An organization that wants to exchange its products or services in the marketplace should: ▪ make an analysis to find out first what are the opportunities ▪ who are the competitors
▪ select the market and identify them
▪ what market segmentation will choose
▪ what will be our market positioning
Let’s take the steps one by one:
1. Opportunities analysis: In this segment must be a careful analysis in the marketplace and find out if there is any demand or a need. It is more favorable to launch in the market an innovative product or a new fashion. 2. Competitors analysis: Moving on to the second segment the company have to make a competitive analysis to know who will be out competitors, in which stage they are and finally to know how we can deal with them more efficiently. There are several competitive advantages that we can achieve like low prices, high quality products, lowest production costs and much more.
After we evaluate the opportunities presented and we make a detailed competitive analysis we gradually move on to a target market selection. 3. Market segmentation: Has five main variables:
Our organization has selected one market segmentation. Demographic that has to do with gender which will be referred to men and age that will be between 18 to 27 years old.
Moving on, our firm will position in two categories:
▪ Positioning by product attitude and benefits which means to highlight a unique feature in our advertising. ▪ Positioning by product quality which means to highlight the quality of our product.
Channel decision involves selecting managing and motivating intermediaries such as whole sellers and retailers that help a firm to make its product available to customers. Like every product companies, we also choose to distribute our products through indirect channels that are networks of whole sellers and retailers that store and promote our products. Objective settings
1. Communication objectives: An advertising objective is a specific communication to be accomplished with a specific target audience during a specific period of time. Communication objectives are statement of various aspects of the IMC program. The communication process is a complex and often unsuccessful. The success depends, first, on the nature of the message, then to the communication channel used, to the receiver perception and the environment in which the message is received. Our goal is to create awareness, knowledge, preference and more gradually to convince consumers to make a purchase. Our advertising promotion will be informative in order to inform consumers about our new product. 2. Sales objectives: Objectives like sales must be realistic, measurable, attainable, specific, quantitable. Using the marginal analysis we increased sales up to a point and then stabilize it. Our sales objective is to increase sales and also to take a large shop in the market.
After we determine the advertising objectives we must set an advertising budget. Due to the fact that our objective is to increase sales, the budget method we decided to follow is the percentage of sales. In this method the advertising and promotion will be based on the sales of the product.
1. Message Strategy: The first step in creating effective advertising messages is to decide what general message will be communicated to consumers. More specific, the reason of advertising is to get target consumers to react to the product in a certain way. The advertising message will only succeed if our commercial gain attention and communicate well. However, in order to make a successful advertising strategy, our commercials need to be distinctive and unique. Also we must create the “big idea” which is the central thing of the...
Please join StudyMode to read the full document