This report discusses the promotional mix and activity of Foxtons company, a real estate agency in London. It covers their advertisement techniques, sales promotion, events, personal selling, direct marketing, and social media marketing. The report also explores the AIDA model and communication model used by the company.
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MARKETING
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Table of Contents INTRODUCTION...........................................................................................................................3 Background and Overview of Foxtons Company.......................................................................3 MAIN BODY..................................................................................................................................3 Task 1...............................................................................................................................................3 Promotional Mix and Activity of Company Foxtons..................................................................3 Task 2...............................................................................................................................................8 AIDA Model of Marketing..........................................................................................................8 Communication Model of Marketing........................................................................................10 CONCLUSION..............................................................................................................................13 REFERENCES................................................................................................................................1
INTRODUCTION Background and Overview of Foxtons Company Marketing is a tool through which every company communicate its value and strength to its customers. In present era, marketing is not as expensive as before because now everyone is using it for their business expansion and growth. So, in order to further understand marketing importance and its implementation & existence in the business the report will cover all the promotion mix or portfolio of Foxtons company. Foxtons is a real estate agency located in London offering the service related to residential property sales and letting services. Currently they have around 50 branches all over UK. The report will discuss the advertisement techniques followed by the company in order to communicate with its customers and make strong relations with them. The report will also cover the sales promotion, events, personal selling, direct marketing, interactive marketing and direct marketing methods and portfolio adopted and managed by the company (Conklin, Hyde and Parente, 2019). Further, the report will also state the platform the company used in order to launch various social media campaigns and word of mouth marketing. The report also state AIDA and communication model uses by the company and apply the same in the business to increase the customer base. For this, the report will also evaluate the effectiveness of promotion mix and portfolio used by the company in the form of social media platforms likes, shares, comments etc. With this example the report will help the other company and make them realize the importance of marketing in the business. MAIN BODY Task 1 Promotional Mix and Activity of Company Foxtons Advertisement
It is defined as a communication tool with the help of which any company can communicate their products and services to their customers along with build the brand awareness among them. The Foxtons uses the Facebook platform to launch advertising campaigns with the largest creative agency name M&S Saatchi. With this the company shows strong sales records after the campaigns goes viral. The company in order to attach with large number of existing and new customers also launches its various ads such as “Sell your home in London through Foxtons” on the Instagram, YouTube, Twitter, Pinterest platforms etc. The targeted audience of the company is UK public. Foxtons before launching any ads first set the goals and objectives, they expect from such an advertisement (Gornostaeva, Alekhina and Lazareva, 2017). The company posted various ads with the pictures of latest and modern design homes on their websites to receive the heavy traffic. Along with that the company also uses the traditional newspapers ads in order to attract the old groups of people as they use it more. The message of such an ads or campaign is proving the high-quality homes to the customers as per the internal design set by them. Public Relation and Publicity
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Publicity is an attention given to anyone and anything in order to either improve its existence and discourage its work. This is known as publicity campaigns. Foxtons is a company having a strong brand image in the eye of the UK public because of the product awareness news spread by the BBC news. Whenever the public need to buy or sell any house they must go for Foxton agency because they provide them best deal and also charge less commission as compared to other estate agency in UK. The company uses BBC media for improving public relation because public have belief on this media that they always provide true information to them (Cooper and Burrow, 2019). Before selecting any media, the company always make sure that they read all the new published and show by such media on their newspaper and channel respectively. Along with positive comment the various press that releases the fake information regarding the company that they offer less quality houses at high price and also charges high commission. But because of all time activeness of the company on social media, they convert this challenge into the opportunity for building public relations. Sales Promotion Sales promotion is the technique or can say investment through which the company can offer their products at low price than the normal price to the customers in order to boost sales of company. For example; Foxtons uses the discounts tactic at the time whenever they start selling homes and flats in new buildings in order to attract more and more customers. The company also uses the prize competition tactic with the help of which more people participate in the competitions in order to win prize. Company tries to make sure that the first prize involves high cash amount or may be luxurious items and vehicles. But on the other hand, they also put condition of home purchase (Riefa and Willett, 2018). As nowadays every individual wants that they have their own house so the Foxtons company in order to fulfil their needs provides them EMI facilities. By doing this and adopting sales promotion techniques the company reduces its risk and make more profit as compared to time when they do not use SP. It is also helpful for retaining existing customers. Events and Experience
