Integrated Marketing Communication
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This study analyzes the IMC model of Commonwealth Bank of Australia and discusses their target market, strategies to engage them, communication objectives, creative promotional strategies, communication strategy mix, media mix and approximate budget estimations. The study also identifies the internal and external factors affecting the bank's marketing strategies and provides recommendations to enhance their marketing approaches.
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Running head: Integrated Marketing Communication
Integrated Marketing Communication
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Integrated Marketing Communication
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1Integrated Marketing Communication
Executive Summary:
Communication is possibly one of the most important aspects in marketing process of
an organization, and IMC helps to integrate effective communication to develop a marketing
mic that can help organizations to promote their brand, products and services to potential
customers. In this study the IMC model of Commonwealth Bank of Australia is analyzed and
their target market, strategies to engage them, the communication objectives that can be used,
creative promotional strategies, communication strategy mix, media mix and approximate
budget estimations have been discussed that helps or can help CBA to effective promote their
business.
Some of the key findings from the study included the internal factors of the
organization such as strong brand image, good brand promotions, and success of previous
promotional activities. The external factors included the challenging market environment,
high demands of the customers and strong competition. Different types of customers have
been identified which can be focused by the marketing campaigns such as high value
customers, medium value customers and low value customers as well as ex customers.
Objectives such as increasing sales, marketing activities, advertising activities and public
relations activities have been outlined. Creative strategies such as advertising, referral
programs, community outreaches and telemarketing can help in the company’s promotions.
In order to effectively use communication for marketing, it is also vital to understand
customer needs and expectations, defining the unique selling proposition, understanding the
communication mix to be used, defining the branding elements and defining strict metrics for
performance evaluation. Additionally, effective media mix also should be used to ensure
success of the campaigns. From the study few recommendations have also been made which
can help to enhance the marketing approaches of the organization.
Executive Summary:
Communication is possibly one of the most important aspects in marketing process of
an organization, and IMC helps to integrate effective communication to develop a marketing
mic that can help organizations to promote their brand, products and services to potential
customers. In this study the IMC model of Commonwealth Bank of Australia is analyzed and
their target market, strategies to engage them, the communication objectives that can be used,
creative promotional strategies, communication strategy mix, media mix and approximate
budget estimations have been discussed that helps or can help CBA to effective promote their
business.
Some of the key findings from the study included the internal factors of the
organization such as strong brand image, good brand promotions, and success of previous
promotional activities. The external factors included the challenging market environment,
high demands of the customers and strong competition. Different types of customers have
been identified which can be focused by the marketing campaigns such as high value
customers, medium value customers and low value customers as well as ex customers.
Objectives such as increasing sales, marketing activities, advertising activities and public
relations activities have been outlined. Creative strategies such as advertising, referral
programs, community outreaches and telemarketing can help in the company’s promotions.
In order to effectively use communication for marketing, it is also vital to understand
customer needs and expectations, defining the unique selling proposition, understanding the
communication mix to be used, defining the branding elements and defining strict metrics for
performance evaluation. Additionally, effective media mix also should be used to ensure
success of the campaigns. From the study few recommendations have also been made which
can help to enhance the marketing approaches of the organization.
2Integrated Marketing Communication
Contents
Executive Summary:..................................................................................................................1
1. Introduction:........................................................................................................................3
2. Situation Analysis around the Integrated Marketing Communication (IMC) issue:..........4
3. Target market(s) (i.e. the consumers/ customers/ clients/ suppliers/ employees/etc.) to
which the IMC program will be directed...................................................................................6
4. IMC Communication objectives.........................................................................................9
5. Creative Strategy - your messages and positioning strategies..........................................10
6. Communication strategy Mix...........................................................................................10
7. Media Mix.........................................................................................................................11
8. Basic budget concepts.......................................................................................................13
9. Conclusion/Summary Recommendations:........................................................................15
References:...............................................................................................................................17
Contents
Executive Summary:..................................................................................................................1
1. Introduction:........................................................................................................................3
2. Situation Analysis around the Integrated Marketing Communication (IMC) issue:..........4
3. Target market(s) (i.e. the consumers/ customers/ clients/ suppliers/ employees/etc.) to
which the IMC program will be directed...................................................................................6
4. IMC Communication objectives.........................................................................................9
5. Creative Strategy - your messages and positioning strategies..........................................10
6. Communication strategy Mix...........................................................................................10
7. Media Mix.........................................................................................................................11
8. Basic budget concepts.......................................................................................................13
9. Conclusion/Summary Recommendations:........................................................................15
References:...............................................................................................................................17
3Integrated Marketing Communication
1. Situation Analysis around the Integrated Marketing Communication (IMC) issue:
The situation around the IMC issue in CBA can be differentiated into Internal and
External situations. Discussed below is the internal and external situational analysis:
1.1 Internal Situational Analysis:
1.1.1 Brand Image: CBA is one of the oldest established banks in Australia, established more
than a hundred years ago (in 1911) and is also among the the oldest banks in the world. The
bank also has a global presence with 1100 branches across the world. CAB has a very strong
brand image, and it has established its position in the market for their high quality financial
service that can suit different financial needs of a variety of customer profiles. In addition, the
bank is also involved in different activities as a part of their Corporate Social Responsibility
(CSR) policy which further improves their brand image (Chinomona, 2016).
Recently there has been a decline in the brand image of the company because of
various reports of scandals regarding money laundering. Reports further allege that the bank
had tie ups with about four money laundering syndicates, three of which were tied to drug
trafficking and networking across Australia. According to a report by The Guardian, the
company’s profts took a fall of 1.9% and the company had to put aside AUD 375 million to
pay for fines. This also resulted in the reduction in the stock prices for the company’s shares
across the world. This has been significantly cased due to an erosion of trust among the
stakeholders (Farrer, 2018).
