THE IMC PLAN (Motus Bank Project of Meridian Credit Union)



IMC Mix Elements

Marketing communication is the audience centered activity aimed at encouraging engagement between the participants and provoking conversation (Fill, 2011). In order to achieve the marketing objectives, variety of tools can be utilized for supporting the brand marketers. The IMC mix elements are shown at right (Kotler & Armstrong, 2010). 

  • Advertising
    Advertisement is considered to be a significant mean of communicating with the targeted market. Belch & Belch (2001) defined advertisement as “paid form of non-personal communication tool utilized by an organization to spread awareness about its products or services through identified sponsor”. It can be utilized by Meridian Credit Union (MCU) to stimulate brand awareness, develop positive customers’ perceptions towards the services and promote brand image.

    MCU can utilize “below-the-line” marketing strategy for strategically focusing on targeted customers (20-30 years, multilingual customers) through advertisement. The advertisements can be done through direct mail campaigns, trade shows, catalogs, magazines and targeted search engine marketing (Tandon & Singh, 2014). Since many customers might be living in rural areas, so connecting with them is critically important. MCU can utilize malls, multiplexes, events, targeted leaflet drop, intelligence based telemarketing and sports organizations for connecting with youth with multilingual approach. Moreover, seminars can be organized for answering questions of customers with different languages and for spreading awareness about offering 24 hrs customer services in different languages. 
  • Sales Promotion
    It is a short term incentive offered by brands for encouraging trial or usage of the services/products (Keller, 2008). The sales promotions can be related to consumers (offered to brand’s consumers) and trade (motivating distribution channels). This allows firms to gain brand equity and increase quality perception in customer’s mind. MCU can team up with trade partners for attracting promotions for the customers (Keller, 2008). The trade partners like WalterFedy, Enbridge, MTE, Laurier, EY, MBOT and Air Canada. From personal loans and mortgaging services, the promotion will be limited to gift vouchers; cash back opportunities and decrease in interest rates.  
  • Internet Marketing
    Internet has dramatically changed the process of communication between businesses and customers. Internet marketing is the way with which the brands can market and sell their products/services while building customer relationship over the internet (Kotler & Armstrong, 2010). Internet tools like websites, social media and search engine marketing can be utilized for enhancing relationship with customers, spreading awareness of the services/products and capturing customers’ attention.
    MCU can utilize internet marketing by logically structuring the website for providing all necessary information about banking services. Furthermore, for attracting “college and university students, part-time or full-time workers who speak multiple languages and cannot speak English properly and are aged between 20-30 years” social networking sites including Facebook and Twitter would be used. The Facebook functions will be utilized as a direct channel for connecting with customers where their queries can be answered in efficient manner. Multilingual customer services will be offered and marketed through social networking sites including Facebook and Twitter.

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