How should the product should be advertised and promoted?
What is the total annual marketing budget to support product advertisement and promotion in the new market?
How should your marketing budget be allocated across different expense categories?
Be as specific as possible; it is not enough to simply suggest that the product be promoted via social media or advertised on TV. Make certain your report provides all the necessary information your client will need to know where and how to place the ad, how to pay for it, what the ad will look like, how much it will cost, and why. Best answers will include names and contacts for specific advertising outlets, such as the specific TV or radio stations, recommended frequency and form of advertising such ad design and script, cost of the advertising campaign, and any other information the client will need to implement the strategy.
If applicable, discuss if the product name, packaging, or features should be modified to make the product more appealing to the tastes and traditions of the consumers in the new market (e.g., does the current brand name has any negative meaning in the local language, is there a need to change the packaging shape or color, or product look or taste).
Then estimate the optimal annual marketing budget and provide a percentage allocation across the different marketing spending categories. For example, you can recommend to spend 40% on trade show events, 25% on social media engagement, 25% on sales incentives (i.e. coupons, contests, giveaways), and 10% on launch party. Please provide detailed calculations for how you arrived at these numbers and why you believe these are the amounts that the company should spend on marketing (why not more or not less).
Many Internet resources can provide guidance on marketing budgets in different countries, one useful resource is provided by entrepreneur.com. Please remember that Innospark is a young and small firm. Therefore, it is critically important that your recommendations are within a budget of a small company: very inexpensive, yet effective marketing strategy.
Your recommendations must be rooted into market analysis provided earlier, particularly with respect to the cultural, economic, and legal environments of the market.
A few days before the deadline, you will receive an email with your personal link to a survey that will ask for a summary of your recommendations with respect to:
Key features of the marketing campaign, such advertising channels, frequency of advertising, and if
applicable description of the ad design or scrip.
Total marketing budget recommended during the first year of entry.
Percentage allocation of marketing budget.
Length: 2 pages (550 Words)
Promotional strategies are one of the most significant marketing approaches because organizations are compelled to engage in very creative processes to increase their profit margins through improved sales. The profit margins can only be improved if an organization increases its market segment. However, the promotional strategies adopted by firms depend on a number of elements such as the size of an organization and the nature of the products it offers. The following discourse focuses on the strategies that an organization will adopt in promoting alcoholic beverages. The organization to be discussed is Innispark Company, an organization that deals with the sale of alcoholic beverages.
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