TERM PAPERThere are a number of aspects encompassed by the field of Marketing. Each of these aspects are key elements in the performance of Marketing a product.
The concept of Marketing is made up of four “P’s;” they are Product, Price, Promotions, and Placement. These elements of products and services or ideas are used to create exchanges that satisfy an individual and or organizational goal. Promotion is the main communication to the market that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response. Advertising is a key element to the promotion strategy.
The advertising appeal is why consumer wants to buy a product or service. Developing and evaluating advertising appeals is a complex assignment. This is usually the responsibility of the creative people in the advertising agency. The most widely used appeals are Profit, Health, Love and Romance, Fear, Admiration, Convenience, Fun and Pleasure, Vanity and Egotism, and Environmental Consciousness.
When looking at a product or service the consumers look at certain aspects that appeal to them which, helps aid them in their decision on that product/service. The Profit appeal lets consumers know whether the product will save them money. Make them money, or keep them from losing money. The Fear appeal can center on social embarrassment, growing old, or losing one’s health; because of power, requires advertising to exercise care in execution. Another advertising appeal that is commonly looked at is Environmental Consciousness, which focuses on protecting the environment and being considerate of others in the community.
When choosing the best appeal for your product/service it generally requires market research in order to place your product/service in its correct target market. “The appeal first must make a positive impression on and be desirable to the target market. It must also be exclusive or unique; consumers must be able to distinguish the advertisers message from the competitors message. ” When making your impression on the target market it is enormously important to make sure the appeal is believable and is not embellished. If the appeal is over thought it not only wastes promotional dollars but also creates ill will for the advertiser.
The advertising appeal for the product/service must be desirable, exclusive, and believable advertising, which is also known as the Unique Selling Proposition. The Unique Selling Proposition commonly turns into the promotional slogan. As a business you want your slogan to be a household theme or symbol that everyone will recognize. “Effective slogans often become so ingrained that consumers can immediately conjure up images of that product just by hearing the slogan. ” If you have accomplished that your firm has been extremely successful in advertising.
Some successful slogans that can easily recognized are: “Have it you way,” “Tastes great, less filling,” “Ring around the collar,” and “Tum te Tum Tum. ” Most advertisers often revitalize old slogans or jingles in hope that the nostalgia will create good feelings with consumers, states Lamb, Hair and McDaniel. This is a bona fide strategy when dealing with consumers. It not only creates a longing from the previous consumers, but also implants the old slogan into new potential consumers. A model that contours the process for attaining promotional goals in terms of stages of the consumer involvement with the message is known as the AIDA concept, (attention, interest, desire, and action. ) Attention is the first step; this is when the advertiser must first gain the attention of the target market.
“A firm cannot sell something if the market does not know that the good or service exist. ” In order to attract this attention you can place ads on TV and in consumer magazines. Next is interest, the simply awareness of a brand seldom leads to a sale. The firm’s assignment is to generate attraction. The firm must make the consumer interested in the product.
In doing so the strategy of sending out sample sizes of a product to potential consumers is significantly looked upon. The desire of a product is also greatly examined. Just because the consumer may like the product/service they may not be able to tell the difference between its competitors. This is when the firm must look to differentiate their product from its competitors. In doing so the firm must choose their words carefully in order to attract their customer. Firms may look at using an extending product in selling their product to separate them from their competitors.
The extending product offers such attributes as brand recognition, guaranteed return policy, and a lifetime warranty. The last step in AIDA is action and because its the last does not mean that it is the least important. Action is very important in pre-purchasing, action are the displays in grocery stores, coupons, premiums, and trail-size packages that are the incentive for the customers to purchase the product/service. Post-Campaign Evaluation can be the most complicated duty for the advertisers. “How do advertisers know whether the campaign led to an increase in sales or market share or elevated awareness of the product?” When evaluating the product nearly all advertisers intend to craft an image of that product and then they can decide whether or not their money was well spent on the promotional strategy.
“Despite this grey area, marketers spend a considerable amount of time studying advertising effectiveness and its probable impact on sales, market share, and awareness. ” Evaluating your campaign can take place before or after your product/service has hit the market. When evaluating before your campaign has reached the market, certain firms use such techniques of mail questionnaires, telephone questionnaires, personal interviews and focus groups. When implementing a new product/service it is suggested that you evaluate, or perform market research so that you can find out what your consumer wants are.
In the long run of your product/service it is least costly if the firm figures out what is wrong before it gets to the market. If you let your problem get to the market you are now doubling your cost to fix the problem. Thus, market research pays for itself. Most businesses call that theory the Ten-Rule. This is why the firm pays close attention to market research and invests more capital in planning before they implement the product.
In certain cases you may not have that time or opportunity to do all the market research that you want, so all you can hope for is to get your product out there for the consumers to see it before you competition gets a similar product/service out there. In the field of marketing, promotion and advertising are both key elements in its success. Some of the major concepts in the field of marketing other then Promotion are Product, Price and Placement. The promotion of products is imperative because it entices a response from the potential buyers. Whereas, advertising is the part of marketing that appeal to potential consumer, these concepts affect each other, and the entire performance of the marketing plan.
Marketing is a complex program and should not be over looked; there are many aspects which should be thoroughly planned.
