MKT570 Integrated Marketing Communications-Brand Equity Strategy
Answer:
Integrated marketing communication has become widely used in many organizations worldwide and has penetrated various levels in organizations. Integrated marketing communication has grown to become an essential part of a brand strategy which needs vast activities for development within the company before commencing any brand external brand communication endeavours.
An article by Madhavaram, Badrinarayanan, and McDonald (2005) tries to explain integrated marketing communications as a vital component of an organization’s brand equity strategy. According to Madhavaram, Badrinarayanan and McDonald (2005), IMC that is strategically oriented can assist a company to gain a competitive edge. A marketing communication that is strategically developed contributes significantly to brand equity (Madhavaram, Badrinarayanan and McDonald, 2005). If IMC is done effectively, it helps in formulating brand awareness and which would likely result in a positive image.
Madhavaram, Badrinarayanan, and McDonald (2005) define integrated marketing communication strategy as a set of procedures which include development, planning, evaluation and execution of well organized and persuasive communication programs with clients, potentials, employees and other stakeholders, both internal and external. An integrated marketing communication forms an important part of brand equity strategy.
To formulate an effective IMC, the first step, according to Madhavaram, Badrinarayanan, and McDonald (2005), is to identify goals for the marketing campaign and the potential limitations. Defining a target audience is an important aspect developing an IMC strategy. It is always crucial to have an audience that is accessible, profitable and who are receptive to the brand (Madhavaram, Badrinarayanan and McDonald, 2005). Creativity is essential in developing a strategy. For an IMF strategy to work, it must receive support from the top management (Madhavaram, Badrinarayanan and McDonald, 2005). A brand strategy must portray the accurate picture of a company.
Reference
Madhavaram, S., Badrinarayanan, V., & McDonald, R. E. (2005). Integrated marketing communication (IMC) and brand identity as critical components of brand equity strategy: A conceptual framework and research propositions. Journal of advertising, 34(4), 69-80.
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