Marketing Communication Tools - Essay Example

? Marketing Communication Tools Criteria for Selecting Marketing Communication Tools Marketing efforts and corporate communication carried out by an organization in order to create awareness about its offerings is considered as an integral part of organizations’ functional capacity. In addition to this, to build a link between the consumers and influence their perception of an organization’s brands, products or services are also considered as being the pillars of success of an organization in the market place. Keeping this in view, it can be asserted that the businesses around the world has adopted a number of communication tools, both on and off-line channels, are beneficial in the modern business era to spread information about a product or services amongst the customer markets (Cravens, 2010). From the review of available literature on marketing communication, it is found that the communication tools can be divided into two types mainly. These are above the line marketing tools and below the line marketing tools. Above the line, using mass media carries out marketing communication; whereas, below the line marketing communication makes use of non-conventional marketing media. The division between types of marketing communication tools is based on the philosophy that each tool coordinates or supplements the marketing activities carried out by using other tools. The division is not meant to create a contradiction in the communication strategy, but the wrong implementation of strategic objectives associated with marketing communication may lead to a complete failure. In this manner, it can be asserted that the selection of marketing tools has influence over the efficiency of the marketing communication and the wrong selection might prove as a barrier in achieving the desired objectives and goals. As a result, a business can establish underrated brand equity or fail to achieve the desired financial performance of the brand (Dhar, 2008). From the review of available literature on marketing communication, it has been found that the major focus of marketing function of any organization has remained critical on communication with the customers. Communication starts right from the development of brand’s slogan and has never ending limits, when it comes to influencing consumer behavior in the favor of the brand. Marketers and researchers in the field of marketing communication has observed that marketing communication has stayed in the core functional area of businesses and proved to be as vital asset for the organization as its financial resources are (Khosla, 2010). Schultz et al. (2004) identified the importance of marketing communication and the need to diversify use of marketing communication tools and stated that: “An approach concerns the integration of a wide range of activities and functions that influence and impact upon dynamic information flows between an organization and its stakeholders.  Because in reality consumers integrate all messages received from an organization. Thus, even if the organization has transmitted uncoordinated messages to the same consumer, that consumer will aggregate and integrate those messages according to some pattern. Unfortunately, in some cases, the criteria chosen by the consumer to make such integration can harm the organization and associated brand value. Hence the company must be able to manage the process according to its own interests and strategic purposes” (Schultz et al., 2004). Considering the importance of marketing communication tools and the diversified use of these tools, highlighted by Schultz, it can be asserted that the modern business environment might bring a number of challenges to the business. Due to the increased competition in the market place and the requirement of extensive marketing research to promote brands and services, organizations are compelled to adopt an alternative approach which focuses on using multiple sources of marketing and promotion and ensures healthy relationship management with between the customers and the organization (Kotler et al., 2009). In this part of the essay, the author would like to discuss what are the strategic approaches or requirements of an organization that influences its decision to select an efficient mix of marketing communication tools. The study of these approaches would help the readers to identify the reasons and objectives associated with the selection of marketing communication tools. 1. Outside-In Approach If an organization bases its marketing communication strategy on the basis of outside-in approach, it would base its marketing communication related decisions on the basis of what target consumers would want to listen or see. Moreover, other factors such as the preferred place and time to be exposed to a marketing communication message also influences the marketing communication related decisions of the organization. Thus, marketing communication efforts of an organization based on outside-in approach would seek to make efficient utilization of the resources keeping in view the target consumers’ preferences and aligning them with the overall marketing objectives of the organization. The marketing communication tools that will be utilized by the firm would depend on the dynamics of target consumers, i.e. what mediums of information do they have accessibility to and what can be the most profitable locations where the marketing communication message can be displayed (Kotler et al., 2009). 