The purpose of this report is to enhance understanding among individual in the context of entrepreneur practices that can assist them to represent new ideas in target market. The major area that this report is going to cover are:
- Discuss different range of ventures that might be considered as entrepreneurial.
- Identify the impact of small business over the economy of a country.
- Examine the crucial aspects of entrepreneurial mind-set.
- Analyze different environment that can hinder and foster entrepreneurship.
In present business scenario, marketing communication is known as the important and fundamental part of every process of organisation. This is simply refer to the process in which different communication tools are use by business entity to interact with target customers for make them inform about the products and services of firm and persuade them to buy the same (Altman and et. al., 2012). This function is carry out by marketing department and it is very significant that this should be execute in an effective manner. Adequate amount of resources and funds should be allocate to marketing department so entity can achieve its marketing objective. Other major advantage of function perform by marketing department is that it provide competitive benefit to entity. Today, data base marketing, technology, media and stockholders contact points is all known as most valuable factors of marketing communication (Atazky and Barone, Bees and Pollen, 2013). This is a part of planning process of marketing department that support entity in achieve its set goals. Cadbury, a multinational confectionery firm owned by American company and second largest confectionery brand in the world is consider in present report for study. Process of communication that apply to promotion and advertising is given in this report. Further, current trends in advertising and role of advertising in integrated promotional strategy is also discussed under this. In addition to this, various ways use by advertising agencies for work and major techniques used in below the line promotion is also included in this.
1.1 Communication process that apply to promotion and advertising
Different activities are covered under the process of communication but before understand this procedure it is very significant to first understand the concept of marketing communication. This is procedure that affect the purchase behaviour of an individual either direct or indirect way and that contribute in success of business entity. Mainly marketing communication is known as the procedure in which firm communicate with target customers and motivate them to buy company's products and services (Athey and Gans, 2010). It is very important that this process should be execute in an effective manner as this largely affect the organisation's success and also provide competitive benefit to it. Various activities are perform by an entity for communication process as in its initial stage data is converted into information by management of marketing department after that information is encoding to various buyers and consumers and after that they interpret the collected information then it comes to the consumer's behaviour perceived towards that specific product or service offer by firm to satisfy their needs.
Different forms of communication process are applicable in promotion and advertising. One of the main focus of this process remain to give answer to the queries and questions of prospect and at the same time impress the audience (Baker, 2013). A communication model is developed with nine factors. Main elements are sender, receiver, message, media, encoding, decoding, response, feedback and noise. For attract large number of customers, it is very essential for managers of Cadbury to check the information or message shared by firm is interpret in right manner. Various issues and hurdles could arise during decoding process which misguide the meaning of shared information. In this context, it come under the responsibility of marketing department to first understand the object of information and at the same time ensure that the data is transform in accurate manner or not. After that, collection of feedback should be take about the information transform from firm to the target customers.
1.2 Organisation of advertising and promotions industry
Organisation of promotion and advertising sector is operate in a centralised system. Companies come under these type of sector consists marketing and advertising manger that work together with sales agents, directors, financial staff members and purchase agents in an innovate manner. Firms involve in business of advertisement is beneficial for other firms in develop and create marketing strategies (Baron and Sissors, 2010). Entities of promotion and advertising sector work with a specific entity in various areas such as: support in public relations, advertisement, tools of direct marketing that the firm require to interact with customers and to maintain a good relationship with them. Various firms of promotion and advertising that offer service in direct or indirect way to firms to increase effectiveness of buyer's interaction and that can be helpful for the Cadbury for attain its marketing objective and to increase effectiveness of marketing strategies are as follows:
- Agencies: Firms that engage in the business of offer advertisement services are known as agencies. These are independent from the customers. One of the main feature of agencies is that it support clients to increase the sale of its products and services in the market. This provide selling and marketing strategies to business firms. In some specific cases they also offer various services like branding of services and products on contract basis.
- Media: This is another unique independent channel that offer direct communication with the consumers. It is known as direct channel available for firm for carry out promotion of its product. In today's business environment, this is known as one of the most effective channel of marketing as this largely affect the behaviour of consumers. TV channels and digital marketing agencies is all cover in this media. As various channels are available in the market to interact with target customers (Bentolila and et. al., 2011). It is very important for organisation to select the more effective and cost saving channel for advertisement to serve large number of customers.
- Creative hot spot: This is known as the team of of various individual that are experience designers, visual experts or animators that support entities to interact with target customers and communicate data with them with support of cyber hub.
All these are the major firms that play a role of mediator and transform data to the target customers with help of different channels. These firms are use by business entities as a tool of marketing with the aim of promote its services and goods or carry out promotion of product in the market.
