Week I: Advertising Media for a New Product Launch
When it comes to defining types of media available for advertising a specific product, two major ones are usually identified, i.e., the modern and the traditional ones. While the latter is viewed as the one that is targeted at the largest amount of target audience, the former is usually the cheapest one, which serves as the key reason for using it by most modern SMEs. In order to facilitate a complete success of a promotion campaign, one will have to incorporate both types of media into the advertising program, though; thus, the product will receive the attention of the greatest amount of the target customers. Therefore, such types of media as billboards (traditional media) and social networks (modern media) should be considered as the most efficient ones (Iacobucci, 2014).
Creating an advertising budget will require an analysis of the costs for the traditional and modern media advertisements. As far as the first one is concerned, the area, where the advertisements must be located, matters greatly. In the second scenario, the costs for placing advertisements on certain sites will have to be calculated. In addition, the money required for designing the advertisements will have to be incorporated into the budget.
Though the Coca Cola Company has been doing quite well over the past few years, at present, it seems to be outranked by PepsiCo in terms of food sales (Food Processing’s top 100, 2014). In order to attract more customers, the following message can be used: “Coca Cola is new and improved (AIDA: Attention)! Try new flavors that you have never tasted before (AIDA: Interest). Delicious mango, pineapple and kiwi flavors will make you feel that you are in a tropical paradise! (AIDA: Desire) Buy now for only $2.25! (AIDA: Action).”
Week II: Components of a Social Media Campaign
When creating the media campaign, one must be especially attentive to the strategic/operational KPIs. In addition, the effects that the chosen strategies have on the ROI of the company in question are to be born in mind. Therefore, when picking the approach that can be viewed as viable for a certain small or medium entrepreneurship, one should give their preference to boosting sales via making most of the content that the company introduces to the audience information based, while only about 15–20% of the content should incorporate the promotional elements (Barker, Barker & Bormann, 2012). Moreover, it is essential that the content created by the organization should be very diverse. Thus, the effectiveness/ efficiency ratio will be increased in the company and the subsequent rise in the organization’s success in the target market can be expected.
As a manager of a mall, in order to become more successful, I will have to integrate social media into the promotion of the products. To be more specific, it will be required to create series of advertisements for the users of Twitter, as Colleen Francis did (Smith, 2014). The latter has proven quite successfully that the method is very efficient. Additionally, the process of goals setting must be reconsidered. It is crucial that the organization’s objectives should be social media based and that the emphasis on transferring data with the help of the social network could be utilized. Thus, a greater amount of the target audience can be reached. As far as the process of setting goals within a specific strategy associated with the social media is concerned, the example of Printfirm, which has managed to grow with the help of the specified approach, must be mentioned (Parker, 2014).
Reference List
Barker, M., Barker, D. I., & Bormann, N. (2012). Social media marketing. Stamford, CT: Cengage Learning.
Food Processing’s top 100. (2014). Web.
Iacobucci, D. (2014). MM4: Marketing management (4th ed.). Mason, OH: South-Western Cengage Learning.
Parker, M. (2014). How social media increased one print company’s sales by 46%. Digital Printing. Web.
Smith, J. (2014). How to use social media to make sales. Forbes. Web.