Advertising and Promotional Strategies for Business
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Advertising and promotion form some very important aspects of working of business organizations. They are a tool through which target customers can be attracted as well as steps can be taken so as to retain them with the company (Pechmann and et. al, 2005). The present report is developed with an objective to suggest different advertising and promotional strategies to board of Westfield-Stratford City, so that a downward spiral trend of falling sales in the shopping complex can be stopped. The report evaluates the communication process, different rules and regulations that govern the aspect of advertising and promotion. In addition, it also assess the impact of ICT, branding and the role played by integrated strategies in advertising and promotion.
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Communication is an essential part of working of firms, regardless of market that they may be a part of, as it helps in conducting different organizational functions in an efficient and effective manner (Barbeau, 2005). Thus it is imperative that steps be taken to develop a proper communication framework as it would enable the firm to achieve its goals and objectives and also be able to maintain its market position. According to nature of operations of the company as well as the situation that it is stuck in, it can be suggested that the basic communication process must be used at the workplace. This will help in ensuring an optimal flow of knowledge and information in company and also that everyone is able to interact with one another efficiently and effectively. In this process there are seven components (Donohue, Cevasco and Rosenthal, 2007). One of them is the sender. He is an individual who has the need to communicate about some or the other matter of organizational functioning. In the next stage, such message(s) is encoded. This way it can be ensured that information is not accessed by any unauthorised person. Once the message is encoded, it has to be send to intended audience(s) through different mediums, which is also the next stage of this process (Kotler and Armstrong, 2014). In the next stage message is decoded, i.e. is decrypted so that it can be accessed and easily understood by the receiver. Through this technique it can be ensured that the message is not interpreted in any manner other than what the sender had attempted it to be. In the next stage message is delivered to the recipient. This means that it has been received. While in the last step, receiver gives feedback to sender that they have received the message and have understood it the way it was intended to be (Hackley, 2005).
Explanation of organization in advertising and promotion industry
Over the years, advertising and promotion has consistently been a very important part of the marketing process, mainly because of reason that they have been very helpful to companies, as they have attained large amount of successes (Samuels, 2011). Advertising and promotions have a very long history, as techniques of it were first used in Indian Rock artists in 4000 B.C. where it was used as a tool to promote different kinds products. After this the Chinese started the concept of advertising through oral methods, i.e. word of mouth publicity. They used this technique to sell products such as flutes and such other musical instruments (Steenkamp and et. al, 2005). It was after this period only that substantial developments started to take place in advertising and promotions industry. Before the use of technological tools in this process, such as online and digital mediums, print media was the most popular ones, as companies used to advertise and promote themselves in different newspapers, magazines, etc. (Guffey and Loewy, 2012). These methods were popular among both customers and business organizations. Today a lot of developments have happened in this sector, as companies now use internet and other such technological tools to market their products and services on a regular basis. In this context it can be said that the advertising and promotion industry is organized in such a manner that it might help companies to attract customers in large numbers, alongside retaining them as well. Furthermore, this industry works in order to develop a unique and positive image of enterprise in the market, with the help of which it can function more easily and effectively in the market (Goldberg, Davis and O’Keefe, 2006).
|Participants in advertising industry||Explanation|
|Advertisers||Group of people, organization or government which are want to address the target customers by advertising.|
|Advertising and promotion agencies||There are ads and promotion service facilities providers to the advertisers and can be categorised into two different segments: advertising agencies and promotion agencies.|
|External facilitators||These are delivering supportive or additional facilities to the advertising agencies in terms of consultancy.|
|Media organizations||These are the communication medium for the advertisers by which they can share their message to the audience.|
|Target audience||Household consumers, government organizations, business and professionals|
Regulation of promotion in the UK
Advertising Standards Authority (ASA) is a that has developed and implemented different kinds of rules, regulations and laws relating to how the advertisement and promotions industry operates in the market. Herein marketers have to make sure that their marketing campaigns are as per such regulations, as their non-compliance can lead to bad results for the promotion and produce non-effective and non-useful results to the firm (Koehler, 2015). Furthermore this body also develops different standards in relation of aspect of advertising and promotion. These standards have to be followed so as to ensure that this process is both legal as well as ethical to related individuals and bodies.
In UK, advertising and promotions is one of the sectors which is highly regulated and governed by a lot man rules and regulations. For companies that indulge into such activities and tasks it is imperative that they follow the norms laid down by UK Advertising Codes (Sriram and Kalwani, 2007). It states that marketers must not release any misleading and false advertisements or promotions in the market; and if they do so, whether intentionally or intentionally, then they are punishable and a case can be filed against them. This code of conduct basically can be applied to advertisements in newspapers or any other such medium along with cinema, video, DVD advertisement and promotions. But on the other hand, this code cannot be applied to that of broadcast media and broadcast advertisements and promotions (Fill, Hughes and Francesco, 2013).
