IntroductionLee Peck Group Advertising Agency works in the field of advertising and promotion and is based in the UK. The company market share has grown since it was established in 2008 as it has improved its business through continuous innovation and delivering on the high standards that have played a big role in enhancing customer satisfaction. The company is seeking to expand its business operations to other areas like Bournemouth, Portsmouth, Southampton, Reading, and Basingstoke, which will offer an opportunity for diversifying risks. The company, however, has to identify the market presented in these areas in order to expand its business.
This report presents the points through which the business will be able to ensure that they develop a pool of loyal customers in these areas. The report will identify the manner in which the advertising agency can expand their business opportunities in the areas. The company offers services in areas such as leisure, education, health care, automotive, event marketing, professional services fields. In the new markets in the different areas, these services will provide an opportunity through which the agency market will grow as it will be able to target different segment.
All people looking for promotional campaigns and advertisements will access the Lee-peck agency different range of services. Nonetheless, the company will deal with numerous competitors and this means that the company has to differentiate its services from those of the competitors in order to gain a competitive advantage. The company will deal with both direct and indirect competition from the players in the same segment, and also international companies and businesses working on the global arena.
Differentiating its services will help the company to create a niche market (Aaker 2005). The advertising agency will have to create a pool of royal customers and enable the business to gain efficiency to maintain its competitiveness. Some of the targeted factors which will lead to this direction are price, timing, services and past experiences. When it comes to price, the agency will have to provide quality services at competitive prices in order to improve customer satisfaction. The agency will have to build its activities on the fact that price is determined by the quality of promotional campaign and advertisement in their business segment.
When it comes to time, the agency will have to ensure that they deliver the advertisement on time and match the customer requirements so that the customers can attain maximum satisfaction and benefit. Providing quality services and differentiating them will also enable the agency to be in a better position than that of the competitors (Armstrong & Kotler 2013) The brand development model applicable for the lee peck advertising agency is the Keller’s customer-based brand equity framework (Keller 1998).
The tool consists of tools and objectives (marketing programs, brand elements, and secondary brand associations) which are mediated via knowledge effects (brand associations and awareness) with resulting improvements of brand equity that will include better brand loyalty and larger profit margins (Washburn & Plank 2002). Building a strong brand in the new areas will be achieved through a number of steps, whereby every step is dependent on achieving the previous step.