1 Advertising and Public Relations (MKTG320-1702B-01) Unit 1 Individual Project By: Nichelle Schulte Advertising and Public relations objectives Having joined the bank in the last few days and now that I have been tasked in the position of Vice President in Advertising and Public Relations. I will first come up with both the advertising and public relations objectives which will help the bank to achieve the bank’s strategic goals. The objectives are achievable, realistic and can be attained with the set time frame to realize profits. With the available budget and resources, the set objectives will be specific and to the main agenda to avoid wastage of time and resources. These objectives will be fast tracked by a time frame to ensure that the objectives are achieved stepwise. After conducting a situational analysis on the current state of the bank and the target groups in the market. This analysis will help me understand and define the focal point of campaign. I have also researched the way the bank is perceived by customers so as to have the knowledge on how to talk to customers and also the public. I have taken into account of what is happening in the bank and outside so as to come up with objectives which are specific, knowledgeable for the new market segment. The advertising team will have to increase consumer awareness of the products offered by the bank through promotion (Abratt, Russell). First, a page will be created on social media to sensitize the public on the different products and this will increase the customer base hence increase in sales. More customers will come if the advertising done on the safety of the money 2 they are going to bank is guaranteed. No customer will want to hear that the bank is likely to collapse in the next two to three years. This massive advertising campaign will lead to achieving the banks long-term strategic goal of increased profits. This profits achieved in the long run will help budget for further campaign to attract customers to bank with us and when this is achieved more people will join the bank and even the number of people borrowing loans will increase leading to higher rate of investment. The advertising success should be measured and as a marketer you should judge if this advertising campaign has impacted the customers, public and boosted sales generally (Du Plessis, D. F). New market segment and product and services The success of this advertising campaign will mean well for the bank in the long-run since it will gain a competitive edge over the competitors in the banking industry and also gain a market share. Gaining. Competitive advantage in the new market segment, it will be enhanced by introducing e-commerce and online banking services and effected immediately. This will attract many people old or young to bank online which is very convenient, safe, reliable and fast way of banking your money. By doing this customers and the public will want to bank with us and since may customers especially those who are working may prefer to bank online to avoid the long queuing system and also because of lack of time. For the bank to penetrate well in the new market segment customer service should be observed and customers should be treated well and the implementation of the new products introduced by the bank I.e. online banking and ecommerce operating in full speed. This will make many young vigorous citizens to bank with us and in the long run the bank will benefit. In order to attract more customers an adjustment on the prices of the products should be reviewed in correlation with the price of the products of their competitors. As a young growing bank we should charge slightly lower the price of the products 3 and services and even others should be free like when customers are banking online using their phones. The bank should create partnership with the company operating the money transfer to ensure the bank’s customers are not charged. This new products should not be time framed in terms of when the customer deposits his/her money. This increases flexibility to the customer when he/she wants to bank. Branding Strategy The public relations objective is to reinforce the brand by creating positive relationships with key audiences and this aid in building a positive and strong image (Du Plessis, D. F) of the bank. A strong image help the bank to thrive well in the banking sector as well in times of crisis. It’s my duty to ensure the banks image grows time to time so that more customers will join the bank and this will mean well for the bank in the long run by making profits. The rate of investment will increase since more investors will join the bank and bank with us. The positive public image will also be a competitive advantage to the bank since it will help win even customers from the other banks. In press releases, exhibitions, sponsorship deals, writing of articles, seminars, conferences, and events I will stimulate demand and create interest on the banks strategic plans (Raucher, Alan R.). Since most of the competitors have not put a lot of effort on creating a good picture or image of the bank, then then it will be easier for us to enter the new market segment and win our target audience which is people below the age of forty five. If customers speak well about our services and how best the customer care and every other employee treats them then then the public will want to visit the bank . After our entry into the profitable market segment, then as a bank we should try to maintain the phase to avoid losing customers. As a bank we should introduce more new products which when applied will help the bank’s customer base grow. The bank should take advantage of the fast growing and stable 4 economy it’s experiencing as at now to market its products because chances of higher return of investment are high. Another external factor that will help the business grow is the current advancement in technology where use of media platforms are highly used in advertising and the publications of articles on different websites and newspapers aid in promoting the bank and