1.1.2 Brand Promotion: CAB has very effective brand promotional activities which makes it
a widely popular and known brand in Australia and abroad. With its different branches
operating across different countries, the bank has significant interest and involvement with
these countries. In order to increase the awareness and reach to the customers, CBA uses a
1. Situation Analysis around the Integrated Marketing Communication (IMC) issue:
The situation around the IMC issue in CBA can be differentiated into Internal and
External situations. Discussed below is the internal and external situational analysis:
1.1 Internal Situational Analysis:
1.1.1 Brand Image: CBA is one of the oldest established banks in Australia, established more
than a hundred years ago (in 1911) and is also among the the oldest banks in the world. The
bank also has a global presence with 1100 branches across the world. CAB has a very strong
brand image, and it has established its position in the market for their high quality financial
service that can suit different financial needs of a variety of customer profiles. In addition, the
bank is also involved in different activities as a part of their Corporate Social Responsibility
(CSR) policy which further improves their brand image (Chinomona, 2016).
Recently there has been a decline in the brand image of the company because of
various reports of scandals regarding money laundering. Reports further allege that the bank
had tie ups with about four money laundering syndicates, three of which were tied to drug
trafficking and networking across Australia. According to a report by The Guardian, the
company’s profts took a fall of 1.9% and the company had to put aside AUD 375 million to
pay for fines. This also resulted in the reduction in the stock prices for the company’s shares
across the world. This has been significantly cased due to an erosion of trust among the
stakeholders (Farrer, 2018).
1.1.2 Brand Promotion: CAB has very effective brand promotional activities which makes it
a widely popular and known brand in Australia and abroad. With its different branches
operating across different countries, the bank has significant interest and involvement with
these countries. In order to increase the awareness and reach to the customers, CBA uses a
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4Integrated Marketing Communication
combination of both modern as well as traditional strategies and thus ensure effective
promotion of the brand. This combination makes the brand promotions very strong and helps
the brand name reach to a wide audience of potential customer (Kearns & Lewis, 2018).
The organization has strong budget for its promotional activities, in order to promote
the brand using mainstream media, printed media, broadcast media and social media
channels. The company uses repeated telecasts of its advertisements across various television
channels. Additionally, the company also invests in public relations. However, because of the
recent events that have eroded trust of the company, the current investments in promotions
and puclic relations might not be effective, and more funding for the activities are needed.
Moreover, investments are also needed for the Corporate Social Responsibility of the
company to improve its brand image (Farrer, 2018).
1.1.3 Promotional activities followed previously: Before the implementation of the IMC
strategy, CBA utilized on the traditional method of promoting their brands to the market.
Additionally a strategy of ‘word of mouth’ advertising was also used by the bank. These
strategies helped to inform the customers about the banking services and promote the brand.
More recently, the bank have started using modern technology such as social media and other
forms of electronic media for their promotional activities (Chinomona, 2016)
1.1.4 Strengths: Analysis of the banking services showed that one of the biggest strength of
the bank is the customer oriented design of thei banking services that considers the diverse
needs and expectations of a large number of customers across the world (Kearns & Lewis,
2018).
1.1.5 Weakness: One significant disadvantage of the bank is regarding the rates of interest
given or taken by the bank on deposits or loans. Customers are given less interest rates on
their deposits or they have to pay more interest for loans from the bank, compared to other
combination of both modern as well as traditional strategies and thus ensure effective
promotion of the brand. This combination makes the brand promotions very strong and helps
the brand name reach to a wide audience of potential customer (Kearns & Lewis, 2018).
The organization has strong budget for its promotional activities, in order to promote
the brand using mainstream media, printed media, broadcast media and social media
channels. The company uses repeated telecasts of its advertisements across various television
channels. Additionally, the company also invests in public relations. However, because of the
recent events that have eroded trust of the company, the current investments in promotions
and puclic relations might not be effective, and more funding for the activities are needed.
Moreover, investments are also needed for the Corporate Social Responsibility of the
company to improve its brand image (Farrer, 2018).
1.1.3 Promotional activities followed previously: Before the implementation of the IMC
strategy, CBA utilized on the traditional method of promoting their brands to the market.
Additionally a strategy of ‘word of mouth’ advertising was also used by the bank. These
strategies helped to inform the customers about the banking services and promote the brand.
More recently, the bank have started using modern technology such as social media and other
forms of electronic media for their promotional activities (Chinomona, 2016)
1.1.4 Strengths: Analysis of the banking services showed that one of the biggest strength of
the bank is the customer oriented design of thei banking services that considers the diverse
needs and expectations of a large number of customers across the world (Kearns & Lewis,
2018).
1.1.5 Weakness: One significant disadvantage of the bank is regarding the rates of interest
given or taken by the bank on deposits or loans. Customers are given less interest rates on
their deposits or they have to pay more interest for loans from the bank, compared to other
5Integrated Marketing Communication
banks in Australia. Due to this discrepancy, CBA faces a steep competition from other banks
that provide better interest rates to customers (Ng, 2018).
Another significant weakness of the organization is the impact of the money
laundering related allegations on the organization which have impacted the growth of the
organization as well as its share process.
