Phil Company Advertising Strategy - Research Paper Example

Phil Company Advertising Strategy Phil Company main aim is to establish a greater market share in the electronic industry both in the local and international market. The company also wants to stay ahead of its main competitors who produce similar electronic products. In this case, Phil has to employ the best advertising strategies in order to stay ahead of its competitors and at the same time increase its market share in the electronic industry. Advertising refers to public, non personal announcements which are paid. Advertising consists of persuasive message which are usually put across by an identified sponsor. Advertising can also refer to the promotion by a firm or non personal presentation of the company’s products to its potential customers as well as the existing customers. This paper will discuss the advertising strategies employed by Phil Company and how they align with its marketing goals, how the company determines the effectiveness of its advertising strategies, the different promotional strategies used apart from advertising, the best marketing research approaches that Phil Company uses to measure customer satisfaction and lastly how the company addresses gaps in customer expectation . Advertising strategies In advertising, many companies come up with different strategies in order to provoke shoppers to purchase, obtain customer attention and even provoke shoppers to use a specific product. In this context, Phil Company has used many advertising strategies in order obtain customer attention and at the same time increase the sales volumes of their electronic products. The company has used different ways of thinking in order to come up with catchy slogans to capture the customers and consumers attention. Its creative strategies have promoted personal selling, public relations, and publicity. The advertising techniques are powerful as they increase Phil Company’s market share and at the same time edging out other firms and companies in the industry. The other advertising strategy used by Phil Company is offering lowest prices in the industry. This strategy has enabled the company to easily highlight its competitive benefits. The advertising strategies have aligned well with the marketing goals of Phil Company since the company has been able to implement and control its business activities and at the same time, the strategies have brought together the buyers and the customers in a mutual exchange of the products offered by the company. Measuring effectiveness of the advertising It is evident that measuring the effectiveness of advertising is not easy and sometimes it is very expensive especially for the small companies. Measuring the effectiveness of every strategy is very important as it indicates the impacts of the advertising and a company can know whether it is wasting its money in the advertising. A company can also be able to identify the strategy that brings best value for the money spent. In this context, Phil Company uses the feedback it gets from its customers and the increase in sales that the company gets from the goods under promotion. Phil Company’s experienced more visitors as a result of the application of the advertising strategies. It is not possible to measure each and every advertising strategy since it would be expensive and time consuming for any company. Small companies may not be in a position to employ similar method as big companies due to the resources involved in the measuring. Phil Company being a big Company has been able to employ various methods especially through the internet (Tom and Grow 2006). Other Promotional Strategies Phil Company has used other promotional strategies other than advertising. This has greatly contributed to the increase in customers and sales volumes. Due to employment of different promotional strategies, the company has been able to stay ahead of its competitors and at the same time, it has been able to increase its market share both in the local and international markets. Phil Company has employed even sponsorship in many countries which it operates especially in Africa. This has increased the popularity of the company and as a result, there has been an increase in its sales. In 2010, Phil Company also held sales promotion where it lowered the prices of most of its electrical products. The company was also giving discounts for some products. This strategy increased the sales volume of the company besides increasing its customer’s base. The company has also been using public relations as a promotional strategy though not at a large extent. This proved to be an expensive exercise for the company and the increase in sales was insignificant as compared to other strategies that the company was using (Tom and Grow 2006). Marketing Research Approach The aim of every company is to increase sales and also satisfy its customers. Phil Company being a smart market constantly monitors their customers in order to get their feedback and also to gauge the reception of their products. The company also monitors its competitor’s actions, the environmental context and also its relationship with its collaborators. Phil Company uses the customer’s feedback as its marketing research approach to measure customer satisfaction. The approach has had positive results as the company gets feedback from the customers concerning its products and the areas it should improve on. According to the management of the company, this has been the best marketing research approach. Addressing Customer Gaps There exist gaps between what companies provide and what its customers expect. This fact brings the need to address the gaps between the two parties. Phil Company has tried to address the gap that exists between it and its customers. The company has done this by collecting customer’s feedback about its products. After collecting the feedback, the company has responded well and currently, the company has been implementing some of the customer’s requests. Though it is hard to please each and every customer, the company has tried to implement some of the suggestions brought forward by some customers. The continuous improvement in customer relations in Phil Company has realized positive results. New businesses have been attracted and there has also been the increase of sales in the company due to improvement of customer relations. In case any business fails to address the customers’ needs, the sales of the company may lower, leading running out of the business. This may also affect the reputation of the company in a negative way (To and Grow 2006). Phil Company has followed the following steps in addressing the customers’ concerns. The company continually conducts surveys and asks its customers about the products of the company. After compiling of the questions, the company creates ways of addressing each and every issue raised by the customers. Then the company implements the changes with an objective of narrowing the gap in customer expectations. Lastly, Phil Company creates new marketing and advertising strategies and it communicates the changes to the customers. References Tom Altstiel, Jean Grow (2006). Advertising Strategy: Creative Tactics From the OUtside/In . New York: Sage Publishers. Read More