This document provides marketing strategy recommendations for Plastic Whale, including advertising strategy, public relations strategy, sales promotion, and market analytic metrics. It also discusses the target market and positioning statement for Plastic Whale.
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2PROMOTIONAL MIX 2.1 Target market From the assessment 1, it is identified that the most potential target customers for the Plastic Whale will be the young professionals between the age groups of 25 and 35. This group will have the maximum potential due to the reason that they are well aware about the environmentalfactors and are willing to contributein mitigationactivities(Aghdaie and Alimardani 2015). Moreover, the young professionals will be targeted as they are having the purchasing capability to avail the products of Plastic Whale. Positioning statement Based on the positioning statement discussed in the assessment 1, it is concluded that the final draft of the positioning statement for Plastic Whale will be “ethical fishing, higher value”. This positioning statement will communicate the unique proposition of Plastic Whale to the customersalongwithconveyingthemessageofvaluetobegainedbythecustomers (Akpoyomare, Adeosun and Ganiyu 2013). It should also be noted that the recommended positioning statement of Plastic Whale will be beneficial in conveying their work process and value to the customers. 2.2 Marketing strategy recommendations 2.2.1 Advertising Strategy Advertising strategy will be one of the most suitable promotional tools for Plastic Whale in communicating with the customers. This is due to the reason that advertising offline and online mediums is having the maximum penetration and reach in the market compared to other promotional tools. According to the theory of pull and push strategy, initiation of the advertising
3PROMOTIONAL MIX strategy will help in pulling the customers towards the brand (Kim, 2014). This is due to the reason that as the advertising is having higher reached and penetration in the market, thus, it will be able to enhance the desire and wants of the customers. Moreover, the chances of push factors in sustainability are low as customers will be less willing to come forward in contributing. Hence, with the help of the advertising strategy, Plastic Whale will be able to cater to larger segments. In terms of the choice of mediums, it is recommended that both online and offline mediums should be used. For example, social media platforms will be used to communicate with the potential customers and in terms of the offline mediums, television commercials and print media will be used. However, this should be noted that both the online and offline mediums should convey the same subject to the customers (Stole 2014). The subject choice will be more informative and aesthetic. This is due to the reason that informative promotions will help Plastic Whale in conveying the entire product and business related information to the customers and this is important as the business concept of the Plastic Whale is new in the market. Thus, the unaware customers will be able to have the understanding about the concept and value proposition of Plastic Whale. On the other hand, aesthetic patterns will also be followed in the online and offline advertisements. This is due to the reason that recycled plastic products will have lower attraction for the customers compared to the conventional models. Thus, involvement of the aesthetic values in the advertisements will help the target customers to have the understanding about the styles of the products. Television commercials should have proper blend of audio and video elements that will real world experience to the potential customers (Buil, De Chernatony and Martinez 2013). In terms of the integrated communication mix, the online mediums will be used as the complementary of the offline mediums. This will include the social media platforms in
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4PROMOTIONAL MIX engaging with the potential customers and gaining feedback and views from them. On the basis of these feedbacks and views, the advertisement approach will be designed. This will ensure the maximum return for Plastic Whale. The brand positioning of high quality and lower price of Plastic Whale can also be maintained. This is due to the reason that involvement of both online and offline mediums in the advertisement policy will communicate to the customers about how Plastic Whale is offering the best value in competitive pricing (Dimofte, Goodstein and Brumbaugh 2015). 2.2.2 Public relations strategy The next communication strategy recommended for Plastic Whale is the public relation strategy. This will have lower reach as compared to the advertisements but will have more favorable long term impact. It should be noted that public relation strategy will act as the major push factor due to the reason that with effective public relation with the customers, they will feel the need for availing the recycled products. There are different mediums will be used under the publicrelationsstrategyincludingmediarelations,corporatesocialresponsibilitiesand employee relations (Qrunig and Qrunig 2016). Each of these tools will be initiated for achieving different objectives. With the help of the media relations, the reach of Plastic Whale in the market will be more. In addition, media statement will be helpful in periodically communicating the market about the latest updates. Thus, the target customer’s expectations of having the access to latest value propositions can be fulfilled. In addition, involvement of the corporate social responsibility will also further contribute in having effective relationships with the target customers (Colleoni 2013). This is due to the reason that corporate social responsibilities will help Plastic Whale to portray their social approach to the customers. For example, if they can meet the needs of cost effective mode of transportation in the backward areas with their boats,