1.2 External Situational Analysis:
1.2.1 The Environment: Australia has a very favorable business environment for banking
services. Additionally, the countries where CBA has its operations also have significantly
positive market for banking, thus making the environment ideal for the CBA’s operations and
viability. Such an atvantage allowed CBA to remain largely functional and continue
generating profits even during times of financial crisis which crippled several banks, thus
showing the stability of CBA market (Schlagwein et al., 2014).
1.2.2 Customers: The main services that are provided by CBA include loans and mortgage
services, thereby making prospective home owners, middle aged and middle income
individuals the main customers of their banking services. The bank also have customers from
a wide age group to whom a wider range or assortment of financial services are also offered.
Thus CBA has a significantly large customer base that spans across Australia and abroad
(Worthington, 2016).
1.2.3 Competition: Competition in the banking sector in Australia is very high with major
banking organizations such as Westpac, Australia and New Zealand Banking Group (ANZ),
Bank of Queensland, Bendigo Bank, Macquarie Bank, AMP bank and National Australia
Bank (Murray et al., 2014).
banks in Australia. Due to this discrepancy, CBA faces a steep competition from other banks
that provide better interest rates to customers (Ng, 2018).
Another significant weakness of the organization is the impact of the money
laundering related allegations on the organization which have impacted the growth of the
organization as well as its share process.
1.2 External Situational Analysis:
1.2.1 The Environment: Australia has a very favorable business environment for banking
services. Additionally, the countries where CBA has its operations also have significantly
positive market for banking, thus making the environment ideal for the CBA’s operations and
viability. Such an atvantage allowed CBA to remain largely functional and continue
generating profits even during times of financial crisis which crippled several banks, thus
showing the stability of CBA market (Schlagwein et al., 2014).
1.2.2 Customers: The main services that are provided by CBA include loans and mortgage
services, thereby making prospective home owners, middle aged and middle income
individuals the main customers of their banking services. The bank also have customers from
a wide age group to whom a wider range or assortment of financial services are also offered.
Thus CBA has a significantly large customer base that spans across Australia and abroad
(Worthington, 2016).
1.2.3 Competition: Competition in the banking sector in Australia is very high with major
banking organizations such as Westpac, Australia and New Zealand Banking Group (ANZ),
Bank of Queensland, Bendigo Bank, Macquarie Bank, AMP bank and National Australia
Bank (Murray et al., 2014).
6Integrated Marketing Communication
Figure 1: Internal and external environments
2. Target market(s) (i.e. the consumers/ customers/ clients/ suppliers/ employees/etc.) to
which the IMC program will be directed
The target market for CBA involves customers who have active banking accounts,
including low-value customers, medium value customers and high value customers.
2.1 Low value customers: These customers can be of two types such as customers who have
restricted income or limited financial needs and customers who are using services from
several banks simultaneously. Even though the contribution of these customers towards the
total profits of the organization is minimal, they have the potential to be converted to medium
value customers by convincing them to invest in fewer banks. Also, the low value customers
can represent a large part of the customer base, and include individuals from various
professions and employment status (Hazledine, 2015).
2.2 Medium Value Customers: These customers are mainly of two different types such as
customers who have most of their business with just one bank and customers who have their
Figure 1: Internal and external environments
2. Target market(s) (i.e. the consumers/ customers/ clients/ suppliers/ employees/etc.) to
which the IMC program will be directed
The target market for CBA involves customers who have active banking accounts,
including low-value customers, medium value customers and high value customers.
2.1 Low value customers: These customers can be of two types such as customers who have
restricted income or limited financial needs and customers who are using services from
several banks simultaneously. Even though the contribution of these customers towards the
total profits of the organization is minimal, they have the potential to be converted to medium
value customers by convincing them to invest in fewer banks. Also, the low value customers
can represent a large part of the customer base, and include individuals from various
professions and employment status (Hazledine, 2015).
2.2 Medium Value Customers: These customers are mainly of two different types such as
customers who have most of their business with just one bank and customers who have their
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7Integrated Marketing Communication
business spread across multiple banks. These customers have limited potential to be
converted to high value customers. The the contribution towards the profits of the bank by the
medium value customers are more than the low value customers as well (Komssi et al.,
2015).
2.3 High Value Customers: These are the customers who have large sums of money deposited
in the bank or have taken biag loans from the bank thereby paying a large sum of money to
the bank regularly as interest, making them one of the most significant source of profit for the
bank. However the number of high value customers can be very limited for a bank. These
customers are also harder to retain because of their high expectations from the bank and also
due to competitions from other bank who would want the customer to invest with them
(Stangl et al., 2017).
2.4 Ex Customers: These are the customers who have become either inactive or have stopped
using the banking services. This market segment provides a potential opportunity towards re-
engagement of the customers with banking services. Even though converting the Ex-
Customers to service users again can be a significant challenge since many would have
closed because of moving the business to other banks, due to personal situations, a change in
the needs of the customer or a prior bad experience with the bank causing dissatisfaction with
the services (Najdić et al., 2016).
business spread across multiple banks. These customers have limited potential to be
converted to high value customers. The the contribution towards the profits of the bank by the
medium value customers are more than the low value customers as well (Komssi et al.,
2015).
2.3 High Value Customers: These are the customers who have large sums of money deposited
in the bank or have taken biag loans from the bank thereby paying a large sum of money to
the bank regularly as interest, making them one of the most significant source of profit for the
bank. However the number of high value customers can be very limited for a bank. These
customers are also harder to retain because of their high expectations from the bank and also
due to competitions from other bank who would want the customer to invest with them
(Stangl et al., 2017).
