MRKT 3211 E-Portfolio

So far in my marketing degree I have been exposed a lot to accounting and business principals in marketing. MRKT 3211 offered a more creative approach to marketing. The communication process is an essential tool to communicate value proposition as well as the differentiation strategy of the company to the end consumer.

In order for companies to manage the communication process they have to consider a variety of different variables.  These are the main areas that the company needs to address in order to complete a successful communication plan.

Clearly set goals would allow the company to set guidelines and strategies as well as it will provide measurable targets to compare the results to. The company needs to set specific, measurable, attainable, realistic, and time oriented goals.

The target audience is the most important aspect of communication strategy. Internal and external stakeholders should be considered in building the communication process. The message should be clear and appeal to those audiences. In order to have an effective communication plan, companies need to know the target market well enough in order for the message to reach the target audiences.

When the target audience is clearly defined, the company needs to craft the communication message. The message should be integrated into the three types of media if all are present. Paid, owned, and earned media. Paid media is when a company pays for the message to be distributed usually they are traditional advertising methods; The sources of owned media could be a broad range of communication vehicles such as corporate website, social media platforms, corporate business cards, multiple placements of company’s logo. And earned media is when someone from the outside of the company promotes the brand without monetary reward. Examples of earned media are testimonials on the company’s website, customer reviews, blog posts, and mentions on Facebook and other social media platforms.

Managing communication process should always include a contingency plan and a fast response to negative feedback. How the company handles complains and negative customer reviews online speaks volumes to the end consumers and the media in general.

At the end of any communication strategy, the company should effectively measure the results. Whether it would be based on the increase of the revenue of the increase customer interest and awareness of the products or services or the amount of earned media received. Based on the objectives and the goals the company set at the very beginning the end results should be measured and quantitatively justified.

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