ADVERTISING STRATEGY DEVELOPMENT Essay Example
- Category:Visual Arts & Film Studies
- Document type:Assignment
Short Answer Questions on Advertising Strategy Development
Target group is the primary population that an advertising campaign is focusing on or aims at.
Target market represents general group of customers that a business has resolved to direct its marketing strategies. An organization designs, implements, and maintains a particular marketing mix to satisfy needs of a target market (Lamb, Hair & McDaniel, 2010).
Target audience is a specific group of people in a target market that a marketing message is directed at i.e. specific age or gender.
Stakeholders are people and organizations that contribute to the success of an entity or rather those whose support is indispensible.
Primary target is a place in a market that a business has high chances of making a sale hence is populous and profitable. Major advertising spending is directed towards primary market
Secondary target are future primary buyers. They are small in purchasing power but have the potential of becoming a primary market in the future.
Tertiary target comprise of buyers within a target market that a business decides to attend to informally.
Demographics are made up of data collected to provide information i.e. details of population in terms of age, sex, government offices and departments to enable a marketer to create a profile of groupings that facilitates improved marketing, advertisement and promotion of goods and services.
Psychographics simply revolves around personality, values, interests, lifestyles and other personality attributes of consumers.
Infographics is graphical display of information, data, and knowledge with an intention to quicken and simplify presentation of intricate information.
Technographics is the identification and profiling of customer characteristics with a view of putting them into different segments.
A sound understanding of these factors places a market communicator at a better level of knowing consumer needs hence the possibility of increasing sales.
Competitor analysis looks at strengths and weaknesses of present and likely competitors, which helps an organization to identify opportunities and threats.
Vertical analysis is the analysis done within a specific industry i.e. analysis in automobile industry
Horizontal analysis is an investigation done across different industries to identify opportunities and treats.
Buyer decision-making processes are the resolutions made before, during, and after purchasing a product or a service in a particular market. It is a cognitive process entailing choosing a particular course of action given the many alternatives. Bearing this in mind, a marketer takes into account the entire buying process followed by a consumer.
Buyer information processing are the stages that a consumer goes through when they are presented or exposed to certain information starting with exposure, attention, comprehension, committing to memory, and retrieving the information for use.
A perceptual map is a diagrammatic representation of consumer’s understandings of products that are competing and their related attributes (Chon, Pizam & Mansfeld, 2012). These consumer’s thoughts regarding positioning of products in a market are placed in a diagram whose axis are product attributes.
Apart from saving time, money, and energy, marketing information systems is beneficial to a marketing communicator by providing a competitive advantage, boosting sales and eventually profits. Through this system, an organization is able to consolidate its image and improve relationships with customers. Orderliness and consistency are also registered by a marketing communicator.
Micro-management of databases means the use of a single authority to run databases so that consistency in passing information is registered. This is important to marketing communicator in that such a person is able to maintain consistency in delivering information.
Decision Support System is an information system that helps an organization in running activities that require choices to be made (Burstein, 2008). The management and support staff are able to make fast decisions with respect to inventories, comparison of sales, projected revenue and other activities using decision support systems.
Burstein, F. (2008). Support Systems 2: Variations, Volume 2. Berlin: Springer-Verlag.
Chon, K. S., Pizam, A., & Mansfeld, Y. (2012). Consumer Behaviour in Travel and Tourism. London: Routledge.
Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2010). Essentials of Marketing. South Melbourne: Cengage Learning.
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