments in plant and equipment or to inventory purchases is destined to be extended to advertising expenditures. Advertising messages are meeting increasing competition from a plethora of other ads, from other media, from competitors, and from all the act ivities that vie for a person's attention. As output swells and communications facilities increase, more claims will be made on consumer time and the cost of marketing communications will skyrocket (Ng and Houston 2009). Pros and cons: advertising. The advantage of advertising is