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Assignment on Marketing Communication (pdf)

   

Added on  2021-04-24

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Running head: MARKETING COMMUNICATION Marketing CommunicationName of the studentUniversity nameAuthor’s note
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1MARKETING COMMUNICATION Introduction A communication plan in a business is a manner of connecting with the valuedstakeholders by giving them an insight regarding the different products and services. Acommunication plan needs to be transparent in nature and should contain all the effectivepolicies and guidelines. Here a communication plan has been designed for the METRO bankto announce the launch of two of its more branches in Greater London - one in Greenwichcity and the other in Bromley. The assignment will discuss in a nutshell the promotionalstrategy adopted by the bank for increasing its target customer base.Description of the target audience In this respect, the target customers of the METRO bank are the one settled across theGreenwich and Bromley city. Initially, the target customer group may be apprehensive toinvest with the bank owing to better investment options provided by surrounding local banks.Therefore, the trust within the target customer group needs to be building gradually. In thisrespect, most of the customers were ready to open an account with the METRO bank owingto its good repute and hassle free account opening procedures which allowed the customers tocomplete the account opening formalities with the bank within a day (O’Hern and Kahle2013).Explanation of the promotional mix theory Out of the four P’s of marketing mix, one P stands for promotional mix and covers theaspects of – advertising, public relations, personal selling, and sales promotion. Advertisingforms a very important part of a promotional plan. Therefore, effective advertising throughtelevision, news, audio and social media can help in reaching out to more number of targetcustomers. The powers of print and social media could be used for building of effectivepublic relations with its target customers (Paradi and Zhu 2013). Additionally, hosing ofpersonal web pages can help in selling the products and services directly to the customers.Promotional strategy of METRO bank The METRO bank used advertising strategies for reaching out to its target group ofcustomers. The various channels of advertising used by the METRO bank over here are printand social media. As commented by Messai and Jouini (2013), with more digital media
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2MARKETING COMMUNICATION inclusion there is more number of people online these days over a number of socialnetworking sites. Therefore, the METRO bank can pitch its products and services through itssocial media pages by directly pasting a link over there. Some of these could contain marketstatistics and data comparing the performance of the bank with a few of its competitors. Thus,the customers get justify their choices with logic.Justification of the chosen promotional channel The promotional channel chosen by METRO bank over here is social media as a largesize of audience could be connected at the same time worldwide with the use of suchmarketing media. Here, the communication could be modulated from an individual to largemass at the same time (Henry et al. 2013). The size of investment is less as the socialnetworking sites could be easily availed by each and everyone with the help of any low costSmartphone (Frias‐Aceituno et al. 2014). As supported by Finchet al.(2013), theavailability of social media in a number of different languages can make understanding easyfor a large customer section.Explanation of the key communication message The key message chosen for the communication plan is – “to inform the customersregarding the opening of branches of METRO bank in the Greenwich city and Bromley”.The communication message was written in a manner to give the target audience anidea about the business objective of the bank. The sole objective was to open more number ofbranches. However, some of the other exclusive features offered through the newly openedbraches will also be communicated through the message. For instance, some of the first comefirst serve customers would be given the facility of opening an account with as less as 5pounds (Grubel 2014).AIDA used to explain the METRO bank marketing theory Here, the AIDA model has been used to evaluate the manner in which the METRObank will achieve it promotional targets. The model have been further divided into –Attention, Interest, Desire, Action.Attention – The Metro bank would like to open two more branches in the greater London
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