Need by Saturday

Budget & KPIs 2

Strategy Pt 3: Budget & KPIs for Tatum Studios Inc.

Barbara Tatum

Full Sail University

March 21, 2021

Running head: Budget & KPIs 1

Strategy Pt 3: Budget & KPIs for Tatum Studios Inc.

Section 9: Integrated Marketing Strategy Comment by Spellman, Daniel [C]: 18/25- As per the grading rubric, you are

In ensuring consistency in communications made to the target audience through the messages sent from the organization, integrated marketing communications will be used at an optimum combination. This will involve the use of both traditional marketing channels and the digital marketing channels (Valos et al, 2017). This “includes the use of social media platforms such as Facebook, Twitter and Instagram”, the use of search engine platforms and mass media such as Television. In using the integrated marketing channel, a series of steps will be used which begin with classification of the identified target audience of the marketing messages. This will involve identifying the specific characteristics of each segment of the target audience based on the demographic factors such as age, professional status and income levels. Understanding the characteristics of each group will enable Tatum Studios, Inc. determine the most appropriate message and mode of transmission that is most suitable (Camilleri,2018).

The second step in using the integrated marketing communication is developing a situational analysis based on the strength, weakness, opportunity and threats that can affect the Tatum Studios brand. This would be necessary in determining the most effective strategies to use for maximum output. Tatum Studios, Inc. will then determine the budget in implementing the combined marketing channels based on the available financial resources. After determining the budget, the studios will then determine the tactics and strategies to use in sending the messages to the different categories of target audience. In ensuring there is effectiveness and efficiency in the use of the integrated marketing channels, there will be regular evaluation and measurements of the effectiveness of each marketing method using key performance indicators. Comment by Spellman, Daniel [C]: This section is redundant- You did a SWOT analysis in Section Two and Three. Comment by Spellman, Daniel [C]: Comment by Spellman, Daniel [C]: This is not needed for this section.

Based on the characteristics of the target audience, messages will be uploaded at the same time on the social media platforms and the search engines. This will ensure the primary and secondary customer segment which comprise of young people and who are likely to be on social media can access the messages on time. Digital search engines will ensure the decision makers, most of whom rely on search engines while at their workplace access the information on time. After sending the messages through social media and search engines, mass media such as Tv will be used to support the other marketing communication channels. This will ensure a wholistic approach of disseminating information to the target audience (Laurie & Mortimer,2019).

Section 10: Campaign Budget Comment by Spellman, Daniel [C]: 10/25- This section is incomplete as per the grading rubric and live lecture. First, it is not clear how you are allocating your marketing expenditure. I stated specifically in the grading rubric that it would have to be a pie chart to visually represent the budget expenditures.

Annual projected sales=$ 2,000,000

Total marketing budget projections=12%*2,000,000=$240,000

Total allocated budget= $226,000

Contingent marketing budget= $14,000

Total projected marketing budget $ 240,000

Break-down of the campaign cost analysis

Particular	Search Engine Optimization	Social Media	Digital Public Relations	Tv
Advertising	$15 Comment by Spellman, Daniel [C]: Are these units in Thousands? Not clear. -5	$16	$18	$15
Customer survey	$12	$11	$10	-
Social media monitoring and participation	-	$19	-	-
Labor expenses	$11	$12	$18	$14
Agency cost and networking	$14	$14	$8	$19
TOTAL	$52	$72	$54	$48

Section 11: KPIs Comment by Spellman, Daniel [C]: 10/25- KPI section not complete. Missing APA citations. Where did you get your data and information for this slide? Also, the KPIs were supposed to be set up as: Objective: Goal: KPI: Target: And it is supposed to be done by channel.

Search engine optimization as the first marketing channel is to be done with the objective of creating awareness of the brand across different regions with the goal of building the brand identity across the country. The marketing channel will be assessed on its effectiveness using keywords in Top 10 Search Engine results where the target is to have the brand among the top search lists. Social media as the second marketing channel has the objective of creating awareness among the young people with the goal of stronger brand positioning. The effectiveness of the marketing channel will be determined through the number of blog articles published in every month where Tatum Studios, Inc. targets at having at least one blog article published on twitter, Facebook and Instagram. “The goal of digital public relations is to determine the level of satisfaction of the customer with the goal of building brand loyalty”. In determining the effectiveness of the marketing channel, Tatum Studios will assess the number of referrals and e-book published per month where the target is to have a minimum of ten referral cases where new artist enroll for production. Tv as marketing channel is done with the goal of creating mass awareness of the brand with the goal of enhancing brand image. The effectiveness of the marketing channel will be assessed through the conversion rate for call from customers who saw the advert on the TVv. The target of the use of TVv is to have customers across the country enquiring on the services offered at the studios.

Section 12: Analytics Comment by Spellman, Daniel [C]: 8/25- Section Not completed. You are specifically supposed to state the KPI programs that are tied to your marketing channels

In measuring the effectiveness of the integrated marketing channel, every marketing channel will be evaluated based on the target set. The measurement plan will comprise of five steps which will involve reviewing the business objectives or the targets as the first step. The second step is analyzing the current performance after which KPI short term and long-term targets will be set. The targets to be used include an increase in number of qualified leads, increased number of blog articles published and an increase in website traffic. The set targets will then be reviewed by the marketing team and the progress reviewed for possible modifications. KPIs tools to be used include Gecko board through which marketing teams will design their own visual boards. Simple KPI software will also be used in tracking marketing activities progress (Lazarova & Stefanova, 2018). The objectives to be attained include developing brand equity, target new customers, grow digital presence and increase profit. Comment by Spellman, Daniel [C]: Where are the five steps? You mention two-three Comment by Spellman, Daniel [C]: Which KPI software? Comment by Spellman, Daniel [C]: What tools would you use?

Reference

Camilleri, M. A. (2018). Integrated marketing communications. In Travel marketing, tourism economics and the airline product (pp. 85-103). Springer, Cham.

Laurie, S., & Mortimer, K. (2019). How to achieve true integration: the impact of integrated marketing communication on the client/agency relationship. Journal of Marketing Management, 35(3-4), 231-252.

Lazarova, S., & Stefanova, K. (2018). An integrated model for designing and developing a key performance indicators system. Business Management [Biznes Upravlenie], 4, 5-22.

Valos, M. J., Maplestone, V. L., Polonsky, M. J., & Ewing, M. (2017). Integrating social media within an integrated marketing communication decision-making framework. Journal of Marketing Management, 33(17-18), 1522-1558.