market analysis of activity 1 and activity 2, Study notes of Business

Download market analysis of activity 1 and activity 2 and more Study notes Business in PDF only on Docsity! Phoenix collegiate | Centre no: 20687 January 2022 Aaron Bal | candidate no: 1034 |ULN: | Registration no: UNIT 2 DEVELOPING A MARKETING CAMPAIGN Activity 1 or activity 2 [Business name] | activity 1 or 2- Rationale OR Campaign and Budget https://www.mordorintelligence.com/industry-reports/ Introduction The business produces… it uses its own… The business products are currently sold using… The business aim is to increase sales. The marketing campaign proposed to help muttley achieve its aim is Option 2 which is the… Option 2 will help Muttley exploit the best opportunities it has, including the chance to sell/improve … and provide a new/improved … Marketing aims and objectives The stated business aim is to… The overall aim of the marketing campaign will, therefore, be to use the option 2 to enhance sales and size of customer data base so that more direct sales can increase. The key smart objectives focused on this aim are: 1. To make a total of £100,000 in sales by the following months.. If the company effectively capitalises on Option 2's potential, this may help the business to increase its market influence. Achieving this objective may also make it easier for the company to further grow and thus distinguish itself from other competitors. 2. To gain at least 20% increase in brand recognition by the end of month. The company does not/ or Campaign media is currently produced at a low level. People will not buy a product or service unless they are aware of it so the company will invest in campaign media to boost brand recognition, seen in activity 2. If successful greater brand recognition of company will result in repeat purchase and thus loyal customers, which will in turn enhance revenue. 3. Increase the size of company customer data base by at least 2000 names/emails within the following months. The company does not have or currently has a small customer base. This may be achieved by growing the size of their social media presence, through which the firm can possibly develop its client base with its target market. Achieving this objective would also help it build broader customer awareness of the company’s product range which will in turn help sales. Analysis of market research info Secondary research information ieepe However, it may be more valuable if it gave additional information on… All secondary data obtained by me originates from current and well-known publications, ensuring its validity and reliability. Report to [business name] | proposed marketing campaign pg. 1 [Business name] | activity 1 or 2- Rationale OR Campaign and Budget product photography and the use of a social media agency or web designer to create competition sites. advertising costs of £4000 per month This done due to its incredible capacity to target particular groups of people using strong data and algorithms, social media is the perfect instrument for segmenting market so advertising will reach right individuals. Monthly competition on all social media channels to develop a target customer database Total cost: £ This mainly supports marketing objective 3 Online competition form on the company's website and social channels, marketed through social media advertising, aimed at fans and followers of those involved or interested with the company. Prizes of £1000 per month; advertising costs of £4000 per month Social media contests are a fun, easy way of connecting with customers and bringing in more fans/followers and prospects for the business. Host an event and influencer marketing This is due to the fact that events not only get consumers excited about your new product or service, but they also allow new prospects to engage with you in person, which is a great way to win them over. During the pandemic, virtual events still served as an effective promotion tool. The company will:  Host a Facebook Live session exhibiting the product and highlighting its features.  Run a live Q&A on the product itself. They will also Centre the event around an influencer who has expertise around the new product or service, with the promise to unveil the new offering at the end.-  10k subscribers can charge around £150 for a video.   100k+ can charge £1500 per video.  millions of subscribers can charge 15k+ per video.  Budget Pre-launch Social media campaign setup £10000 Social media advertising Influencer marketing Report to [business name] | proposed marketing campaign pg. 4 [Business name] | activity 1 or 2- Rationale OR Campaign and Budget Please keep in mind that any unspent budget will be reinvested in the social media campaign through retargeting to consumers who have interacted with the social media advertising (e.g., post likes, website clicks). Timescale Month prior launch date Launch date: 29th January 2022 Month 1 Market research Develop social media content Train staff Review campaign performance Develop & test new products Launch new products Report to [business name] | proposed marketing campaign pg. 5 [Business name] | activity 1 or 2- Rationale OR Campaign and Budget Report to [business name] | proposed marketing campaign pg. 6