20 January 2012 - 11:00What is Integrated Marketing?
Integrated marketing is an effective way to bring all forms of communication together into one concise campaign. Advertising, sales, direct marketing, etc. all work together in a cohesive approach for a united goal.
A very important first step of any integrated marketing strategy is situation analysis. Much like research marketing, situation analysis researches the potential of the industry and any online sales for a particular company or product.
Situation analysis takes into account the market environment and any foreseeable trends in the market such as size and potential for growth to which the company is positioning themselves. Budgets, strategies, objectives are all part of the evaluation process.
Evaluating the competition is also very important. Describing the major competitors, the market share and the comparison of the products are part of this strategy. Finding out a competitor’s strengths and weaknesses and what are their market shares and sales trends are helping to solidify a company’s position in the market.
Researching the needs and behaviors of the target audience is also part of the situation analysis. What is their general lifestyle and attitudes of the product or service offered? How will this company reach this target audience?
The strengths and weaknesses of the company should be addressed as well as all means and tactics to strengthen all areas of the company.
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