2.4 Ex Customers: These are the customers who have become either inactive or have stopped
using the banking services. This market segment provides a potential opportunity towards re-
engagement of the customers with banking services. Even though converting the Ex-
Customers to service users again can be a significant challenge since many would have
closed because of moving the business to other banks, due to personal situations, a change in
the needs of the customer or a prior bad experience with the bank causing dissatisfaction with
the services (Najdić et al., 2016).
8Integrated Marketing Communication
Figure 2: Customer profiles. (source: Hazledine, 2015)
Figure 3: Marketing strategies for the customer profiles. (source: Hazledine, 2015)
3. IMC Communication objectives
Figure 2: Customer profiles. (source: Hazledine, 2015)
Figure 3: Marketing strategies for the customer profiles. (source: Hazledine, 2015)
3. IMC Communication objectives
9Integrated Marketing Communication
Identifying the communication objectives is a vital stage of IMC as it helps develop
effective strategies to reach to the potential customers and increase the awareness of the
brand and its services and increase the number of customers (Letaifa, 2015). Discussed below
is the communication objectives that can be used by CBA using the SMART model:
Increasing awareness of the brand among customers by 50%
Increasing Credit card Sales by 10%
Increasing funding for marketing campaigns by 25%
Increasing advertising campaigns by 50%
Increasing the usage of social media for marketing by 15%
Increasing public relations activities by 15%
Increasing the network traffic to company’s website by 200%
3.1 Specific: The main objective of the communication strategy is to increase awareness of
the brand among the potential customers, and also inform them about the different banking
services as well as the key benefits of using their services compared to the other banks.
Specific market segments can be focused on for different messages to promote the bank and
advertise its services, based on the customer profile. The specificity of the objectives is
ensured through the percentages on proposed increase for marketing, advertisement and
public relations activities.
3.2 Measurable: The efficacy of the marketing communication can be measured through an
increase in the awareness of the brand among the potential customers and a subsequent
increase in the number of customers opening their bank account with CBA. Also increase in
the number of website traffic can also be used to measure the reach of the communication.
The specific variables outlined in the objectives can all be quantified and measured.
Identifying the communication objectives is a vital stage of IMC as it helps develop
effective strategies to reach to the potential customers and increase the awareness of the
brand and its services and increase the number of customers (Letaifa, 2015). Discussed below
is the communication objectives that can be used by CBA using the SMART model:
Increasing awareness of the brand among customers by 50%
Increasing Credit card Sales by 10%
Increasing funding for marketing campaigns by 25%
Increasing advertising campaigns by 50%
Increasing the usage of social media for marketing by 15%
Increasing public relations activities by 15%
Increasing the network traffic to company’s website by 200%
3.1 Specific: The main objective of the communication strategy is to increase awareness of
the brand among the potential customers, and also inform them about the different banking
services as well as the key benefits of using their services compared to the other banks.
Specific market segments can be focused on for different messages to promote the bank and
advertise its services, based on the customer profile. The specificity of the objectives is
ensured through the percentages on proposed increase for marketing, advertisement and
public relations activities.
3.2 Measurable: The efficacy of the marketing communication can be measured through an
increase in the awareness of the brand among the potential customers and a subsequent
increase in the number of customers opening their bank account with CBA. Also increase in
the number of website traffic can also be used to measure the reach of the communication.
The specific variables outlined in the objectives can all be quantified and measured.
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10Integrated Marketing Communication
3.3 Attainable: The communication strategy is completely attainable and can help the bank to
increase its customer base. However, increasing the marketing campaigns can involve extra
funding the result might take a long time to show. All the outlined objectives are attainable.
3.4 Relevant: The goal of increasing brand awareness and number of customer is a relevant
one as it can help in the viability of the organization.
3.5 Time Bound: The marketing strategy would need at least 2 years to be successfully
implemented to provide any positive outcome.
(Camilleri, 2018)
4. Creative Strategy - your messages and positioning strategies
In order to implement the IMC model effectively, various types of creative
approaches can be utilized by CBA in order to reach its marketing objectives and goals.
Discussed below are few of those creative strategies to support better brand positioning:
4.1 Advertisement: This is the most form common form of promotion and spreading
awareness regarding the bank and its services. Advertisement can be broadcasted through
television, radio, billboards and newspaper as well as through online advertisements (through
platforms such as YouTube and Facebook) (Zhang et al., 2016). The advertisement can be
aired on national television channels (such as ABC, SBS and Seven West Media), radio
channels (such as ABC, 2GB and FOX FM) during the primetimes (6pm to 10 pm).
4.2 Launching Referral Programs: This is another strategy that can help the bank to reach out
to more customers from an extisting customer network. Giving the existing customers some
benefits everytime a referral opted for service or opened an account can help to gain trust and
loyalty to the bank (Jang et al., 2018)
3.3 Attainable: The communication strategy is completely attainable and can help the bank to
increase its customer base. However, increasing the marketing campaigns can involve extra
funding the result might take a long time to show. All the outlined objectives are attainable.
3.4 Relevant: The goal of increasing brand awareness and number of customer is a relevant
one as it can help in the viability of the organization.
3.5 Time Bound: The marketing strategy would need at least 2 years to be successfully
implemented to provide any positive outcome.
(Camilleri, 2018)
4. Creative Strategy - your messages and positioning strategies
In order to implement the IMC model effectively, various types of creative
approaches can be utilized by CBA in order to reach its marketing objectives and goals.