The upcoming event of the Foxtons group plc. for the quarter 1 of the year 2021 will be conduct on 22/4/21 which include sales and revenue release. The company also launches various sustainability development events in order to make their customers believe that they follow all the provisions of use of natural resources. The company also follow the corporate social responsibility in order to improve both the company’s growth and society satisfaction. The purpose behind following the CSR by the company is to return back to the community (Constantinou and Fenton, 2017). With the help of events the company provides positive value to the society. For this purpose, Foxtons give donations to poor peoples, provide education benefits to illiterate children etc. This helps the company in achieving its goals and objective of increment in profitability and also provide the scope of business expansions all over the world. Personal Selling Personal selling is the technique and strategy with the help of which company improve its sales of product and services. For example; Foxtons uses its sales force to sale the home after meeting face-to-face with each customer. It is best suitable for the estate agency because every customer needs special treatment while purchasing home or flat. With the help of point-of-sale
merchandising the company pay high attention to the customers and Foxton uses it to make them feel special. Such an action encourages the retailers and estate agents to stock products and services from a range. The company uses the AIDAS theory of personal selling and by doing this understand their target customers and also identify their needs and preferences. The most crucial benefit the company enjoy by using this two-way-communication is immediate feedback from the customers regarding the quality and design of the houses (Rogerson and Selway, 2017). Direct Marketing The Foxtons company uses the direct marketing to connect with their ongoing clients via use of internet. For this the company uses the social sites and their own websites along with the direct mails to the clients. For posts, videos and mails the company use precise language and format which is easily understandable for the customers. They also make sure that the design of the images is clean and attractive which easily attract the customers mind and change the buying perception of the customers from no to yes. In order to launch direct market campaigns, the company always make sure that the buyers and sellers receive the sales-oriented contents along with the relevant information keeping in mind the client’s perceptions can change easily. Any content of the campaigns changes the mind of the clients for not purchase of house has been avoided by the management of the Foxtons (Foxton and et.al., 2019). The company also make surethattheirsalesforce doesnot go toopersonal withthe clientswhichmake them uncomfortable to share with the sales force. For this the company provides proper training and development sessions to the employees of the company. Social Media Marketing Nowadays, around 97% of the real estate agents uses the Facebook platform, 59% uses LinkedIn and 39% uses the Instagram to share their products and services and make a strong brand image. Same the case with the Foxtons, they earlier use Facebook platform more to launch the social media campaigns. But now in order to grab the opportunity and take the competitive advantage in the market and also to become number one among their all competitors they also keep them active on other platforms also. For this purpose, the company start a blog channel on the Instagram to share the designs, tips, advice and discounts offer. As SM platforms provide the feedback sections to all which help the clients in sharing their thoughts and also issues. And the company uses this as opportunity and try to reply back as soon as possible to win the trust of their clients (Livingstone, Fiorentino and Short, 2021).
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Task 2 AIDA Model of Marketing Meaning of Model AIDA is a model used by the company in order to track the customers journey of purchasing the products and services from the four steps. These four steps include awareness, interest, desire and action and known as the best marketing model to understand the needs and preferences of customers including their behaviour and buying pattern (Montazeribarforoushi, Keshavarzsaleh and Ramsøy, 2017). Ways through which Foxton apply AIDA model Foxtons company uses this model of marketing in order to make their customers realize that their quality and designs of the houses are way perfect then it seems. The company apply and followthesefourstepsdailyinordertoplanthemarketingcommunicationstrategy (Pashootanizadeh and Khalilian, 2018). The customers of the company go from this stage of
buying process to reach at the final purchase decision of whether to purchase a house from the Foxtons or not. Awareness:In this first stage, the company need to understand the perception of its customers which include whether they like expensive product with high quality or they like low-cost products irrespective of the quality. In the given case, Foxtons uses social media platforms such as Facebook, Instagram etc to advertise its houses with images and short videos and spread the brand awareness among the customers. For this company also launches various brand awareness campaigns (Pashootanizadeh and Khalilian, 2018). Interest:In the second stage, the company make sure that whatever the images and videos of the houses they share on the social media platforms must have valid and best quality content. In order to know the feedback of the customers the company uses the customer rating as a proof. In order to back up the reputation of the company, they use the likes, shares and comments on the post and videos as a proof and attract the customers by highlight them on social sites. Desire:In order to meet up the desire of the customers regarding the services related to residential property, they make an emotional connection with them. For this they ask them about their issues and problems and try to solve them via online chats. The another step the Foxton company adopt to meet the customer desire is immediate response to all the Twitter feeds and share their advices and tips to resolve the customers issues. Action:In this stage, the Foxtons company uses the all-social media platforms along with their own websites in order to connect with their customers when they need to take any purchase of residential property actions. The company also uses the email and inbound phone calls to engage with the customers in case if they do not find social sites comfortable to connect with them. Retention:For retaining the loyal customers with themselves, the Foxtons company uses various discounts, flash sales and coupon offers for their customers. For this the company also launches its offer on both online and offline platforms. Such as social sites for online offer and newspapers and holdings for offline offers to encourage their customers (Pashootanizadeh and Khalilian, 2018). Evaluation of effectiveness