creating awareness. This will help us integrate our objectives to meet the long strategic goals of the bank. Marketing Mix and the Distribution Channels The online banking and the e=commerce should be easily assessed in gadgets I.e. phone. The APP should be available in the google store and also in the internet. When doing ecommerce, it should not be costly. The price should be fair and affordable. Promotions should be done through launching the products to create brand recognition and be able to sell the product easily. The best channel of distribution to use is dual distribution where there is direct use of sales agents to sell to the public the account by creating awareness (Kotler, Philip, and Gary Armstrong) and explaining why they are the best banking partners in the state. The bank can also use intermediaries like the people operating money transfers and represent also the different banks where people can withdraw cash using the automated machines for card transactions. They act as intermediaries between the bank and the customers. Discuss the importance of using specific objectives to meet the organizational goals from measurement, accountability, and return on investment perspectives. Public relation Piece and Recommendations 5 Establishing the right channel of advertising and choosing the right places to promote the banks image and create awareness. The bank should ensure the customer service have a uniform which is good public image display compared to the non-uniformed staff. The target market needs should me meet by introducing the right type of product that fits them. Moreover, the advertising team should ensure that they are in line with banks primary and long term objectives. This makes them remain focus on the main agenda. Work Cited 6 Abratt, Russell. "Advertising Objectives Of Industrial Marketers". International Journal Of Advertising, vol 6, no. 2, 1987, pp. 121-131. Informa UK Limited, doi:10.1080/02650487.1987.11107009. Du Plessis, D. F. Introduction To Public Relations And Advertising. 1st ed., Lansdowne, Juta, 2000,. Kotler, Philip, and Gary Armstrong. Principles Of Marketing. 1st ed.,. Pieczka, Magda. "Objectives And Evaluation In Public Relations Work: What Do They Tell Us About Expertise And Professionalism?". Journal Of Public Relations Research, vol 12, no. 3, 2000, pp. 211-233. Informa UK Limited, doi:10.1207/s1532754xjprr1203_1. Raucher, Alan R. "Public Relations In Business: A Business Of Public Relations". Public Relations Review, vol 16, no. 3, 1990, pp. 19-26. Elsevier BV, doi:10.1016/s03638111(05)80066-9. Advertising and Public Relations (MKTG320-1702B-01) Unit 2 Discussion Board By: Nichelle Schulte Bank case study 1. Define: a. Demographics – it refers to statistical data and information of a specific population. It is a statistical analysis of the composition and characteristics of the single individuals making up the population (Merkel 26). It is majorly associated with measurement and description. b. Psychographics – this refers to the science of grouping individuals according to their aspirations, attitudes, preferences, tastes and other psychological criteria. It involves outlining their general inclination and belief concerning specific aspects of products and services (Zopounidis 29). c. Market segmentation – refers to the process of dividing and categorizing the market into groups in accordance to their characteristics. As such, customers can be categorized as high buying power customers of low buying power customers; monthly purchases or daily purchases customers; and many other categorizations that are deemed helpful for business strategizing (Zopounidis 35). As such, it is the division of customers into categories according to their common characteristics. 2. Using the scenario as an example (attached), identify and analyze (at a summary level) 2 potential target segments using demographics and psychographics that may meet the bank’s high-level strategic goals. One of the target populations the bank can target is teenagers and youths aged 16 to 24 years. This is a potential target population because they are usually at the rapid growth stage, thus need to try out new banking solutions and products. Although this group of customers are usually not employed and have minimal income, tapping a good chunk of this segment early enough can guarantee their continued membership as customers of the bank (Zopounidis 47). This segment is also a good one because they are usually in high school and colleges, thus awaiting future employment and money generation opportunities (Merkel 63). As such, taping a good chunk of this population at an early stage and retaining them could enable the bank to have engaged and wealthy bankers, who would guarantee higher returns on investment and profitability. Another target population are the middle age individuals aged between 25 and 40 years. This is another potential target population because they form the working class. Being among the working class, they need stable and reliable banking services. Provision of efficient and innovative products and services would help in capturing a chunk of this market segment (Merkel 74). This group of customers is good for the bank because they have enough money for savings, and require loans due to the many responsibilities and activities that surround their lives. They will thus guarantee increased returns on investment as well as higher profits (Zopounidis 71). 