Unit 18 Business Advertisement and Promotion Assignment
Introduction
An firm can employ advertising and marketing to draw customers in and finally persuade them to make a purchase. The information and knowledge about a company’s services, goods, and benefits is shared with the public with the aid of advertising and marketing firms. If an organisation can influence consumers through strong marketing and communication tactics, they will succeed and become wealthy. Therefore, a business uses a variety of surveys, advertisements, strategies, and approaches to display its different and unique image in the eyes of the consumers in order to draw in and persuade them. This assignment for unit 18 on company advertisement and promotion examines the advertising and promotion strategies used by the London-based shopping centre Westfield Stratford City.
Task 1
1.1 Explain the communication process that applies to advertising and promotion
Communication is the means of getting information or a message through to the target market or customers in terms of advertising and promotion. If the communication is successful, the company will make more money since successful communication attracts and persuades more individuals to buy the products. Effectively communicating with the market, current and potential clients, and stakeholders through advertising is crucial for survival in the cutthroat business world. Advertising communication is often referred to as information sharing or exchange between the seller and the customers. It is crucial to draw in clients and influence their purchasing habits. Advertisements are distributed by a variety of media, including newspapers, radio, television, and billboards. On the other hand, a promotion is a tactic used to influence and convince consumers’ purchasing decisions. The purpose of promotional activities is to increase the company’s revenue, market share, and profitability. A product or service can be advertised through a variety of techniques, including special offers, discounts, and displays at shopping centres and malls. Westfield Stratford City has observed a decline in the number of visitors and shoppers recently. As a result, the company’s profits are declining. To increase or capture a larger market share and to enhance its standing and reputation among customers, Westfield Stratford City will aim to promote its better services and products among consumers with the aid of advertising and promotional efforts.
1.2 Explain the organization of the advertising and promotion industry.
Promotion and advertising go hand in hand; one cannot exist without the other. Delivering proper customer service is the primary goal of both advertising and promotion in order to win over consumers’ loyalty. Their primary goal is to implement an effective advertising and promotional strategy. This plan outlines the target market Westfield is aiming for as well as how to execute a successful marketing strategy. Overviewing the parties involved is required for the implementation of such plans. Advertising agency: The major responsibility of an advertising agency is to collaborate with customers to produce advertising campaigns that are effective. Copyrighters and media planners, who are in charge of creating ads and distributing them in the proper medium within the given budget, are well-equipped in an advertising firm. They conduct in-depth research to produce campaigns for clients that are more appealing to their target audience. BBDO group member Abbot Mead Vickers (AMD), as an illustration is one of the largest advertising agencies in the UK, offering a range of services to major corporations like Sainsbury’s, Home Depot, Walkers, and The Economist. The medium or channel through which messages are conveyed or received is known as the media. In advertisements In advertising, the term “media” refers to mass media or other channels that reach a big audience, such as television, radio, newspapers, magazines, the internet, outdoor advertising, and other branded entertainment. Maximizing consumer effect while reducing expenses is the core goal of media.
Services for specialised marketing communications: A marketing communication specialist acts as the organization’s principal representative to the outside world or external environment. The expert has a duty or responsibility to grow the business and present it in the best light possible.
Collateral services are a broad range of auxiliary services that are utilised by advertisers, the media, and advertising agencies. Examples include brochures, post cards, newsletters, business cards, electronic direct mail, free locus assignments, etc.
1.3 Examine the UK’s promotion regulations.
The UK’s regulatory body for all types of advertising is the Advertising Standards Authority (ASA). Their main responsibility is to respond quickly to any complaints made by the public or other businesses and to regularly monitor the media to ensure that no insulting, deceptive, or harmful advertisements are being run.
It is a non-statutory organisation. Sales Promotion, Direct Marketing, and the “Code of Non-Broadcasting Advertising” must be followed by all non-broadcast advertising, including billboard posters and web advertisements. Off-air marketing might result from breaking any of the CAP (Committee of Advertising Practice) guidelines. All broadcast advertising, including teleshopping, television commercials, television text, and sponsorship of television programmes, is subject to Ofcom licencing and must adhere to the “UK code of advertising.” For instance, Homebase advertised on TV that every single client would receive an additional 15% off at the store; B&Q reported this as misleading and disputed it with the ASA. After investigation revealed that Home Base has hacked the TV shortly after ASA.
