IMC Plan Report for Commonwealth Bank of Australia - MKT570

This report presents an Integrated Marketing Communication (IMC) plan developed for Commonwealth Bank of Australia (CBA). The report begins with an introduction outlining the importance of IMC and its role in business strategy, followed by a detailed analysis of the target market, focusing on both commercial and retail banking clients. It sets specific, measurable, attainable, relevant, and timely (SMART) communication objectives, aiming to rebuild customer satisfaction and increase sales, with a focus on sustainable development goals and rebuilding trust. The report explores a creative strategy centered on community, customers, shareholders, and people, emphasizing service excellence and digital innovation. It then details the communication strategy mix, including advertising through social media, sales promotions, direct marketing, personal selling, public relations, and social media. The media mix incorporates television, radio, digital platforms, and billboards, with a preliminary budget outlining costs for each channel. The report includes basic budget concepts and a cash budget. Evaluation metrics are also discussed, covering regulatory, legal, and industry reviews, governance, accountability, capability, customer relations, and culture. Finally, the report concludes with recommendations for improving operational aspects, such as pilot testing, account audits, and security enhancements.

IMC PLAN FOR
COMMONWEALTH BANK
AUSTRALIA

INTRODUCTION
IMC plan refers to appropriate coordination and integration about communication channel
for delivering consistent and clear message related to organization, product and services.
The present report will critically discuss about function of marketing communication in
context of overall business and marketing strategy. It will articulate about appropriate
evaluation of theoretical concepts which are underlying through integrated marketing
communication. This report will be examining different elements of contemporary mix of
communication.

TARGET MARKET
• Customer: The commonwealth bank of Australia will provide strategic focus on
commercial and retail banking business. In the present scenario they are very
important for global and domestic economy.
• Clients: The clients of retail banking might offering its services with various
affiliation of banks such as stock brokerage, wealth management, insurance and
private banking.

COMMUNICATION OBJECTIVES
• Specific: The reputation must be rebuild for customer satisfaction after reputation damage with increment of sales by
10%.
• Measurable: CBA has to raise number of corporate, consumer deposit and customer mortgage account at the end of its
year. In the similar aspect, total value of commercial loans should be raised by end of quarter. With comparison or
previous quarter..
• Attainable: The above services would be accomplished by acquiring its services of public relations and publicity
organization and appropriate launch of this marketing campaign. The safety, health and well-being of
employees are mandatory for success as main strategy is to set short and long term objectives
to enhance well being. The sustainable financial performance via strong culture, conduct,
accountability, governance and responsible practices about business.

CONTINUES.
• Relevant: The whole data must be audited on quarterly basis, it might be on monthly
with recognised auditor, This will indirectly decrease anti money laundering and
manipulation probability.
• Timely: The marketing campaign is based for long and short term objectives so it should
be accomplished in 3 months and at end of financial year. It should be accountable and
revaluation of strategy on basis of its outcomes.

CREATIVE STRATEGY
• There must be adaption of sustainable development goals which must be interconnected
and designed for triggering action like inequality, hunger, poverty and environmental
impact.
• These goals will be designed on basis of community, customers, shareholders and people.
The customers would be reflected on basis of service excellence, good customer outcome
and advocacy, digital innovation and financial well being.
• The main aspect is to rebuild trust and reputation for engaging on proactive and open
aspect to its regulators and governments, function of modelling reconciliation, investing
in education and communities

COMMUNICATION STRATEGY MIX
• Advertising: The banks will be offering its products and services as responsible provider
with implicating of advertising through social media platform with full information.
• Sales Promotion: The banks must imply with institutional sales and promotes it with
basic offers for increasing its sales.
• Direct marketing: It is major form of advertising where products are sold on direct basis
such as door to door or it might be corporate sales.

CONTINUE………………
• Personal Selling - Personal selling is the process of communicating with customers
face-to-face with the purpose of selling a product or service.
• Public relation – The individuals and organizations communicate with media and public
with objective to create and maintain positive image for creating strong relationship with
its customers.
• Interact / social media : In the present scenario, this world is more fascinated towards
social media as it helps in time saving and cheap as well.

MEDIA MIX
• Television: The IMC campaign related to CBA must be communicated via television in
which it should provide details about its latest products and services along with most
needy item. When it will offer new services, then it would advertise on television.
• Radio: This is considered as oldest mode of communication, but still potential customers
could be gained by giving attractive adds about trust and loyalty. The existing services of
CBA will be advertised through this channel.
• Digital: Across print and digital news media, 88 per cent of Australians, or 16.3 million
people, read news media in July, 2018.