Integrated study on marketing and advertising part 1November 24th, 2019
Marketing Strategy: This section outlines the strategies needed to achieve corporate and institutional objectives and favors the target market segments on which the company will focus. Developing a marketing strategy with specific objectives begins with a study of the target market
To study the target market, you should consider potential clients in the following ways: Population characteristics: The data collected by the statistical office include: age, gender, income, level of education, marital status, family size, home ownership, professions and similar characteristics. Lifestyle: This includes values and attitudes that affect customer needs and purchasing decisions Use of Media: Patterns that may help you find your target customers through the media. Buying characteristics: Your best customers buy what you already sell or they reach the customer indirectly like a child whose parents buy candy. Geographical location: The place where the customers live in the city, the suburb.The Four Marketing Elements 4P.s is the most important building blocks for marketing. Products: Products Identify through the brainstorming products and services provided by the institution, and then classified in special lists. Price: Discuss pricing policies in telecom organizations. Place: This item deals with questions: where and how you can make products and services available to customers (distribution). Promotion: This component analyzes how the benefits of products and services are delivered and how customers are attracted to purchase them.
Sales promotion: This term includes many aspects that focus mainly on the activation of the sales process, including the offer of price reductions, whether explicit or implicit, and we can note here that the announcement of the Quito tablets to repel the law, the sale of a package of 36 tablets at the same price that was sold Thirty tablets. As well as announcements of Ariel and Mage chicken soup, etc. Also includes the term activities such as installment sale, or that mention that the expert beauty will be located in a specific place and date to answer clients' questions In the field of industrial marketing, this term means all activities directed to support the efforts of salesmen In the field of marketing consumer goods, this term may include all activities that stimulate the purchase such as: price discounts, gifts, larger packages sold at the price of smaller packages, and all activities that drive the consumer to buy more, or encourage salesmen or brokers to make more Of sales Promoting is one of the most important elements of marketing success.Promotion Definition: Promotional activity is defined as (a marketing communication activity aimed at informing, persuading or reminding individuals of acceptance, repurchase, recommendation or use of a product, service, idea or organization) Models that can be used to determine the stages of impact at the individual level: We said that there are two models explain the stages experienced by the individual in the process of responding to the promotion activity, and the first model is called AIDA model The second model is called the Hierachy- of - Effect model
First AIDA Model: This model has given its name from the first abbreviations that reflect the response stages. According to this model, the individual goes through four basic stages, namely Stir the individual 's attention to the object of promotion Create a high degree of individual interest in the object of interest. Creating the desire of the individual to get the object promoted. Action by the individual towards the object in question.
Hierarchy- of Effect: This model, presented by Steiner and Lavage in 1961, is more detailed and illustrative of the stages experienced by the individual during the response activities of the promotion activity of the AIDA model (Lavidge and steiner). The stage of introducing the individual to the existence of the object being promoted Knowledge Stage. Stage of admiration of the individual object promoted Liking. The individual preference stage of the object being promoted. The individual's inclination and willingness to accept the object of promotion. The stage of conduct and acceptance (purchase) of the object of promotion Purchase.
According to Rogers' 1983 model, the process of accepting new products is not done simultaneously by all members of society. Some individuals accept these products as soon as they appear in the market and influence others, while in contrast there are those who reject the idea of accepting new products at all. Their acceptance of the new product into five basic groups:
Innovators (2.5%) are the first to buy and acquire new products in the community. Early Adopters (13.5%): This group of individuals is considered Opinion Leaders and these individuals are usually young, and always moving and moving from one place to another, and more able to theoretical analysis and imagination of other groups after them on the trend. Early Majority (34%): This group represents those individuals who avoid exposure to risk, wait for the volatile group early, observe their experience with the new product or service, and these individuals are significantly influenced by opinion leaders in the previous group.
These individuals are characterized by their demand for a lot of information, and are constantly connected to mass communication, salesmen, and opinion leaders in the community Late Majority (34%): These individuals are characterized by skepticism, hesitation and extreme reservation about the acceptance of new products, usually these individuals are elderly, and are committed to a fixed line of thought and therefore less influence leaders opinion, and these individuals are required to accept new ideas severe pressure Of society and those around them in their social lives.
Laggards (16%) are those individuals who prefer to continue to deal with old things and have a strong suspicion and suspicion about all serious ideas. Social minimum and low income3. Conditions for new promotion objectives There are a number of conditions that should be met in the promotion objectives in order to be good targets, the most important of these are the following The target should be directed to a specific market segment. The target should reflect in specific terms what is required from the promotional activity. The goal is expressed in quantitative terms (eg percentage) Specify the time range within which the target will be achieved. Objectives are set at a level that FAO can achieve. These objectives should be integrated with those of other marketing mix elements such as product, price, and distribution.
Factors affecting the promotion strategy: The nature of the product and the market for this product. Also, the promotion of furniture or the promotion of weapons or safe services is incompatible and promote the business of banks. The stage of the life cycle of the commodity, advertising is very necessary and also very expensive if the commodity is in the stage of development or growth in order to maximize the market share of the product in a growing market, as well as the announcement at the beginning of the emergence of a new product is expensive to identify this product, and the advertiser has to wait a long time has Extends for years to harvest the result of this announcement.
The nature of the buying process affects the relative importance of intermediaries and how the consumer buys the commodity. Competitors' promotional activities should be reviewed and evaluated instead of making a simple decision to follow a leading competitor or follow a special policy.
Factors affecting the choice of promotional mix: The size of your promotion budget. The stage in which the product is in its life cycle. The nature of the competition. Type of consumer. Nature of the product. Target stage in AIDA model.
Promotional means: The type of promotional campaign you choose - what the advertising industry calls a promotional medium - is the method you use for packaging incentives. - Reducing sales prices - Coupons - Samples - Cashback - Awards - Games, competitions - Events