3. Select 1 segment, and illustrate why this is the best segment to select based on a detailed discussion of needs, wants, and psychographics of that segment and how they align with achieving the bank’s long-term strategic goals. The best target segment of customers to focus on are the teenagers and youths. This is the best category because they are easy to convince and persuade to join the bank. They are basically easy to persuade because they have no experience of banking services and lack experience in the banking sector. This segment is also a better choice because they are preparing for their future careers (Zopounidis 88). This means that in the next two and more years the population will be engaged in employment and would thus offer steady money supply to the bank. By virtue of being younger individuals, their period of engagement with the bank is also guaranteed to be long as long as the bank provides competitive products and services (Merkel 78). This segment of customers is also the best to target because they are easy to influence, which makes them enroll for services in large numbers. As such, targeting them for longer periods of more than one year could guarantee that they will influence each other to join the services, thus making word of mouth advertising more effective. Works cited Merkel, Nils. Customer relationship management in banking sector. New York: Grin Verlag Ohg, 2010. Zopounidis, Constantin. New Trends in Banking Management. Heidelberg : Imprint , 2008. Advertising and Public Relations (MKTG320-1702B-01) Unit 2 Individual Project By: Nichelle Schulte Market Segmentation Indeed, market segmentation is an ideal way of reaching out to potential customers in a more efficient way and offering products and services tailored to the market preferences and characteristics of that particular market segment (McDonald & Dunbar, 2004). In this analysis, the focus will be making a comparison between the similarities and differences of diverse needs, wants and psychographics of a current and new market segment in relation to bank products and services. The aim is to show how the new market segment is different from the current market segment and the identification of the key messages to achieve the greatest impact for the new market segment. The analysis will show how this message will appeal to the new market segment and the communication channels to use to reach the target segment. Banking industry is one of the most evolving in terms of the demands that customers want. My targeted new market segment is a group of savvy bank customers who prefers to do online and digital banking instead of the traditional branch networks. These savvy customers who are mostly between the ages of 18-35 years are usually located in the urban areas and like doing their banking on their smart devices. The main similarities between the needs, wants and psychographics between the current and the new market segment is that all of them want efficiency and more customized services by the banks. All of the customers are complicated in that they have diverse needs and love bank institutions that offer flexibility and security for their deposits as well as personal information provided. However, different from the current market segment, the new market segment wants to do their entire banking on digital platforms. For them, convenience is everything and would love banks that have more digital and online penetration. This is unlike the current market segment whose interaction with the banks at the banking halls and customer service points is everything and would not mind spending a few minutes interacting with their banking service provides. The new target customers want nil or little interaction with the bankers. Therefore, the ability to offer these kind of service will ensure that this new market segment is tapped up which could expand the revenues of the bank. From a branding perspective, the key messages that I will deliver to the new market segments to achieve the greatest impact will incorporate the following: “Bank at your fingertips”- this message is important in bringing the curiosity of this group of savvy bankers since it informs them that they do not need to visit the banking halls to do their banking. Armed with their smartphones, they can easily access the banking service with a lot of ease and convenience. This message will appeal directly to the new market segment since they love convenience banking which can only be achieved via the smart devices without the need to visit the bank halls. “Be Savvy, banking is now convenient that ever”- This message already builds on the target market segment characteristic. They are already savvy and the message simply builds on those characteristics thus allowing the target market segment to adopt the banking service faster. The message with thus appeal directly to the target market segment since they love being savvy through use of digital and online banking channels. “Own a smart device, banking is no longer a hassle”- this informs the new target market that they can now do banking on their smart devices. This messages appeals directly to my target market since they own smart devices such as smartphones and tablet that they can use to do their banking. These messages will delivered mostly via online platforms such as sponsored Facebook ads where the new target markets visits most. However, print advertisements and electronic media will also be adopted to reinforce the online and digital messages delivered. Indeed, digital approaches will provide the best promotional channels for the new target bank. This is due to the fact that majority of the new target market consumers are savvy and spend most of their times online chatting with friends, purchasing a product online, reading news or other online content (mayecreate.com). Therefore, digital approaches such as Facebook, Twitter and Pinterest will be the most popular promotional approaches for this group of consumers. However, the digital media can be supplemented with the traditional approaches such as billboard advertising to reinforce the online and digital message. This is due to the fact that unless the message is reinforced, some digital customers may discard the information is fake or simply illusionary due to the prevalent of much fake news that circulate online. Two communication channels that will help to reach the targeted market segment include Facebook and Twitter. Ideally, a research by Telegraph UK indicates that teenagers who comprise the majority of the new target market spend at least 27 hours online every week with the figures rising each day (Elizabeth, 2015). This has been brought by the rise in the uptake of smartphone devices