Advertising Objectives of Daewoo Electronics - Assignment Example

Lecturer Advertising Plan Executive Summary Daewoo Electronics is a US company which specializes in the manufacture and distributionof household laundry and kitchen electronics. Its major products are refrigerators, dryers, washers, freezers, air conditioners and their respective accessories. It is one of the leading companies in the country which stands a high chance of progressing and expanding its operations should it institute a competent team of motivated employees and managers and also come up with realistic strategies to manage its operations. One of the ways through such a success can be achieved is through the marketing and promotion of its products to all the existing and potential clients. Actually, any business that needs to reach its clients needs to advertise its commodities. Thus, it can be much possible for it to it to disseminate information about the production of its products and inform them about their qualities, benefits, uses and any other admirable features which might make them to be better than any other product from its competitors (Umiker-Sebeok 73). Usually, the corporate world is very competitive. For any business to increase the volume of sales and accomplish its short and long-term objectives, it needs to launch a sales promotion campaign. It will bridge the gap between it and the potential and target clients. As a company, Daewoo Electronics has become committed towards accessing its clients wherever they are. Thus, the management, through the departments of marketing and advertisement has come up with measures to promote the company’s commodities. This has been done by instituting a strong team of marketing and sales promotion personnel to spearhead the activities of promoting the company’s commodities. This has made it much easier for the company to disseminate information to all its clients wherever they are. However, not much has been done as the company still has a lotto do as far as advertisement is concerned. Therefore, if there were a need to develop an advertising plan for such an organization, the following initiatives would be inevitable: Market Analysis Although Daewoo Electronics has been in the market for quite a long time, still; it does not enjoy a larger share of the market. The electronic business has become so lucrative in the country thus attracting lots of investors. This has posed a very stiff competition to the company. In this regard, it needs to come up with measures to create awareness about its products. Therefore, the management should initiate advertising exercise to market its commodities. This should begin by setting advertisement goals. Without such goals, it might be quite challenging for the company to commit itself to its activities since it will lack what to use to assess its performance at the end of the calendar year (Mick 196). This implies that marketing goals should always be available and alluded to before any action is taken to promote the company’s products. Company Analysis Daewoo Electronics has been a major player in the electronics business in the country. It has established a manufacturing plant in which its products are produced. The high quality of its commodities has enabled it to win the confidence of its clients who have been buying its products. However, with the high level of competition in the market, it means that it should still do a lot (Baker and Benjamin 28). First, the company should be ready to create uniqueness in its commodities. By giving them brand names, it will manage to distinguish them from those produced by its rival firms. Besides, it should consider improving the quality of its commodities. Since all customers want to get a value for their money, the management of this company should come up with measures to ensure that all the products are of excellent quality. This will not only help it to attract clients, but also to retain them. Lastly, there should be a marketing campaign aimed at promoting the company’s products and creating more awareness about their existence, values, benefits and uses. Sales promotion is a very important strategy which should not be overlooked by any business organization. A lot of funds should be invested on it. Competitor Analysis As already highlighted, he electronic business in the country is quite competitive. As an established company, Daewoo Electronics still faces a very stiff competition from its rival firms. Each of these is manufacturing a variety of household electronics which have now become so popular with many clients. These commodities are given different brand names so as to help in distinguishing them from one another. The major competition faced by this company is from the LG Incorporations, Samsung and Sony Electronics. Indeed, these are well established companies which have been present in the market for quite a long time now. They have become multinationals since they have extended their operations beyond the country’s borders. For Daewoo Electronics to counteract this competition, it has to adopt strategies which will definitely increase its competitiveness in the market (Ron 87). One of such ways is by advertising of its commodities to all its potential clientele regardless f their geographical location. Target Market As a matter of fact, the household electronic