With the daily use of hierarchical system of the AIDA model, the company can effectively understand the behaviour and buying pattern of the customers. The aim of this advertising model is to encourage the customers towards the company’s products and services. By applying this model in the marketing strategy, the Foxtons company formulated the attract attention, maintain interest and create desire of their customers towards the purchase and rent of residential property. By this the company can easily improve the decision-making process of each customers without putting much effort on them. This is also known as purchase funnel which help the company in improving the overall sale of houses in a year and the company are also able to retain its loyal customers with themselves (Gever and Olijo, 2017). With this model help the company modify the design of the houses according to the customers needs and preferences. Because of various brand awareness campaigns launch by the company is get successful as their presentation create a sense of desire in the mind of the customers who wants to buy house but because of non- availability of money they can’t. The company also provide them home loan facility by dealing with different banks. Communication Model of Marketing Meaning of Model Communication model of the marketing strategy help the company in conveying the message to the ultimate customers. By following the interaction model of the communication helps the company in removing the barriers of communication such as language barriers and noises which disturb the message. This interaction model involves the seven steps which includes message, sender, encoding, channel, decoding, receiver and feedback (O’Sullivan and Carr, 2018). This model takes the physical and psychological noises which disturb the message and may convey the convey the wrong message to the final customers.
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Ways through which Foxton apply Communication model In order to reach to the large number of customers and investors along with that also to deal with banks, the Foxtons company uses the interaction communication model (Zhou, 2018). This model involve: Message:This is the information which company want to convey with their customers. For example; Foxtons company want to convey the discount offer information to their customers so that they can attract large customers and win their loyalty. So here the discount offers on houses rent and cost is message of the communication process. Sender:Senderofthecommunicationprocesscanbeanindividual,groupsor organizations that want to send their message to the ultimate customers. In the above example it is clear that the Foxtons is the sender of the message regarding discount on product and services (Zhou, 2018).
Encoding:This is the third step of communication in which encoding is the system which convert the thoughts and message of the sender into the symbols, pictures and sounds. Channel:It is the medium through which the message of the sender is passes to the receiver of the message. In this example the channel the Foxtons uses is social media platforms, own website post and videos and sales workforce for face-to-face meetings. Decoding:It is the system which convert again the symbols, pictures and sounds of the message to the thoughts and ideas in order to send it to the receiver of the message. Receiver:Receiver is the party which may be individual, organizations and group of individuals and organizations that receives the message and can say that for whom the sender convey the message. In the above example; the receiver of the Foxtons message is their ultimate customers that buy or take it on rent the residential property of the company (Zhou, 2018). Feedback:This is the final step of the communication process in which receiver give feedback to the sender that they understand the message in same way in which sender want to convey with them. During the whole communication process the physical such as environmental factors and psychological noises such as mental and emotional factors disturb the message and become very challenging to avoid such noises. Evaluation of effectiveness With the help of interaction communication model, Foxtons increases its sales revenue as it is simple and easy to adopt. The customers also get the chances to share their views with the companyasthiscommunicationmodelallowthefeedbacksectionsforthecompany’s customers. This is suits for all types of communication whether it is personal, professional and emotional. With this the company can also easily communicate with their suppliers and other business associates (Chen and et.al., 2018). The company also professional communicates with the investors in order to acquire the funds for the further expansion of the business to the other cities of the UK and also to other country. This model help in meeting the two or more individuals on a single platform having the similar interest such as for merger and acquisition purpose. It also helps the company in building the virtual community and share their brand
awareness moves to the community and customers. This has helped the company in wider their customer’s circle. CONCLUSION The report concludes the marketing strategy adopt by the Foxtons company which is a real estate agency offers houses and flats at reasonable prices so that everyone can including middles class can afford it. The report also concludes the promotion portfolio and mix of the company which includes the advertisements, personal selling, events, sales promotion, public relation. The report also concludes the concept and presence of direct marketing, interactive marketing, social media marketing and word of mouth marketing in the promotion mix of the company. In the same context, the report also concludes the two most important model and theory model is followed by the company and i.e., AIDA model and communication model. The report also states that with the help of these two models the company sell its houses personally to customers and also hire workforce having best communication speaking strategy.
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