2.1 Explain the role of advertising in an integrated promotional strategy for a business like Westfield Stratford City.
An important factor in determining a company’s success is advertising. Successful advertisement is the reason why a certain band becomes so well-known. Let’s use the well-known brand Coco-Cola as an example, but why? This question has a fairly obvious response. It is due to effective advertising, which is a crucial component of a comprehensive promotional plan. The advertising strategies used by Coca-Cola have helped it achieve its highest point. Currently, Coco-Cola spends almost $6 million on efficient advertising alone.
Examining Coco-comprehensive cola’s promotional approach:
The company always uses traditional forms of advertising, such as billboards, television, and posters.
In order to gain greater attention from consumers and investors, Coco-Cola is frequently seen sponsoring sporting events.
It always employs online promotions, which are the quickest and most modern type of advertising.
Only local merchants are in charge of handling Coco-Cola local promotions.
Today, Coco-Cola uses its own technology to produce cartoon graphics or photos for promotional purposes.
This makes the advertisement more vital for any type of integrated promotional plan for any products, businesses, or firms. The well-known brand Coco-Cola is utilising an innovative integrated promotional strategy.
Similar to how Westfield City can succeed by utilising an efficient integrated promotional campaign.
2.2 Explain branding and how it is used to strengthen a business or product
Let’s first define a brand in order to comprehend what branding means. It relates to the notion of a particular product with which customers can easily identify the brand, design, name, or image. Westfield would therefore place the greatest emphasis on the type of idea it should develop, the branding strategy, etc., for the success. The process of branding is giving a product to consumers a distinctive name and image.
Giving organisations a competitive edge: Regardless of whether an organisation is for profit or not, it is critical that it continue to compete for resources such as funding, talent, and resources.
Brand as a reliable asset: In the modern world, reliability is crucial. Although businesses can be bought and sold and technologies can change frequently, only powerful brands can endure. It necessitates routinely creating fresh strategy plans. A good example is Coco-Cola, which has been on the market for more than 120 years. It is a blessing, and many Coco-Cola advertising strategies have helped the brand survive.
Adding economic value: In this context, an organization’s value is divided into two categories: intangible assets and tangible assets. Intangible assets are things like brands. As an illustration, a non-profit organisation like Red CROSS is drawing a large number of volunteers and money. Therefore, a company’s brand is crucial in luring customers, partners, audiences, and other types of customers.
Adding economic value: In this context, an organization’s value is divided into two categories: intangible assets and tangible assets. Intangible assets are things like brands. As an illustration, a non-profit organisation like Red CROSS is drawing a large number of volunteers and money.
The following steps should be followed by Westfield in order to grow its business:
Finding a logo is the most important task. It is the first step in developing a terrific brand. Westfield must therefore first create a logo.
Image: Customers are picky when it comes to brands, therefore a company that is reliable is more likely to win their allegiance. Westfield must dedicate some effort to creating a suitable logo, an impactful phrase, and an appealing colour palette for this.
Promotional materials: Distributing customised business cards, posters, and flyers among customers and other individuals improves awareness. such performances, a free family buffet, savings, etc.
Identifying Competitors: A thorough analysis of your competitors is crucial. In other words, understanding your competitors’ branding methods is crucial to success. For example, to compete in Westfield, one must research the rivals’ tactics.
Social media: In the modern world, nothing would be possible without media, since it is that platform that is known all over the world. You may open a page on Facebook, Twitter, and LinkedIn and keep track of how many people are approaching, their comments, and how Westfield shoppers are responding to offers after publishing them.
Establishing Networks: Establishing solid networks is crucial. At Westfield, one must research the numerous sources before contacting potential associates through social media sites like Twitter and LinkedIn.
Unit 18 Business Advertisement and Promotion Assignment
2.4 Examine ways of working with advertising agencies.
A Westfield Mall flyer
Working closely with them is crucial for the success of your brand. Here are some steps to take:
Setting defined, obvious goals is essential to the success of any advertising campaign; therefore, it is important to make slogans, logos, and other design elements effective. It is crucial to know that my advertising company is aware of my goals, the best strategies, the types of clients I want to draw in, the sales targets I want to meet, etc.
Budgeting: It’s crucial to benchmark a budget.