goods manufactured by Daewoo Electronics are used by all the people meaning, its clientele base is not restricted to any section of the society, but open to all. However, this does not mean that the company should rule out the segmentation of its market. Demography is a very important factor to consider while launching a sales promotion exercise for the company. This refers to the population that needs to be served by the company. Since not everyone can be a client to the company, it is necessary for the management to know the right class of people who are using the company’s commodities. Usually, an organization’s clients depend on the type of commodities which are being produced. While others appeal to the elderly, others appeal to the adults, children, youth, girls, boys, just to mention, but a few. Each of these requires to be adequately informed about the commodities they use and the company from which they originate (Clow and Baack 95). Hence, while planning to advertise the company’s products, it is necessary for the advertising department to now the exact demographic to focus on. Once this is ascertained, it is theses people who should be targeted with the advert. This is because; it is them who should be acquainted with all the necessary information about the company and its services (Mick 28). Once this is properly done, they would have adequate information to help them in masking important decisions about their purchases. Hence, it is important to acknowledge that any advertisement should not just be given out without identifying the right people to reach. It is recommended that the advertising department be privy with the target market so as to know exactly how to satisfy them. Each and every population has its own uniqueness. They have different tastes, preferences, fashions, attitudes, perceptions and demands. However, they should all be addressed especially before releasing the advert. For instance, in Daewoo Electronics, the commodities are usually purchased by many people especially the households who need to have their kitchen and laundry equipments along side their respective accessories. Therefore, while designing an advert, they should be the ones to be targeted as the main audience. By this, the company would be definitely in the right path of accomplishing its marketing and promotional goals. Advertising Objectives For Daewoo Electronics to accomplish its short and long-term goals, it should be focused. Meaning, it should have objectives in whatever activity it undertakes. The same should be applied while planning to engage in advertising. Meaning, the company should begin by setting advertising objectives. The first common goal to focus on while launching an advertisement campaign is to access and appeal to the existing clients whom the company have been serving. In fact, this is a special category of customers whom the company should give much attention while promoting its commodities (Christensen 70). As loyal customers, they need to be equipped with adequate and necessary information about the company and its products. They should be informed about the merits of their association with the company and be convinced that it is only within this particular organization that they can get the most quality commodities to satisfy their diverse needs. Such information can be appealing when captured in the advert. The other important goal to consider when drawing an advertisement plan is the attraction of a new pool of clients. Since each and every organization grows, it is paramount for them to consider looking for viable strategies to attract new customers. For this reason, the company, while organizing for an advertisement plan, needs to look for strategies on how to appeal to a new pool of customers. Once this is effectively done, it will be much possible for the company to increase its customer base. Because of this, it will be in a position of competing in the market however stiffer the competition might be. Therefore, it is an important idea for the company to consider all the marketing goals before drafting an advertisement plan for its commodities (Ron 74) With such objectives in mind, it would be much easier for the advertising personnel to know exactly hat to do. Once both the existing and future clients are covered in the advertisement, the company would definitely expand its client base. It would be achieve this through increasing referrals and attracting repeat clients. Media Channels In any advertisement, there needs to be a media channel to be used to disseminate the information to the targeted audience. As a matter of fact, advertising sector has tremendously grown. Because of this, business organizations rely on a variety of media such as print, broadcast, visual, audio-visual and online media. Therefore, while planning to engage in the advertisement of any commodity, the management of Daewoo Electronics, through the department of advertisement should ensure that they have adequate information about all the available media in the market (Ewen 39). Each of them is popular and identified with certain classes of people. Not withstanding, all them still need to be accessed as they all require to be supplied with the information about the company and its commodities. In this regard, it is very important for the company to properly plan on the most