Different Tools of Integrated Marketing Communications (IMC)

Integrated Marketing Communication is defined as the coordination and integration of all marketing communication tool, avenues and sources within a company into seamless program that maximize the impact on customer and other end users at a minimal cost. This integration affects all firm business-to-business, marketing channel, customer-focused, and internally directed communications.  Integrated Marketing Communications  is a management concept that is designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, personal selling and direct marketing work together as a unified force, rather than permitting each to work in isolation.  Besides, it acts as an aggressive marketing plan because it sets and tracks marketing strategy that captures and uses extensive amount of customer information.… Read the rest

Introduction to Integrated Marketing Communications (IMC)

Integrated Marketing Communications (IMC) is a marketing concept of the 1990’s. It will be necessary for survival in the 21st century. The advent of integration is causing marketers to take a fresh look at all the components of marketing, specifically the unique dimension that public relations bring to the marketing mix. Public relations people in turn are seizing the opportunity that integration offers them to make a difference where it counts most to their companies and clients — on the bottom line. IMC is the culmination of the shift that began in the post — World War II period, from selling what the companies make to making what the consumers want.… Read the rest

Methods of Pricing a New Product

We will address the following questions after new product development:

  • How should a company price a new good or service?
  • How should the price be adapted to meet varying circumstances and opportunities?
  • When should the company initiate a price change, and how should it respond to competitive price changes?

In the entire marketing mix, price is the one element that produces revenue; the others produce costs. Price is also one of the most flexible elements: It can be changed quickly, unlike product features and channel commitments. Although price competition is a major problem facing companies, many do not handle pricing well.… Read the rest