While collaborating with my advertising agency, I will plan out the budgets for each campaign, taking into account the amount of printing necessary.
Setting up time goals: It’s crucial that the advertising firm be informed of the day and time that I will be launching my plan because campaigns should be built up according to a specified time frame.
Relationship: Constant communication with my advertising agency is crucial. My main responsibility is to keep track of campaign dates, campaign types, etc. Every time there is a crisis, it is also my duty to swiftly respond to the people via email or text.
4.1 Follow an appropriate process for the formulation of a budget for an integrated promotional strategy.
Setting a budget: Setting a budget is important when deciding how to promote a product or line of items. The budget can be determined using a variety of techniques. The simplest technique is to compare the predicted sales for the following year to the budgeted sales from the previous year. Many businesses employ this strategy since it is straightforward and hassle-free.
Budgets aid in the efficient distribution of resources.
Resources are under budgetary control.
The departmental heads or managers are motivated to meet the budget targets by a good budget.
comparing and analysing the performances.
Plans for marketing are resource-focused and have an impact on the budget. For the managers to properly distribute the funds when deciding on the Integrated Marketing Plan budget, they must research and comprehend
Unit 18 Business Advertisement and Promotion Assignment
The methods are:
Establishing a good plan: It’s crucial to have a solid strategy that is distinct, clear, and precise before you can calculate the overall budget that will be needed. the campaign centres, slogans, and logos, etc.
Number of people needed: Since teamwork is essential to the success of any advertisement, it is crucial to find and hire talented individuals who have the necessary resources.
What type of media should be employed is crucial; these can be either newspapers, television, radio, or posters, billboards, etc. Different media have varying budget requirements.
Basis: It is founded on a strategic comprehension of the products and the market.
Brand Attention: Their primary focus is on the brand’s logo, taglines, and fundamental message.
Advertising, e-marketing, which includes social networking websites, e-mails, etc., and direct marketing are all seen as forms of communication.
Tools for promotion are techniques that boost a product’s sales. Personal selling, trade promotions, sponsorship programmes, discounts, rebates, and other things are included.
4.2 Develop the promotional plan.
Situational analysis is the critical examination of a company’s current state. A marketing strategy is now being launched at this time.
A situational analysis employs the SWOT analysis, which identifies each factor’s advantages and disadvantages as well as potential improvements.
giving a history of the company, its goods, and its services
Being a consumer, when evaluating the products that will be advertised, I want to carefully consider every aspect, including packaging, distribution, and labelling.
There are numerous contestants in the division.
to examine contemporary media strategy. identifying a sizable segment of the consumer population that will be targeted based on factors like age, ethnicity, and region.
Conclusion
According to the aforementioned report, in order for a firm to succeed in the business sector, it must choose the advertising and promotion strategies that will best help it spread the word about its initiatives, goods, and services. It is up to the company to decide on the best methods and tactics to market its products or services because these tactics will have an impact on the business’s core operations, stakeholders, and financial health. Every organisation, like Westfield Stratford City, must choose its advertising and marketing strategies in accordance with its needs, industry, and size of operations. The organization’s success depends on the choice, communication, and implementation of its promotional initiatives. Therefore, choosing it is the most crucial responsibility for every organisation.
References
Unit 18 Business Advertisement and Promotion Assignment
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Forsyth, P. (2000). Marketing on a Tight Budget: An Action Guide to Low Cost Business Growth. Kogan Page Publishers.
Unit 18 Business Advertisement and Promotion Assignment
Hackley, C., & Hackley, R. A. (2014). Advertising and promotion. SAGE.
Leiss, W. (2013). Social communication in advertising: Consumption in the mediated marketplace. Routledge.
Martin, I. M., Stewart, D. W., & Matta, S. (2005). Branding strategies, marketing communication, and perceived brand meaning: The transfer of purposive, goal–oriented brand meaning to brand extensions. Journal of the Academy of Marketing Science.
McCracken, G. (1990) Culture and Consumption: New Approaches to the Symbolic Character of Consumer Goods and Activities. Bloomington, IN; Indiana University Press.
O’guinn, T., Allen, C., Semenik, R., & Scheinbaum, A. C. (2014) advertising and integrated brand promotion Cengage Learning.
Pickton, D. and Broderick, A. (2003) Integrated Marketing Communications. London: Pitman Publishing.