1.3 Regulation of promotion
Promotion of process is known as the one in which awareness of customer is increase about the various services and product available in the market. This is known as the major function of marketing department and it is very essential that this should be executed in an effective manner. This is the only function that provide an opportunity to business firm to interact with its target customers and persuade them to but its offering. Another feature of promotion is that it help firm in increase the sale of its product, create brand loyalty, help in maintain good relationship with customers and provide various other long term benefits. Promotion regulation highlight the way in which a product or service can be promoted or advertised in the market (Bertrand and et. al., 2010). Government impose this regulation with the aim of secure the consumer's interest from the misleading acts and advertisement. This regulation put a cap on various aspects of advertisement such as its content, time and other related activities. False advertisement issue and health concerned programs are regulated in United Kingdom. Advertisement sector in UK is strictly curb by the government such as advertisement of alcohol and drugs is prohibited there and no one can could make broadcasting children shows.
CRD (Consumer Rights Directive) is a measure of EU that offer more rights to consumers during buying in United Kingdom. Specific acts that have provision for the advertisement is given in the following points:
- Consumer contracts regulation information, cancellation & additional charges regulation 2013.
- Supply of Goods and Services Act, 1982.
- Sales of goods Act, 1979.
- Consumer Credit Act, 1974.
- Distance Selling Regulations 2000 Act
- Data protection Act 2003.
Various rules and regulation are there in United Kingdom that support the protection of interest of consumer form any kind of unfair trade practice. Buyers or customers that are not satisfied with the services and goods have an opportunity to file their grievances in the consumer forum. Further, various parliament has passed many ordinances related with marketing activities of various firms related with specific fields.
1.4 Current trends in promotion and advertising consists the impact of ICT
Today, it has been observed that large number of buyers and consumers have become more concern with their standards of living and their personal life. In this context, to fulfil the expectation of consumers and to shape their behaviour business entities require to formulate a effective and analytical strategy (Chu, Massive Inc, 2010). The current trends in promotion and advertising are related with the implication or effective use of technology to transfer the brand's message with audience on a large level. Profession of advertising is a dynamic one. Use of wireless communication and globalisation both are known as the current trend in advertising. Due to various new trends, advertising is become more and more complex. Now, think creative aspects of a commercial is not enough for a advertisers but to examine the various profitable ways to communication and reach with consumers is also essential. Interactivity with prospects has offer various new opportunities for advertisement (De Mooij and Hofstede, 2010). Various factors such as mobile communication and internet communication and all make it simple for firms to communicate brand message with target customers. Research also revealed that effective and new forms of advertisement has increase the revenue and profit generated form traditional media is decreasing. IMC (Integrated marketing communication) is another trend in advertising approach. One of the main feature of this is that it utilise all marketing message and send a single message to advertise the goal of brand. Marketing team of firm require to understand the need of technological gadgets and their use in order to influence the purchase decision of individuals. Various technologies require to be apply by marketing team for carry out promotional operations. This trend support firms in increase the sales of its products.
Different strategies which can be use by marketing team of Cadbury to persuade behaviour of customers in positive manner can be understood by following points:
- Advertisement with help of television: In today's era of technology every individual wants to live their life as per their specific terms. With increasing trend of watching TV at home can support Cadbury to influence the behaviour of consumers in positive manner. Today if a product is not shown or promote on television then it has vanished out of market.
- Internet: A survey is revealed that billion of individuals serve internet on daily basis and in order to influence consumer's behaviour Cadbury can use image sections on social platforms such as Facebook and Twitter which affect choices and behaviour of consumers in direct or indirect manner.
- Posters: This is another marketing strategy that can be use by Cadbury for promote its products.
- Other current trends: Various other trends are use of social media platforms such as Facebook, Instagram, Twitter and many more. Effective use of all these platforms affect the behaviour of customers.
2.1 Role of advertising in integrated promotional strategy for a product or business
Advertising is known as one of the most essential factor of marketing communication and this is known as an an significant element of integrated promotional strategy. Advertising is known as a tool used for mass media promotion or to carry out promotion on a big level (Ellis, Katiyar and Smolin, TURN Inc, 2014). Various type of advertisements are there that serve different purposes to interact with consumers. Different tools of marketing are there such as public relations, direct marketing, personal selling, sales promotion, digital marketing and many more but advertising is different from all these tools. One of the main feature of advertising is that it serve as a tool for reach large number of customers with help of TV, newsletters, radio, newsagents, movies, business directories, websites and many more. The media choose by entity for carry out its promotion activities play a big role in positioning of brand. One of the main feature of advertising is that it provide an opportunity to entity to reach million of customers on a large scale (Ellis and et. Al, 2015). Further, this help in create and maintain good relationship with target customers with help of emails and this support in retain customers for a long time period. Further, role of marketing in an integrated promotional strategy for a product is given under the following points:
- Advertising highlight the major strength of a product toward customers and the market.