5PROMOTIONAL MIX them the relationship between the Plastic Whale and the community will be more favorable that will ensure their goodwill and reputation (Ferguson 2018). The message to be communicated with the public relation strategy will be more oriented towards the social benefits rather than the product centric in the advertisement. This is because of the fact and social approach will ensure that the potential customers are having positive impression towards Plastic Whale and this will be beneficial in gaining market in the long term. The last medium that will also be used in public relation is the employee management. Employees are the connecting point between the company and the customers (Grunig 2017). Thus, if they can be managed well, they will communicate positivity to the customers. Moreover, in the case of socially beneficial products such as of the Plastic Whale, the effectiveness of the employees will help to persuade and build positive vibe among the customers. Hence, it can be concluded that if the employees can be managed well, it will reflect in the customer delivery process and will ensure better relationship with the customers. Initiation of the public relation strategy will be valuable for both Plastic Whale and the target customers. This is due to the reason that public relation will help Plastic Whale to determine the market trends and change in the preference pattern and expectations of the customers. Accordingly, the value proposition can be designed (Claeys and Cauberghe 2014). On the other hand, with the help of the proper public relation strategy, customers will also have the understanding about the change in the product portfolio of Plastic Whale and how the newly introduced products of them will be beneficial in fulfilling the requirements. 2.2.3 Sales promotion
6PROMOTIONAL MIX The last recommended strategy is the sales promotion, which will be beneficial in providing more real world experience to the customers. This strategy will also act as the push factor due to the reason that experience that will be gained by the customers will increase their want and desire to avail the products of Plastic Whale. In this case also, a few different mediums will be leveraged such as free trials, displays, discounts and loyalty incentives. For example, offering free trails to the customers will enable them to compare the products of Plastic Whale with that of other conventional brands. The customers will be able to have the practical data about the products (Teck Wang and Cyril de Run 2013). Thus, it can be concluded that with the help of sales promotion, Plastic Whale will be able to provide more practical experiences to the customers. In this case, the subject content will not be much important due to the fact that customers will have access directly to the products. In terms of the brand positing of Plastic Whale, sales promotion will help them to convey the customers about their products are different to that of their competitors. On the other hand, the needs of the target customers to have the practical experiences of the products for comparison can also be fulfilled. 2.2.4 Market analytic metrics KPIsAdvertisementsPublicrelation strategy Sales promotion Coverageofthe market areas The more will be the coverageofthe marketregions,the morewillbethe effectivenessofthe advertisements. It will
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7PROMOTIONAL MIX ensurethelarger customertarget segmentsbeing covered. Feedbackfromthe customers Generating qualitative feedbackfromthe publicwillhelpto havethe understandingabout the effectivenessand impactof thepublic relation on them. Sales conversion rateThe rate of conversion ofthepotential customerleadsto saleswilldetermine the effectivenessand performanceofthe salespromotionand vice versa. 2.3 Conclusion
8PROMOTIONAL MIX Thus, it can be concluded that the recommended promotional mix strategy discussed in thisreportwillbebeneficialfortheminreachingouttothetargetedcustomers.Itis recommended in this report that implementation of different promotional tools will ensure that Plastic Whale is being able to tap the customers from different perspectives. It is identified that Plastic Whale will face majorly positive implications by initiating the above recommended promotional tools. However, it is also important for them to consider the fact that practical experience for the customers is important in attracting them. Thus, the communication strategy will be designed by considering the fact that engagement of the customers is most important. This will ensure the higher retention ratio for Plastic Whale in the long term.
9PROMOTIONAL MIX Reference Aghdaie, M.H. and Alimardani, M., 2015. Target market selection based on market segment evaluation: a multiple attribute decision making approach.International Journal of Operational Research,24(3), pp.262-278. Akpoyomare, O.B., Adeosun, L.P.K. and Ganiyu, R.A., 2013. Approaches for generating and evaluating product positioning strategy.International Journal of Business Administration,4(1), pp.46-52. Buil, I., De Chernatony, L. and MartĂnez, E., 2013. Examining the role of advertising and sales promotions in brand equity creation.Journal of Business Research,66(1), pp.115-122. Claeys, A.S. and Cauberghe, V., 2014. What makes crisis response strategies work? The impact of crisis involvement and message framing.Journal of Business Research,67(2), pp.182-189. Colleoni, E., 2013. CSR communication strategies for organizational legitimacy in social media.Corporate Communications: an international journal,18(2), pp.228-248. Dimofte, C.V., Goodstein, R.C. and Brumbaugh, A.M., 2015. A social identity perspective on aspirational advertising: Implicit threats to collective self-esteem and strategies to overcome them.Journal of Consumer Psychology,25(3), pp.416-430. Ferguson, M.A., 2018. Building theory in public relations: Interorganizational relationships as a public relations paradigm.Journal of Public Relations Research,30(4), pp.164-178. Grunig, J.E., 2017. Symmetrical presuppositions as a framework for public relations theory. InPublic relations theory(pp. 17-44). Routledge.
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10PROMOTIONAL MIX Kim, N., 2014. Advertising strategies for charities: Promoting consumers’ donation of time versus money.International Journal of Advertising,33(4), pp.707-724. Qrunig, L.A. and Qrunig, J.E., 2016. Toward a theory of the public relations behavior of organizations: Review of a program of research. InPublic relations research annual(pp. 37-74). Routledge. Stole, I.L., 2014. Persistent pursuit of personal information: A historical perspective on digital advertising strategies.Critical Studies in Media Communication,31(2), pp.129-133. Teck Weng, J. and Cyril de Run, E., 2013. Consumers' personal values and sales promotion preferences effect on behavioural intention and purchase satisfaction for consumer product.Asia Pacific Journal of Marketing and Logistics,25(1), pp.70-101.