appropriate media to adopt. Although there may be a variety of media to be used, only the most appropriate one should be prioritized. Otherwise, no much result can be achieved from the advertisement. In order to know more about this matter, the management needs to conduct a lot of research to gather enough information about the potential and target clients. Each of them makes the choice of their preferred media based on their income, religion, age, gender and level of education. Thus, by knowing much about them, the advertising personnel can be in a better position of understanding the exact and most appropriate media to use while advertising the company’s commodities. Moreover, before choosing the type of media to use during the promotion of company’s commodities, the advertising department should consider the costs involved. Since each business organization is aiming at maximizing profits, it is recommended that the advertising personnel should settle on the most cost-friendly or the cheapest medium in the market. This can be a better choice because it can enable the organization to minimize its costs of operations. Advertisement is a very costly affair especially if no adequate measures are taken to have a proper plan. However, it might be quite a good idea if there is a mixture of the media. Even if they have different costs, it is recommended for advertising personnel to use a variety of media sources while planning to promote their commodities. The more the media used, the higher the chances of accessing the largest number of audience. Each of these media has different capacities of reaching a certain number of audiences in the market (Baker and Benjamin 421). Besides, they are used by different classes of people in the society. For instance, televisions (TV) are used by a lot of people. Thus, when used in advertisement, it can be help the organization to provide audio and visual messages that can even appeal to the visual and hearing impaired individuals. At the same time, online medium can be instrumental in reaching the largest number of customers who are familiar with the online media and popular social sites such as Facebook and Tweeter. Advertisement Strategies Once the decision has been made on the most appropriate blend of media to use in the advertisement of the company’s commodities, it is upon the advertisement department to come up with creative strategies on how effectively they can be used to accomplish the set objectives. In other words, there needs to be adequate plans on how to effectively utilize it in order to achieve the most desirable results. This implies that they need to come up with plans to creatively use them. Without creativity, it might be challenging to appeal to any client. Therefore, it means that it is something that should be considered when making advertisement plans (Matt 87). The first way through which this can be accomplished is to be creative to the extent that no rival firm can imitate. When using print media as the preferred channel, the company should ensure that it comes with very attractive logos and graphic designs to depict a clear picture of the company and its commodities. In this case, it would be much easier for the advert to captivate the attention of the target audience and appeal to them to consider buying the products produced in the firm. By producing such aesthetic and well organized visual presentations about the company and its products, it would stand higher chances of realizing its marketing goals. On the other hand, when the company opts for a broadcast media, it can settle on creative ideas such as pitch track. This is a short recording which is enriched with appealing statements usually presented as audio. When the company produces a very relevant track, it can be possible to deliver the intended message to all the target audience. Thus, advertisement would be of much help to the organization. Meanwhile, if the advertisers opt for the use of TV, they can also incorporate the element of acting in their adverts. By using actors to stage a dramatic performance regarding the company, the advert would become so appealing (Altstiel and Jean 111). This might be of much impact if celebrities are involved in the advertisement of such products. Since they are very influential people, their presence in the adverts would make them popular and appealing to lots of people especially their admirers and those who identify with them. Budget Finance is a very significant aspect of advertisement planning. In each and every organization, there needs to be a well established marketing department. In a fairly complex organization, the marketing department can be sub-divided into advertising department. For each of these units to effectively discharge their duties, they need to be adequately funded. Meaning, they should be provided with enough resources to enable them to cater for all their activities. If this is done, it would be much easier for them to undertake all their activities without many constraints. Otherwise, they might not contribute towards the organization’s success (Eskilson 57). In this regard, when planning about advertising the organization’s products, a lot of money needs to be used. This can be used for paying the personnel; hiring actors; web site developers, actors; booking spaces in the newspapers and magazines; and