TM 02 Strategic Brand Communication

Summary

The video covers essential strategies for determining marketing budgets and designing communication campaigns. It explores the 'affordable method,' 'percentage of sales method,' and 'competitive parity method,' along with the 'objective and task method,' which ties the budget to specific goals. The importance of marketing tools, including advertising, sales promotions, and packaging, is emphasized in creating an integrated marketing communication plan. The video concludes with the significance of monitoring and evaluating campaigns to ensure goals are met and provide insights for future strategies. An online discussion and questionnaire are also mentioned for student participation.

Takeaways

• 😀 The first method discussed is the Affordable Method, where marketing budgets are determined based on available resources after other business expenses are considered.
• 😀 The second method is the Percentage of Sales Method, which allocates marketing budget as a percentage of sales from the previous period, often lacking flexibility.
• 😀 The Competitive Parity Method involves analyzing competitors' marketing efforts and adjusting the budget to match or stay competitive.
• 😀 The Objective and Task Method allocates budget based on specific marketing goals, such as increasing sales or building brand awareness, but can be challenging due to varying costs for different goals.
• 😀 Marketing Program Design includes using various tools such as sales promotions, advertising, and personal selling to execute communication strategies, with the potential overlap of tools within a campaign.
• 😀 Integrated Marketing Communication (IMC) is essential for combining various marketing communication tools into a cohesive plan, ensuring effective brand messaging across all channels.
• 😀 Monitoring and Evaluation is critical for assessing the success of marketing campaigns, tracking audience interaction, and determining if the campaign has achieved its objectives.
• 😀 Monitoring involves analyzing audience feedback, interaction levels, content reach, and how well the message was received, using this data for future improvements.
• 😀 Evaluation helps measure the impact of marketing efforts and provides insights into areas for improvement, ensuring campaigns meet their target goals.
• 😀 The speaker encourages participation in an online discussion and the completion of a questionnaire by April 12th as part of the assessment process and attendance tracking.

Q & A

What is the main focus of the script presented?

The script focuses on marketing communication strategies, specifically on determining marketing budgets and tools for effective communication and campaign management.

What is the Percentage of Sales Method, and how is it used to determine the marketing budget?

The Percentage of Sales Method determines the marketing budget by allocating a fixed percentage of past or expected future sales revenue. This method is commonly used due to its simplicity and consistency with business revenue patterns.

How does the Competitive Parity Method work in marketing budget planning?

The Competitive Parity Method involves setting a marketing budget by comparing the budgets of competitors and aligning the marketing efforts accordingly. The goal is to ensure that the company’s budget is in line with industry standards.

What is the Objective and Task Method in budget planning?

The Objective and Task Method sets the marketing budget based on specific goals and tasks, such as building brand awareness or increasing sales. This method calculates the budget by estimating the costs associated with the tasks necessary to achieve the objectives.

What challenges can arise when using the Objective and Task Method?

A major challenge of the Objective and Task Method is accurately forecasting the costs associated with different tasks. Each objective may require significantly different resources, which makes it difficult to estimate precise budgets.

What is the role of Marketing Program Design in the communication strategy?

Marketing Program Design involves choosing communication tools like advertising, sales promotions, packaging, and personal selling. The design should align with the brand's goals and ensure an integrated approach across all marketing channels.

Why is an Integrated Marketing Communication Plan (IMC) important?

An Integrated Marketing Communication Plan is crucial because it ensures that all marketing messages and channels are coordinated and work together seamlessly. This helps in creating a unified brand voice and avoids contradictory messages.

What does the Monitoring and Evaluation phase involve in a marketing campaign?

The Monitoring and Evaluation phase involves tracking the effectiveness of marketing campaigns, assessing whether the campaign's objectives were met, and gathering feedback from the target audience. This helps in optimizing future campaigns.

What key factors are assessed during the monitoring process?

During monitoring, the key factors assessed include the audience's response to the marketing messages, the reach of the content, the level of engagement (positive or negative), and whether the campaign met its predefined goals.

What are the students required to do as part of the follow-up for this lecture?

Students are required to participate in an online discussion, answer questions related to the lecture material via a Google document or questionnaire, and complete self-absentee registration by the specified deadline to be marked for attendance.