Commonwealth Bank's IMC Plan: Strategy, Objectives, and Implementation

This report presents an integrated marketing communication (IMC) plan for the Commonwealth Bank of Australia (CBA), aiming to enhance its business promotion and rebuild trust following recent criticisms. The plan identifies target markets, including consumers, shareholders, the government, and suppliers, and outlines positioning strategies and creative approaches to foster brand image and customer loyalty. It emphasizes external promotion with communication aspects, focusing on creating ownership, commitment, and excitement among CBA's clients and potential clients through a three-step creative strategy. The plan also incorporates corporate social responsibility (CSR) to augment the creative message and utilizes various media channels to maximize coverage and match the target audience. The IMC plan recaps tactics and includes an estimated budget of $5000, designed to improve sales and diversify operations while mitigating reputational damage.

Running head: INTEGRATED MARKETING COMMUNICATION
Integrated Marketing Communication
Students’ Name
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INTEGRATE MARKETING COMMUNICATION 2
Executive Summary
The Commonwealth bank of Australia (CBA) was founded in 1911 by Australian
government and was privatized in 1996. It has business across USA, UK, Asian countries and
New Zealand etc. Ferguson (2018) asserts that is a major Australian bank with an international
approach. It offers its clients wide range of financial services such as institutional banking, retail,
business, funds management and insurance etc. On August 2015 it became one of the listed
Australia’s listed companies on the Australia Securities Exchange. In the recent, CBA has faced
criticism from Banking Royal Commission and other sources (Banking royal commission: CBA
reputation set for another battering in round three, 2018). This occurred after varied fraudulent
activities from which its clients suffered a great deal.
This IMC plan analyses IMC and identifies the target markets who are the consumers,
customers and suppliers. It contains the positioning strategy creative approaches. The report
emphasizes on the external promotion with communication aspects. Through IMC, CBA aims at
enhancing its business promotion through methods that will enable it get recognized.
This IMC plan will be able it to create ownership, commitment and excitement among
CBA’s clients and potential clients. With the creative strategy carried out in three steps, the
clients will be able to concentrate on the bank services and not the previous scams. CSR will
augment the creative message and create excitement among the clients. The media used will be
able to communicate the banks relationship with its clients. The media will match its target
audience to maximize coverage to target audience. The IMC plan recaps tactics and the
estimated budget which stands at $5000.

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Introduction
Marketing plays critical role in businesses therefore contributing to the organization
success. Integrated marketing communication is and method that creates a seamless and uniform
experience for customers to interact with brands (McDonald, 2015). It fuses aspects of marketing
communication through a directive mix of methods and tactics to work to a unified force. The
process is designed to guarantee that communication strategies are customer centered and regular
across the channels.
Situation Analysis around IMC
The use of integrated marketing communication will provide a service that is
complementary and that will enhance effective communication with the major stakeholders. A
major benefit of IMC is that the bank will be able to communicate their brand story efficiently
and also messaging through several communication channels that also creates brand awareness.
IMC is cost-effective compared to mass media because clients interact with the bank on wide
range of forums and digital interfaces. When the clients spend considerable amount of time on
their electronic gadgets, the marketing brand expose their brands via varied touch points. The
marketing brand can then analyze their communication tactics wholly and not as fragments.
IMC creates a competitive advantage for businesses that are seeking to enhance their
sales and proceeds. The plan is beneficial for businesses of all sizes. Schlagwein, Thorogood,
and Willcocks (2014) asserts that, the clients get immersed in the communication, therefore,
aiding them to move through the buying process that has got various buying stages. Throughout
the exchange, the business consolidates its image, nurtures relationship and develops a dialogue

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in a simultaneous manner. It can be integral in creating a buying experience that is seamless and
encourages clients to be loyal and lifelong.
The use of IMC plan will enable CBA to be coherent because the communication will be
interlinked. The bank will have varied options that are broad, and through which information can
be delivered. The bank can efficiently use this plan through its official website. Through this the
bank is in a position of communicating activities that they undertake (Lovelock, & Patterson,
2015). The customers level of trust can be enhanced since the bank is capable of letting its clients
know individual bodies involved in the fraud since the bank was not part of it. CSR can be
encouraged by carrying out medical camps. The bank needs to have innovative products and the
clients given communication on their differences. Through the plan, bank can lower its
reputation damage to enable it diversify its operations and grow its business (Paul, Mittal &
Srivastav, 2016).
Target Markets
Consumers
They are the people who use the Commonwealth Bank of Australia bank services. The
bank’s stability is dependent on their preferences. They firm part of the stakeholders since they
are impacted by the bank’s quality service and value. Various businesses and enterprises that
contribute to Australia’s national GDP have accounts with CBA. Their major concern is that
money deposited into their accounts has been utilized for fraud and may result into no or less
returns causing most of them to withdraw the same money.
Shareholders

