Introduction
An integrated marketing plan for MBA Foresights can rely on social media, traditional media, and emerging communication methods of internet bots to increase consumer reach. MBA Foresight’s reliance on integrated marketing communication (IMC) reduces advertisement and product placement fixed overheads hence gaining competitive advantage in local and international markets. An integrated marketing plan relies on market segmentation techniques to understand and exploit consumer trends in a Hyperconnected world. Moreover, understanding the implications of an integrated marketing plan on echoverse offers business clues of mitigating loss of brand visibility and prestige due to corporate inefficiencies. The focus of this paper is on a comprehensive market communications strategy that relies on an integrated marketing plan, evaluating market segmentation techniques, and assessing challenges of MBA Foresights in a Hyperconnected world.
Hyperconnected world alludes to focusing on diverse characteristics of consumers in online markets (Swaminathan et al., 2020). For example, technological advances have brought together varying nationalities in liking sports organizations through social media groups. Individual characteristics of the sports fans in a hyperconnected world could be Muslim and Jewish fans, manifesting diversity of online communities. Moreover, technological advances have shifted ownership of resources and claims to intellectual property leading to a complicated and sensitive hyperconnected world. MBA Foresight’s reliance on integrated marketing communication (IMC) reduces advertisement and product placement fixed overheads hence gaining competitive advantage in local and international markets. Single ownership as an attribute of a hyperconnected world is by having a car but leads to shared ownership through transportation applications such as Uber (Keller, 2020). Extending single ownership to shared ownership has implications on costs and responsibility, requiring marketers to be able to distinguish between the two groups.
In a hyperconnected world, there exists heightened access to data and information about products. As such, consumers may be targeted by multiple products that fulfill the same function, and marketing differentiation techniques could attract adequate demand (Hewett, Rand, Rust, & Van Heerde, 2016). A hyperconnected world has the potential to cocreate brand meanings, such as common perceptions of products through online media. In the process of online interactions, consumers may develop similar perceptions of a product, such as efficiency compared to a competitor’s brand. For example, consumers tend to add superficial functions to a product despite lacking such functionalities in practice. MBA Foresight’s reliance on integrated marketing communication (IMC) reduces advertisement and product placement fixed overheads hence gaining competitive advantage in local and international markets. In the age of the hyperconnected world, a marketing plan could rely on platform brands such as Airbnb that manifest shared ownership (Batra, & Keller, 2016). Platform brands are useful in advertisement using direct-to-consumer avenues, including face to face communication. Platform brands also improve the participation of consumers in the process of developing brand visibility by offering positive reviews.
Direct-to-consumer brands also exist in the hyperconnected world through online channels such as Warby Parker, thus requiring no intermediates in between (Keller, 2020). Marketers seeking to rely on hyperconnected world products could design targeted marketing that is product-oriented compared to organizational orientation seeking to improve the visibility of a brand. An integrated marketing plan relies on market segmentation techniques to understand and exploit consumer trends in a Hyperconnected world. Smart brands that a firm could utilize is Google while seeking to entice consumers in a hyperconnected world. Gaining significant consumer traffic in online sales entails partnering with smart brands that offer firms with digital marketing techniques. For instance, through Google, potential 3D printing firms can list their products, and increase the visibility of services in the broader market compared to traditional marketing media of tv and emails.
Improving consumer traffic in the hyperconnected world is increasing collaborations with idea brands such as MeToo despite the association with the potential to break individual careers. Gaining online support is by observing social norms and etiquette, including women’s dignity and social sustainability (Keller, 2020). In a movement such as MeToo, marketers can exploit idea brands as sources of networking and improving brand visibility by participating in online interactions. However, the media and advertisement team ought to maintain political and social neutrality in the process of avoiding offending particular groups.
Person brands contribute to the hyperconnected world through platforms such as individual marketers, including Kim Kardashian.
