ABSTRACT
In this chapter, we discuss the strategic importance of IMC for brands. Any firm that wants to successfully exchange products or services available on the market must have a strategic marketing plan to implement resource allocation. Marketers must conduct a thorough analysis of the competition to identify market opportunities. We introduce PESETEL (political, economic, social, technological, legal, and environmental) framework to conduct environment analysis. Brands need to select the target audience for their offerings. Consumers can be segmented in multiple ways based on demographics, regional diversification, and lifestyles. Brands utilize IMC to occupy a distinct space in consumers’ minds to build a unique positioning for their products. A marketing planning program uses the typical marketing mix elements (product, price, place, and promotion). We also elaborate Porter’s generic strategies used for developing marketing strategy and positioning. We explain another popular 6M model that offers a framework for the components of a comprehensive marketing communications strategy.
