Promotion Opportunities: - Although the situation is threatening, it allows Red and Purple adventures to broaden its horizon beyond traditional techniques and seek alternatives that can enrich its business potential. While it is important to maintain current crop of customers, it must also look to target other potential buyers. It can take up the promotions via the internet, delivery mail to members of the red hot society, locally aired radio and TV messages. However, it must be careful about which alternative to chose from the said ones as the medium of advertising is extremely important to the campaign’s success.
Low prices may lead to a price war so Red and Purples should promote its history of success and reliability rather than yielding to the tricks of competition. Market Segments that Must be Maintained: - Market segmentation and identification of key segments plays a crucial role in the success of any campaign (O. C Ferrel, 2011). Red and Purple adventures must maintain its loyal customers of the red hot society. One way to make that possible is to form an affiliation with the company that is perennial and for the benefit of both parties.
By becoming the official ‘costume store’ e. g., it can entice members towards its shop due to the power of affiliation rather than by promotional tactics. It must also try to maintain walk in customers who are treated with hospitality every time they enter the shop’s premises as they are the current source of revenue from items other than those purchased by red hot society. Reaching Key Market segments affectively: - The red hot society members are key customers of red and purple. The best way to capture them for the long run is to align this shop with the red hot society permanently.
As these customers continue to live by the trend, they are likely to continue buying products from the firm for a long period of time. It is hence, safe for the red and purple adventures to ‘invest’ in forming a partnership with the society. If such a deal does not materialize, mail service messages can be a convenient way to reach out to these customers who already know about the shop.
Specific memberships and discounts can be used to lure customers to red and purple rather than competitors. For customers other than red hot society members, local TV stations can be used to attract members of the society who are aged 40ish and above. This will be cost effective and will guarantee eyeballs. It can also use below the line activity by putting up stalls in community events where its target audience meets. Expanding via the internet: - The internet is one of the most widely used, cheap and convenient resources of marketing available (Chaffey, 2008). Selling merchandise to a nationwide audience will result in expansion of potential customers; however it will also pose several logistical challenges.
Marketing through the internet requires deft skill. Some sources it can use are google ads, advertisements on website of affiliates such as red and hot, and other websites that are regularly. It must make sure that while it carefully chooses the medium it uses, it gets constant feedback with respect to the output of the investment. Other options where it can start marketing its products include social marketing campaigns, ads on social media and free classifieds on the internet. Bibliography Chaffey, C.
D. (2008). Internet Marketing: Strategy, Implementation And Practice. Pearson Education India. O.C Ferrel, M. H. (2011). Marketing Strategy. Cengage Learning.