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feedback_part_2_imc_plan.pptxIMC Plan For the Home Depot
Edwin Sanchez
MRKT 354
7/23/2017
UMUC
PART 2 – GOOD RESEARCH ON HD, BUT THIS IS NOT A RESEARCH PROJECT. PART 2 IS WHERE YOU COME UP WITH THE IMC PLAN. WHAT IS THE BIG IDEA THAT YOU CREATED, NOT WHAT HD ALREADY HAS. BE CREATIVE. WHAT CHANGES COULD YOU MAKE THAT WOULD HELP HD IN THEIR MARKETING? PART 3 IS SUPPOSED TO FEED OFF WHAT YOU CREATED IN PART 2.
TABLE OF CONTENTS LISTS 3 PARTS, BUT THERE IS ONLY 1 PART INCLUDED IN THE PRESENTATION. NEEDED TO ADD BOTH PARTS 1 AND 2 AND REMOVE THE TOC FOR PART 3.
THE EXECUTIVE SUMMARY WILL BE IN THE FINAL PLAN – WHEN YOU TURN IN ALL THE PARTS.
PLEASE DO NOT USE THE NOTES SECTION.
IT LOOKS LIKE YOU UNDERSTAND THE MATERIAL, BUT YOU ARE MISSING THE POINT OF THIS PART OF THE PLAN WHICH IS TO PROVIDE YOUR POINT OF VIEW AND RECOMMENDATIONS. I GAVE YOU FULL POINTS FOR THE PARTS, BUT TOOK POINTS OFF CRITERIA 8.
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Table of Content
Contents
Concise Marketing Overview of the Product & its role in the Market 5
Current Product’s competitive position 5
Primary target market characteristics 6
Target Market Buyer’s decision process 7
Product Review and Brand Strategy of the product 7
Type of product lifecycle & benefits/features analysis 8
Distribution Review current supply chain members and their roles 9
Distribution Review value delivery network analysis 9
Communications Objectives and Issues First-year communications objectives 10
Issues impacting the objectives attainment 11
Table of Content
Communications Strategy Recommendations 11
Marketing Communications Strategy Recommendations Message Content 12
Marketing Strategy Recommendations Message Structure 12
Marketing Communications Strategy Recommendations Format/exceptional framework 13
Marketing Communications Strategy Recommendations Media Channels 13
Marketing Communications Recommendations the Message Source 14
Marketing Communications Recommendations Feedback Metrics 14
Promotion Mix Tools, Budget Rationale and Pla n Evaluation 15
Overview of Promotion Mix Tools and rationale on how they support the objectives 16
Table of Content
Public relations strategies and other tools 20
Personal Selling Objectives and Strategies 21
Direct Marketing, E-active, & Online Objectives and Strategies 21
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Executive summary
The Home Depot is one of the home improvement store in the United States.
The store was founded in 1978 by Bernier Marcus and Arthur Blank
Home Depot is a force to reckon with in matter relating home improvement stores
The identification of target market define the most effective media.
The Home Depot target the Millennial and attempt to create brand loyalty.
The most preferable media basing in the target group is the digital media.
Both traditional and digital media are employed in varied dominance levels.
The SWOTs analysis also informs the best course of action in marketing.
The Home Depot is a force to reckon with in matter relating home improvement stores, but then, there are always areas that can be improved. Although the general structure of the organisation is considered stable, it is evident that the e-commerce based firm needs to take a sweeping look at its digital profile. Acknowledging the impact of digital marketing and the changing field of advertising and sales promotion, this paper makes a deliberate attempt to advise the organisation of the most effective approaches to embrace the online marketing arena. The overall objective of this presentation is to facilitate the overall objective of increasing company sales and improving the efficiency in marketing.
To do that, first, the target market is put into context to aid the definition of the most convenient approach to communication. The Millenial population and the young adults and perceive as the ideal target market, a recognition that necessitates the embrace of digital marketing as the most efficient approach in communication. The SWOTS Analysis also guide the company further into realising its place in the market and areas that need drastic adjustments. Other personal and non-persona approaches are also defined. To further evaluate the IMC implementation, different methods are recommended including the page reviews, traffic on search engines and bounce rates on company profiles.
