abhishreshthaa
Abhijeet S
Steps to create a favorable awareness amongst the target audience:
STEP 1: Identification of Target Market: The target market is the focus of deciding the promotion mix. The total number of groups is analyzed and decision is taken regarding which segment is to be targeted.
In case of insurance sector, mass marketing is favorable however, different policies are targeted towards customers from different income groups.
E.g. LIC (India) has introduced a new life insurance policy especially for rickshawallas and landless laborers.
STEP 2: Determination and Setting Objectives: Service marketers employ a range of promotional methods, so it is essential to ‘What the promotion has to achieve’. It is necessary to define marketing objectives clearly so that most effective type of promotion is designed and utilized.
In case of insurance sector, the main objectives of a promotion campaign will be:
1) To make all or maximum population aware of the various insurance policies of the company.
2) To promote the advantages of all the insurance policies.
3) To make the people aware of the risks involved and the importance of taking insurance.
Eg: LIC (India) conducts seminars and mass marketing campaigns in order to make the customers aware of insurance and why it is needed.
STEP 3: Message development for right communication effect: The message is an instrument for converting a suspect into a prospect. To obtain an effective response from the target market, there is always need to plan an effective message such that promotional efforts cause:
Building of brand image
Service awareness
The promotional message should aim:
To provide knowledge for service/product
To ensure that customer will have a positive perception for service/ goods promoted
To build up preference for service/ goods offered
In the insurance sector, LIC (India) and MetLife Insurance are examples of companies who have used promotion mix to promote insurance.
Eg: LIC (India) promotes its life insurance policies using the slogan “Zindagi ke saath bhi, zindagi ke baad bhi” This creates awareness of risk of death as well as the importance of insurance. The slogan creates a positive perception about life insurance in the minds of people.
STEP 4: Selection of communication mix: There should be a careful blend of promotion mix with the marketing strategy of the firm and each situation should be examined for its merits and demerits. The following criteria should be considered while devising different promotional techniques:
Overall marketing objectives
Nature of the service
Activities of the competitors
Characteristic of target customer
Cost effectiveness
Integration with other marketing elements
Requirements for effective implementation
Management Issues
Legal and ethical considerations
STEP 1: Identification of Target Market: The target market is the focus of deciding the promotion mix. The total number of groups is analyzed and decision is taken regarding which segment is to be targeted.
In case of insurance sector, mass marketing is favorable however, different policies are targeted towards customers from different income groups.
E.g. LIC (India) has introduced a new life insurance policy especially for rickshawallas and landless laborers.
STEP 2: Determination and Setting Objectives: Service marketers employ a range of promotional methods, so it is essential to ‘What the promotion has to achieve’. It is necessary to define marketing objectives clearly so that most effective type of promotion is designed and utilized.
In case of insurance sector, the main objectives of a promotion campaign will be:
1) To make all or maximum population aware of the various insurance policies of the company.
2) To promote the advantages of all the insurance policies.
3) To make the people aware of the risks involved and the importance of taking insurance.
Eg: LIC (India) conducts seminars and mass marketing campaigns in order to make the customers aware of insurance and why it is needed.
STEP 3: Message development for right communication effect: The message is an instrument for converting a suspect into a prospect. To obtain an effective response from the target market, there is always need to plan an effective message such that promotional efforts cause:
Building of brand image
Service awareness
The promotional message should aim:
To provide knowledge for service/product
To ensure that customer will have a positive perception for service/ goods promoted
To build up preference for service/ goods offered
In the insurance sector, LIC (India) and MetLife Insurance are examples of companies who have used promotion mix to promote insurance.
Eg: LIC (India) promotes its life insurance policies using the slogan “Zindagi ke saath bhi, zindagi ke baad bhi” This creates awareness of risk of death as well as the importance of insurance. The slogan creates a positive perception about life insurance in the minds of people.
STEP 4: Selection of communication mix: There should be a careful blend of promotion mix with the marketing strategy of the firm and each situation should be examined for its merits and demerits. The following criteria should be considered while devising different promotional techniques:
Overall marketing objectives
Nature of the service
Activities of the competitors
Characteristic of target customer
Cost effectiveness
Integration with other marketing elements
Requirements for effective implementation
Management Issues
Legal and ethical considerations