Marketing Assignment Marketing Assignment Define promotion. What does integrated marketing communications mean? Promotion entail all activities that a business undertakes to raise awareness about its products to potential buyers. In essence, promotion is used to increase sales in an organization and also instill brand loyalty. On the other hand, integrated marketing communication a process where firms seek to realize the objectives of marketing through an assortment of strategies. The process entails an evaluation of various marketing strategies and finding way through which they can supplement each other to creat market gains for the company. 2.
From your shopping experience, what were your two favorite stores and why? My favorite stores were Nike and Target stores. The stores were stocked with trendy products that were heavily discounted. Target, for example, had a huge variety of products that were retailing a very low price when compared to other stores. The store had an option of free shipping for light goods. Nike products were mainly footwear and sportswear. The products were largely customized and highly differentiable from others. The products were trendy and retailed at lower prices than the prices of major competitors. 3.
What were three general observations from the whole Union Square Experience? Union Square is a busy environment with many businesses in many industries. The square has several retail stores such as Target, Nike, BestBuy, and Tiffany. The competition in the square is rife, and every business is trying to outdo each other. Thus, each store has various marketing strategies. There are various promotional strategies. Among them are digital billboards, product placement, and persona selling. The promotional methods are highly effective in the complex. 4. What are the 4 methods of integrated marketing communications? The four methods include; Promotion- This is where an organization enhances brand awareness among the target customers.
The strategies in the category include personal selling, advertising, and publicity. Product- Marketers must ensure that the product satisfies the needs of the consumers. They should also consider the life cycle of the products to determine possible changes. Price- pricing is a method that is used to attract customers and gain market share. A firm that offers lower prices for its products is likely to attract more customers. Place- customers buy products that can be accessed easily.
As such, the firm endeavors to make the distribution network as robust as possible. 5. What are the steps in personal selling? Personal selling process can be summarized into 4 steps Prospecting At this stage, the salespersons identify possible customers that a business can target. Locating buyers is through inquiries, observations, and records analysis. Approaching The salespeople learn more about the potential customer before making any further decisions. The aspects that should be learned includes the needs, buying habits, purchasing power and the approximate number of customers. Presentation At this stage, the salespersons present the actual product to the buyers.
Also, the products features are explained briefly Demonstration and sale The salespersons demonstrate the products in order to convince the customers to buy it. The salespersons explain the qualities of the products and the ability to satisfy the customers. At this stage, the customer can make an order for the product. 6. What are the various objective of pricing? The objectives include; Increasing profits in both short run and long run. Reduce the costs of production Increase revenues from sales Enhance the market share of a firm. 7. Why do you think most companies are adopting a mobile first strategy as their core-marketing objective going forward? Mobile technology is increasingly becoming sophisticated, and people are spending more time browsing the internet using their smartphones.
As such, companies has found it wise to reach millions of consumers through customizing their products for mobile access. As such, the companies increase their visibility and brand names. 8. How do you see social media playing a major role for all brands in todays environment? As noted, technology advances has opened up the world. Social media is a platform where many people interact and exchange ideas.
In this regard, the companies can use the platforms to advertise their goods and services. Adverts and posts on social media are visible to millions of registered users thus increasing the visibility of brands (Anderson, 2010). 9. Find 2 advertisements of a company you like, what is it that you like and please make sure you send me a link to it as well, it can be a video as well. Nike has used various strategies in it advertisements. In an advert “ Nike Football: Winner Stays, " the company uses soccer celebrities to advertise its sportswear.
The advert is very appealing as it clearly covers the usage of Nike sportswear in action with famous celebrities. The brand name is also clearly visible. (Link: https: //www. youtube. com/watch? v=3XviR7esUvo). Another advert is Nike Kyrie 1 shoes. The advert takes a narrative form where potential customers get to know the specifics of the shoes. The advert also demonstrates how the shoes fit various sports uses. Also, the brand name is mentioned multiple times and Nike’s logo shown on the shoes. (Link: https: //www. youtube. com/watch? v=io0utAgf-Tg). 10.
As a customer, would you rather shop at a store that features a sale once a month or a store that practices everyday low pricing? Why/why not? As a shopper, I would prefer shopping at a store that offers everyday low prices. The reasoning I that everyday low prices improve the flexibility in shopping. This means that I can shop at any time or when need arises since the price is always low Reference Anderson, E. (2010). Social media marketing: Game theory and the emergence of collaboration. Heidelberg: Springer.