Marketing Strategy: Westfield Complex Promotional Pricing Report

This report examines the application of promotional pricing techniques for Westfield Complex, addressing a decline in sales following the Olympics. The report recommends promotional pricing, specifically penetration pricing, to increase sales, expand the customer base, and build relationships. It outlines SMART objectives (Specific, Measurable, Attainable, Relevant, Time-bound) and details a budget allocation across social media, newspaper, SEO, and Pay-per-Click advertising. The report suggests methods for measuring campaign effectiveness, including regular documentation, surveys, and social media analysis, and it includes references to relevant academic literature on advertising and marketing.

ADVERTISING AND PROMOTION

Below-the-line promotional techniques
 DDS (Door to Door Selling)
 Coupons
 Promotional Pricing

Below-the-line promotional techniques
Among these promotional techniques, Westfield can
adopt Promotional Pricing. In this promotional style,
the firm should reduce the price of commodities
which will help in increasing the demand of
products. As a result of price deduction, customers
who were buying single quantity will start buying
more. Firms that need quick cash to cover short-term
expense or debt commitments often turn to the
promotional discounts.

Other Below-the-line promotional
techniques
Rebates
Trade-In
Loyalty Programs

Cont...
 Premiums
 Demonstrations
 Sponsorship

Impact on below the line promotion
 Great for building customer relationship
 Lower required investment
 Promotion can be extremely targeted
 Below the promotion tools are relatively
inexpensive
 Easier monitoring of promotion and budget
 Easiest and the most reliable evaluation of
marketing campaign

Promotional plan
Promotional Pricing technique will be adopted by
Westfield Complex. In the case, it is given that after
three years of Olympic games, Central Management
Boards observation is that sales of the businesses in
shopping complex seem to be lowering by three
percent. To resolve this problem, Promotional
Pricing technique will be adopted.
In Promotional Pricing technique, specifically
Penetration pricing will be adopted.

Cont...
Penetration Pricing: This is a pricing technique where
the products are charged at the lowest price. This is
aimed to quick in sales, to capture the market share,
to utilise full capacity and economies of scale in the
productive process along with keeping competitors
away from the market. In this way, the reduction in
sales will be raised as the customers will buy more.
According to this method, when the sales gradually
increases, the price of commodity will is raised.

Cont...
Objectives which will be gained through this pricing
method are as follows:
 Increase in customer base
 Increase in sales
 Building up relationship
Target audience of this campaign will be:
 Youth
 Family

SMART objectives
"SMART" is a management term used to set goals.
SMART stands for Specific, Measurable, Attainable,
Relevant and Time-bound.
Specific: It determines in specifying the goals.
Penetration pricing will be adopted for the products in
the complex situation which will help in attracting the
customers.
Measurable: It determines the goals in terms like if
price will be reduced up to 20%. As the sales
improves then the price will be increased.

Cont...
Attainable: This depends upon the attainability.
According to the pricing strategy, it is realistic as it
can be adopted easily.
Relevant: According to this, the firm can adopt this
method as it is not difficult to reduce the prices of
commodities.
Time bound: This method should be adopted till 1
month.

Budget used in the campaign
Sources Amount in
Pounds
Social media 200
Newspaper 140
SEO 130
Pay per Click 130
Total 600