MKT Unit 3 IP Research Paper Example | Topics and Well Written Essays - 2000 words

MKT Unit 3 IP - research Paper ExampleOrganization which can adapt itself with the changing business needs and scenarios are in a greater position to remain sustainable and competitive in the long term. The rise of engineering has transformed the global markets in to a single connected entity. As businesses around the world function in cross border transactions with individuals and new(prenominal) business entities, the issue of security in online monetary transactions has gained high importance. This project introduces a new online output, which belongs to the online transaction market. This new product will take heed to resolve consumer issues faced in regards to existence of high service charges as nearly as take of security and confidentiality provided by the online transaction service provider. Introduction The world of business today has undergone a world-shaking amount of change as compared to the early decades. Due to the rise of technology and internet, the extent o f doing business for organizations as headspring as individuals comprises of assorted markets around the world. In the circumstance of engaging business in various(a) markets, the individuals and organizations has to engage in online transfer of high value transactions. As of the recent times, the financial options that are operational to facilitate the online money transfer has some strong drawbacks in regards to the financial cap allowed as well as the application of high service charges. ... n as well as effective desegregation of the various elements of the promotion mix like advertising, public relations, personal selling, direct marketing with the multiple other elements of the marketing mix of the brand like product, place and price (Shimp, 2013, p. 12). It is important to remember that in the context of integrated marketing communicating, the AIDA concept holds tremendous importance. The AIDA framework talks about generating awareness, interest, desire and action from the consumers. The various elements of the communication mix like advertising, direct marketing, sales promotion, public relations campaign as well as personal selling helps the marketer in implementing the AIDA concept for the purpose of value communication of their product or service. In the course of discussing the aspects of integrated marketing communications, each of the elements will be explained in expand while weighing their respective pros and cons. Advertising Advertising is a paid and mediated form of communication which originates from a reliable and identifiable source, whose responsibility comprises of generating consumer interest or consumer action in regards to the value offered through and through the product or service (Shimp, 2010, p. 182). Advertising in the modern day world can go along through the traditional channels like the print and electronic media as well as through the digitized channels like the internet and online social media. Since the channels o f advertising have become diversified in nature with the advancement of technology, so the advantages and disadvantages of advertising has to be evaluated in a separate case by case basis. While judging the advantage of traditional channels like the print and electronic media, the instrument of geographical selection, content