Problem:
The final component of the Marketing Strategy is the Marketing Mix. The Marketing Mix is the set of decisions about price, communications and promotion, product policy, channels of distribution, and customer relationship management. Only by addressing these elements can you actually implement your marketing strategy. This week you will focus only on communications and promotion, following an integrated marketing communications (IMC) approach. Such an approach delivers a clear and consistent message to your consumers.
Question 1: Discuss the aspects of the IMC. (The elements of the communication mix include: advertising, direct marketing, sales promotion, publicity/public relations and personal selling.) Define each and discuss the pros and cons of the individual elements.
Question 2: Provide a quick overview of the product or service you created (see attached for product information).
Question 3: Describe the message you wish to communicate based on your core strategy. Explain your rationale for the message. Formulate how you will communicate with your target market? Be specific.
Question 4: Provide a detailed description of your IMC approach. Explain your rationale for choosing or rejecting the specific elements (include applications to the earlier research section). Has the internet played any role in how you developed your marketing approach? Why or why not?
Question 5: Select and explain the most suitable method for measuring advertising effectiveness.
Description of the product:
My company decided to develop a new bleaching cream. We wanted to make a product that was efficient in and affordable for patients. We developed an affordable and effective bleaching cream to sell to our patients. The medicine was safe for all skin types, and very effective. It is somewhat like a prescription medication with out the prescription. The name of the product is the skin wellness center bleaching cream. There are many bleaching creams on the market that portray effectiveness, but can not prove it. Our product comes in a very attractive container, but serves a better purpose. The medication is compounded by a pharmacist with our label attached. The medication is stronger than most prescription bleaching creams and patients are seeing better results on the medicine. This product provides a dual purpose, the first is getting rid of unwanted pigmentation and helping with fine lines and wrinkles.
Our company will maintain strong growth as a provider of high quality medical care to our patients. We will strive to consistently be perceived as a dermatology office that is professional, and trustworthy. We will offer the product by meeting the objectives all the stakeholders of the organization. The vision is to become a market leader in the dermatology medical field by developing a long list of satisfied customers who will refer the company's products to the next generation of patients.
We want to cater to the demand of the patient with effective and affordable medication. We plan to have an annual growth rate of 20% greater than the previous year. We plan to establish high brand image of the bleaching cream to our patients and provide them with products at a reasonable cost. Investigating new markets that meet our marketing criteria by providing products suitable to our economic and social climate and using ecommerce infrastructure to become low cost value added consumer marketing firm. We plan to increase our revenue through our cosmetic department. We will also allow our patients to order products electronically from our office. We are planning to become one of the top three organizations in this segment in one year.
We will target our customers by the needs approach. The concept of need will be perfectly applied to our target market. Our main grounds of introducing this unique concept and product line are to address the problem faced by patients with unwanted pigmentation. The problem or need to manage healthy looking skin is being answered in the best possible way by our product. Even though there are alternatives available in the markets to address the problem, none of these products have been able to address the need of affordability for everyone. We have tried to launch the bleaching cream by informing our patients that addresses their special needs and wants in the best possible and convenient way that provides a solution to patients’ satisfaction.
The company which will be able to provide maximum consumer satisfaction and maximum possible solution to consumer needs and wants will be able to sustain in this competitive arena.
References:
Winer, R. S. (2007). Marketing Management (3rd ed.). Upper Saddle River, NJ: Pearson Education, Inc.