in the market with Facebook being the most popular social media site use by most consumers (Greenwood, Perrin & Duggan, 2016). Running sponsored Facebook ads on the new product or service will ensure that it reaches the targeted market segment faster due to the large audience. Twitter also offers a popular platform where the organization can allow the savvy consumers in the target market segment to tweet about the new offerings which will increase its visibility in the market. References Elizabeth, A. (2015). Teenagers spend 27 hours a week online: how internet use has ballooned in the last decade. Retrieved at: http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/digitalmedia/11597743/Teenagers-spend-27-hours-a-week-online-how-internet-use-hasballooned-in-the-last-decade.html Generational Marketing: Tips for Reaching Baby Boomers. Retrieved at: http://mayecreate.com/blog/generational-marketing-tips-for-reaching-baby-boomers/ Greenwood, S., Perrin, A., & Duggan, M. (2016). Social Media Update 2016. Retrieved at: http://www.pewinternet.org/2016/11/11/social-media-update-2016/ McDonald, M., & Dunbar, I. (2004). Market segmentation: How to do it, how to profit from it. Butterworth-Heinemann. Advertising and Public Relations (MKTG320-1702B-01) Unit 3 Discussion Board By: Nichelle Schulte Banking Situation Analysis SWOT ANALYSIS Strengths Weaknesses • Loyal customer base • Limited growth • Experience-Has operated for around 30 • Lower/Middle class customers years Opportunities Threats • Tech banking • Competition • e-commerce initiatives • Increasing revolution in the banking sector Important Banking Trends The immediate objectives include enabling a situation where the bank can have an increase in the overall profit and ROI, create competitive advantage through its e-commerce initiative as well as identifying and penetrating not only new but profitable market segments. Also, the importance of efficient use of advertising and enhancing public relations remains critical in order to drive the stated objectives. In this regard, two banking trends can play a significant role in driving the institution forward and compete vigorously. Firstly, improving Surname2 multichannel delivery is paramount. Such an initiative prompts the use of advanced analytics to enhance an optimal channel experience. As a result, customer priorities that include principal transactions become simpler and intuitive (Haykin 56). Engagement also becomes easier due to the use of online platforms and mobile devices. The other useful trend is exploring advanced technologies. Such interventions include the Internet of Things (IoT) to revolutionize processes and blockchain technology. They make the banks to become more relevant to customers, and they recommend others (Marous 254). As the present scenario illustrates, it is unfortunate that the bank has been dealing with tech-shy clients, which has led to stagnation of growth for long. A bank in operation for about 30 years should not have just five branches too. More so, it is hurting that important elements such as advertising and public relations that promote any business have not been an integral part throughout. In this regard, it is justified to deduce that the performance has been poor. However, as the bank endeavors to explore a new target market, that is tech savvy too, it is vital for it to look for ways to retain the current crop at all costs. It should be prioritized even if it involves training them on tech adaptation. The understanding of one’s strengths and weaknesses is important as it gives an accurate description regarding the key areas that an organization should work on. In this scenario, the two important strengths are having loyal customers and market experience. Although the bank has not benefitted a lot from the numbers due to stagnating business, it can introduce them into new systems while ensuring maximum retention. Regarding the weaknesses, stagnation/limited growth and dealing with lower/middle-level customers remains a case to reflect on. It is unfortunate that there is no remarkable growth in the market despite operating for long. It is Surname3 important for any organization to grow as time advances hence the justification of hiring someone who can help to revolutionize the current scenario. Surname4 References Haykin, Simon S. Neural Networks: A Comprehensive Foundation. Upper Saddle River, NJ: Prentice Hall, 1998. Print. Marous, Jim. Top 10 retail banking trends for 2017,2017. N.p.: Bai.org. Schulte 1 Branding and positioning strategy Advertising and Public Relations (MKTG320-1702B-01) Unit 3 Individual Project By: Nichelle Schulte Schulte 2 Branding and positioning strategy Branding strategy For my new target market, I would apply the multi-brand branding strategy that would make my product remain competitive in the market. The strategy would give me an opportunity to run multiple brand strategies within the same market. In this case, I would have a variety of brands competing in a similar product category. Through the multi-brand strategy, I would have a variety of products in the same category that would meet the varied needs of the customers in the market. On the other hand, having a multi-brand will mean that the customers will substitute one product with another from my company (Zentes, Morschett, & Schramm-Klein, 2017). In this case, it will be possible to maintain a wide customer base that would enable the company to maximize sales. Multi-branding will give the company an opportunity to create a variety of products so that regardless of the varied customer preferences, the company will meet all the needs. The strategy would ensure that the company has a competitive advantage over its competitor firms in the same industry. The multi-brand strategy will enable the products to occupy different positions in the market thus occupying the available shelf space. As a result, there will be the reduction of opportunities for competitors entering the market or those trying to win the market share. The main goal of the organization will revolve around attracting