1. Discuss the company’s advertising strategy and how it aligns with its marketing goals.
My company of choice here is Modern Furniture Hardware. My company will sell all kinds of modern furniture which include: sofa’s both leather and fabric, beds, dining chairs and tables, outdoor furniture and cabinets. The purpose of advertising is to persuade potential buyers that they want and need what a company has to offer. Successful advertising creates and nurtures that sense of need, and then persuades people to get up and go get whatever companies are promoting (Nickerson, 2007).
We will create awareness of our business through advertising media; TV and radio to get its name and details of ...view middle of the document...
The company will compare current data with previous data quarterly to determine any changes in customer attitudes and sales results.
Modern Furniture Hardware will also use these two methods to measure the effectiveness of advertisement in addition to the first method.
Direct Rating Method - here, customers will be directly asked to rate the advertisement and then these rating are calculated.
Portfolio Tests - here, the customers will see the ads and listen carefully to the ads and all the contents of the ads and then they will be asked to recall the ad and the contents. Then the calculations will be done with help of this data.
Sales Effect Research totally depends on the sales of the company. The sales keep varying from time to time. There are some factors affecting sales like product availability, the price of the product, contents of the product, and sometimes the competitors. So this method is a little difficult than the communication one. The company doing sales effect research generally bothers about the sales of the product; they try to know whether or not the money they are spending on the ads is enough or excess (Philip Kotler & Armstrong, 1989).
3. Explain the different promotional strategies that may be used in addition to advertising.
The main goal of Modern Furniture Hardware is to makes profits. Promoting our furniture through advertisements is the best way to increase sales, attract customers and improve product quality. Our company will use the following set of promotional strategies to promote our furniture nationally:
Social Media- Modern Furniture will use social media websites such as Facebook and Google+ to promote our products and services. This is direct marketing at its best. Social networks connect with a world of potential customers that can view the company from a different perspective. Social networking can help lessen the divide between the company and the buyer, which in turn presents a more appealing and familiar image of the company.
Customer Appreciation Events –An in-store customer appreciation event with free refreshments and door prizes will draw customers into our store. Emphasis on the appreciation part of the event, with no purchase of anything necessary, is an effective way to draw not only current customers but also potential customers through the door. Pizza, hot dogs and soda are inexpensive food items that can be used to make the event more attractive. Setting up convenient product displays before the launch of the event will ensure the products we want to promote are highly visible when the customers arrive.
Customer Referral Incentive -The customer referral incentive program is a way to encourage current customers to refer new customers to our store. Free products, big discounts and cash rewards are some of the incentives we will use at Modern Furniture Hardware.
After Sale Customer Surveys -This is the best way to promote customer relationship. Contacting customers by telephone...