Unit 2 Advertising And Promotion In Business Assignment Help
To introduce the products and services in the market, companies find advertising as the most essential tool. Advertising is beneficial in promoting the products which is beneficial for the organisations and behavior also for the customers as the advertisements make them aware about the products and services. The main purpose of Barclaycard to use the advertising campaigns is to make the consumers aware about the new products and services of Barclaycard and the main objective is to do the promotion of its products and services to enhance the sales of the products and services and to earn more revenue. This will create the brand image and will help the organisation to gain a competitive advantage in the market where new entrants are appearing. (socialenterprisesolutions, 2016)
The main functions of the advertising campaign of Barclaycard are:
- To create knowledge among the consumers about the products and services of Barclaycard
- To persuade the customers to use the products and services of Barclaycard
- To create a customer base and increase the customer loyalty for the products and services of Barclaycard
The role of advertising within the company’s marketing mix
Marketing mix refers to the four P’s which are product, price, promotion and place. The promotion contains advertising which helps in the promotion of the products and services and also helps in the other marketing mix elements. (Sunday & Bayode, 2011)
Role of Advertisement and Product: Advertisement plays a very essential role in the product element as it makes the customer aware about the product which helps the customer in buying the particular product. The customers need to be informed about the price, colour, features, size and brand of the product which, in turn will persuade them to make the purchase after determining the utility of the product. This can only possible through advertisement of the product. (Sindhu, 2011)
Role of Advertisement and Price: Price is the value which has to be paid by the customer to purchase the product and the prices are decided for the particular producer after considering its cost incurred its quality, value and the percentage of the profit margin which the company wants to take. High cost of the product will lead to high prices which will not be accepted by the customers at once but when they are explained the role and importance of the product through advertisements, they get convinced to buy the product and consume it.
Role of Advertisement and Place: Place refers to the area where the products are sold to the consumers. It can be a shop or outlet in the market. Advertisement makes people aware about the place where they will get the particular product and with the help of this Barclaycard can gain the knowledge about the possible markets and can expand its markets on the basis of demand of its products and services. (Rahmani, Mojaveri, & Allahbakhsh, 2012)
Role of Advertisement and Promotion: Promotion is the set of activities which are focussed on communicating the products or services of the particular brand to the customers and to attract and persuade them to buy the products and services. Advertisement is one of the activities of promotion which makes people aware about the products and services and focuses on building awareness about the brand in the market.
Characteristics of different media
Television media: television media is beneficial for approaching large no of customers and the visual advertisement creates a long term impact on the customers but it involves a high cost to the manufacturer.
Radio advertisement: Radio advertising media is beneficial as it supports the other advertising mediums and the changes can be made in the script of advertisement according to the target audience. For e.g. advertisement in different regions can be broadcasted in different languages but it does not reach large no of people as people do not listen radio advertisements with attention. (Kanagal, 2014)
Print media: print media advertisements are useful as they are attractive and capture the attention of the readers but it does not cover many customers as not everyone read magazines, newspapers or pamphlets.
Different types of advertisemnet media
Direct mail advertisement: Direct mail advertising is very beneficial in today’s environment as the mails can be directly sent to the targeted customers and it also involves less cost.
After evaluating all the media of advertisements, television media and the direct mail advertisement is selected for Barclaycard as these are the most beneficial ones which can cover large no of people and the target customers can be persuaded easily with the help of direct mails sent to them exclusively. (Firebrand, 2013)
Branding refers to the term, name, logo, colour, etc. which gives a differentiated identity to the product or service. It attracts the customers and helps the company to gain loyal customers. There are many benefits of branding to Barclaycard, which are:
- Barclaycard can regain its goodwill in the market through branding.
- Barclaycard can gain the trust of the customers with the help of branding.
- Barclaycard can differentiate its products from other companies which will also help the customers to identify the products of Barclays
- Barclaycard can place the image of the brand in the mind of the consumers(Hackley & Hackely, 2014)
Dimensions of Branding
Differentdimensions of Branding are:
- Brand community- It is entirely different concept where the brand is designed to interact with the customers and to deliver the promise made to the customers.
- Brand Culture- Brand culture fosters within the organisation and it strives to fulfil the vision of the organisation.
- Brand Experience- Brand experience is the customers experience with the usage of the product or service. It is a broad concept which is related to the direct and indirect contact with the customer from time to time.
- Brand Communication- Here, the integrated marketing concept is used for making brand communication for displaying the features of the brand to the consumers.
- Brand Innovation- It means that the brand fosters the innovative concepts which are beneficial for the organisation which includes new products and services, advertisements, promotions, etc.(Belch & Belch, 2009)
Brand strategies to boost the brand image of Barclaycard are:
- Building theidentity: There should be a unique identity of the brand so that customers can easily recognize the brand among the various other brands.
- Develop brand name which motivates people: the branding of the products of Barclaycard should be such which motivates people and influence them.(Hampf & Lindberg, 2011)
Creative strategies are the ones which attract people faster than the traditional strategies as the creative strategies are innovative and different and it influence the customers which is beneficial for the organisation.
Strategy of Segmentation: the aspects of segmentation are:
- Demographic Segmentation
- Geographic Segmentation
- Behavioural Segmentation
- Psychographic Segmentation(Rahmani, Mojaveri, & Allahbakhsh, 2012)
Segmentation of the market of Barclaycard can be done on the basis of Demographic segmentation, on Income basis as the consumers of Barclaycard are the ones which comes in the higher income bracket.
Strategy of targeting- There are different targeting strategies which are given in the image below:
The undifferentiated target market strategy targets the whole market with a same strategy and differentiated targeting and business strategy adopts different strategies for different targets markets. Concentrated targeting strategy refers to the attention on a particular target market and in case of Barclaycard; the concentrated targeting strategy will be suitable as it targets a particular class of consumers.
Strategy of Positioning: Positioning strategies are helpful in positioning the brand name in the minds of the consumers. (Kanagal, 2014)
The sales are analysed for evaluating the effectiveness of the promotional campaign. For that purpose the sales before and after the campaign are compared and if the sales made after the advertisement campaign are more than the sales made before the advertisement campaign then it can be said that the advertisement and promotional campaign are effective.
To position the brand in the market, the agency will plan effective media for the promotion of Barclaycard so that the target audience will be influenced. The funds have to be allocated for the advertisements and promotion of the Barclaycard and its products through suitable media. (Altstiel & Grow, 2010) Order Now