Market segmentation is essential in modern businesses since it encourages the efficient targeting of potential demand. For instance, a 3D printing company such as MBA Foresights that seeks to target customers in the jewelry sector could utilize media channels that correlate with high-end products (Batra, & Keller, 2016). A firm’s communications have the potential to influence more than 50% of consumer perceptions and demand in a hyperconnected world, thereby critical to the success or survival of a competitive firm. A firm’s communications through the traditional media carry a 46% of the influence on consumer loyalty and ability that are determinants of organizational success (Hewett, Rand, Rust, & Van Heerde, 2016). Reliance on the magazine and monthly reports that recommend high quality and value jewelry as a market segmentation tactic. The ability of the firm to reflect high-quality product characteristics could communicate through magazines, improving consumer confidence.
Targeting unique characteristics of consumers online include groups in social media and student associations. Unique features also entail common patterns of being present in real-time in online chats (Keller, 2020). For instance, targeting online consumers after work in the evening could gather more significant traffic compared to early in the morning. Segmentation is an effective marketing campaign as it reduces the cost of targeting broader traffic of potential consumers. A case in point is sending a tweet through social media at virtually no cost, compared to placing an advert in traditional media that could cost thousands of dollars. A reduction in price also attributes to net returns compared to the reach of the advertisement (Swaminathan et al. 2020). Having a reach of 10000 consumers within an hour compared to using television adverts that could reach the same populations in a day.
Geographical segmentation allows a firm to identify opportunities in a market. Through consumer segmentation, a firm can observe macroeconomic influences such as the influence of family members on the consumption behavior of an individual. Since segmentation offers basic models of finding consumer tendencies, firms could exploit patterns and offering targeted marketing (Batra, & Keller, 2016). Geographically segmenting consumers online is a tricky and problematic concept. Due to the decentralization of consumer communities online, firms have a wider market to sell their products at reduced marginal costs. As such, segmentation tactics focus on group behavior of consumers, such as on Facebook groups that offer common consumption patterns. Internet bots, as a form of integrated marketing, perform tasks such as managing a company tweets and calming things in echoverse due to the proliferation of spiral news concerning MBA Foresights (Keller, 2020). Seeking to identify individual patterns is difficult. Hence marketers exploit typical designs such as schools, being in similar religious groups, and drinking buddies.
Geographically segmenting consumers could take place on a large scale, such as American students on Facebook and Twitter. As such, dominant firms design messages and online profiles that target group behaviors compared to individual attributes such as friends on Facebook and Instagram. Geographically segmenting for products also attributes to a list of countries, such as continental associations (Swaminathan et al. 2020). Newer online media such as internet bots are reliable in forming an integrated marketing plan. Internet bots and social media influencers tend to spread a firm’s visibility on the echoverse leading to dominance in local and international markets. MBA Foresights targets European students in purchasing 3D printing products while limiting the availability of similar products to American and Asian consumer populations.
The benefits of geographically segmenting are centralizing messages and online platforms, such as the distribution of 3D printing products from a specific factory in the European Union. Geographically segmenting, on a large scale is inherent in exploiting consumer stereotypes that could reduce the effectiveness of online marketing (Batra, & Keller, 2016). A firm’s communications through the traditional media carry 46% of the influence on consumer loyalty and ability that are determinants of organizational success. Among countries with language differences, large scale geographically segmenting may be ineffective, thus resorting to traditional advertisement techniques.
Demographically segmenting markets by age is focusing on consumer patterns by age. Social media requires users to specify their ages, thus gaining avenues of predicting peer influences. For instance, a young mother in her 20s could be exploited with child toys and clothing since it is the general age of starting families (Swaminathan et al. 2020). A firm’s communications have the potential to influence more than 50% of consumer perceptions and demand in a hyperconnected world, thereby critical to the success or survival of a competitive firm. Among student populations, 3D printing firms could offer specific promotions that appeal to adolescent attributes and preferences. In return, firms avoid wastages of resources and allocating extra raw materials for other markets. In countries such as China with more significant populations of specific age groups, mass production strategies appear to be saving on marginal costs and reducing design costs (Batra, & Keller, 2016) as such china has the potential to minimize wastages associated with demographic patterns, thus appealing to international producers.