Discussed below are few of those creative strategies to support better brand positioning:
4.1 Advertisement: This is the most form common form of promotion and spreading
awareness regarding the bank and its services. Advertisement can be broadcasted through
television, radio, billboards and newspaper as well as through online advertisements (through
platforms such as YouTube and Facebook) (Zhang et al., 2016). The advertisement can be
aired on national television channels (such as ABC, SBS and Seven West Media), radio
channels (such as ABC, 2GB and FOX FM) during the primetimes (6pm to 10 pm).
4.2 Launching Referral Programs: This is another strategy that can help the bank to reach out
to more customers from an extisting customer network. Giving the existing customers some
benefits everytime a referral opted for service or opened an account can help to gain trust and
loyalty to the bank (Jang et al., 2018)
11Integrated Marketing Communication
4.3 Community Reach outs: Reach outs can help to get to the challenging customer bases, and
can help to re-engage customers. The community reach can also help to increase awareness
of the bank and its services in remote communities that do not have much access to digital
information (Dey et al., 2015).
4.4 Telemarketing: Customers can also be reach via telephonic marketing that can help to
communicate with customers across the world, understand their needs and provide/offer them
services accordingly (Valvi et al., 2015).
5. Communication strategy Mix
5.1 Understanding the target customers: This is an important strategy that can help to
understand the needs and expectations of the customers and identify factors they have in
common. This can also help to explain why they need to opt for the banking services and also
understand the characteristics and demographics of the customer. Strategies such as feedback
forms can be used to collect such data from the customers.
5.2 Defining the Unique Selling Proposition (USP): The USP provides the customer an
understanding of the benefits of the service and thus should be clear, understandable,
consistent and easily recognized and identified. The USP can help to develop effective pitch.
The USP can be developed based on a SWOT analysis using the point of view of the
customers.
5.3 Determining the marketing communication mix: The marketing communication mix can
include different strategies such as online advertising, offline advertising, personal selling
and direct marketing which can be used to reach out to the customers and increase awareness
of the brand and its services.
4.3 Community Reach outs: Reach outs can help to get to the challenging customer bases, and
can help to re-engage customers. The community reach can also help to increase awareness
of the bank and its services in remote communities that do not have much access to digital
information (Dey et al., 2015).
4.4 Telemarketing: Customers can also be reach via telephonic marketing that can help to
communicate with customers across the world, understand their needs and provide/offer them
services accordingly (Valvi et al., 2015).
5. Communication strategy Mix
5.1 Understanding the target customers: This is an important strategy that can help to
understand the needs and expectations of the customers and identify factors they have in
common. This can also help to explain why they need to opt for the banking services and also
understand the characteristics and demographics of the customer. Strategies such as feedback
forms can be used to collect such data from the customers.
5.2 Defining the Unique Selling Proposition (USP): The USP provides the customer an
understanding of the benefits of the service and thus should be clear, understandable,
consistent and easily recognized and identified. The USP can help to develop effective pitch.
The USP can be developed based on a SWOT analysis using the point of view of the
customers.
5.3 Determining the marketing communication mix: The marketing communication mix can
include different strategies such as online advertising, offline advertising, personal selling
and direct marketing which can be used to reach out to the customers and increase awareness
of the brand and its services.
12Integrated Marketing Communication
5.4 Defining the branding elements: Different branding elements that can be used to
communicate information regarding the brand and services include the organization’s
website, social media platforms, direct marketing activities, advertisement activities, business
cards and word of mouth promotions.
5.5 Defining success metrics: Success metrics can help to understand whether the marketing
has been successful to reach customers and deliver the intended message from the
organization. The success of the marketing communication can be accessed through the
number of visits to the website, number of accounts opened, number of service opted, shares
on social media and number of mentions on different media (newspaper, magazine, radio, tv,
blogs and social media).
(Todorova, 2015; Singhal & Brown, 2018; Melewar et al., 2017)
6. Media Mix
The media mix planning is important to estimate the correct budget mix that can
enhance the effectiveness of the marketing strategies. For CBA a top down approach to plan
the media mix can be used. This approach can help to understand the spending at the high
level and the revenue of the organization to plan the marketing strategy. Moreover, ad-stack
can be used to determine the planning and execution of the marketing strategies (Steinberg,
2018).
The ad-stack provides a creative design that uses several channels of input of real time
data related to the behavior of the customers and helps in the management of multiple
contents of information within a single dimension, helping to compare the data and perform
effective data analysis and interpretation and thus develop a greater insight into the market.
The ad-stack can also improve the synergy within the company and help the employees better
5.4 Defining the branding elements: Different branding elements that can be used to
communicate information regarding the brand and services include the organization’s
website, social media platforms, direct marketing activities, advertisement activities, business
cards and word of mouth promotions.
5.5 Defining success metrics: Success metrics can help to understand whether the marketing
has been successful to reach customers and deliver the intended message from the
organization. The success of the marketing communication can be accessed through the
number of visits to the website, number of accounts opened, number of service opted, shares
on social media and number of mentions on different media (newspaper, magazine, radio, tv,
blogs and social media).
(Todorova, 2015; Singhal & Brown, 2018; Melewar et al., 2017)
6. Media Mix
The media mix planning is important to estimate the correct budget mix that can
enhance the effectiveness of the marketing strategies. For CBA a top down approach to plan
the media mix can be used. This approach can help to understand the spending at the high
level and the revenue of the organization to plan the marketing strategy. Moreover, ad-stack
can be used to determine the planning and execution of the marketing strategies (Steinberg,
2018).
The ad-stack provides a creative design that uses several channels of input of real time
data related to the behavior of the customers and helps in the management of multiple
contents of information within a single dimension, helping to compare the data and perform
effective data analysis and interpretation and thus develop a greater insight into the market.
