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

MKT Unit 3 IP - Research Paper Example Organization 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 technology has transformed the global markets in to a single connected entity. As businesses around the world engage in cross border transactions with individuals and other business entities, the issue of security in online financial transactions has gained high importance. This project introduces a new online product, which belongs to the online transaction market. This new product will try to resolve consumer issues faced in regards to existence of high service charges as well as level of security and confidentiality provided by the online transaction service provider. Introduction The world of business today has undergone a significant amount of change as compared to the early decades. Due to the rise of technology and internet, the extent of doing business for organizations as well as individuals comprises of various markets around the world. In the context of engaging business in various 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 available 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 integration 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 communication, 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 details while weighing their respective pros and cons. Advertising Advertising is a paid and mediat ed 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 the product or service (Shimp, 2010, p. 182). Advertising in the modern day world can happen 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 of 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 factor of geographical selection, content