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Promotions Opportunity Analysis I Introduction and Discussion – A Generic Approach Charles Blankson, Ph.D. UNT, Department of Marketing & Logistics A Promotions Opportunity Analysis - definition ♦ This is the process of identifying target audience(s) for the offering. This must be embarked upon for both internal or global markets. ♦ To be successful in the promotions opportunity analysis, the marketer must ensure that the appropriate decisions about resources (firm’s environmental assessment) and target audience’s needs/wants/aspirations are well understood/appreciated. Charles Blankson, Ph.D. UNT, Department of Marketing & Logistics Two key objectives for promotions opportunity analysis ♦Determine which promotional opportunities exist for the firm, and ♦Identify the characteristics of each target audience (that is commensurate/appropriate with firm aim/objective(s)). ♦ The key issue is to “cut your coat according to your size”. Charles Blankson, Ph.D. UNT, Department of Marketing & Logistics Five steps in developing a promotions opportunity analysis ♦ 1. First step: Conduct a communication market analysis. ♦ This is the process of identifying the firm’s SWOT (relating to ♦ ♦ ♦ ♦ ♦ marketing communication). There are five components in the communication market analysis: (a) competitive analysis (b) opportunity analysis (c) target audience/market analysis (d) positioning analysis. Charles Blankson, Ph.D. UNT, Department of Marketing & Logistics Second step: Establish marketing communications objectives ♦ The objectives are the key reminders/building blocks of ♦ ♦ ♦ ♦ ♦ ♦ what the firm is hoping to achieve with its marketing communications efforts. They may include the following: (a) to develop brand awareness (b) to increase demand/sales for offering (c) to change customer attitudes/perceptions about the offering/firm (d) to encourage repeat purchase (e) to enhance/improve firm/offering image (f) to become highly competitive (“beat”/cope with competition). Charles Blankson, Ph.D. UNT, Department of Marketing & Logistics Third step: Establish a communications budget ♦ The percentage of sales method ♦ The meet-the-competition method ♦ The “what we can afford” method ♦ The objective and task method. Charles Blankson, Ph.D. UNT, Department of Marketing & Logistics Fourth step: Prepare promotional strategies ♦ The strategies are the long term directions to be undertaken/pursued by the firm (with regards to marketing activities). Example, to employ “services”, “price/quality”, “country-of-origin”, the “brand name” to achieve “our objectives”. ♦ Fifth step: Match your tactics with your strategies ♦ Tactics are considered to be short term in nature (i.e., day-to-day activities) geared toward supporting/matching the strategies outlined already. These may include issues about specific themes to be incorporated into an ad/promotion, personal selling inducements, special sales promotions – posters, point-of-purchase displays etc. ♦ Items in tactical methods may include: coupons, gift certificates, purchase bonuses, special gifts, rebates, discounts – “buy one get one free” etc. etc. Charles Blankson, Ph.D. UNT, Department of Marketing & Logistics STP Marketing ♦ According to Kotler (2002), STP marketing is the basis/foundation of modern marketing management. ♦ S: segmentation ♦ T: targeting ♦ P: positioning ♦ The three are inextricably linked together. Charles Blankson, Ph.D. UNT, Department of Marketing & Logistics