Marketing Communication Essay

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Notes Chapter 1 An Introduction to Integrated marketing Communications Companies integrate their advertising efforts with a variety of other communication tools such as websites, direct marketing, sales promotion, publicity, and public relations, entertainment marketing, and sponsorship of events. 1. Growth of Advertising and Promotion Market based economies, consumers have learned to rely on advertising and other forms of promotion for information that they can use in making purchase decisions 1980, advertising expenditures in US were 53 billion; 49 billion was spent on sales promotion. By 2005, over 276 billion was spent on advertising alone and promotion rose to 300 billion in the US as well. Nearly $30 a week spent for every individual in the US. (foreign advertising and sales promotion rose as well) 2. What is marketing? Marketing – an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders Exchange – trade of something (money) of value between 2 parties Marketing Focuses on Relationships and Value Value – customers perception of all benefits of a product and service weighted against all costs of acquiring and consuming it Relationship marketing – involves creating, maintaining, and enhancing long term relationships with individual customers as well as stakeholders Movement towards relationship marketing is due to: companies recognizing that customers have become more demanding. Desire superior customer value (quality of products/ services, etc.) and want personalized products/services that are tailored to their needs and wants. Mass customization – when a company creates a product or

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