Integration Marketing Communication & Integration Marketing – Research Paper Example
Integration Marketing Communication & Integration Marketing Table of Contents Table of Contents 2 Overview 3 Integrated Marketing Communication (IMC) in Prada 3
Integrated Marketing (IM) in Prada 5
Differences Between IMC and IM 6
Prada is a fashion store located in Italy that specializes in luxury products including clothing, accessories for leather bags and shoes. It was founded in the year 1913 by Mario Prada as a luxury store principally focused on selling handbags and other accessories of leather which in turn proved highly beneficial to enlarge its product line (Prada, 2013). It is worth mentioning in this context that Prada has been quite successful in inculcating the changes identified in its external business scenario. According to the reports presented in 2012, the group functions in 70 countries with 388 operating stores and 30 franchise stores along with a wide network of selected department and multi branded stores (Prada, 2013). It is in this context that Prada focuses on using the concepts of Integrated Marketing Communication (IMC) and Integrated Marketing (IM) in its highly diversified and broadly assorted business operations. Theoretically addressing these two managerial concepts, critics have often argued that these concepts differ significantly in terms of their behavioural characteristics and concerns although, in often instances, these concepts have been observed to be used interchangeably.
Integrated Marketing Communication (IMC) in Prada
IMC fundamentally focuses on identifying the communication prospects which in turn influences the challenges for business activities related to issues of marketing in the modern day context. The concept further emphasises on the integration of tools used by companies for promotion purposes with the other various notions of its marketing initiatives (MMC Learning, 2009). Contextually, the various components of IMC include brand focus, experience of consumers’ tools for promotion and communication as well as corporate culture (Boundless, n.d). The brand focus implies logo, tagline, corporate identity and style among others; while, the communication tool implies every mode of direct marketing, online communications and social media among others. Again, the promotional tools comprise of personal selling, consumer promotion, database marketing and public relations among others (Boundless, n.d).
With reference to IMC, it can be stated that Prada extensively focuses on brand promotion activities. Notably, the fashion outlet has currently started taking the advantages of social networking with the aim to provide adequate information to the customers and generate better brand awareness among the global marketplace. Apparently, such IMC initiative not only assisted Prada in generating profits for the organization but also acted as a promotional tool for capturing valuable customers possessing likeliness towards branded products. It can also be stated that with assistance of communication in social networking sites, Prada has been able to generate effective sales by identifying and satisfying the demands of the customers with quality product deliverance (Aarhus University, 2012). The company emphasizes on brand and quality, along with the demands of customers which helps in maintaining the heritage of the organization as well as generating effective revenues by selling quality and creative products. With the intention to attract customers, Prada also focuses on utilising seasonal designing initiatives (Prada, 2013).
Integrated Marketing (IM) in Prada
In the similar context, IM is often regarded as the process of customizing the offers made by customers on the basis of target segments that are individually carried out through alterations in marketing mix strategies of an organisation (Bhasin, 2012). As the process suggests, it emphasizes on customization of offers made by customers through target segments. Contextually, it can be observed that Prada initiates strategies related to marketing of its products through innovation. In the integrated marketing there are various processes which Prada focuses on in order to maintain its growth of sale, sustainability along with profitability. The IM approach of Prada is carried out in an effective manner as the activities performed by the organization are closely linked with employees and manufacturers during the formulation of the designing process, which assists in the flow of information facilitating continuous development of the workforce and quality aspects to contribute towards its brand value. It is worth mentioning in this context that through the IM approach, Prada has been able to deliver the customers on a timely basis and according to their demands in the global market, with the assistance of greater customization of products. This further facilitated Prada to maintain its effective growth and generate profitability to a considerable level obtaining greater advantages over its competitors (Bertelli, 2012).
Differences Between IMC and IM
From the above description, it can be stated that there are certain differences between the two concepts of IMC and IM. For instance, IMC extensively focuses on managing the way an organisation attempts to interact with customers by generating brand awareness; whereas, IM focuses on the broader aspects of the overall marketing strategies applied by the organisation that includes budgeting, promotion and sales, customer services and other significant aspects. Moreover, on one hand, IMC focuses on customer satisfaction; on the other hand, IM aims at generating greater economic value for the company in accordance with the investments made (University of Colorado, 1997). Thus, from an overall perspective it can be stated that IM is a much broader concept which IMC can be regarded as a facet of the former theory.
Aarhus University, 2012. Introduction. Files. [Online] Available at: http://pure.au.dk/portal-asb-student/files/45325191/Analysing_the_effectiveness_of_Facebook_as_a_marketing_communication_tool.pdf [Accessed April 07, 2013].
Bertelli, P., 2012. Pradas CEO on Staying Independent in a Consolidating Industry. The Magazine. [Online] Available at: http://hbr.org/2012/09/pradas-ceo-on-staying-independent-in-a-consolidating-industry/ [Accessed April 07, 2013].
Boundless, No Date. Integrated Marketing Communication Components. Marketing. [Online] Available at: https://www.boundless.com/marketing/integrated-marketing-communication/integrated-marketing-communication/determining-budget/ [Accessed April 07, 2013].
Bhasin, H., 2012. Integrated Marketing. Home. [Online] Available at: http://www.marketing91.com/what-is-integrated-marketing/ [Accessed April 07, 2013].
MMC Learning, 2009. What is IMC? Home. [Online] Available at: http://www.multimediamarketing.com/mkc/marketingcommunications/ [Accessed April 07, 2013].
Prada, 2013. Group Profile. Brands. [Online] Available at: http://www.pradagroup.com/en/group/group-profile [Accessed April 07, 2013].
Prada, 2013. History. Group. [Online] Available at: http://www.pradagroup.com/en/group/history [Accessed April 07, 2013].
University of Colorado, 1997. A Selection of IMC Quotes (1990-1997). Difference between IMC and IM. [Online] Available at: http://spot.colorado.edu/~moriarts/imcquotes.html [Accessed April 07, 2013].