Research Paper on Business Strategy
A successful advertising campaign is an extremely important part of the introduction of a new product in the market. At the same time, the advertising and promotion of a new product is not an easy task to do and this is why many companies use the services of agencies in order to increase the effectiveness of their advertising campaigns using the experience of professionals working in a selected agency. The introduction of a new product, such as soft cola drink, is particularly difficult that means that the company introducing this product has to pay a particular attention to the agency it is going to work with.
However, at the beginning, it is necessary to briefly dwell upon the company and its product. In fact, the company is specialized on the production of drinks and it is going to launch the production of a new product, a new soft cola drink that should gain its own niche in the market. At the same time, on introducing such a product, it is necessary to take into consideration several factors that can influence its entering the market, advertising campaign and its general success. First of all, it should be said that the current situation in the market of soft cola drink is quite difficult since there are a lot of powerful competitors who has already gained a larger share of the market, such as Coca Cola, for instance.
Consequently, while introducing a new product, it is necessary to take into consideration the possible resistance of the competitors and customers experience. Practically, this means that it is necessary to develop a product which could be different from its major competitors. In this respect, it is possible to recommend creating a new soft cola drink which contains some essential minerals and vitamins that can make the drink useful for customers’ health. This distinguishable characteristic of the new drink can be the backbone of the introduction of the product in the market and may be widely used in the advertising and promotion of the drink.
Naturally, in such a situation, it is necessary to be very careful with the selection of an agency which could successfully plan, organize and conduct the advertising campaign of the new soft cola drink and, what is more, which could clearly deliver the message about the usefulness and originality of the new product to customers. In such a way, it will be possible to successfully introduce the product and gain a large share of the market.
It should be pointed out that corporate culture is of an utmost importance since there should not be any principle differences between the company and the agency employed. In other words, the company and the agency should have similar principles and values. For instance, it is really important that company and the agency were flexible in their organizational structure since the existence of a bureaucratic hierarchy will decrease the effectiveness of work of each organization as well as the effectiveness of their cooperation. At the same, both organizations should realize that they should not put their own interest prior to the interest of their partner. In other words, the company should not expect that the agency will risk its reputation for the sake of the promotion of the new product if it is of a low quality, for instance. On the other hand, the agency should fulfill its function professionally that means that the interest of the company is of a paramount importance and, consequently, the agency should develop unique and effective tools to promote the new soft drink cola the company attempts to introduce.
Naturally, the company may face some difficulties while selecting an agency for its advertising campaign but it is possible to recommend developing a clear strategy which can help find the optimal solution of this problem. To put it more precisely, the company should have a clear set of criteria the agency should meet. In this respect, it is possible to offer the following criteria: 1) the agency should have experience of work in the market, at least for five ore more years; 2) it is preferable that the agency has respectable and creative employees who are known for their work with other companies and products; 3) the agency should have experience in advertising new products in the market; 4) the agency should have technological resources and respectable business partners.
Obviously, the agency should also be able successfully advertise the product using different media. At the same time, it should be said that the agency should develop an effective system of public relations which could create a positive image of the new product. It is possible to involve some celebrities to advertising the new soft drink cola, for instance, in terms of agency’s public relations and promotion of the product. Also, it is also necessary to use traditional means of advertising such as print media, television and Internet. The latter seems to be particularly important at present days since the role of this media in customers’ preferences is constantly growing.
However, in order to effectively assess the effectiveness of the agency’s work, it will be necessary to develop a system of control. It is possible to recommend using some questionnaires and interviews of customers in order to assess the extent to which the new product is popular after the launch of advertising campaign. Also it is possible to organize a kind of lottery when customers could fill in a little questionnaire about the product where there would be a point concerning the source which customers received information about the new product from. In such a way, it will be possible to find out the effectiveness of use of different media by the agency.
Finally, it should be said that the successful introduction of the product and advertising campaign are the result of the successful relationship between the company and the agency. The good relationship is based on the perfect understanding of the goals of the cooperation of the organization and the agency and the realization of the fact that the positive result is equally important to both of them.
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