2. Inside-Out Approach The believers of this approach would send a marketing communication message, which is based on assumptions, and aim at unifying marketing messages of all mediums at a single tone. By doing this, the organization aims at creating word of mouth for its products and services and hampering marketing message in the minds of the customers, again and again. This approach, as provided by the literature reviewed, is considered to be the least efficient in terms of achieving required objectives and includes usage of illogical mix of marketing communication tools. An organization, believing on inside-out approach would select communication tools on the basis of their effectiveness, and would make the organization and its marketers neglect its probable benefits for the organization (Kotler et al., 2009). 3. Cross-Functional Strategic Approach Another approach, based on which organization selects communication tools is cross-functional strategic approach, which requires organization to rely on outcomes of marketing research. This is a more scientific approach, which aims at yielding maximum benefits from the communication strategy. The organization develop customer segments on the basis of marketing research outcomes and develop a marketing mix based that must educate the customers about the business’s offerings and sensitize their behavior. The crux of this approach is that, it enables the organization to determine the financial outcomes of the communication strategy and help it to make suitable alterations on the course to achieving its main objectives. A business believing on cross-functional strategic approach would select a mix of modern communication tools that favors its objectives (Kotler et al., 2009). Keeping these three approaches in view, the author will now state the criteria that should be met while deciding about the selection of communication tools. The first and foremost criteria that should be addressed by organizations to select a communication tools should be its capacity to reach masses. In other words, it can be said that the foremost object9ive of any organization would be to select a marketing communication medium that has maximum reach. As marketing messages of the businesses are not meant to address a customer population, resting in a particular geographic area, it becomes essential for the businesses to select marketing medium which has reach not only in urban or rural areas, but also covers the customer base of remote areas. In this perspective, the most efficient and reliable marketing communication source seems to be e-marketing mediums and electronic media (Stewart, 1996). Then again, the organization must consider a medium’s effectiveness and its ability to leave long-lasting impact on consumers’ thought process. By evaluating marketing communication mediums on these criteria, businesses aim at developing marketing messages that echoes in the minds of the customers from time to time and compel them to make a favorable decision in the purchasing stage. Such mediums might communicate the message once or for a limited time, but their influence on consumers’ behavior can be noticed for a long period of time. This influence in consumer behavior is reflective from the purchasing and inquiry patterns of the consumers. Print media and social network marketing seems to be the best available mediums in terms of their effectiveness in ensuring long-lasting influence over consumer behavior (Gronroos, 2004). A cost-benefit analysis would also help marketers to decide about selecting an efficient marketing communication tool. By utilizing this approach, marketers and researchers evaluate the benefits a business might achieve by selecting a communication medium. For this purpose, extensive market research is required which helps the market researchers to determine consumers’ preferences and their accessibility to different communication mediums. Once the medium is decided, the researcher then move on to weigh the benefits that an organization perceive it would achieve by selecting the said medium (Duncan & Moriarty, 1998). Another criteria to select an efficient marketing communication tool is to carry out a need analysis. The outcome of the need analysis would communicate to the marketers of a business about the expectations and perceptions of the consumers in the market place. Moreover, the organization can also select marketing communication tools on the basis of its targeting strategy. Suppose, if an organization is targeting youth for its energy drink offerings, it would select social network medium to interact with the target market and influence their behavior. While basing their decisions on the target markets and its dynamics for selecting marketing communication tools, organizations must asses its ability to be creative in the marketing campaign and be distinctive in creating compelling marketing pitch (Caywood, 2012). Overall corporate strategy of a business can also be used as the basis of selecting a marketing communication medium. For example, if the corporate objective of the organization is to establish a socially responsible image in the society, the organization would select marketing mediums which have long-lasting impact on consumer psychology and possess ability to compel consumers to make purchasing decision again and again. In this scenario, the most probable marketing communication medium seems to be the social networking platform where information about socially responsible actions of the organization and its achievement in this area can be posted. On the other hand, another favorable marketing medium can be annual financial declaration and performance reports of the organization. These reports and declaration gives its readers an insight into the yearly financial and socially responsible performance of the organization and how organization is engaged into making the society a better place