- Advertising boost up the credibility from the item one of the clients.
- Advertising shows the fashion ability form the good towards the consumers.
- Advertising is the one which make the customers believe that there are the products they are searching for.
- Advertising is very useful for outdoor promotions.
Advertising is known as one of the most important component of process of marketing. Both advertising and marketing are known as significant factors of a company's success. With this entity can maintain its market share and at the same time can increase the same. It is very important for firm to identify and analyse the various media before choose a final one. In this way firm can maintain positioning of brand and its message.
2.2 Branding and its use to strengthen a product
Branding is known as that attribute of a good or product that attach the entity with its target customers. This can be done by use a logo, symbol, image or slogan. One of the main purpose of branding is to serve the entity by creating product differentiation. With help of branding market reputation of a entity can be create and change. This largely support the product development. Branding creates customer's expectation from product of a firm so various efforts are done by organisation to fulfil the customer's expectations as this help in retain them for a long time period (Goldfarb and Tucker, 2011). Research is carry out by entity to fulfil the specific requirements of customers. When entity manufacture a unique and featured product then it support in attract large number of customers. Branding strengthen goods of entity by create long term relationship with consumer and by create consumer loyalty. Use of branding is described in the following points:
- Confirms credibility of entity: Branding is the one that verify firm's credibility and this improve the belief of customer's on the entity.
- Help in delivers content clearly: Branding offer information from the entity towards the consumers clearly.
- Concretes user loyalty: Branding is use to improve loyalty of customers by indicate the respect of entity towards all its clients.
- Connect company's target prospects psychologically: Large number of branding area created to connect target of company psychologically using the consumers.
- Encourage customer: One of the main reason behind brand is to encourage the buyers.
Branding means create and maintain trust with concerned individuals. Branding is known as total value of company consists its products, services, advertising, culture, people and positioning. Create a strong branding is very effective for influence the behaviour and decisions of customers (Goldfarb and Tucker, 2011). Branding is the one that encourage trust and confidence. This not only influence consumers but also affect the behaviour of workers, shareholders and other relevant parties. Brand is the one that help in keep the product and firm apart form the competition by create a specific image and all this enhance the overall value of entity.
2.3 Creative aspects of advertising
As advertising is a dynamic medium so creativity is a thing that is must be there for get attention of large number of customers with help of advertising. Without creativity, this will become impossible to cut through the clutter of advertisement in competitive era. Creatives aspects related with advertising strategy focus more on create and intelligent advertisement that encourage customers to make a purchase decision. Mainly there are four aspects related with marketing strategy which are as follows:
- Make the product relevant with specific needs of customers.
- Promise value to the consumers
- Cooperate with message of brand
- Put the product in the centre of advertisement
Other creative aspect of advertising strategy is given under following points:
- Ad copy: It is refer to the main script of clickable advertisement no matter whether it is a family add or a ppc ad. Ad copy is utilise by various marketer not just to define the ad but to inset the key phrases that the divertissement take place.
- Layout: This can be an organised style of color, graphics, size and object to touch on planned message towards the target individuals.
- Brand strategy: It is use to define how, where, what and also to the customers a firm intend to interact and deliver message of brand. In the specific area that firm belongs brand strategy. Distribution channels use by firm also come under brand strategy.
All these are known as the major creative aspects of advertising strategy. Creativity is refer as one of the most significant element of advertising. Creative message help in get more attention which provide positive results to entity so this require to be consider by creative ads inspire individuals to purchase products (Graepel and et. al., 2010). Today, it become difficult for firms to influence individuals with advertisement that's why creativity is needed. For make a creative advertisements Cadbury require creative process, creative situation and creative people. With effective combination of these creativity can come in advertisement which help in attract more customers.
2.4 Ways of working with advertising agencies
Different type of decisions are taken by an entity and more efforts are done to provide better and featured products to its customers. But to make the individuals inform about that products, entities need to advertise (Haddadi, Hui and Brown, 2010). When an organisation take the service from other advertising agency, it is very significant to maintain good relations with them as this help in make the relationship mutually beneficial. Various ways are there to working with advertising agency as given in the given points:
- Be flexible: Entity require to be flexible to achieve its set goal and objective. One thing that require to be consider by firm is to why it take the help of advertising agency.
- Have one liaison: When individuals have different opinions then it become difficult to attain a final position. In this, advertising agencies recommend to appoint single individual to work with as this decrease the chances of conflicts.
- Know your customers: Before carry out advertising agencies, it is very essential for entity to known its target customers as this provide various benefits to advertising campaign. For collect information about customers, research can be carry out by entity.