The Miami Herald Imc Plan Essay Research

The Miami Herald Imc Plan Essay, Research Paper

TABLE OF CONTENTS

THE IMC PLAN

1. The IMC Mission 1

2. The IMC Objectives 1

3. The Situation Analysis 2

4. Budget 3

THE PRODUCT

1. Seasonality 5

2. Purchase Cycle 6

TARGET MARKET 6

ADVERTISING

1. Objectives 7

2. Strategy 7

SALES PROMOTIONS

1. Product 12

2. Pricing 12

3. Distribution 12

PERSONAL SELLING

1. Objectives 13

2. Selling strategy 13

PUBLIC RELATIONS

1. Objectives 15

2. Strategies 15

FRINGE MARKETING

1. Objectives 18

2. Strategies 18

PERFORMANCE EVALUATION PLAN 20

APPENDICES

THE IMC PLAN

1. The IMC Mission

To position the Miami Herald as a competitive alternative for readers in Broward, South Palm and Monroe counties. The object is to attract existing readers and consumers of other media products in these areas and to solidify the base of current Miami Herald readers and compete effectively with other publications and media outlets. We want to attract advertisers, from areas other than Miami-Dade. Customer awareness and interest must be built to levels that lead to product trial. Establish the Herald as being an alternate paper to loyal readers of other publications.

2. The IMC Objectives

a. Increase market share in Broward and South Palm Beach counties by 5%.

b. Consolidate and increase share in Miami-Dade and Monroe counties by

2%.

c. Establish the Herald as being the best source of news for all four counties with a result of 30% increase in total sales.

d. Increase The Miami Herald subscription base by 10%.

e. Increase advertising revenue in areas other than Miami-Dade by 40%.

f. Expand distribution to Monroe and Palm Beach Counties by 60%.

3. The Situation Analysis-SWOT Analysis

Strengths

. The Herald’s Classifieds section reaches three of the five counties that are projected to have the biggest job growth through 2010. These three counties include Miami-Dade, Broward, and Palm Beach.

. The geographical distribution shows that The Miami Herald has its main market in Miami-Dade County, which holds 65% of the circulation sales.

. The Miami Herald has a good reputation with readers and non-readers alike and therefore.

Weaknesses

. A large percentage of newspaper readers in Palm Beach County feel that the Herald fails to cover news pertaining to their local community.

. More than half of the newspaper readers from Palm Beach County report that the Herald is not readily accessible in their area.

. The Miami Herald name alone has a negative impact on consumers in Palm Beach County.

. Monroe County is not effectively covered by any of the newspapers.

. The Sun Sentinel has higher total revenue than The Miami Herald. The $20 million difference comes from higher advertising revenue. Although the specific numbers are not provided, the circulation figures in Appendix B show that the Sun Sentinel has a lower total circulation than The Miami Herald.

Opportunities

. A local edition of the Miami Herald has a potential for growth, since The Miami Herald has a good reputation with readers and non-readers.

. To expand distribution in Palm Beach county by establishing strong relationships with local businesses and vendors.

. Alter the product name (e.g. The Herald: Palm Beach edition).

. The Miami Herald would have the greatest sales potential, in Miami-Dade and Monroe counties but would also profit from other markets. Therefore, we must keep and increase our current reader base in the Miami-Dade and Monroe areas, while attempting to attract Palm Beach and Broward county residents.

. The population figures show that Broward and Palm Beach are the counties with greatest potential, since they have a greater population than Monroe. The advertising campaign should be aimed to get the Sun-Sentinel and The Palm Beach Post readers to switch to The Miami Herald.

Threats

. Its main competitor, the Sun-Sentinel, focuses its sales in Broward County, while The Palm Beach Post has its major market in Palm Beach County.

. The analysis of the competitive sales points at the problem of getting advertisers for The Miami Herald new local editions in those counties where the Sun Sentinel controls the market.

. The general decline in newspaper readership.

4. Budget

Total Budget ————————————————$2,500,000

. Promotion————————————————$1,000,000

o Advertising———————–$650,000

o Public Relations——————$250,000

o Personal Selling——————-$200,000

. Product—————————————————$300,000

. Pricing—————————————————-$0

. Distribution———————————————-$1,000,000

. Contingency———————————————$500,000

Rationale:

We want to induce trial. In order to accomplish this objective, we need high levels of reach. The effective reach calls for a better distribution network. We also need to advertise so that prospectives become aware of the changes in The Miami Herald. Now, The Herald covers their commu

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