Integrated Marketing Communications and Planning †MyAssignmenthelp

Question: Discuss about the Integrated Marketing Communications and Planning. Answer: Intoruction Seamaster Aqua Terra 150M Gent's collection is a product that is gaining a significant market share in the prestige accessories products market. In comparison to other collections, the Seamaster Aqua Terra 150M Gent's collection has unique features. First, the watches are available in a new sharp and edgy look (Omega watches. com. 2017). Since this product targets the upper-class people, this is entirely an advantage. Besides, the watch has been designed to be water resistant, has gold and steel plates variants and the straps range from rubber to leather ones, as well as, steel ones. The product plan aims to give information that creates value in the market. Compared other competitors products, Omegas marketing plan will focus on these elements to create awareness and increase the companys market share. On the other hand, the product will have an attractive design that seeks to compete with other businesses providing premium watches in the market (Desrochers, 2012). Diverging the col ors and materials used for making the Seamaster Aqua Terra 150M Gent's collection will attract a large populace of customers. The pricing strategy of Seamaster Aqua Terra 150M Gent's collection is dependent on the type of the product and the cost of production (Cohen, 2005). However, since the collection targets the upper-class income earners the product is premium. As such the prices offered are high to take advantage of the upper-class people who buy this collection. Nonetheless, Omega seeks to ensure that the Seamaster Aqua Terra 150M Gent's collection offers value for its money to its customers. By so doing, it will attract a large group of people that can buy premium watches irrespective of the price, so long as the product delivered on value and prestige. Thirdly, Seamaster Aqua Terra 150M Gent's collection will be distributed through online shops and designated outlets by Omega Company. Due to the quality and the price of the product, the distribution channel used by Omega to distribute the Seamaster Aqua Terra 150M Gent's collection is short, including the manufacture and the distributor. This short circuit also allows the corporation to take up customized orders and deliver according to the clients tastes and preferences. The distribution channel seeks to maintain a short chain that includes the manufacturer and retailer. It will ensure that the price remains relatively constant through the channel resulting in a marketable rate in the market (Jain, Haley, 2009). The promotion plan Omega seeks to utilize both the internet and the media. Regular advertisements will be placed with media houses that depict the value of the Seamaster Aqua Terra 150M Gent's collection. Besides, publicity through social media platforms will be used to remind consumers of the product, as well as, attract new customers. However, conventional strategies such as occasional discounts and personal selling will be used. Besides, the company will partner with other online marketers to ensure that the Australian market, especially the target group is aware of the product (Wood, 2011). SWOT analysis Omega identifies that conducting industry and organization analysis will contribute towards identifying opportunities in the market and developing a competitive advantage. It also identifies the weaknesses and threats that a corporation faces. After conducting a SWOT analysis on Omega, some critical aspects of the firm were identified. First, the Omega Company has a dominant brand in most of the countries it has ventured. The ability to maintain such a positive image is derived from its core competence of providing high-quality products (Pickton, Wright, 2008). Besides, it gives long warrant periods to its clients. This aspect builds trust and makes the brand famous among the upper-class populace. Secondly, Omega has participated in corporate social responsibility activities such as sponsoring world-wide sports. Its participation in the Olympics and other sports such as Golf tournaments not only creates awareness for it watch collection but also positions the brand in the market. It targets games that are played by high-income earners, extravagant people and those who like premium products. Whats more, Omega has sponsored international celebrities who act as its brand ambassador. Additionally, it uses the Co-axial technology that aids in the production of quality watches (Omega watches. com. 2017). However, the company has some weakness. First, in comparison to its rivals, Omega has not adequately differentiated its products to ensure that its properties are superior. Besides, it competitors such as Rolex uses similar strategies to create a dominant brand image. It product positioning targets the upper-class folks and athletes identical to its competitors. It makes Omega to lack significant competitive advantages over its rivals. Additionally, this stiff competition has limited the growth of its market share (Houben, Lenie, Vanhoof, 2009). Other competitors provide quality watches and competitive prices. They are also popular among the target market. This factor limits the market share for Omega and its growth. Thirdly, Omegas brand is highly dependent on the advertisement campaigns and the brand ambassador. This dependence translates to hurting the