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Their influence is determined by the CBAs corporate governance and the states
applicable laws. The bank is willing and interested to open and transparent interaction with them
to enhance its market capitalization. Swart (2010) note that they need to have adequate
information concerning varied activities taken by the bank to enhance their trust levels. At times
they are bound to terminate their business due to varied reasons.
Government
The bank is one of the state’s tax payers and engages in implementing significant projects
and programs that are both regional and federal. They are considered a key stakeholder due to
collected tax from the employees and the bank. It makes them to benefit from the general GDP
which the bank is a contributor. Their key issue is the fraudulent activities previously carried out
by the bank that resulted into a diminished goodwill which affected the citizens who invested
with the company. It results into the government taking legal actions against the bank.
Suppliers
They are critical to the bank playing a significant role by delivering goods and services to
make it function successfully. They rely on the bank for businesses and revenue generation.
Issues at the bank may make those supplying essential goods like ATM cards or mobile
applications which enhanced their customer numbers.
The stakeholders have key concerns such as the bank being involved in activities that are fraud
related therefore eroding its reputation. It is a major concern due to the money and time they
invest in the company. Such issues may lower their goodwill. The stakeholders will be
communicated to efficiently with use of IMC by the bank enabling them to be well informed

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about the bank activities. The bank will be in a position to get valuable feedback from the
stakeholders therefore enhancing its efficiency.
IMC Communication objectives
Developing IMC communication objectives entails various elements. The target market is
determined through selecting and defining the target audience. It enables effectively delivering
of message to the right people (Köhler, 2014). Defining the target audience is critical due to
different market segments using types of media that are diverse and might have unique
characteristics. The campaign objectives and purpose of the IMC is ascertained. Belech and
Blech (2009) denotes that, the marketing audience is determined followed by setting marketing
campaigns which defines accomplishments required with IMC efforts.
S.M.A.R.T goals are then set. Areas that must be targeted are the specific ones to be
improved. The goals set must be measurable to suggest progress indicators. They must be
assignable, to select who will do it. They must also be realistic stating how it is achievable with
available resources and time. They must be time-related showing when the result is to be
achieved. The message is defined and entails reconsidering and redefining to suit the style
chosen to enable effective communication (Urban& Mothusiwa, 2014). Part of it is a call to
action.
AIDA model according to Mapheto, Oni and Matiza (2014) describes events that take
place when consumers view ads. A represents awareness, I is interest, D represents desire and A
represents action. It assists marketers to make refined objectives and explain what they want to
achieve with target segment.

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Promotion communication tools and approaches are selected. The funds or budget that
drives the marketing campaign is determined. Most of it assists with sales promotion and mass-
market advertising. The budget should make an impact of promotional campaign and advertising
whatever its size (Huczynski, Buchanan, & Huczynski, 2013). Different IMC strategies take
various times and it is critical to use tools that make huge impact in a specific time. With good
IMC, customers are reached at their comfort.
A promotional mix is then determined which entails the tools and time and how they will
be utilized. The campaign is then implemented and it gives information on how effective
communication and marketing plans are created. The result is tested by tracing and measuring
success to check areas to be attuned.
The primary objectives include;
i. To foster the brand image of the bank
ii. To create and enhance the brand loyalty towards the bank
iii. To increase sales of CBA
Creative Strategy
Cognitive response is a method of checking how consumer’s process advertising
messages, which take place during viewing, reading and hearing of communication (Šerić & Gil-
Saura, 2011). It examines the type of thoughts according to Barker (2013) stimulated by the
message in an advertisement.
Elements of the IMC

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Integrated Marketing Communication combines various media platforms to enhance
marketing campaign results.The various means of communication must be taken. According to
Šerić and Gil-Saura (2011)companies engaging in IMC must do it right by engaging in the
following. They must change from focusing on the products and services and put more effort on
their clients and potential clients. The businesses as reiterated by Mapheto, Oni and Matiza
(2014) should have a designed structure that ensures the whole business is aligned both internaly
and externaly to better their services to customers. The bank should have a process that enables
their clients have value through guaranteeing that they put the put the correct business
investment in communicating to the clients. Maputo, Oni and Matiza (2014) denote that there
should be a process that ensures that there is analyzing on the returns of the investments carried
out in communication. A substancial financial returns should be achieved through carring out the
IMC to a large group of customers. The success of the bank can be accomplished through the
staff and the organization not putting much focus on increasing revenues and accountability, but
emphasizing on increasing promotional products (Salim, Arjomandi, & Seufert,2016).
Media
Advertising is used to mainly enhance product or service awareness and making follow-
ups and therefore a collective campaign utilizes a range of media for various roles (Demiray &
Sever, 2009). Advertising through press reinforces the ads message. Example is direct emails
which offer tools advertising and information prospects through links to websites. Emails and
newsletter campaigns aid in maintaining contact therefore building relationships.
Consistent messages

