The concept/model I found most interesting in Unit 8 (Integrated Marketing Communication in Financial Services) is the Marketing Communications Model. The model consists of 6 stages namely 'Identify target audience',' Determine the response sought', 'Choose the message', 'Choose the media', 'Select the Message Source' and 'Collect Feedback' and 'Evaluate promotional campaign'. To see how this particular model works I have decided to apply it to the financial product 'Platinum Citi Bank Emirates loyalty reward program'. The following are how the above mentioned stages apply to it:
1) Identify target audience - As this seems to be a programme for frequent fliers and are for relatively high income earners, (due to the name being 'Platinum') their primary target audience would be business people who travel abroad from Australia relatively frequently.
2) Determine the response sought - The response for this product would most likely be awareness first and then liking/preference.
3) Choose the message - Since the target audience is mainly business people they are more inclined to respond to a rational approach. Hence in my opinion a more visual, graphical illustration of the rewards programme as compared to similar programmes offered by competitors would be a very appealing message to these sort of customers.
4) Choose the media - Also as their prime target customers are frequent fliers it makes sense for the marketing promotion of this product to be on brochures which are available to read on the plane during long flights. In addition to this catchy advertisments can be released on financial television channels and on websites to increase the awareness/liking of the product.
5) Select the message source - Successful business celebrities like Richard Branson or Warren Buffet can be used in the advertisments as these are people their customers generally look up to and want to emulate.
6) Collect Feedback - Feedback about the promotional campaigns can be collected through surveys which could be posted on the financial websites and on the plane. Information collected through these surveys can be used to evaluate the current promotional procedures and help improve them for future campaigns.
1) Identify target audience - As this seems to be a programme for frequent fliers and are for relatively high income earners, (due to the name being 'Platinum') their primary target audience would be business people who travel abroad from Australia relatively frequently.
2) Determine the response sought - The response for this product would most likely be awareness first and then liking/preference.
3) Choose the message - Since the target audience is mainly business people they are more inclined to respond to a rational approach. Hence in my opinion a more visual, graphical illustration of the rewards programme as compared to similar programmes offered by competitors would be a very appealing message to these sort of customers.
4) Choose the media - Also as their prime target customers are frequent fliers it makes sense for the marketing promotion of this product to be on brochures which are available to read on the plane during long flights. In addition to this catchy advertisments can be released on financial television channels and on websites to increase the awareness/liking of the product.
5) Select the message source - Successful business celebrities like Richard Branson or Warren Buffet can be used in the advertisments as these are people their customers generally look up to and want to emulate.
6) Collect Feedback - Feedback about the promotional campaigns can be collected through surveys which could be posted on the financial websites and on the plane. Information collected through these surveys can be used to evaluate the current promotional procedures and help improve them for future campaigns.
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