to live. The strategy to select marketing medium on the basis of corporate strategy is beneficial as it ensures minimum utilization of precious resources of the organization and secondly, it brings the accuracy in projecting achievable targets from the marketing communication (Percy et al., 2001). The previous few paragraphs discussed the criteria that can be utilized to select an efficient marketing communication tool. Coming lines would discuss the most popular marketing communication mediums that are available to businesses across the globe and what could be the most appropriate marketing communication medium mix which can be utilized keeping in view the current business scenario. Social networking and e-marketing mediums are increasing becoming popular amongst business community across the globe. Businesses all around the world use social networking for managing their business portfolios and promoting the offerings into the market. The best opportunity lies in the fact that businesses become more acknowledged about the target markets. It entails that businesses are more aware of the market conditions and potential opportunities that will provide them unlimited financial benefits by targeting the market according to the products and services, specifically. It is evident, that many of the businesses, who were practicing their marketing communication activities by using traditional mediums of marketing communication, are now turning towards e-marketing/social networking marketing. In this way, they are exposed to attracting more and more customers, as the traffic on internet, especially on social networking websites is increasing day by day. Internet penetration into remote areas and those sectors where it was not used properly has also opened new doors for businesses to target new markets and expand their business’s scope. In marketing management, the use of social networking sites is proven to be providing numerous solutions for creating about a business’s products and services. Businesses have immediate access to customers and their personal information through their personal profiles on social networking websites. Social networking also helps organizations to bring improvements in their communication channels. A company owned social networking profile would help individuals from top to bottom to interact with each other and post reports, announcements and memos. Complete organizational information can also be provided to the customers with the help of social networking which improves the access to the valuable data that helps customers and investors to understand the organization and its business practices in detail (Rademaker, 2011). It should be noticed here that social networking marketing is part of electronic media marketing. Another beneficial tool for marketing communication can be advertising through television commercials. Airtime is bought by organizations on television channels during time slots, in which highly rated programs are transmitted by television channels. Another factor that is considered important is the viewership of the television channel. When the viewership is high, it means a large number of audiences would be exposed to marketing communication message. Television advertisements and paid content are part of the above-the-line marketing communication strategy through electronic media. Below the line marketing communication activities through electronic media can be carried out with the help of electronic hoardings and transmission of marketing message through radio channels (Kotler et al., 2009). In addition to these, newspaper and magazine advertisements, i.e. above the line marketing through print media, is also beneficial. This is because; print media marketing communication campaigns leaves a long-lasting impact on consumer psychology and reminds consumers about the product or service marketed, again and again with the passage of time. Thus, print media marketing communication can be seen as one of the most efficient marketing communication tools (Kotler et al., 2009). From the analysis of marketing communication tools and criteria for selecting effective communication medium, the author here can assert that a mix of following mentioned marketing mediums can be seen as most affective: 1. Social media marketing communication: Gives an insight into consumer dynamics and help to leave a long-lasting impression of communication message on the minds of the target audience. It is cost effective but provides benefits for a longer time period. 2. Television Marketing Communication: For ensuring maximum reach to the target audience and repeatedly communicating to the target audience. It is expensive but ensures true projection of the intended marketing message. 3. Print Media Marketing Communication: For ensuring maximum reach of the intended marketing communication message and leaving long-lasting impression on consumer psychology. It is cheap and proven to be the most effective marketing communication tool (Kotler et al., 2009). As the business environment and marketing challenges are new with every passing day, it becomes essential for organizations to integrate marketing communication in the core organization functions. By doing this, businesses would ensure that that each and every activity of the organization is carried out in a manner, that it markets the organizational values, norms, culture, products and services to the target audience. Moreover, the integration of marketing communication into organization’s function also ensure engagement of the target market with the decisions made by organization with regards to its offerings and their promotion. 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