The ad-stack can also improve the synergy within the company and help the employees better
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13Integrated Marketing Communication
understand the process of sales, give the managers better predictions towards the need for
financial respurces and helps in an over improvement in the sales by the organization
(Levinson et al., 2017).
In the model, data from marketing inputs and outcomes help to developa modeling for
the marketing strategy which can be based on the insights and predictions. The execution of
the strategy provides more data which can be used as marketing inputs.
Figure 4: Ad-Stack model (source: Levinson et al., 2017)
7. Basic budget concepts
Discussed below is the basic budget for the marketing activities:
Marketing Budget Plan
Category
Estimate
d
Quantity
Estimated
Cost per
Unit (AUD)
Estimated
Subtotal
Research
Research firm fees 15 $1,600.00 $24,000.00
Web research 4 $800.00 $3,200.00
Independent research 15 $1,000.00 $15,000.00
Research Costs Total $42,200.00
Communications
understand the process of sales, give the managers better predictions towards the need for
financial respurces and helps in an over improvement in the sales by the organization
(Levinson et al., 2017).
In the model, data from marketing inputs and outcomes help to developa modeling for
the marketing strategy which can be based on the insights and predictions. The execution of
the strategy provides more data which can be used as marketing inputs.
Figure 4: Ad-Stack model (source: Levinson et al., 2017)
7. Basic budget concepts
Discussed below is the basic budget for the marketing activities:
Marketing Budget Plan
Category
Estimate
d
Quantity
Estimated
Cost per
Unit (AUD)
Estimated
Subtotal
Research
Research firm fees 15 $1,600.00 $24,000.00
Web research 4 $800.00 $3,200.00
Independent research 15 $1,000.00 $15,000.00
Research Costs Total $42,200.00
Communications
14Integrated Marketing Communication
Promotional brochures 25,000 $1.00 $25,000.00
Television 15 $5,500.00 $82,500.00
Radio 15 $400.00 $6,000.00
Web 4 $500.00 $2,000.00
Communications Costs
Total $115,500.00
Networking
Memberships 800 $100.00 $80,000.00
Affiliations 10 $20.00 $200.00
Subscriptions 500 $32.00 $16,000.00
Networking Costs Total $96,200.00
Additional Costs
Invitation
(printing and postage costs) $15,000.00 $15,000.00
Time & Expense (T&E) $2,500.00 $2,500.00
Company staff T&E $2,500.00 $2,500.00
Customer testimonial
T&E $800.00 $800.00
Additional Costs
Subtotal $20,800.00
Promotions
Product giveaways 15,000 $5.00 $75,000.00
Product discounts 25,000 $4.00 $100,000.00
Special offers 5,000 $3.00 $15,000.00
Promotions Costs Total $190,000.00
Advertising
Brochures (development
and production) 15,000 $0.99 $14,850.00
Mailings 45,000 $0.02 $900.00
Postcards 65,000 $0.40 $26,000.00
Television 5 $700.00 $3,500.00
Radio 10 $300.00 $3,000.00
Newspapers 15 $400.00 $6,000.00
Billboards 450 $800.00 $360,000.00
Bus sides 150 $250.00 $37,500.00
Advertising Costs Total $451,750.00
Public Relations
Charity events 30 $600.00 $18,000.00
Advertising 150 $150.00 $22,500.00
Promotional brochures 25,000 $1.00 $25,000.00
Television 15 $5,500.00 $82,500.00
Radio 15 $400.00 $6,000.00
Web 4 $500.00 $2,000.00
Communications Costs
Total $115,500.00
Networking
Memberships 800 $100.00 $80,000.00
Affiliations 10 $20.00 $200.00
Subscriptions 500 $32.00 $16,000.00
Networking Costs Total $96,200.00
Additional Costs
Invitation
(printing and postage costs) $15,000.00 $15,000.00
Time & Expense (T&E) $2,500.00 $2,500.00
Company staff T&E $2,500.00 $2,500.00
Customer testimonial
T&E $800.00 $800.00
Additional Costs
Subtotal $20,800.00
Promotions
Product giveaways 15,000 $5.00 $75,000.00
Product discounts 25,000 $4.00 $100,000.00
Special offers 5,000 $3.00 $15,000.00
Promotions Costs Total $190,000.00
Advertising
Brochures (development
and production) 15,000 $0.99 $14,850.00
Mailings 45,000 $0.02 $900.00
Postcards 65,000 $0.40 $26,000.00
Television 5 $700.00 $3,500.00
Radio 10 $300.00 $3,000.00
Newspapers 15 $400.00 $6,000.00
Billboards 450 $800.00 $360,000.00
Bus sides 150 $250.00 $37,500.00
Advertising Costs Total $451,750.00
Public Relations
Charity events 30 $600.00 $18,000.00
Advertising 150 $150.00 $22,500.00
15Integrated Marketing Communication
Public Relations Costs
Total $40,500.00
ESTIMATED MARKETING GRAND
TOTAL $956,950.00
Chart Title
Research
Communications
Networking
Additional Costs
Promotion Costs
Advertising
Public Relations
Figure 5: Budget breakup
8. Conclusion/Summary Recommendations:
Communication is one of the most significant aspects that helps in the long term
sustainability of the organization and helps them to share vital business relation regarding the
products and services with the stakeholders and customers. This helps the organization to
increase awareness of their services and products which additionally helps the organization to
increase its revenues. Integrated Marketing Communication is a marketing approach that
integrates effective communication strategies with marketing strategies and helps
organizations to effectively share information regarding the products and services with the
customers. The study analyses the IMC strategy used by Commonwealth Bank of Australia
(CBA). Analysis of the internal and external environment showed that the internal
environment of CBA includes strong brand image and effective promotions while external
Public Relations Costs
Total $40,500.00
ESTIMATED MARKETING GRAND
TOTAL $956,950.00
Chart Title
Research
Communications
Networking
Additional Costs
Promotion Costs
Advertising
Public Relations
Figure 5: Budget breakup
8. Conclusion/Summary Recommendations:
Communication is one of the most significant aspects that helps in the long term
sustainability of the organization and helps them to share vital business relation regarding the
products and services with the stakeholders and customers. This helps the organization to
