Public

Promotional Mixes

Promotional Mixes Promotion mix is defined as an effort in marketing that is aim at informing and persuading potential consumers. The elements of promotion mix involve personal selling, advertising, sales promotion, public relation and publicity. We base our argument to corporate that involve on a bank that is in a competitive and its out to inform on a new product in the market. This is a product that will compete with microfinance in terms of loans to small and medium enterprises and still offer low lending rates and less collateral involved (Banasiewicz, 2009).
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 on offering clients with 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 payable depending on the amount to be borrowed and methods of payment will be better than that of normal loans (Lamb, Hair &amp. McDaniel, 2011).
The other method will be personal selling in that the bank representative resort to heading to where the small and medium enterprises are located to try and persuade the audience on the new product. This will involve calling meetings to be chaired by bank agents and try to face the group members in person thus Appling 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 form of press releases or press conferences, 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 public relation involving the interaction between the bank and the business environment. This will enable the bank to get immediate feedback to 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 that it provides loans like any other financial institution but the deference being 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 product in the market. This message will be targeting women and youths involved in the small and medium enterprises. The message will be straight forward and simplified to avoid confusing the customers. The most common contents of the promotional messages will state on 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 involve the youth, this will be the best channel. Creating a page on face book or twitter with the name of the new product make people like and 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 well designed a slogan that gather the all aspect of the new product and post it to newspapers and magazines.
The artwork involve should be one of a kind in that money must be displayed to show its role in the whole issue, women and the youth must be represented I, to catch the target audience. Number of business should be represented, in that it shows business before the loans and after financing by the bank transformation take place that is it expands (Lamb, Hair &amp. McDaniel, 2011).
References
Banasiewicz, A. (2009). Promotion Analytics. New York: Andrew D. Banasiewicz.
Lamb, C., Hair, J. &amp. McDaniel, C. (2011). Essentials of Marketing. New York: Cengage Learning.

Back To Top