buying airtime in the television and radio. This would make it possible for the company to advertise its commodities and be in a position of accessing all the target audiences. It is only through such initiatives that the company can manage to meet all its marketing and advertising demands. For Daewoo Electronics to realize its promotion goals, it should allocate enough funds to the advertising department because it would help then to efficiently promote the company and its commodities. It should have adequate money to use in paying the salaries to those involved in advertising, acquire all the necessary equipments and materials which need to be used as they venture into promoting the company’s products. With enough funding, the advertising department can smoothly organize for crowd sourcing and surveys which of course, can not be done without money. Item Budget/yr ($) Newspaper 100,000 Radio 150,000 Television 200,000 Online 150,000 % Markup fee 20,000 Creativity Department Personnel 60,000 Materials 15,000 Others 10,000 Grand Total 695,000 Monitoring and Evaluation Evaluation should be the final, but important step in the advertisement plan for any organization. With evaluation properly done, the company could manage to carry out assessments to ascertain the extent to which the advertisement plans have been achieved. Therefore, in doing this, the department of marketing should conduct surveys and undertake any other activity which might make it possible for them to gather all the information about the successes of the advertising strategies adopted by the company (Partridge and Beale 387). While assessing the accomplishments of the advertisement plan, information should be collected from the clients who were targeted by the company. The first way through which evaluation can be done is through the tracking of links connected to the company’s web site. This can be instrumental in determining the number of online users who are viewing the company’s web site or online page. For instance, if it were a Facebook page, the management can ascertain this number by looking at the total number of likes associated with the company (Baker and Benjamin 37). The other strategy to adopt while evaluating the advertisement is conducting a survey to seek for the responses of the clients concerning the possible effects of advertisement on the company’s products. Finally, the company can rely on crowd sourcing technique to solicit for the responses of the clients on the company’s products. This can be executed by analyzing the feedback from the company’s Facebook page to know their reactions towards the company and its commodities. This will ensure that adequate data is collected for the company to understand the effectiveness and viability of the advertisement plan. Conclusion Advertisement is a very important marketing tool for any business organization. It can be very instrumental when properly used to promote the company’s products. It can be a source of information to the clients. Amongst other things, adverts can help in creating awareness about the commodities, their qualities, benefits and uniqueness which can make clients prefer them to that of others and correcting any reputation which might have been injured by the competitors (Clow and Baack 266). However, an advert should be properly planned. The marketing and sales personnel should make the right decision regarding the media, advertizing strategies and the budget to use during the whole process. This can make it very useful for Daewoo Electronics as it can be instrumental in helping it to market its commodities, increase the rate of stock turn over and accomplish its goals. Works Cited Altstiel, Tom and Jean Grow. Advertising Strategy: Creative Tactics From the Outside/In. CA: Sage Publication Inc. 2006. Print. Baker, D.B. and Benjamin, T. ‘Industrial-organizational psychology: The new psychology and the business of advertising.’ From Séance to Science: A History of the Profession of Psychology in America. 118-121. California: Wadsworth/Thomson Learning, 2000. Print. Christensen, Clayton. The innovators dilemma: when new technologies cause great firms to fail. Boston, Massachusetts, USA: Harvard Business School Press, 2008. Print. Clow, Kenneth and Baack, Donald. Integrated Advertising, Promotion, and Marketing Communications 3rd edition. London: Pearson Education, 2004. Print. Ewen, Stuart. Captains of Consciousness: Advertising and the Social Roots of Consumer Culture. New York: McGraw-Hill, 2001. Print. Eskilson, Stephen. Graphic Design: A New History. New Haven, Connecticut: Yale University Press, 2009. Print. Matt Haig. Brand failures: the truth about the 100 biggest branding mistakes of all time. Kogan Page Publishers, 2005. Print. Mick, Devid Glen. "Consumer Research and Semiotics: Exploring the Morphology of Signs, Symbols, and Significance". The Journal of Consumer Research 13 (2): 2000. 196. Partridge, Erick and Beale Paul. A Dictionary of Catch Phrases: British and American, from the Sixteenth Century to the Present Day. New York: Routledge, 2007. Print. Ron, Beasley. Persuasive Signs: The Semiotics of Advertising. Berlin, Germany: Walter deGruyter GmbH & KG, 2007. Print. Umiker-Sebeok, Donna. Marketing and Semiotics. Berlin: Walter de Gruyter & Co., 2002. Print. Read More

 

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