brand image where the brand ambassadors image is negative. Lastly, there exists some element of imitation that affects the sales of Omegas watches. The lack of strict proprietary rights and the failure to design products that cannot be imitated creates a significant weakness for Omega. Nevertheless, the market presents some opportunities for Omega. First, there is the case of emerging economies and furthering its product categories. Seamaster Aqua Terra 150M Gent's collection is a watch category that targets the male purchasers in the market. Omega has designed this product in a manner that solves the issues of other products. For instances, most watches are not water resistance thus once they come into contact with water or humidity, their chances of destruction is very high. This collection is designed in a way that overcomes the shortcomings other watch products. Besides, the company allows for customization of products. Thus even women could purchase the Seamaster Aqua Terra 150M Gent's collection to gift the men in their lives (Omega watches. com. 2017). Additionally, the growth rate of emerging economies is increasing. Therefore, the upper-class groups for these countries are expanding. This opportunity allows Omega to design watches for the luxury category f or these people. It will increase the sales for Omega and create a broader market for the corporation. Also, Omega has a management team that has expert skills in supply chain management. It has formulated a robust distribution network that ensures that the watch product reaches a diverse population of the target market. Not only does its product enter a large market in time, but it also provides that the final product has a commercially viable price (Houben, Lenie, Vanhoof, 2009). It ensures that consumers get quality products at premium prices. Besides, as a dominant enterprise, it can grow by attracting potential customers and enlarging its market share. The company has brand recognition and visibility in Australia. These elements can be enhanced through aggressive promotion strategies especially via media and the Internet. It will create awareness of its products and increase sales and the market share. However, Omega has threats such as competition from other dominant brands s uch as Rolex, Breitling, and Cartier. They limit its market share. Besides, imitators in the market have copied Omegas products and provided them at a low price. It threatens the survival of Omega brand. Competition analysis Omega faces competition from other companies such as Rolex, Breitling, and Cartier. These corporations are established in the market similar to Omega. These firms target the same group as Omega. They offer premium products to the upper-class folks. Besides, its product can be imitated by other corporations thus diluting its sales and affecting the brand's image (Massey, 2010). Though it prides itself on providing quality products, Omega fails to differentiate its products from other competitors whose brand image is also dominant. This has limited its market share (Euromonitor, 2017). Besides, it uses promotion strategies similar to its competitors thus the competitive gap is relatively small. Strategic positioning its Seamaster Aqua Terra 150M Gent's collection should not only widen the competitive gap but also provide Omega with opportunities for growth. Omega has an elaborate mission statement. It seeks leading manufacturer and supplier of premium wristwatches of by availing quality commodities to its consumers. It aims to attain financial stability and growth through effective corporate management. It purposes add value to the community and maintain a friendly working and business environment. Its mission accommodates all stakeholders that contribute to its success and survival. Its vision is to satisfy consumer demand at the right time and place (Omega watches. com. 2017). Marketing and financial objectives To achieve its mission, Omega has set out various marketing and economic objectives. Its marketing goals include: Target a larger group of athletes and upper-class people in developed and developing nations Offering value products Sufficient preparation for marketing its Seamaster Aqua Terra 150M Gent's collection Offer premium prices aligned with the profitability of the company Achieve production efficiency Obtaining these plans requires the development of a comprehensive marketing mix. Omega is an established organization that has many opportunities for growth. Besides, it has utilized most of the advertisement channels (Peter, Donnelly, 2011). A marketing mix involves using the 4ps of marketing, namely product, place, promotion, and price. Following the marketing plan provided above, Omega can establish various marketing strategies through its pricing strategy, its product design and value and robust distribution channel (Cravens, Piercy, 2006). However, the company needs to focus on creating a brand image that is differentiated from its competitors. It will enhance its competitive edge through the designing of smartwatches for the Australian wristwatch market. A digital communication plan should enable the corporation to achieve this goal. Apart from promoting its product through media and the Internet, Omega has to formulate a digital communication plan. Digital communication plan Creating an efficient digital communication structure is fundamental to guarantee the accomplishment of an