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Professional Application - Essay Example

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Professional Application Name: Lecturer: Institution: Course: Date: Abstract The research paper analyzed critical issues facing Steve Madden Ltd. and revealed various issues that need to be addressed in the IMC campaign. The researcher also identified critical challenges including economic, competition and communication ones…
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Download file to see previous pages Various communication objectives were provided and the research analyzed the targeted market. The research provided the major selling ideas and also included the key benefits. Lastly, the researcher included a brief conclusion, which was a short summary of the research paper. Professional Application Introduction Steve Madden, which is a recognized footwear brand, faces challenges that need to be addressed in the integrated market communications (IMC) campaign. The choice of a product promotional blend requires an effective communication to the target market or audience; thus, it should be integrated well in the communications strategy since there are a number of techniques available in the market. Barger and Labrecque (2013) attempted to reveal the significance of integrated marketing communications as a marketing strategy for increasing organizational sales; hence implementing communication objectives is imperative. The paper has analyzed critical issues facing Steve Madden and revealed what needs to be addressed in the new campaign. Part 1: Background Analysis There are various critical issues facing the company, which need to be addressed in the IMC campaign. One of the main fascinating problems in many companies is the implementation of communication messages, which is poorly done by most marketers. Many companies fail to create an appealing message for advertising their products in the ever competitive business world; thus, they fail to achieve their business objectives effectively. Advertising is one of the effective business strategies for meeting the demanding needs of the targeted market and increasing the sales of the company. Thousands of companies have attempted to incorporate technology in the business process, such as the use of social media services such as Facebook, Twitter and many others; however, most of them have ended up failing due to poor communication messages. Hartley and Pickton (2000) argued that an integrated marketing communication requires a new way of thinking in order to achieve the demanding needs of the targeted customers. Therefore, the IMC campaign will address aspects such as the significance of developing an effective advertising strategy, need for defining advertising objectives, and setting advertising budgets in order to meet the demanding needs of the organisation efficiently. Another critical issue that faces the company and should be addressed in the IMC is competition. Competition is one of the major challenges impacting organizational performance in many industries across the globe. Among the major competitors of Steve Madden are Nike, Nine West and BCBG which also target diverse customers in the competitive market. However, the competition issue will be addressed and the audience will be informed about the ways of competing with their rivals in the competitive market. One of the effective ways of competing with the competitors is by using an effective pricing strategy, product promotion strategy, or differentiation strategy. Employing Porter’s five forces analysis that shapes the industry’s competition is vital because these forces can enable the company not only to determine their profitability but also achieve a competitive advantage. Lastly, the company also faces economic challenges due to the economic downturn of 2007 to 2008. The economic problem has contributed to increased rates of unemployment levels and the overall slow growth in the company; thus ...Download file to see next pagesRead More
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