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Communications Strategy Recommendations -Overall Message Design
The messaging design adopts the sensitization of the advantages, including convenes that accompanies the home appliances that are offered.
The promise of quality products with elongated useful life span at pocket-friendly prices.
For access to the subsidized electronic home appliances and purchase of the same, the call to action is to go to website www.homedepot.com.
Some of the mandatory include the incorporation of the logo and the Home Depot theme color-orange.
The overall message design provides the structural framework of the message. There are key attributes that are included in an effective message. The company brand, including the Logo and the theme color, creates the much-needed distinction of the company from its competitors. The definition of the products that are offered including the promotions that are accompanied with the purchase is importance while appealing to potential customers.
Another equally important message in the process of marketing is the definition of direction to the organization or the online URL that can be used to access the products or the service (Scott 2015). The links are relevant, particularly for e-commerce institutions.
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Marketing Communications Strategy Recommendations Message Content
The communication strategy employs product information that feeds information to media.
The product information about the home appliance products by The home Depot includes warranty information, market trends, standardizations, energy consumption and repair.
The main difference between the Home Depot and its competitors is the specialization of the products lines.
The Home Depot primarily utilizes the rational approach in appealing to its customers.
Based on research, The Home Depot customers are in the fifth stage which is characterized by the conviction of product suitability and purpose.
The main disclaimer that is standard across all electronic retail firms is on warranty and eligibility for compensation.
The primary marketing strategy employs the classification of the different groups within the target market and determining the approach to commercialization. The identification of the millennial in the firm is clear in defining the approach to popularizing their products and the most efficient media that can be used. The communication strategy extensively utilizes the different media platforms, and as stated earlier, the broadcast media and the print media are some of the traditional media that are employed (Zhu & Chen 2015). The social media is also considered especially among the millennial. The media highlights the product information that includes warranty information, market trends, standardizations, energy consumption and repair of the electronics.
The Home Depot considers the rational approach in appealing its customers, and this process is based on the facts. The product differentiation, specialization and price leadership are some of the unique attributes relative to its competitors. The Home Depot customers are largely appreciated to be in the fifth stage which is characterized by the conviction of product suitability and purpose (Zeithaml et.al 2013). Some of the concepts that the Home Depot clients have appreciated is the legal limit of warranty of the electronic equipment.
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Marketing Strategy Recommendations Message Structure
The marketing strategy involves proper communication to potential customers.
The first step involves highlighting the various incentives that will ensure to drive more traffic.
Showcasing the new projects and products.
Offer coupons in the online catalogue
Identify direct selling through DIY workshops and presentations.
The message structure adopts the following components
The appeal
Value proposition
Slogan
The marketing format largely involves the derivation of approached in marketing and advertising that best fits the target market (Solomon 2014). The rational approach in customer relation adopted by the Home Depot necessitates the utilization of different mediums including prints media (use of catalogues and brochures) and mainstream media including the TVs. The Millennial, on the other hand, are accessed through the social media platforms by showcasing the various products and catalogues online.
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Marketing Communications Strategy Recommendations Format/executional framework
The marketing strategy format adopts a 60 seconds video that will have both the main stream media as well as the social media audience.
The external framework that is believed to work best is the emphasis of lifestyle and convenience of the Home Depot line of products
The home appliances do address some of the key challenges that are typical in homes, as such, highlighting the common lifestyle improvements that come with access to the Home Depot products enhances customer response.
Several marketing strategies can be considered when targeting a large audience within a specific geographical location. The use of video publication through mainstream media and social media and print media publication are some of the approaches that can be considered (Baker 2014). According to Baker (2014), publicizing a product’s social media and mainstream media through videos created interactive platforms that are useful in marketing.