Current trends in advertising and promotion industry; and impact of ICT
The advertising and promotions industry is one of the most volatile and unpredictable marketplaces, as changes happen here very fast and very frequently as well. In order to be able to properly use such tools and methods, it is very important that current trends in the market must be analysed and evaluated thoroughly (Rossiter and Bellman, 2005). This way the industry can function effectively and the said tools can be used properly for efficiently conducting different marketing activities.
QR codes: One of them is that of emergence and rise in popularity of ‘QR’ (quick response) codes. They are a form of two dimensional symbols. It is a digital code which is scanned and read by a QR Code Reader. Today it is a very popular method of advertising and promotions as it is very extensively used by companies across the country (McDonough, 2009). The main reason behind its extensive use is that it is a rage among the young generations, as they can get access to a plenty of data and information by scanning the code, the reader of which it is usually installed in their smart phones.
Social marketing: Apart from this, online advertising is also another very popular method in the industry. Companies advertise and promote their offerings through different social media mediums such as social networking sites, email marketing, etc. (Gurau, 2008).
ICT (Information Communication Technology) is an aspect which has a significant impact over the advertising and promotions industry. It can be supported through fact that now companied have to integrate deliver information to concerned people through the use of different technologies. If they are not used properly and in an effective manner, then it can be said that the process of advertising and promotion can be carried out easily (Clow, 2007). Herein the management at Westfield-Stratford City would have to ensure that ICT tools and advertising and promotional tools are integrated with one another to ensure that organizational goals and objectives are met easily and effectively.
Role of advertising in integrated promotional strategy
Today the role of advertising in different promotional strategies is critical. This is mainly because of reason that it helps management in understanding demands of target customers and also aid in process of development of methods through which the same can be fulfilled. It can be supported by stating that the cited organization can much easily and effectively carry out the process of promoting its goods through help of various advertising tools (Walker, Sartore and Taylor, 2009). In this sense it may not be wrong to say that using advertising in this process would help Westfield-Stratford City to reach out to a large number of customers and also fulfil their demands or expectations to a great extent. Therefore it may not be wrong to say that the company can target its customers much easily by undertaking this activity and thus make its promotional strategy successful. Furthermore, advertising helps in developing an image of firm in the market with the help of which promotional activities can be carried out much easily and effectively (Sriram and Kalwani, 2007). Thus herein it can be said that advertising has a very crucial role to play in the process of promoting firms' goods and services.
Using branding to strengthen the business
Branding can be defined as a process through which a unique image of firm can be developed in the target market. It is a very crucial part of the marketing process, because of reason that it is important in altering perception of customers and other such stakeholders (HANKE, 2015). By undertaking the process of branding, management at Westfield-Stratford City can take steps to attract customers and also create a positive image in the market. In this regard it can be said that branding is essential for effectively conducting the marketing process. There are certain number of stages that can be used by management of the organization in order to strengthen the company. One of them is to develop a logo that would enable customers to recognize the firm from group of other firms in the market (Donohue, Cevasco and Rosenthal, 2007). Further the marketing strategies can receive extra support through tools and techniques of branding.
Creative aspects of advertising
In the process of advertising creativity has a very crucial role to play. This is because of reason that it helps in conducting the process in an efficient and effective manner. Therefore it may not be wrong to say that if creativity is not maintained in this process, then there are very less chances that this system can be made efficient and effective (Varey, 2002). Furthermore, creativity would enable management of the company to design effective marketing campaigns that eventually will help in attracting customers in large numbers. This way steps can be taken to ensure that demands of customers are fulfilled to great extents and also that they are happy and satisfied with the company. Essentially there are three major aspects of creativity – creative process; creative person and creative situation. It is essential that a creative individual is undertaking this work and that a creative process is used. This way creativity can be easily included in the process of advertising with the help of which ads that may be helpful in attracting customers in large numbers (Steenkamp and et. al, 2005).
Ways of working with advertising agencies
It is very important to work with different advertising agencies so as to ensure that the task of advertising is carried out in an efficient and effective manner. In this sense it can be said that by working in collaboration with different advertising agencies, the process of developing an effective ad can be carried out much easily and effectively (Fill, Hughes and Francesco, 2013). One way to do so is to understand the ways in which such advertising agencies work. This would help in gaining thorough understanding about approaches to work in collaboration with advertising agencies and ensure that marketing related goals are met.
Another method of performing such a task is through Cross Team Collaboration. If the management at Westfield-Stratford City need to work with advertising agencies then they would have to form teams with them, that would allow both the entities to work effectively with one another (Koehler, 2015). Setting timelines can be another effective approach that may prove to be helpful in working with advertising agencies. This way the company as well as the agency can understand requirements of one another and then determine ways through which the same can be fulfilled during a stipulated time period.
Advertising and promotions have a very crucial role to play in working of companies, regardless of marketplace they may be a part of. During the course of present study it was observed that for an organization such as Westfield-Stratford City, communication process holds significant importance. This is so because of reason that it helps in conducting the advertising and promotional process effectively and also ensure that organizational goals in terms of marketing are attained.
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