HI5004 Marketing Management Report: Westpac's IMC Analysis

This report provides an analysis of Westpac's integrated marketing communication (IMC) strategies, particularly focusing on how the bank promotes its insurance services within the Australian market. The report introduces the concept of IMC, defining it as the coordination of various promotional tools to effectively interact with customers. It then presents an IMC matrix, detailing the tools Westpac utilizes, including advertising, public relations, digital marketing, direct marketing, and sponsorships. The report examines the cost, reach, and range of each tool. The analysis highlights the significance of IMC in achieving competitive advantages and building brand awareness. The report concludes by summarizing the effectiveness of these strategies and their impact on Westpac's market presence and brand recognition. The report references relevant academic sources to support its findings.

Running head: MARKETING
Westpac
Marketing
Report 3
9/8/2019

MARKETING 1
Table of Contents
Task 3.........................................................................................................................................2
Introduction................................................................................................................................2
Integrated Marketing Communication and Matrix................................................................2
Integrated Marketing Communication Matrix...................................................................4
Conclusion..................................................................................................................................5
References..................................................................................................................................6

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Task 3
Introduction
Integrated marketing communication is the combination of different promotional mix tools
that are used by the businesses for promoting the business at different platform and channels
(Barker, 2013). There are number of businesses who are involved in the use of integrated
marketing communication concept for the promotion and marketing their services. In addition
to this, the use of these tools has always supported the businesses in increasing their reach
and scope of the customer and market such that they can give competition to their rivals. The
aim of this report is evaluate the concept of integrated marketing communication and present
its matrix to identify the ICT tools that Westpac is presently using for increasing the intensity
of the promotion of its insurance services in the Australian market.
Integrated Marketing Communication and Matrix
Integrated Marketing Communications is also called as IMC is comprised of coordinating the
different elements of promotion and other activities of marketing that helps in interacting
with the customers (Finne and Grönroos, 2009). The fundamental tools of integrated
marketing communication utilized to attain the communication objective of the company
which are also called as promotional mix. IMC uses channels such as public relation,
advertising, personal selling, sales promotion, direct marketing, digital marketing, etc.
(Sagala, Destriani, Putri and Kumar, 2014). IMC is considered to be essential to attain the
competitive advantage in the market in comparison to the existing rivals. With augmented
level of market research, the customer preferences are clearly understood by the marketing
manager of the business. With this detailed knowledge, the marketing manager is capable to
design the marketing communications that is allied to the preference of the consumer and

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similarly it is communicated at the time when desired by the customer that is the right time.
This is vital for the brand management for ensuring that the consumer holds strong empathy
for the service and product (Finne and Grönroos, 2017). Westpac has become famous in the
industry due to its integrated marketing communication tools used for the promotion of the
services and products. The communication objective of Westpac Bank is to highlight its
presence in the Australian market for being the very first Australian bank and serving the
country for so many years. The motive behind this communication was to let people know
about the brand that it is serving the country since so many years in comparison to other
bands. This communication has supported the company in increasing brand identity and
awareness among the target audience of the insurance services (CMO, 2019). Some of the
tools of integrated marketing communication that are used by Westpac are discussed above
like advertisement, public relation, sponsorship, digital marketing, direct marketing, sales
promotion, etc.
Advertisement – Advertisement is said to be a paid form of promotion that is used by the
businesses by allowing third party to design the campaign (Gentry and Harrison, 2010). Most
of the businesses make use of this tool as it has wider and broad reach to the customer. The
tools of advertisement used by the company are television, radio, hoarding, boarding,
billboards, etc.
Public Relation – Public relation always works for the betterment of the business as it helps
in presenting the image of the business in the eyes of customer and other stakeholders. It is a
type of promotion under which business tries to make people aware of its services with the
help of press release (Gouveia, 2019).
Digital marketing – Today, every business is involved in using the digital marketing medium
for the promotion of their services and products because of increasing use of internet and

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social media (Royle and Laing, 2014). Under digital marketing Westpac promote its
insurance service by the use of digital technologies such as mobile application, display
advertisement, etc.
Direct marketing – It is a kind of advertisement that enable business to directly interact with
the customer through email, online display, promotional letters, etc. Direct marketing helps in
maintaining the professional as well as personal relations with the customer and other
stakeholder with the help of email (Csikosova, Antošová and Čulková, 2014).
Sponsorship – Westpac take the sponsorship of different events in order to generate some
positive publicity. Sponsorship helps businesses in increasing the brand identify and
recognition among target audience (Travis, Doty and Helitzer, 2013).
Integrated Marketing Communication Matrix
Promotion Mix
Tools
Cost Reach Range
Advertising $15000 Helps in
increasing the
customer reach
to the business
Broad
Digital Marketing $5000 Digital platform
users
Wide
Sponsorship $3000 Events, festivals,
etc.
Australia and
New Zealand
market
Public Relations $700 Media Online
Direct Marketing $10000 Email and online Australia and

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display New Zealand
Market
Conclusion
The above report has discussed about the use of integrated marketing communication for the
promotion of the business. The analysis has identified that integrated marketing
communication is comprised of different promotional tools that can be used by the businesses
to increase the promotion level of its services and reach maximum customers in the market.
The promotional tools that are used by Westpac Bank for the promotion of its insurance
service and other services too is public relation, direct marketing, digital marketing,
advertisement, sales promotion, etc. These tools have not just supported Westpac Bank to
promote the business over offline platform but also on the online platform. The use of these
tools has also helped the company in giving strong competition to the rivals in the market and
representing the features of its services better in comparison to the competitors. In addition to
this, the integrated marketing communication matrix is highlighting the use of promotional
tools and their reach in the market to support the business.

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References
Barker, R. (2013) Strategic integrated communication: An alternative perspective of
integrated marketing communication?. Communication, 39(1), pp.102-121.
CMO (2019) Westpac emphasises content in latest 'help' campaign [Online]. Available from
https://www.cmo.com.au/article/658652/westpac-emphasis-content-latest-help-campaign/
[Accessed 8 September 2019]
Csikosova, A., Antošová, M. and Čulková, K. (2014) Strategy in direct and interactive
marketing and integrated marketing communications. Procedia-Social and Behavioral
Sciences, 116(2014), pp.1615-1619.
Finne, Å. and Grönroos, C. (2009) Rethinking marketing communication: From integrated
marketing communication to relationship communication. Journal of Marketing
Communications, 15(2-3), pp.179-195.
Finne, Å. and Grönroos, C. (2017) Communication-in-use: customer-integrated marketing
communication. European Journal of Marketing, 51(3), pp.445-463.
Gentry, J. and Harrison, R. (2010) Is advertising a barrier to male movement toward gender
change?. Marketing Theory, 10(1), pp.74-96.
Royle, J. and Laing, A. (2014) The digital marketing skills gap: Developing a Digital
Marketer Model for the communication industries. International Journal of Information
Management, 34(2), pp.65-73.
Sagala, C., Destriani, M., Putri, U.K. and Kumar, S. (2014) Influence of promotional mix and
price on customer buying decision toward fast food sector: a survey on university students in

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jabodetabek (Jakarta, Bogor, Depok, Tangerang, Bekasi) Indonesia. International Journal of
Scientific and Research Publications, 4(1), pp.1-7.
Travis, E.L., Doty, L. and Helitzer, D.L. (2013) Sponsorship: a path to the academic
medicine C-suite for women faculty?. Academic Medicine, 88(10), p.1414.