organization's planned communications. It additionally offers a framework that is straightforward in its market positioning. It allows particular measurements to screen, oversee and measure the execution of the promotion strategy, regardless of whether the system has satisfied the specific advanced marketing goals set. For example, making a retention or acquisition strategy (Barry, Lee, Messerschmitt, 2012). The reason for this structure is to comprehend the key market drivers that impact on the organization's image and distinguish issues that may limit progress in attaining its goals. There are four key components to concentrate on: consumers, business, external and internal environments. First, Omega should categorize its customers based on how they interact with them, either through communication or acquisition (Simon, Hinedi, Lindsey, 2005). It should seek to increase the level of awareness and create a positive attitude for its product. It should also consider the risks introduced by competition. Secondly, it should differentiate its products from those offered by competitors. It should conduct a brand analysis to understand the external view by competitors and consumers (Chaffey, Ellis-Chadwick, 2012). Additionally, the SWOT analysis should provide information on an external context by analysis competitor, consumers, and other stakeholders. Besides, key players such as the media should be considered as they impact on their advertising plans. Finally, the digital communication plan should consider the internal constraints that affect Omegas success. These factors include financial constraints and employee performance. After analysis, these components, an integrated strategy for engagement is formulated. It includes utilizing social platforms to communicate with customers and profile the target market (Mulhern, 2009). Omega objective involves studying the Australian market to assess the acceptance and of the Seamaster Aqua Terra 150M Gent's collection. It seeks to create awareness of this collection. It should initiate programs that build brand recognition and differentiate its product from competitors such as consistent advertising through media and Internet platforms. Though it has utilized the online platforms, the company can enhance awareness and create a positive brand perception through media and use other online marketers. Besides, the use of online platforms is a growing trend in Australia. Additionally, other programs such as product launching and aggressive promotion strategies should increase its sales and meet its financial and marketing objectives (Simon, Hinedi, Lindsey, 2005). Implementation and control of the marketing plan Subsequently, it should implement its marketing plan while focusing its marketing budget. The application may incorporate running advertisements, sending direct mail and launching a website for the Seamaster Aqua Terra 150M Gent's collection. It ought to be completed as stated in the marketing plan for the organization to accomplish its vital targets. The implementation period of the promotion program ensures the promoting exercises occur at the right time and is achieved successfully. On the other hand, controls created in the market plan will give benchmarks to evaluate how well the implementation phase is met objective (Pearce, Robinson, Subramanian, 2007). Controls that Omega may incorporate are market share and marketing budgets. References Barry, J. R., Lee, E. A., Messerschmitt, D. G. (2012). Digital communication. Springer Science Business Media. Chaffey, D., Ellis-Chadwick, F. (2012). Digital marketing. Pearson Higher Ed. Cohen, W. A. (2005). The marketing plan. John Wiley Sons. Cravens, D. W., Piercy, N. (2006). Strategic marketing (Vol. 7). New York: McGraw-Hill. Desrochers, J. (2012). Smartwatches. How They Could Impact the Largest Swiss Watch Company, Swatch Group, 15. Euromonitor. (2017). Watches in Australia. Euromonitor.com. Retrieved 4 October 2017, from https://www.euromonitor.com/watches-in-australia/report Houben, G., Lenie, K., Vanhoof, K. (2009). A knowledge-based SWOT-analysis system as an instrument for strategic planning in small and medium sized enterprises. Decision support systems, 26(2), 125-135. Jain, S. C., Haley, G. T. (2009). Marketing planning and strategy. Cincinnati South-Western Publishing Company 1985. Massey, P. (2010). Market definition and market power in competition analysis: some practical issues. Economic and Social Review, 31(4), 309-328. Mulhern, F. (2009). Integrated marketing communications: From media channels to digital connectivity. Journal of marketing communications, 15(2-3), 85-101. Omegawatches. com. (2017). OMEGA Watches: Seamaster Aqua Terra 150M Gents' Collection. Omegawatches.com. Retrieved 4 October 2017, from https://www.omegawatches.com/watches/seamaster/aqua-terra-150m/seamaster-aqua-terra-gents-collection/product/ Pearce, J. A., Robinson, R. B., Subramanian, R. (2007). Strategic management: Formulation, implementation, and control. Peter, J. P., Donnelly, J. H. (2011). Marketing management: knowledge and skills: text, analysis, cases, plans. Plano: Business pub., INC. Pickton, D. W., Wright, S. (2008). What's swot in strategic analysis?. Strategic change, 7(2), 101-109. Simon, M. K., Hinedi, S. M., Lindsey, W. C. (2005). Digital communication techniques: signal design and detection. Prentice Hall PTR. Wood, M. B. (2011). The marketing plan handbook. Pearson Higher Ed.