Advertising, sales promotion, personal selling, public relations, and direct marketing comprise the promotion mix. These type of tools is used to communicate customer value and build customer relationships persuasively. With the correct blend of the promotional mix being used effectively,
The team’s overall objective is to enhance the company’s performance goals while keeping cost low. First, the team will focus on ways to increase market shares. Increasing market shares will aid in the company in obtaining new and keeping current customers. This will mean branding Allround with stronger and more effective advertising messages. Advertising is the number one factor when communicating to customers informing them about the brands available and the variety of products offered to them (MSG.com).
If a brand has a good reputation, customers and businesses, are more likely to purchase that brand. Examples include logos and packaging. (B2B and B2C Similarities and Differences , n.d.) These need to capture the attention of their customers because businesses have competition and therefore need to stand out. Marketing strategies may differ between B2B’s and B2C’s. B2C transactions are likely to use marketing such as advertising, direct and Internet selling to market their products and services.
Modifying a product in the existing market by changing its outlook, improving both its quality and performance, will create a more appealing product in the market (Maria, Grandinetti, & Bernardo, 2012, p. 73). This will attract more customers into buying the product, therefore, increasing the company’s sales. Apart from that, market development is another marketing strategy in the Ansoff matrix. This involves the company venturing into new markets to increase its client base. Opening up different branches at different locations will enable the company to reach new customers in areas that the product was not available.
Segmentation, Targeting and positioning, also known as STP are an essential part in marketing today. This model is important for generating marketing communication strategies and it aids the marketers to prioritize schemes and deliver personalized and pertinent messages to diverse audiences. This approach is audience oriented rather than product focused in terms of communication, which results in conveying appropriate messages to the members who are more commercially appealing. Segmentation benefits the managers in finding out the area on which they have to concentrate on in terms of geography, demographics, social factors or behaviors. Targeting is the next step after segmentation and requires that the needs of the target market are met.
In addition companies need to deliver their products while keeping cost effectiveness in consideration. If they understand the perceived benefits of their target audience and are able to engage with them on a personal level, they can attain customer satisfaction and ultimately can have increased sales. In conclusion, conveying Unique Value proposition clearly to the customers could be a complete win/win for any business. Brand equity Formal Definition: The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Alternative Definition: Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.
This viral quality is appealing to those in the business world, while users spread the word for their sites. This is a great outlet for marketers to receive self- promotion in having their services and products advertised with ease. However, companies indulging in such marketing tactics should be aware of the legal issues in order to protect themselves from liability risks, such as trademark and copy issues. (Steinman and Hawkins, Pg. 2) “We are no longer in control of the media, the news, or the advertising, but our customers are.” (Safko and Brake, pg.671) This quote from The Social Media Bible demonstrates how powerful of a tool social media has become in the advertising world.
The Journal of World Business article states there are disintegration-related advantages, location-specific advantages and externalization advantages (Kedia & Mukherjee, 2009). Disintegration-related advantages relate to the advantages that allow a company to focus on its core competencies by offshoring and modularity advantages. They allow the company to focus on innovation. They can do that by reallocating resources which can be benefitted by better quality of services and products. Offshoring a part of a company’s value chain can lead to modularity benefits of greater flexibility, speed and cost reductions.
An advertisement that usually seen on the internet are also considered as digital advertising (Sugget, 2015). It is the main source of revenue for the internet as it entertains consumers to utilize their marketing products. More marketers tend to make innovations in advertising. From interactive advertising to digital adverting, economist find more efficiency and effectiveness through digital advertising. Because of innovation of technology, people were to get involved to the changes in modernization.