Promotional Mixes in Marketing - Essay Example

The corporation will first advertise the product. Being a new product, it will target an audience which will be the small and medium enterprises especially those managed by either women groups or the youths. The advertisement will all be about the potential of both the youth and women and will encourage them to open different accounts with the bank. The opening of accounts will be free of charge thus the bank will be emphasizing offering clients great services at no cost. One of the best options for the target market will be the opening of group accounts which will offer the benefit of no operating charges.

If groups save a specified amount, groups can ask for loans depending on their savings. The loans come with low interest rates and are payable depending on the amount to be borrowed and methods of payment will be better than that of normal loans (Lamb, Hair & McDaniel, 2011). The other method will be personal selling in that the bank representative resorts to heading to where the small and medium enterprises are located to try and persuade the audience about the new product. This will involve calling meetings to be chaired by bank agents and trying to face the group members in person thus Applying the push strategy thus creating consumer demand for the new product (Banasiewicz, 2009).

Also, the bank will apply the use of publicity involving the association with the general public regarding the use and benefits of the new banking product. This will be in the form of press releases or press conferences, and event sponsorship in that the bank may sponsor youth events such as soccer tournaments thus getting the opportunity to capture the attention of the general public. The other mix will be the public relations relationship between the bank and the business environment. This will enable the bank to get immediate feedback on questions and inquiries as far as the new product will be concerned.

The bank will treat customer responses with utmost seriousness because they reflect the level of customer satisfaction the organization will be offering. The company’s message will be to inform the target audience of the new product that is more user-friendly in user-friendlies loans like any other financial institution but the difference is it is targeting the lower end of customers. Information will be relayed to the target group to differentiate between the initial loan products and the new loan products in the market.

This message will be targeting women target involved in small and medium enterprises. The message will be straightforward and simplified to avoid confusing the customers. The most common contents of the promotional messages will state how to open and save money of which achieving a certain amount one can access credit. The media plan will involve first social media since our target group involves the youth, this will be the best channel. Creating a page on Facebook or Twitter with the name of the new product makes people like to follow the page.

Through it, the youth get to be informed and learn more about the product. Also, the electronic media of which after most watched program, our new product can be advertised hence catching a larger audience, lastly There is the aspect of print media thus designed a slogan that gather all aspect of the new product and post it to newspapers and magazines. The artwork involved should be one of a kind in that money must be displayed to show its role in the whole issue, and women and the youth must be represented, to catch the target audience. Several business should be represented, in that it shows business before the loans and after financing by the bank transformation take place that it expands (Lamb, Hair & McDaniel, 2011).