increase awareness of their services and products which additionally helps the organization to
increase its revenues. Integrated Marketing Communication is a marketing approach that
integrates effective communication strategies with marketing strategies and helps
organizations to effectively share information regarding the products and services with the
customers. The study analyses the IMC strategy used by Commonwealth Bank of Australia
(CBA). Analysis of the internal and external environment showed that the internal
environment of CBA includes strong brand image and effective promotions while external
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16Integrated Marketing Communication
environment comprises of the market environment, customers and competitors. The target
market for the bank includes low value, medium value and high value customers, as well as
ex customers. The objectives for the communication that needs to be used should be specific,
measurable, attainable, and relevant and time bound. Creative strategies such as
advertisements, launching referral program, community reaches and telemarketing can help
in brand promotions. However to ensure an effective marketing mix strategy, understanding
the customers, defining the USP, determining marketing mix for communication, identifying
the branding elements and defining the success mix. For the media mix, a top down approach
can be used the the marketing mix can be planned using the ad stock model. A total estimated
budget of AUD 956,950.00 would be needed to cover costs of research, communications,
networking, additional costs, promotions, advertising and public relations. It can be expected
that using these strategies, a successful marketing campaign can be ensured.
Few recommendations can also be made to ensure successful marketing such as:
Using smart objectives for communication strategies
Using Ad stack model to design and implement media mix
Using effective communication strategy mix
Using effective promotional activities
Using marketing strategies according to the specific customer segments
environment comprises of the market environment, customers and competitors. The target
market for the bank includes low value, medium value and high value customers, as well as
ex customers. The objectives for the communication that needs to be used should be specific,
measurable, attainable, and relevant and time bound. Creative strategies such as
advertisements, launching referral program, community reaches and telemarketing can help
in brand promotions. However to ensure an effective marketing mix strategy, understanding
the customers, defining the USP, determining marketing mix for communication, identifying
the branding elements and defining the success mix. For the media mix, a top down approach
can be used the the marketing mix can be planned using the ad stock model. A total estimated
budget of AUD 956,950.00 would be needed to cover costs of research, communications,
networking, additional costs, promotions, advertising and public relations. It can be expected
that using these strategies, a successful marketing campaign can be ensured.
Few recommendations can also be made to ensure successful marketing such as:
Using smart objectives for communication strategies
Using Ad stack model to design and implement media mix
Using effective communication strategy mix
Using effective promotional activities
Using marketing strategies according to the specific customer segments
17Integrated Marketing Communication
References:
Andrews, J. C., & Shimp, T. A. (2017). Advertising, promotion, and other aspects of
integrated marketing communications. Nelson Education.
Camilleri, M. A. (2018). Integrated Marketing Communications. In Travel Marketing,
Tourism Economics and the Airline Product (pp. 85-103). Springer, Cham.
Chinomona, R. (2016). Brand communication, brand image and brand trust as antecedents of
brand loyalty in Gauteng Province of South Africa. African Journal of Economic and
Management Studies, 7(1), 124-139.
Dey, D. K., Chauhan, Y. K., & Chakraborti, R. (2015). Does advertising strategy matter in
influencing mutual fund purchase?. Journal of Financial Services Marketing, 20(1),
23-33.
Hazledine, T. (2015). Price discrimination, merger policy, and the competitive constraint of
low-value customers in airline markets. Journal of Competition Law & Economics,
11(4), 975-998.
Iyer, S., Velu, C., & Mumit, A. (2014). Communication and marketing of services by
religious organizations in India. Journal of Business Research, 67(2), 59-67.
Jang, S., Kim, J., Song, R., & Kim, H. (2018). Advertising strategy and its effectiveness on
consumer online search in a defaming product-harm crisis. Asia Pacific Journal of
Marketing and Logistics, (just-accepted), 00-00.
Kearns, R. A., & Lewis, N. (2018). City renaming as brand promotion: exploring neoliberal
projects and community resistance in New Zealand. Urban Geography, 1-18.
References:
Andrews, J. C., & Shimp, T. A. (2017). Advertising, promotion, and other aspects of
integrated marketing communications. Nelson Education.
Camilleri, M. A. (2018). Integrated Marketing Communications. In Travel Marketing,
Tourism Economics and the Airline Product (pp. 85-103). Springer, Cham.
Chinomona, R. (2016). Brand communication, brand image and brand trust as antecedents of
brand loyalty in Gauteng Province of South Africa. African Journal of Economic and
Management Studies, 7(1), 124-139.
Dey, D. K., Chauhan, Y. K., & Chakraborti, R. (2015). Does advertising strategy matter in
influencing mutual fund purchase?. Journal of Financial Services Marketing, 20(1),
23-33.
Hazledine, T. (2015). Price discrimination, merger policy, and the competitive constraint of
low-value customers in airline markets. Journal of Competition Law & Economics,
11(4), 975-998.
Iyer, S., Velu, C., & Mumit, A. (2014). Communication and marketing of services by
religious organizations in India. Journal of Business Research, 67(2), 59-67.