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It is a key element of integrated marketing communication. Seric, Saura, and Descals
(2011) note that across all media platforms, the style and content should be consistent. There
ought to be a similar perception of communications of products description and benefits when
potential customers read ads on leaflets, website, or call information.
Design consistency
It merges the various campaign elements due to the use of similar colors and images. It is
essential in reducing campaign costs. This is through reusing and using specific elements in
different media.
Reinforcement
Integrated marketing communication guarantees that all the elements of marketing work
to accomplish specific goals (Maputo, Oni & Matiza, 2014). Improving sales via retail network
entails templates, training guides and sales incentives. It drives business to the retail network.
Communication strategy Mix
According to Mapheto, Oni and Matiza (2014), when making decision on how to utilize the
communication strategy mix, to accomplish the set objectives, it is vital to consider the merits
and demerits of the varied components. These must also consider the budget to be used. Decision
is then made to implement the various communication mix strategies to ensure that is an
optimum investment return. Balancing is important as pointed out by Seric, Saura and Descals
(2011) to ensure that there is creation of an approach that is well incorporated. The incorporated

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approach to the marketing communications must have enough financing for each of the different
components to be a success.
Advertising
It reaches large and geographically dispersed customers and includes messages that are
paid to reach the targeted audience. Commonwealth Bank of Australia has come up with various
campaigns centered on advertising. The ads focus on its success stories like its current market
position and client numbers. The bank ought to enjoy trust factor due to it well establishment
(Salim, Arjomandi, & Seufert,2016).
Sales promotion
It is targeted at the customer and utilizes formats such as coupons, contents and
premiums. It attracts attention, boosts sagging sales and offer purchase incentives that are strong.
It is critical to highlight the communication that appear disrespectful loses customer interest.
Bianchi and Bigio (2014) reiterate that studies have shown that about 80% of customers ignore
bank messages related to sales like those sent via emails or text. It is essential to ensure that the
clients understand the importance of new services.
Direct marketing
It is an interactive communication with the clients and the banks message implores a
response mechanism. Common formats are emails where emails are sent to clients with a call to
action or offers. It is characterized by being nonpublic, customized, interactive and immediate.
For Commonwealth Bank, strategizing will contribute to creating or losing customers. Financial
institutions are likely to adopt extra products due to the need to grow and.

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Public relations
Its key aim is to make clients feel special and valued. It is essential for building bank
brands. It reaches several prospects that might have been missed in other promotion forms. It can
be in forms of normal conversations, emails and video conference .
Media Mix
The banking industry receives their exposure majorly through various media platforms
such as television, radio, print, digital and social media.
Radio
Relevant information on opening bank accounts can be received via radio. If appropriate
presentation is done, then, listeners attention will be drawn by the bank’ presentation (Abedifar,
Hasan & Tarazi, 2016). The business will gain customers if the listeners are subjected to instant
attention.
Television
It requires proper research on the peak times for reaching the target clients and producing
the commercial and placing product. Purchasing television time is a massive investment hence it
is critical to have a strategized marketing campaign. Law and Singh (2014) states that
presentation is key because it is a basis of how the bank will gain clients. With appropriate
presentation, it can be utilized to show benefits of opening accounts with CBA.
Print

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The following fall under this category; magazines, billboards and newspapers. It has
fallen in the market penetration though very essential in certain demographic groups. It can be
utilized by any business since it aids in cost cutting. Handing out leaflets enables the people are
informed of the bank, its services, offers and location (Salim, Arjomandi & Seufert, 2016). A
third party can be used who issue the printed media in streets, shopping malls and markets.
Digital
An example is Google which is an established search engine. Businesses can be placed
on its first pages. Commonwealth Bank can utilize this platform to ensure that people know
about the brand and value through special offers. Special promotions can be communicated via
digital platforms by letting people know of existing business partners (Cortés & Strahan, 2017).
Social Media
It gives marketing possibilities that are enormous for various business entities. Cummings
and Durrani (2016) denote that it is an effective promotion platform due to the popularity the
bank will attain through it.