MARKETING 2
The communication medium chosen by the marketers determines the impact the marketing initiative will have on the target market as well as the organization’s sales volume. There are many factors which the marketers ought to consider when undertaking the marketing initiatives to ensure that the organizations marketing objectives are met. The main factors for managers to consider are; the cost of the advertising medium, the coverage extent, the target market, competition level and also the timing aspect of the medium. When consider the medium of communication cost-benefits analysis must be undertaken (Taiminen, & Karjaluoto 2015). The marketers must ensure that their expenditure is within the budget and that the organization’s resources are not overstretched. If the traditional approaches are more economically viable, then the digital approaches should be avoided.
The organization must also consider the approaches used by the competition when the competitor uses more effective means of advertisement; they acquire a competitive edge. The marketing managers, therefore, must seek approaches that give them a competitive advantage, when the competition is stiff the marketing budget will also tend to be high. Shifting from traditional approaches to modern approaches should be based on the competitive advantage accrued on the adopted approach. The target customers also dictate the medium of promotion to be used (Taiminen, & Karjaluoto 2015). The young generation, for instance, is more exposed to modern means of advertisement like the use of social media. An organization which targets this demographic market segment, therefore, ought to ensure that they use the modern means to reach their customers. The market segmentation, therefore, will guide the budgeting for marketers.
The extent of coverage is another important consideration which the marketers ought to put into consideration when budgeting. The larger the coverage extent, the larger the budget required for the marketing initiative.
References
Taiminen, H. M., & Karjaluoto, H. (2015). The usage of digital marketing channels in SMEs. Journal of Small Business and Enterprise Development, 22(4), 633-651.