Table of Contents
Company’s Advertising Strategy
It is evident that competition is inevitable in every line of business. Competition in the business field is the stiffest when a new company introduces its products to the market. Every business endeavors to win a bigger share of the market than other companies have. It is, therefore, vital for any business enterprise to appeal to potential customers through advertisement to make them purchase company’s products. Dynamic Gems Jewel Company intends to advertise its products through the Internet. This implies that it will mainly use on-line marketing. On-line marketing will ensure that the company reaches many customers. The method is cheap compared to other advertisement tools. When deciding on a marketing strategy, it is paramount to consider the type of customers the company wants to reach. The choice of Internet marketing was arrived at after the company decided that its target customers are young and middle-aged people. Internet marketing has become an ultimate marketing tool to reach customer markets in recent few years. The company intends to use words that will grab and retain the attention of customers to company’s products. The company will also display its jewelry on its website.
The company will enhance its Internet advertisement by incorporating social network sites in its advertisement strategy. Advertisements and display of rings, necklaces, and bungles will be put on social sites like Facebook and MySpace. In its advertisements, the company will use a slogan that is interesting and memorable for target customers. Because the company targets low and middle-income customers, the advertisement will include prices of products alongside their pictures. Discounts will also be announced on the company’s website. In addition to internet advertising, Dynamic Gems Jewel company will utilize conferences and job fairs to advertise its products. In line with the integrated marketing communication (IMC), the company has utilized both the online and offline marketing channels. In its offline marketing communication, the company intends to use daily newspapers, television, and billboards.
Measuring the Effectiveness of Advertising
Numerous approaches can be used to determine the effectiveness of advertising. The main purpose of advertising is to increase sales and strengthen customer relations (Jain, 2008). The company’s intention was to inform customers about their products and various offers they have. The company will use software, which will record the number of prospective customers who visit their site or view their advertisements on other sites. The company will keep a clear record of its customers. Any increase in the number of customers will be recorded. The company intends to adopt a policy that will determine what marketing channel influenced the customer to buy the product. For instance, the company will be able to know whether the customer found out about their products through television, newspaper, radio, or Internet advertisements. By doing this, the company will be able to determine whether their advertisement strategy is effective.
Additional Promotional Strategies
The main aim of the company is to satisfy its customers, and it is within its policies to provide high quality goods and services to its customers. Apart its various means of advertisement, the company has embarked on other promotional strategies to ensure customer satisfaction. Company’s target customers are low and middle-income earners. The company offers its products at relatively lower prices than other dealers do. The company intends to offer high quality after-sale services to its customers as a promotional strategy. The company’s receipts have a slogan at the bottom that says “Thank you! Come again.” This is a way to show appreciation to customers, who purchase products from the company. Packaging of goods is appealing, as they are well wrapped and packaged. The company also guarantees quality of all its products. This enhances customer satisfaction because they are assured of the quality and perfect condition of products they purchase (Frederick, 2001). The guarantee period is expected to be two years, during which a customer can return any damaged product for repair or replacement free. Apart from the guarantee, the company offers warranty on all its products. This is a supplementary customer security measure to the guarantee. Customers have the opportunity to return damaged products after expiry of the guarantee period for repair at a small fee.
Dynamic Gems Jewel Company will also embark to deliver high quality customer service. The company will ensure that customers’ queries are addressed quickly. To ensure this, the company will use mobile phones and the Internet to communicate with customers. Customers can reach the company through mobile phones and get their questions answered. Customers’ complains or consultations will be addressed through the Internet and mobile phones. This means that customers will not need to travel long distances to go to company’s selling spots.
Marketing Research Approach to Measure Customer Satisfaction
It is fundamental to note that every business thrives because of its customers. Satisfied customers propel a business to its greatest heights (Frederick, 2001). In order to evaluate whether customers are satisfied, it is important to get a response from them. Dynamic Gems Jewel Company will make use of customer surveys to measure customer satisfaction. The company intends to use questionnaires to get customer response. Questionnaires will contain no more than 50 questions. The company believes that customer satisfaction is directly linked to profitability (Jain, 2008). Satisfied customers tend to be loyal to the company. Questionnaires are designed to get customers’ overall feedback on their level of satisfaction with company’s products. It will also help to determine their likes and dislikes.
The company intends to use two types of surveys to get customer feedback. The company will use transactional survey where it will contact all customers who purchase its products (Shah, 2009). Customers will be contacted after they make their purchases to provide an immediate feedback on their level of satisfaction about a service. The company will also make use of relationship surveys. Relationship surveys will be conducted twice per year. These surveys are intended to obtain feedback from existing and loyal customers who have made multiple purchases with the company.
Filling gaps in Customer Expectation
Not all customers of Dynamic Gems Jewel Company will be satisfied. The company realizes there will be several complaints about its products. The company’s good customer service will play an important role in such instances. The company will put in place swift measures to attend to customers’ complaints. This will include the use of mobile phones to respond to customers’ complaints. The company intends to educate its customers on how to take care of their jewelry. The company will provide accurate descriptions of their products to reduce instances where customers fail to get what they expected.