Basing on the nature of products, the best approach that is much advised is an emphasis on the impact of the home appliances to the lives of the potential customers. In marketing, the customers have to appreciate the incidence of the products in question to contemplate accessing the products. Baker (2014) highlights that typical market forces tend to weigh the impact of the products against the costs of accessing the commodities. The Home Depot, therefore, ensures to address the convenience and the improved lifestyles that are brought about with access to the home appliances while at the same time highlighting the offers on costs.
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Marketing Communications Strategy Recommendations Media Channels
The integrated marketing communications perspective stresses on a careful strategic approach that blends many media tools.
The Home Depot first employs both the personal and non-personal approach through face to face sales and marketing and the use of print media respectively.
The Home Depot also employs both the traditional and non-traditional media. The broadcast media (TVs) and the print media (magazines) are used as traditional media.
The non-traditional media extensively utilized is the social media (Facebook and Instagram)
The Home Depot competitors including Wal-Mart tend to rely mostly on the traditional media.
The Home Depot, therefore, prefers a mix of both the traditional and non-traditional media in an attempt to outshine the competitors and access better access to potential customers.
Blend of both the traditional and the non-traditional approach in marketing increases to the sphere of influence and access to potential customers (Royle & Laing 2014). The Home Depot adopts both the broadcast media and print media as a traditional approach to marketing and the social media platforms as a non-traditional approach to marketing. Personal and non-personal methods also have a significant impact on the success in marketing. Royle & Laing (2014) appreciates the significance of personal contact with the potential market, an approach that is very useful in creating a proper flow of information.
It is largely acknowledged that personal contact with a potential customer enhances the immediate response that is essential in marketing. Baker (2014) also appreciates that there is a significant limitation to the level of customer access when considering the geographical constraints. The print media and the broadcasting media have a considerable impact on a larger geographical area. The digital media, on the other hand, has an even greater influence mainly because the platform is not geographically bound.
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Marketing Communications Recommendations The Message Source
The message source often significantly contribute the credibility of the information.
The most preferable approach of presenting the message is through celebrities who would recommend the products.
The credibility of information is key as such, experts are contacted to address the key aspects of the appliances accessed.
The experts and celebrities have both the broadcasting media and the social media to address the potential clients. Such platform include Instagram, YouTube and traditional voice platforms like the radios.
The experts and celebrities are expected to be the brand ambassadors, as such, they are expected not to have has any such contact with the competitors.
WHAT CELEBRITIES WOULD YOU USE THAT WOULD CONVINCE THE EVERYDAY CONSUMER TO PURCHASE FROM HOME DEPOT?
The impacts of marketing on potential clients significantly depends on both the message and the messenger (Homburg & Pflesser 2010). Homburg & Pflesser (2010), therefore, advocates for a credibility in approach to marketing. One of the typical approaches to accessing high credibility levels is the use of experts in channeling the information to clients. The use of celebrities also appreciated to have a significant impact on the apperception the customer creates a particular product.
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Marketing Communications Recommendations Feedback Metrics
In marketing, the first step involves control and eventually improvement of the message content approach.
The measurement metrics developed covers both the internal and external approaches.
The external links to the digital profile and the responses from unique visitors.
The effectiveness of marketing can be measured based on the following metric parameters:
Unique visitor to the digital profiles
Page reviews
The traffic on search engines on digital platforms.
The Bounce rates on company profiles.
Conversion rates and
Inbound links.
The definition of these parameters is determined by customer response if defined.
The measurement metrics developed covers both the internal and external strategies. The external links to the digital profile and the responses from unique visitors contribute significantly to the definition of customer perception of the products. The effectiveness of marketing can be measured based on the following metric parameters. First, the unique visitor response on the digital profiles is rich in information on customer response. The page reviews also define the marketing success. The third approach that is employed in measurement is the documentation of the traffic on search engines on digital platforms the bounce rates on company profiles.
The bounce rates define the response of a customer once they have logged onto the company digital profile. The time they take on the page, and the number of navigations defined the impact of the digital profile. Conversion rates, on the other hand, and highlights the number of page visitors who take a particular action. The inbound links define the number of external links that direct users to the Home Depot digital profile. More the links represent successful products marketing.
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