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Anyone with the correct solution here? Which promotional tactics should be used??
Principals of Marketing (MGT 301) Spring, 2017
Assignment No. 1
Due Date: 10th May 2017
Total Marks: 10
Objective of Assignment The basic objective of this assignment is to make students familiar with the importance of promotional strategies.
Learning Outcomes After attempting this assignment students will be able to:
• Comprehend the importance of promotional strategies.
• Comprehend how different promotional strategies can be used to capture huge market segment/market share.
Scenario Lack of adequate conveyance infrastructure, higher inflation and deprived economy has made the low-powered vehicles as an apex priority of most of the Pakistanis; as a result the production of two-wheeler vehicles has tremendously increased. Statistics shows huge numbers of bikes sold every year which indicates the continuous rise in automobile industry. There are different ranges from 70 to 125CCbikes for commuters. The 150 CC bikes are performance models and 200 (+) CC are considered as premium bikes.The motorcycle production in the country is being run by about 100 motorcycle assemblers where Honda, Yamaha and Suzuki are the major players in this industry with a giant market share. PIRANI group of companies has now entered in the queue of a few companies operating in Pakistan, which offer 200 CC (super power) along with 70 to 125 CC bikes. Undoubtedly, the production of such bikes has provided good alternatives to the buyers in Pakistan.By keeping in mind their core objective to become No.1 in the automobile sector, they are making use of different promotional strategies like appeal locally and create an event, point of sale promotions, auto shows, and celebrity endorsement to influence their target customers in order to capture market share. Furthermore, they are also trying to build profitable relationships with their customers by offering customer referral incentive programs. But in the end, all of their efforts are seem to be in a vain as they are still not able to hit their customers’ mind or generate larger sales volume.
Requirement:- In your opinion, what promotional tactics this company should apply in such a dynamic environment to become top of the list in super bikes category thus by increasing its market share? Mention at least five promotion tactics with justification in order to support your answer.
Marking scheme: The total marks of this assignment are 10; 2 Marks for each.
Note: 24 hours extra / grace period after the due date are usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and mentioned due dates should always be treated as final to avoid any inconvenience.
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OTHER IMPORTANT INSTRUCTIONS:
DUE DATE:10TH MAY, 2017
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Dear friends please share your knowledge
i think company need Marketing mix strategy because existing scenario has lot of flaws which can be eliminate one by one in marketing mix.
share your ideas please
1- Use the advertisement in Newspaper, where you will highlight the silent feature or USP of product such as technology, safety, fuel consumption, millage, durability etc.
2- Use the digital billboards at the most populous place such as shopping malls, amusement places and expose the product, design, and its features (and price, if, it is competitive and creating difference).
3- Open the promo centers in colleges, universities to target youth, where you can offer different trial to customer/ students, so they get the opportunity to know the product and physical experience.
4- Use the electronic media to promote their products , such as ad posting on different websites, such as on Olx.com, and local vehicles websites, in TV channels at peak time ( most especially in sport channel etc.) to focus more viewers.
5- Offer different promotional packages or promotional prices or after service, warranty etc. to attract the potential customers.
To introduce your brand in public and catch the attention of new customers the companies use different brand promotional tactics. There are so many ways to promote a brand in the market. Different companies use different strategies according to their market. And with the implementations of strong promotional strategies companies achieve their goals to become pioneer in their markets.
PIRANI group of companies can also reach their targets by implementing these five different promotional strategies to become top of the list in super bikes category.
The main idea of contests is to promote company’s brand and put your logo and name in front of the general public. Contests and brand sponsoring should be arranged rather than the consent of making profits. People like free gifts and this is one of the best promotional strategies. This will increase awareness about your brand in public.
2. Internet Marketing/ Social Media:
Internet marketing, or online marketing, includes emails to advertise your brand in front of targeted public. Social media websites also play a vital role in internet marketing. Facebook, Google, YouTube and many more famous websites offer companies to promote their brands according to their markets. This is another example of direct marketing, which will boost up the promotion of company’s products.
3. Point of Purchase Marketing (POP):
Point of purchase marketing or (POP marketing) sells to a captive audience. The main idea behind this promotional strategy is convenience and impulse. The featured product is positioned at shopping malls where it can be easily accessible to the customers, with a discounted price tag to attract buyers.
4. Offline Advertising:
This marketing strategy will make more people aware of your product. And if it is effective advertising, people will buy your product too. It can be as simple as placing an ad in a television, local newspapers, magazines, billboards ad, Flyers or a radio commercial. This will attract huge amount of public to buy your product.
Co-branding is a marketing strategy in which at least two brands join together to promote a product. This is a powerful way to promote your product to consumers. The brands lend their collective credibility to increase the sale of your product. Branding your own product with another or offering buyers the chance to win certain product is a common marketing methodology to increase awareness about your product.