Transcript 5.05
5.05-Manage promotional activities to maximize return on promotional efforts. Define promotional plan. A promotion plan outlines the promotional tools or tactics you plan to use to accomplish your marketing objectives. A promotional plan is not your marketing plan; although it is based on the business’s marketing plan. It is just one component of the marketing plan. http://www.smallbusinessnotes.com/marketing-your-business/promotion-plan.html Describe types of promotional plans. Grow market share, introduce new products, address competition threats Introduce, grow, maturity and decline (business cycle) Inform, remind and persuade Identify the components of a promotional plan. Executive summary and overview Situation analysis Objectives (what do you want to accomplish) Budget - Projected costs for the year. Strategy - Description (or listing) of the promotional tactics you plan to use. Explanation of how your promotion tactics will support your marketing objectives. Timetable for completion Evaluation – Did it work? 4 Forms of Promotion 1. Advertising Advertising is paid promotion and includes media such as newspaper, magazine, radio, television, billboard, subway, direct mail, banner advertising, flyer advertising etc. For artists, the most effective forms of advertising have proven to be direct mail, source book advertising and on-line portfolios. 2. Personal Selling Personal Selling is about getting a personal meeting with an interested buyer, showing your portfolio and selling your vision. 3. Sales Promotion Sales Promotion involves paid (generally) marketing communication activities other than advertising, publicity or personal selling. Examples of sales promotion activities include your website, email marketing, your blog, catalogues or brochures, reprints of advertisements, tradeshows, hosting a cocktail party or event, etc. 4. Public Relations Public relations (PR) includes any communication intended to create a positive image for your product/service amongst your target audience. Although you have no control over which publications, if any, will publish your press release or talk about your showing, it is generally considered to have greater value than paid advertising, because it is an unpaid endorsement of your service. Describe internal and external factors that can affect promotional plans. Internal – budget, manpower, expertise, time for planning and implementing External – competitors’ actions, changes in the economy, changes in customer desires Explain the need for a promotional plan. Critical part of the marketing plan Builds sales and profits Addresses changes in the external business environment Identify factors that should be coordinated for promotions. Brand image and company reputation (any changes planned?) Current and potential customers Competitor responses Identify types of promotional activities that should be coordinated. Advertising, sales promotions, personal selling, special events, trade shows, contests, giveaways. Describe efforts. ways to coordinate promotional Timing of release of information and advertising Branding coordination Describe the importance of coordinating promotional activities. Affects the brand Times the release of promotional activities with availability of products for sale Sending out samples of the product Make sure sales people know what is being promoted Explain procedures for coordinating promotional activities. The coordination of a company's outgoing message between different media and the consistency of the message throughout. Use procedures to coordinate promotional activities. Set the objective (plan) Budget resources (organize) Implement Control (is it working?)