Introduction
A unique thinking Cap is a company that deals in different kinds of head covers and wigs. As a mater of fact, it specializes in hats, turbans, and other types of head ware.
This head wares can be used by people who are suffering from hair loss as well as cancer patients. The market for head wares and wigs has been experiencing a lot of competition in recent years. This competition has been brought about by changing market trends in fashion. To respond to such market changes, the company has continually come up with good hat designs.
Advertising strategy
To enhance its operations, the company has been forced to come up with good advertising strategies for sustainability. A unique thinking Cap’s marketing goal is to increase sales and awareness about the company’s products.
In addition, the company aims to increase the number of repeat clients and enhance its presence in the market through marketing. Therefore, the company will employ a good advertising strategy to reach a wide market base (Joshi, 2005, p. 11). As much as its products have a broad market appeal, more attention will be focused on women.
In addition, it will also focus on cancer patients and holiday goers. This approach will see the company increase sales in these market segments. Because there is a lot of competition, the company will use its unique designs to suit different market tastes and preferences (Petley, 2002, p. 9).
Through this, the company will be in a better position to increase the number of repeat clients. More attention will focused on city and urban dwellers within the age bracket of 20-40 years. Because this target market has more access to the internet, the company will rely on online advertising to reach a wide base.
Measuring advertising
The main aim of advertising will be to increase sales and build the company’s brand. Because the company will spend money on advertising, it is important to measure its effectiveness (Petley, 2002, p. 12). In this case, the company will carry out an audit and analysis to see if there is any increase in sales (of products that are promoted like hats). A unique thinking Cap will also come up with a good customer feedback program for consumers to tell the company how they learnt about its products.
Since the company will also use its website for advertising, the number of visitors will be critically analyzed to see their movements. Any increase in the number of visitors will imply that the company’s advertising strategies are effective (Petley, 2002, p. 23). The company will come up with a toll free line for orders from customers.
The number of calls will be monitored to see if there is any increase in orders. In this case, the company will be able to tell if its advertising approach has reached the right market. Consumer surveys will also be used to evaluate the effect of the company’s advertising activities in the market.
Promotional strategies
It should be known that the company will use various approaches to advertising. In this case, advertising will take various forms like TV commercials, Print advertising, direct mail, yellow pages and Web Ads (Petley, 2002, p. 8). As much as the company will use various forms of advertising, it will also use different promotion strategies for success and sustainability. Most of these promotional strategies will be aimed at different market segments to give them a personal touch and attention.
The company will use media releases to give out more information about its products. This will enable it to reach a large number of potential customers. Since the products will target a broad market base, the company will also use events. These events will be made memorable to leave a lasting impression to different customers like the youthful group (Joshi, 2005, p. 23). Since our product line includes different hats, networking will be used to reach new customers.
This will be done within the industry and clients. Promotional products will be used to target specific segments like cancer patients and people who are suffering from hair loss. In this case, the company will be able to thank its other loyal customer’s apart from this segment. To enforce this, the company will be periodically coming up with promotional hats to entice the market.
Measuring customer satisfaction
The company’s prime goal is to ensure that customers are satisfied through its broad range of products. This will guarantee it a large customer base and market position (Petley, 2002, p. 43). As long as customers are satisfied, the company will continue registering an increase in sales and profitability. In this case, there will be a good approach of measuring customer satisfaction in relation to its products.
A unique thinking Cap will come up with different consumer surveys to determine customer satisfaction in relation to its products. This will give the true picture of the company’s products in the market place. Through direct communication, the company will personally get information from consumers. This will be done through toll free calls. Feedback from customers will give the true market position of the company’s products and tell if different customers are satisfied (Petley, 2002, p. 16).
Sales will also be evaluated to see if there is an increase or decrease from previous figures. An increase or decrease in sales speaks volumes on consumer perceptions about the product. If customers are satisfied they will continually buy the product hence an increase in sales. The company’s market position in relation to other competitors will also be evaluated. This will explain its performance as far as customer satisfaction is concerned.
Gaps in consumer experiences and expectations
Consumers always have their own expectations in relation to a company’s products and services (Joshi, 2005, p. 31). After evaluating customer satisfaction, the company will come up with various mechanisms to address gaps in their experiences and expectations. For instance, it will continually come up with new designs to keep up with current trends in the market.
This will be done after an extensive marketing research has been done to know their tastes and preferences. In the long run, the company will satisfy different market needs.
Gaps can be brought about by misinformation in relation to the company’s products (Joshi, 2005, p. 17). In this case, the company will continually advertise its products to create more awareness. Through feedback, the company will be able to tell what customers want as far as its products are concerned.
This means that their input and concerns will be put into consideration in the production of goods. In addition, consumers can be welcomed to give their suggestions in relation to their individual experiences. This suggestions will be highly considered in redesigning products to give them a new look and lease of life in the market.
Conclusion
Although there is high competition in the market place, the company will continually review its marketing strategies to increase profitability. This will enable it to build a good brand position and image in the market. Because of changing market trends in relation to fashion, the company will redesign its products to suit different market tastes and preferences.
Reference List
Joshi, R, M. (2005). International Marketing. New York: Oxford University Press.
Petley, J. (2002). Advertising. North Mankato, Minnesota: Smart Apple Media.