Demographically segmenting by gender has the widest categorization of line consumers since males and females consist of primary genders. Transgender communities are emerging due to reducing stigma and victimization of vulnerable groups in online communities (Batra, & Keller, 2016). Demographically segmenting by gender is easier on social media. Through facial recognition, gender-sensitive content could be sourced from the consumer, such as patient medical history, while applying for automobile insurance. 3D printing firms may use demand numbers in predicting gender rations in production for particular products such as clothing that maybe not unisex. An integrated marketing plan for MBA Foresights can rely on social media, traditional media, and emerging communication methods of internet bots to increase consumer reach. For products that appeal to both genders, firms could generalize advertisement media and information (Swaminathan et al., 2020). Demographically segmenting through gender entails constructing different website colors and themes that appeal to women and geometric patterns that appeal to male audiences as such firms have a greater potential of sustaining consumer attention through demographical segmentation.
Psychographical segmenting consumers is by social class, including immediate neighbors and location in urban centers. The cost of products is determined by social attributes such as a high population leading to an increase in prices. Alternatively, the value of commodities may attribute to social class influences, including binge purchases and status symbols (Keller, 2020). Inline marketing techniques ought to observe social influences and to exploit psychological implications on consumer behavior. Psychographical segmenting could observe individual likes and patterns on social media feed and understand personality attributes that determine consumption. For instance, a consumer with a penchant for alcoholic business may indicate being a substance user, and firms could design advertisements to entice such individuals.
Psychographical segmenting focuses on lifestyle and personality elements, such as being introverted. For introverted individuals, using group patterns may not be appropriate, since lone individuals do not conform easily (Swaminathan et al. 2020). Psychographical segmenting through online channels could be invasive of consumer privacy and confidentiality since the source of data may lack approval by owners. An integrated marketing plan for MBA Foresights can rely on social media, traditional media, and emerging communication methods of internet bots to increase consumer reach. Ethics are of priority while conducting Psychographical segmentation models to avoid exploitation of consumer vulnerabilities and personality disorders. For example, targeting overweight women with messages of managing their appearance could lead to fraud by focusing on social stereotypes that may affect consumer’s self-esteem (Keller, 2020). Psychographical segmenting by personalities is efficient on an individual basis compared to group activities, due to family and genetic influences. A student may wish to own a flashy leather jacket while the immediate family considers extravagance as immoral and unnecessary, thus limiting consumer behavior. Behavioral segmentation alludes to factors such as life cycle consumption. For example, the seasonality of products influences consumer options and preference for substitutes.
A hyperconnected world has evolved the way consumers interact with dominant products in the local and international markets through online platforms. By increasing modes of advertisement such as through personal and idea brands, the level of competition has increased, causing forms to engage in product differentiation techniques (Hewett, Rand, Rust, & Van Heerde, 2016). By having consumers take selfies and post through an online platform, products are becoming a part of mainstream life and determinants of social identity. Famous footballers are often associated with particular brands, hence becoming a form of individual lifestyles. A firm’s perspective is also reflected in a hyperconnected world, such as the association of products with high prices and quality. As such, the marketing team ought to consider the effect a firm’s perspective has on finished products and the potential of consumers to identify with the brand. Products that are perceived as status symbols may attract a prestigious annotation to a particular product, leading to its success or failure in international markets.
A strategic approach in enhancing communication tactics by a firm includes using brand identity to improve consumer loyalty. By being brand-oriented, a firm focuses communications on portraying the brand as reliable and quality and increasing integrated marketing communication (IMC) programs for the firm (Batra, & Keller, 2016). For a firm to succeed, a reliable marketing communication plan ought to be consistent. Consistency refers to designing an effective message that resources across echoverse and social media platforms. For instance, while targeting at 3D printing consumers, the firm could devise a message that informs of available product promotions and sale discounts. Alternatively, the firm may inform consumers on formal integrated marketing channels to avoid fraud in local and international markets.
A consistent IMC program relies on a robust financial approach and backing to inform consumers of corporate confidence and potential to compete with a rival in the industry (Batra, & Keller, 2016). Moreover, an integrated marketing plan offers consumers ways to track company performance in stock markets and the value of assets in the firms to increase transparency and consumer confidence. Engaging the consumer perspective in terms of reflecting states and preferences is a form of consistency in marketing communication as it increases identity with the brand. An economic approach is the reduction of costs while communicating in social media and emerging online platforms that offer wider channels of communicating with consumers.
