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Chapter 7 - Establishing objectives and budgeting for the promotional program. After completing this unit, you should be able to: To recognize the importance and value of setting specific objectives for advertising and promotion, to understand the role objectives play in the IMC planning process and the relationship of promotional objectives to marketing objectives, to know the differences between sales and communications objectives and the issues regarding the use of each,...
Chapter 7 Establishing Objectives and Budgeting for the Promotional Program Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of McGraw-Hill Education Value of Objectives Communications Objectives facilitate coordination of the various groups Planning and decision making Objectives guide decision making and development of the integrated marketing communications plan Measurement and evaluation of results Objectives provide a benchmark to measure success or failure Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of McGraw-Hill Education Marketing Objectives versus Integrated Marketing Communications Objectives Marketing objectives • Identify what is to be Integrated marketing communications objectives • Statements of what various accomplished by the overall aspects of the IMC program will marketing program accomplish • Defined in terms of specific and measurable outcomes • Must be quantifiable, realistic, and attainable • Based on the particular communications tasks required to deliver the appropriate messages to the target audience Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of McGraw-Hill Education Figure 7.1 Factors Influencing Sales Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of McGraw-Hill Education Problems with Sales Objectives Successful implementation requires all marketing elements to work together Advertising has carryover effect • Carryover effect: Monies spent on advertising not have immediate impact on sales It is difficult to determine precise relationship between advertising and sales Do not offer much guidance for planning and developing promotional program Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of McGraw-Hill Education Figure 7.2 Communications Effects Pyramid Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of McGraw-Hill Education Criticisms of DAGMAR Problems with the response hierarchy Sales objectives Practicality and costs Inhibition of creativity Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of McGraw-Hill Education Figure 7.4 Traditional AdvertisingBased View of Marketing Communications Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of McGraw-Hill Education Figure 7.5 Objectives and Strategies in the Social Consumer Decision Journey Source: Expert interviews; McKinsey analysis Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of McGraw-Hill Education Figure 7.8 Marginal Analysis Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 10 McGraw-Hill Education Figure 7.9 Advertising Sales/Response Functions Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 11 McGraw-Hill Education Figure 7.10 Factors Influencing Advertising Budgets Note: 1 relationship means the factor leads to a positive effect of advertising on sales; 2 relationship indicates little or no effect of advertising on sales Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 12 McGraw-Hill Education Figure 7.12 TopDown versus Bottom Up Approaches to Budget Setting Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 13 McGraw-Hill Education Figure 7.15 Investments Pay Off in Later Years Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 14 McGraw-Hill Education Figure 7.16 Competitors’ Advertising Outlays do not Always Hurt Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 15 McGraw-Hill Education Figure 7.18 The Objective and Task Method Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 16 McGraw-Hill Education Steps to Develop and Implement the Budget Employ comprehensive strategy Develop strategic planning framework that employs an integrated marketing communications philosophy Develop contingency plans Focus on long-term objectives Evaluate effectiveness of programs have to be consistently Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 17 McGraw-Hill Education Figure 7.21 How Advertising and Promotions Budgets Are Set Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 18 McGraw-Hill Education Budget Allocation: Factors to Consider Allocating to IMC elements Client/agency policies Market size Market potential Market share goals Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 19 McGraw-Hill Education Figure 7.24 The Share of Voice (SOV) Effect and Ad Spending: Priorities in Individual Markets Copyright © 2015 McGraw-Hill Education All rights reserved No reproduction or distribution without the prior written consent of 20 McGraw-Hill Education ... Communications Objectives facilitate coordination of the various groups Planning and decision making Objectives guide decision making and development of the integrated marketing communications plan... consent of McGraw-Hill Education Marketing Objectives versus Integrated Marketing Communications Objectives Marketing objectives • Identify what is to be Integrated marketing communications objectives... Monies spent on advertising not have immediate impact on sales It is difficult to determine precise relationship between advertising and sales Do not offer much guidance for planning and developing