MKT570 | Integrated Marketing | IMC And The Mitigation Of The Issue
Conduct a brief IMC situation analysis. In this task you will develop an IMC program for one organisation.
You are to assume you are a senior account executive with M&C Saatchi (Australia) and you are pitching your approach to a potential client organisation below.
Your ultimate task throughout this subject by Assessment 4 is to develop a new IMC pitch for only one of the following cases:
(a) Commonwealth Bank of Australia - to address the adverse publicity and reputational damage from the Banking Royal Commission in 2018 or;
(b) The Australian Medical Association – to seek to ban the advertising of junk food and sugary drinks to children and to introduce a tax on sugar or;
(c) AMP – to address the adverse publicity and reputational damage from the Banking Royal Commission in 2018.
Alternatively, you can choose an organisation you work for. However, you must be able to identify an important IMC marketing related issue faced by that organisation that could affect the strategic positioning of that organisation in the marketplace.
So, choose either the Commonwealth Bank or the AMA or AMP or your own organisation and address the following topics:
Find out as much as you can about the issues faced and the organisation and then undertake a brief IMC situation analysis of the issues surrounding your chosen case, considering the major stakeholders (e.g. influence on customers, employees, supply chain (i.e. say in the case of AMP this would include financial advisors)), government, etc.);
What factors have contributed to the present situation?
What concerns are likely to be driving each of the stakeholders that would need to be considered for an IMC program?
Briefly discuss how IMC has been utilised to date in dealing with this issue.
Answer:
Background
The concept of “integrated marketing communications” or more popularly called by the IMC has gained a considerable amount of significance in the context of the present day business world (Bruhn & Schnebelen, 2017). The term “integrated marketing communications” generally refers to the activities or the strategies adopted by a particular business enterprise to ensure that the promotional as well as communication which are being used by it are in synchronicity with not only each other but at the same time with the requirements of the concerned enterprise (Bruhn & Schnebelen, 2017). In the recent times it is generally seen that the various business enterprises take the help of diverse kinds of integration mechanisms like vertical, horizontal, data, internal, external and others to ensure that they achieve the above mentioned (Blakeman, 2018). Thus, it would be apt to say that the process of “integrated marketing communications” has become an indispensible part of the various business enterprises. This paper will undertake an IMC situational analysis of the Commonwealth Bank of Australia.
The findings of the Banking royal commission regarding the performance of the various banks in the nation of Australia have revealed shocking details. The findings of the commission clearly indicates that the top four banks of the nation including the Commonwealth Bank of Australia have taken various kinds of leniencies regarding the loans and other kinds of financial transactions dictated by the national government of the nation (Abc.net.au, 2018). It also mentions that these banks have provided loans to the candidates who failed to fulfill the required parameters and also indulged in other kinds of banking transactions with the motive to enhance their profit margins (News.com.au, 2018). Thus, it would be apt to say that the findings of this particular commission has not only adversely affected the reputation of the CAB but at the same time has lead the national government of the concerned nation to come up with more stringent measures (McGowan & Davidson, 2018).