Complementarity in integrated marketing refers to targeting different products and avenues of communicating organizational goals in products (Batra, & Keller, 2016). For instance, multiproduct marketing is utilizing a similar message for different products to increase corporate awareness. For example, 3D printing in the sale of 3D printing technologies could use the same message while targeting cosmetic, automobile, and consumer electronic demand, hence increasing brand visibility. Moreover, MBA Foresights could rely on launching a new product that makes it easier to communicate with targeted and defined categories. Complementarity also manifests through integrating marketing efforts and resources hence reducing duplication of roles leading to increased costs of advertising and communication (Batra, & Keller, 2016). Complementarity is effective and valuable across diverse audiences since consumers tend to purchase more than one product from a single retailer or producer. Furthermore, complementarity has a significant impact while integrated into traditional media 50%.
Cross-effects in integrated marketing refers to the impact of using different media and techniques in advertising a single product. Cross effects occur, such as placing adverts on television, print media, and in social media that constitute different integrated marketing techniques (Batra, & Keller, 2016). Gauging the Cross-effects from consumer sentiment has the potential to increase customer care by 40% since MBA Foresights relies on feedback to rate products and services. Cross-effects of MBA Foresights could be exploited online since the WOM is over 30% leading to a wider advertisement reach while using the same messages. As such, cross-effects and integrated marketing have the potential to improve business outcomes, 60% leading to increases profits and market share. Cross-effects is a significant contributor to organizational advantage in detecting bad and negative news in echoverse (Keller, 2020). Thereby cross-effects can offer a business method of improving consumer care and preventing the proliferation of Bad news and spiral tweets on echoverse and social media that erode brand prestige. Negative news tends to spread at a fast rate as Cross-effects indicate compared to promotional messages that a firm utilizes through integrated marketing.
Newer online media such as internet bots are reliable in forming an integrated marketing plan. Internet bots and social media influencers tend to spread a firm’s visibility on the echoverse leading to dominance in local and international markets (Hewett, Rand, Rust, & Van Heerde, 2016). Internet bots as a form of integrated marketing, perform tasks such as managing a company tweets and calming things in echoverse due to proliferation of spiral news concerning MBA Foresights.
Echoverse refers to a combination of consumer sentiments and online discussions on the suitability and performance of a product. Echoverse is essential in developing a marketing plan since firms have to accommodate consumer feedback in the process of product design and development (Batra, & Keller, 2016). Since echoverse utilizes consumer to gauge the extent of brand loyalty in local and international markets, too much negative feedback could be an indication of future shortage in demand and emergence of a going concern.
The sentiment that could be negative indicates poor marketing techniques such as product differentiation and inferior quality in products, leading to lower sales and organizational revenues. To counter negative echoverse, firms allocate additional customer relations to browse social media seeking to change the perception of consumers on brand and product functionality (Hewett, Rand, Rust, & Van Heerde, 2016). In dominant firms such as MBA Foresights, competitive strategies are developing tactics of countering inferior product and brand image. Countering negative consumers on echoverse is through offering potential clients product discounts and after-sale services hence improving consumer loyalty. Echoverse indicates that the nature of a firm’s communications has the potential to determine consumer demand and loyalty on dominant products. For instance, a lack of engaging consumers online by a firm’s digital team could result in inadequate responses on complaints leading to products and services that do not fulfill consumer states and preferences. A firms communication strategy such a geographical segmentation
Conclusion
An integrated marketing plan for MBA Foresights relies on market segmentation techniques to understand and exploit consumer trends in a Hyperconnected world. An MBA Foresights communications plan has the potential to influence more than 50% of consumer perceptions and demand in a hyperconnected world thereby critical to the success or survival of a competitive firm. A firm’s communications through the traditional media carry 46% of the influence on consumer loyalty and ability that are determinants of organizational success. Targeting unique characteristics of consumers online include groups in social media and student associations. Geographically segmenting consumers online is a tricky and problematic concept. Due to the decentralization of consumer communities online. The benefits of geographically segmenting for MBA Foresights is centralizing messages and online platforms, such as the distribution of 3D printing products from a specific factory in the European Union.