IMC Case Study Analysis

One 500-word, double-spaced paper from each student analyzing the case study provided Step 1 Read the case study. Your will work will be based on the case study below. - As you consider the information in the case, think about each phase of development for an IMC plan. - Do not be tempted to quickly jump to conclusions about how to allocate the funds - follow the steps in developing an IMC in order. - As you consider the various options (who and how to target, budget considerations, TV advertising, PR, coupons, etc) weigh the pros and cons of each. - Remember you will be evaluated on your overall IMC plan, including the process you used for developing it, NOT on individual components. Step 2 Critical Thinking and Processing your ideas You should consider the five stages of developing an IMC plan and come up with some ideas for each of the five stages: 1. Identify the target audience 2. Establish the objectives 3. Determine the budget (be sure to allocate it among your objectives) 4. Decide the mix 5. Evaluate the outcome Step 3 Develop an IMC plan. Devise a plan that follows the five steps for developing an IMC listed above in Step 3. Be sure to state how it is that you came to the recommendations and conclusions that you did. Describe what you hope to achieve, what you are trying to avoid, and the significance of each step in your plan. Step 4 Formalize all ideas into a paper. Be sure to edit your paper so that it flows well. It is important that your final report remains cohesive, consistent, and professional. Case Study You are the Chief Marketing Officer (CMO) for a consumer products company. Your company just launched a new brand of hair care products targeted at young girls between the ages of 1419. You spent millions of dollars researching the habits of girls in this age bracket, what is important to them about making their hair care product decisions and the views of competing products and are confident that, with the right IMC plan, the new line will be very successful. While you believe that your product offers features that its competitors do not, you also realize that this range of products is saturated with various options, including those targeted in the same way. You need to ensure that your IMC expenses are used in the wisest way possible. Here is a summary of the marketing research finding regarding IMC for hair care products. Girls in this age bracket report the following: - 80% rely on advice or information from a trusted friend in order to try a new product; - When asked about the trusted friend respondents generally said that the person was in the similar age group; - 50% say that they get information about new personal care products from reading magazines; - 72% report that coupons or other discounts help 'push them over the edge' to try a new product; - 64% say that they do not do repeat purchases of the new products that they buy. Reasons cited were disappointment in performance, too expensive, and could not tell a difference in the results using the new product and the other products that they had been using: - 78% report that packaging is important and they have to 'like the look' of how the product appears on the bathroom or shower shelves; - You are confident in the packaging decisions that were made as much of the marketing research budget was exploring this area as it is so important in the decisions making process; - 56% of respondents say that they have a 'better impression' of products sold though salons as opposed to large retailers like grocery stores, Wal-Mart and Target; - 43% of respondents say that they make their decisions after the first couple of uses as to whether the like the product and it was "worth it" Armed with this information you and your team need to decide how to allocate your $30 million marketing budget for this range of products. You know that you will have to present your findings to the Board of Directors as well as the Management Team so you will have clearly explain and justify your decisions. NOTE TO STUDENTS: As you do not know the various costs of IMC tactics, please assign a percent to each IMC tool that you believe should be used. Justify your decisions. The percent should add up to 100%