Integrated Marketing Analysis
A brief IMC situational analysis of the case under discussion here would reveal the followed facts-
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Internal Analysis |
External Analysis |
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Promotional Capabilities: The CAB is one of most popular banks not only of the nation of Australia but also of the world with wide banking interests in the different nations of the world. The bank thus takes the help of different kinds of traditional as well as modern promotional means to reach out to a larger customer base and at the same time to influence the customers (Commonwealth Bank, 2018). Thus, it would be apt to say that the bank has a high level of promotional capabilities which if effectively utilized can further enhance the prospects of the bank under discussion here. |
Customer Analysis: The primary service which the bank provides to the customers is the various kinds of mortgage and other kinds of loans (Commonwealth Bank, 2018). Thus, it can be said that the middle aged people as well as the would-be property owners are the primary customers of the bank. In addition to this, people from all age and gender take the help of other kinds of banking services provided by the bank (Commonwealth Bank, 2018). |
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Prior Promotional Plans: The bank in the earlier times used to depend on the various traditional kinds of promotional methods and also on the process of “word of mouth” for the process of promoting the services provided by them (Commonwealth Bank, 2018). However, currently the bank is using social media and also the other electronic mediums for the process of promotion (Commonwealth Bank, 2018). |
Competitive Analysis: The bank at the current bank moment is facing a high level of competitor not only from the other three major banks of the nation but also from the other private financial institutions of the nation. |
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Brand Image: The bank under discussion here is not only one of the oldest banks of the nation of Australia but also of the entire world itself (Commonwealth Bank, 2018). In addition to this, the bank is operational on a worldwide basis and has more than 1100 branches in different parts of the world (Commonwealth Bank, 2018). Furthermore, the bank is known for the high quality of financial services which it provides to the customers and also undertakes various kinds of CSR activities (Commonwealth Bank, 2018). Thus, it would be apt to say that the bank under discussion here has a positive brand image. |
Environmental Analysis: The business environment of the nation of Australia and also of the other nations in which the bank under discussion here operates is very congenial for banking activities. It is a reflection of this particular that the bank inspite of the financial crisis which affected the majority of the banking institutions of the world was able to make a significant amount of revenue (Commonwealth Bank, 2018). |
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Strengths and Weaknesses of Services: The primary strength of the services provided by the bank under discussion here can be said to be fact that they have been designed taking into consideration the needs as well as the requirements of the customers from the different parts of the world (Commonwealth Bank, 2018). The weakness of the services provided by the bank under discussion here can be said to be fact that the fact charges a higher rate of interest from the customers who take loans from them and also the rate of interest which the bank provides to the customers is lower than the ones provided by the other banks (McGowan & Davidson, 2018). It is a reflection of this particular fact that the bank is facing a high level of competition from others. |
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Major Factors
The major factor which has contributed in a significant manner towards the crisis that the CAB and the major banks of the nation of Australia are facing at the current moment can be said to be the increasing insistence on the part of the people of the concerned nation to own their homes regardless of the fact that they fulfill the loan getting requirements or not (News.com.au, 2018). Another significant factor can be said to be the inherent desire on the part of the concerned banking institution to further enhance the percentage of revenue earned by them (Abc.net.au, 2018).
Stakeholder’s Concerns
The major concerns which drives each of the major stakeholders that the concerned bank needs to take into consideration for its IMC program are ability to provide sound as well as safe financial services to the customers who opt for the services provided by them, the ability to get loans or mortgage as and when required so that they can lead their lives as per their own wishes and others.
IMC and the mitigation of the issue
The CAB is taking the help of the process of IMC in order to mitigate the damaging effects of the results of the Banking royal commission. Thus, in order to win back the trust as well as the goodwill of the customers the bank is taking the help of social media and other electronic media for the purpose of promotion of the services provided by them. In addition to this, the bank is also taking the help of various kinds of CSR activities as well as policies to restore its brand image (Blakeman, 2018). This is very important from the perspective of the bank since it is generally seen in the present times that the customers like to opt for the services of the organizations which boosts of a positive brand image.
References
Abc.net.au. (2018). Abc.net.au. [online]. Retrieved from https://www.abc.net.au/news/2018-04-24/banking-royal-commission-damaging-reputations-but-is-it-enough/9694068
Andrews, J. C., & Shimp, T. A. (2017). Advertising, promotion, and other aspects of integrated marketing communications. Nelson Education.
Blakeman, R. (2018). Integrated marketing communication: creative strategy from idea to implementation. Rowman & Littlefield.
Bruhn, M., & Schnebelen, S. (2017). Integrated marketing communication–from an instrumental to a customer-centric perspective. European Journal of Marketing, 51(3), 464-489.
Commonwealth Bank. (2018). Commonwealth Bank [online]. Retrieved from https://www.commbank.com.au/
Disgusting advice ruined couple | news.com.au — Australia’s #1 news site. (2018). news.com.au [online]. Retrieved from https://www.news.com.au/finance/business/banking/dead-commonwealth-bank-clients-charged-fees-among-shock-revelations-of-banking-behaviour/news-story/91f47043b57e0789089afeab7d5fa8ab
Luxton, S., Reid, M., & Mavondo, F. (2015). Integrated marketing communication capability and brand performance. Journal of Advertising, 44(1), 37-46.
McGowan, M., & Davidson, H. (2018). Banking royal commission: Westpac, AMP and CBA may have breached Corporations Act – as it happened. Retrieved from https://www.theguardian.com/australia-news/live/2018/apr/27/banking-royal-commission-financial-advice-groups-under-microscope-live
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