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Introduction  Concepts of IMC When all marketing practices, resources and tools are used (for an organisation) in an integrated manner affect the minds of customers at a maximum level along with maximising the organisational profit al minimal cost, it is called Integrated marketing communication. In general, marketing begins with “Marketing Mix”.  Marketing communication or promotion is one of the elements of the Marketing Mix. Advertising using different media, personal selling sales promotions (sales and trade promotion), sponsorship marketing, database marketing, public relation, direct marketing and internet marketing are the activities included in the promotion.  So, integrated marketing communication is the integration of all these tools with other marketing mix elements in order to get a competitive advantage. 'Integrated Promotion Mix' is the other term used broadly to Integrated Marketing Communication (IMC).  In conventional marketing, different pro...

Meaning of Strategic Alliance  Image Source - Google | Image by - https://blogs.kent.ac.uk A Strategic Alliance is a formal relationship between two or more parties to pursue a set of agreed-upon goals or to meet a critical business need while remaining independent organizations. During the past decade, companies in all types of industries and in all parts of the world have elected to form strategic alliances and partnerships to complement their own strategic initiatives and strengthen their competitiveness in domestic and international markets. This is an about-face from times past, when the vast majority of companies were content to go it alone, confident that they already had or could independently develop whatever resources and knowhow were needed to be successful in their markets. But the globalization of the world economy, revolutionary advances in technology across a broad front, and untapped opportunities in national markets in Asia, Latin America, and Europe th...

Introductions Strategic Decision Making Meaning and Definition of Strategic Decision Making The act of selecting between two or more options is known as a decision. A strategic decision is a chosen alternative which influences the major factors that decide whether the organisation's strategy is successful or not. In contrast, a tactical decision influences the daily execution of steps involved in the attainment of organisational strategic goals. Strategic decisions are defined as the decisions which are related to the entire working environment where the firm operates its resources, the people who form the firm and the relationship between the two. The process of choosing the best alternative from the prevailing conditions for making the decisions which provide long-term impact on the organisational performance is referred to as "strategic decision-making”. For example, the development of a new product or replacing old machines with new ones to improve the product or servi...

Introduction Strategic Retail Planning The vision and mission of a retail organization can be determined with the help of a retailing strategy. It is an organized plan with the help of which retailers can manage competitive, technological and even international movements. In the context of retailing, the concept of strategic management is not old. Traditionally, retailers only responded to the changes taking place in the business environment. But, these changes are occurring in the technological environment as well as in the tastes and preferences of consumers.  Capitalizing on the growth opportunities and taking actions at the correct time to overcome the possible threats of the business environment can be ensured with the help of a continuous and strategic SWOT analysis. Through retail strategy, an organization can ensure optimum use of resources leading to gaining sustainable competitive advantage. To win over the competitors, the retailer needs to define its speci...