Jang, S., Kim, J., Song, R., & Kim, H. (2018). Advertising strategy and its effectiveness on
consumer online search in a defaming product-harm crisis. Asia Pacific Journal of
Marketing and Logistics, (just-accepted), 00-00.
Kearns, R. A., & Lewis, N. (2018). City renaming as brand promotion: exploring neoliberal
projects and community resistance in New Zealand. Urban Geography, 1-18.
18Integrated Marketing Communication
Khang, H., Han, S., Shin, S., Jung, A. R., & Kim, M. J. (2016). A retrospective on the state of
international advertising research in advertising, communication, and marketing
journals: 1963–2014. International Journal of Advertising, 35(3), 540-568.
Komssi, M., Kauppinen, M., Töhönen, H., Lehtola, L., & Davis, A. M. (2015). Roadmapping
problems in practice: value creation from the perspective of the customers.
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of Business Research, 68(7), 1414-1419.
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No. 14/847,070.
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and brand performance. Journal of Advertising, 44(1), 37-46.
Melewar, T. C., Foroudi, P., Gupta, S., Kitchen, P. J., & Foroudi, M. M. (2017). Integrating
identity, strategy and communications for trust, loyalty and commitment. European
Journal of Marketing, 51(3), 572-604.
Mishra, K. E., Mishra, A. K., & Walker, K. (2016). Leadership Communication, Internal
Marketing, and Employee Engagement: A Recipe to Create Brand Ambassadors. In
Handbook of Research on Effective Communication, Leadership, and Conflict
Resolution (pp. 311-329). IGI Global.
Murray, D., Davis, K., Dunn, C., Hewson, C., & McNamee, B. (2014). Financial system
inquiry.
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international advertising research in advertising, communication, and marketing
journals: 1963–2014. International Journal of Advertising, 35(3), 540-568.
Komssi, M., Kauppinen, M., Töhönen, H., Lehtola, L., & Davis, A. M. (2015). Roadmapping
problems in practice: value creation from the perspective of the customers.
Requirements Engineering, 20(1), 45-69.
Letaifa, S. B. (2015). How to strategize smart cities: Revealing the SMART model. Journal
of Business Research, 68(7), 1414-1419.
Levinson, M. D., Bullock, W., Davis, N. J., & Karande, C. D. (2017). U.S. Patent Application
No. 14/847,070.
Luxton, S., Reid, M., & Mavondo, F. (2015). Integrated marketing communication capability
and brand performance. Journal of Advertising, 44(1), 37-46.
Melewar, T. C., Foroudi, P., Gupta, S., Kitchen, P. J., & Foroudi, M. M. (2017). Integrating
identity, strategy and communications for trust, loyalty and commitment. European
Journal of Marketing, 51(3), 572-604.
Mishra, K. E., Mishra, A. K., & Walker, K. (2016). Leadership Communication, Internal
Marketing, and Employee Engagement: A Recipe to Create Brand Ambassadors. In
Handbook of Research on Effective Communication, Leadership, and Conflict
Resolution (pp. 311-329). IGI Global.
Murray, D., Davis, K., Dunn, C., Hewson, C., & McNamee, B. (2014). Financial system
inquiry.
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19Integrated Marketing Communication
Najdić, M., Lukić, T., & Ilić-Kosanović, T. (2016). Loyalty programs (FPs) in tourism:
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theory of effective uses and practices. In Ideas in Marketing: Finding the New and
Polishing the Old (pp. 349-352). Springer, Cham.
Najdić, M., Lukić, T., & Ilić-Kosanović, T. (2016). Loyalty programs (FPs) in tourism:
Importance of long term relationship with customers. Turističko poslovanje, (18), 73-
79.
Ng, T. M. (2018). U.S. Patent Application No. 15/434,185.
Pearson, R. (2017). Business ethics as communication ethics: Public relations practice and
the idea of dialogue. In Public relations theory (pp. 111-131). Routledge.
Schlagwein, D., Thorogood, A., & Willcocks, L. P. (2014). How Commonwealth Bank of
Australia Gained Benefits Using a Standards-Based, Multi-Provider Cloud Model.
MIS Quarterly Executive, 13(4).
Singhal, A., & Brown, W. J. (2018). The entertainment-education communication strategy:
Past struggles, present status, future agenda. Jurnal Komunikasi, Malaysian Journal
of Communication, 12.
Stangl, B., Kastner, M., & Prayag, G. (2017). Pay-what-you-want for high-value priced
services: Differences between potential, new, and repeat customers. Journal of
Business Research, 74, 168-174.
Steinberg, M. (2018). Condensing the Media Mix: The Tatami Galaxy’s Multiple Possible
Worlds 1. In Introducing Japanese Popular Culture (pp. 252-262). Routledge.
Todorova, G. (2015). Marketing communication mix. Trakia Journal of sciences, 13(1), 368-
374.
Valvi, A. C., & West, D. C. (2015). Mobile applications (apps) in advertising: a grounded
theory of effective uses and practices. In Ideas in Marketing: Finding the New and
Polishing the Old (pp. 349-352). Springer, Cham.
20Integrated Marketing Communication
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In Financial Literacy and the Limits of Financial Decision-Making (pp. 281-301).
Palgrave Macmillan, Cham.
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In Financial Literacy and the Limits of Financial Decision-Making (pp. 281-301).
Palgrave Macmillan, Cham.
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innovativeness, and customer lifetime value: The moderating role of advertising
strategy. Journal of Business Research, 69(9), 3725-3730.
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