Econ Marketing Strategies

Decent Essays
With substantial outdoor and print advertising, brand awareness will increase following the product launch. This can lead to the overall objective of increased sales as the promotion tools specifically target potential customers through considering their media usage and locations. The success of the promotional tools will be measured through customer retention surveys. The advertising promotional activities will inforce a pull strategy due to Econ Innovation being in the introduction product phase as well as being a large product with economic risk which in-store demonstrations aim to combat. The promotional activities will follow a pulsing strategy as there are no specific times during the year when one would need to buy a refrigerator like …show more content…
By aligning with an event which promotes environmentally conscious brands, this legitimises the claims of Econ Innovation and helps to achieve the overall objectives and goal of being the perceived market leader for environmental products by gaining mass exposure (Go Green Limited, 2016). By raising awareness within this event there is also the possibility of word of mouth communications to other individuals within the attendee’s social circles who share similar values. As this is seen as the most legitimate form of referral it can lead to positive perceptions and the success of the brand awareness objective ().This aligns with the primary marketing objective of being perceived as the most eco-conscious appliance company through presence in the eco-conscious community and leads to achieving the overall marketing goal of being the market leader in eco-conscious …show more content…
By monitoring the performance at regular intervals Econ Innovation can identify any performance deviations and make necessary changes before the end of the monitored period. This will avoid any unnecessary costs and allow maximum exposure to potential customers. This is especially important for a start-up company such as Econ Innovation to consider as the Smart Fridge is a new product within the appliance market and therefore benchmarks need to be established in order to access future success rates. At the end of the 12 month period, a post evaluation will be conducted in order to establish these company benchmarks. If at any point in the quarterly evaluations a serious deviation occurs, the marketing programme in question will be reassessed in order to align with the marketing

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