and maintaining a wide customer base (Chen, Nguyen, Melewar, & Dennis, 2017). Having a wide target market will call for the implementation of the branding strategy that will not give the customers an opportunity of substituting their preferences with others from different companies. Advertising and promotional strategies Schulte 3 In advertising and creation of public relations strategies, I would apply the use of the logic as a way of advertising products. In this case, the logic adverts will give the company an opportunity to create awareness to the public on the existence of the variety of products manufactured by the company. On the other hand, logic based ads will allow the company to portray the products to a large number of customers from across the globe and some will become interested thus joining the customer base. In marketing and promotional strategies, I would apply the use of logic which would enable the customers to learn the importance of the products offered by the company and how well they meet their needs (Keller, Dekimpe, & Geyskens, 2016). The logic promotional and advertisement strategy allows customers to have a desire of having their needs met through the company products that can address their needs. Also, the logic advertisement method will deliver facts that will be eye catching to the customers. The advertisement and promotional strategies will have to play on intuition and make customers remain convinced about the features and contents of the company's products. The use of the multi-brand strategy, it would be important to offer facts to customers that would make them feel attached to the company's products. It would, therefore, call for the logic method that will involve the minds of the customers making them feel that they have the right products offered by the company that will meet their needs. On the other hand, it would be of importance to assess the target market and learn the best way to deliver additional information to them related to the products (Zentes, Morschett, & Schramm-Klein, 2017). Logic advertisement seems to be more convincing to customers a reason why it should be applied to the target market in making them feel that their needs will only be met through the variety of products offered by the company. Delivering message to the audience will, however, require creativity to bring out the logic behind acceptance of the products by the consumers. Schulte 4 Digital advertisement Delivering advertisement information will use the social media as the communication channel. Most of the people in the target market group use one of the many social media platforms in their daily activities. As a result, the channel would deliver information to a large number of people in a short period of time. Through the social media, people have the ability to share information and this means that it will be spread to a large number of potential customers in the world. The social media channel will enable all the users to access information regarding the company's products and how well they can meet their needs. The current world has digitalized all activities so that advertisements must follow the same trend as well. Therefore, the most used channel is the social media and through which the company will share advertisements widely over a short period of time (Chen, Nguyen, Melewar, & Dennis, 2017). On the other hand, the mode of advertisement will be less costly thus making it economical for the company. Customers will also have the ability to view the variety of products offered by the company and the prices for each. Therefore, customers will have knowledge on the products that they would want from the organization and how they can access them as well as their affordability. Appropriateness of the strategy The young people being the target market for the company's products, imply that promotional and advertisement strategies must meet their needs. In this case, the use of logic will make the young people get convinced that the products offered by the company will adequately meet their needs. On the other hand, the young people are knowledgeable and would want to relate with the products being offered to them. As a result, they will look for the fulfillment of desires through a variety of products. On the other hand, having a multi-brand strategy will Schulte 5 ensure that the young people can at least have a product from the company that will satisfy them. For instance, they will substitute one product with another from the same company. The youths are the largest population using the social media on a daily basis (Keller, Dekimpe, & Geyskens, 2016). As a result, the use of this channel in advertising products will make it possible for a large number of customers to get attracted and retained in the organization. The youths will also share information about products with their friends on the social media thus creating awareness to a large group of customers. Therefore, the strategies are applicable in convincing the target market on the suitability of the company's products in meeting their needs. Schulte 6 References Chen, C. C. M., Nguyen, B., Melewar, T. C., & Dennis, C. (2017). Investigating the Uses of Corporate Reputation and Its Effects on Brand Segmentation, Brand Differentiation, and Brand Positioning: Evidence from the Taiwanese Pharmaceutical Industry. International Studies of Management & Organization, 47(3), 240-257. Retrieved from http://www.tandfonline.com/doi/abs/10.1080/00208825.2017.1318019 Keller, K. O., Dekimpe, M. G., & Geyskens, I. (2016). Let your banner wave? Antecedents and performance implications of retailers' private-label branding strategies. Journal of Marketing, 80(4), 1-19. Retrieved from http://journals.ama.org/doi/abs/10.1509/jm.15.0154?code=amma-site Zentes, J., Morschett, D., & Schramm-Klein, H. (2017). Retail Branding and Positioning. In Strategic Retail Management (pp. 185-206). Springer Fachmedien Wiesbaden. Retrieved from https://link.springer.com/chapter/10.1007/978-3-658-10183-1_9
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