Choose a product/service (not the same one you are using for the final project (marketing plan). Answer the following questions:
The product which I choose is Sunglasses .
Online and Social media options are best to use in relation to the product because Sunglasses is a type of product which is worn by everyone especially teenagers and today most of the youth is on social media. This type of advertising is called the BELOW THE LINE activity as the target audience can be more specific. Statistics prove that an average Individual spends almost 6 hours daily on various social media platforms. So if a person sees advertisement a number of times, he/she is likely to get influenced and buy the product. Online platforms also provide a variety of products which the Customers can choose from sitting in their homes.
There are various techniques to sell a product like sunglasses through online platforms and social media platforms. One is that through the demographics of the area. If sunglasses are advertised, then it is better to target the adults and the youth . So this is called a marketing funnel by which only that age group would only see the advertisement. Second is that it is also very important to know who is watching the advertisement and getting converted. This is seen by how many persons are clicking the advertisement and watching the product. Those who are at least watching the product and not buying it are future potential customers.
As these ads are costly, it is important that they give the right message to the buyer at a short time. The product which is sunglasses would be marketed in a way that everyone can see that the product is adding a value to their lifes. The advertisement has to focus on specific uses such as lightweight and durable and from where it can be bought conveniently.
One strategy which could be adopted to create a competitive advantage is by focusing on customer's data and then providing the necessary advertisement. Suppose a customer wants an phone so he/she searches for that and another Customer Searches for an Sunglasses, so the advertisement will be shown to the person who searched for sunglasses rather than to that person who searched phone because the other person has a greater demand for sunglasses and this would increase the chances for the product to sell and also gain a competitive advantage.
Choose a product/service (not the same one you are using for the final project (marketing plan)....
-Describe two products or services that you have purchased recently—one product or service that you feel represented good value for money, and one that did not. -What adjustments to the pricing strategy (or product strategy) would you recommend in relation to the product or service that failed to provide good value?
Some analysts feel that one of the most important benefits of digital marketing is that marketers and customers can share information. That is, consumers can learn about products, brands, and retailers much more readily through online media. Have you ever looked up product information online? Have you used customer reviews of product you are considering buying? Have you ever participated in online contests? Have you ever complained online about a bad product or service? Given these new options, how will...
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