Applied managerial finanace 400 words

Now it is time to elaborate on the rest of the marketing plan for the new product. Be specific. Make sure that all of the pieces of your plan are consistent with each other and are designed to meet the needs and wants of your target customers.   Primary Task Response: Within the Discussion Board area, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.  The board members were very impressed with your presentation and how you are moving through the product development process. Michelle is ready now to start looking at the promotional part of the plan. She has been reading technical publications that laud the advantages of high-tech or digital promotional tools (i.e., Internet, social media, blogs, etc.) over traditional approaches (i.e., TV, radio, newspapers, and magazines) to reach potential customers. You catch up with her in her office before she leaves on a business trip.    ‘Michelle, I want to speak to you about the e-mail you sent regarding the promotional tools we should consider for the new product,’ you say.   “I have a few minutes before I have to leave,’ she says. “Go ahead.”  “Well, I agree that digital media is the trend, but I think traditional advertising and promotion should still have a place in the plans,” you say. “I know you don’t have time now, but I would like to talk about the advantages and disadvantages of each type of promotional tool as they relate to the target segment and branding strategy. When can we get together and talk about this?”  “I really do want to talk about this,” she says. “I need to know what type of media you think would be best for MM’s new product. Can send me an e-mail with your thoughts on the subject and I’ll read it on the plane? We can get together when I get back to finalize the choices.”   “Thanks, Michelle. I will do that,” you say.

LessonsFrom Experience: Targeting the Museum Market

1

Introduction

The story that you are about to read is from actual events that occurred in
the field. Its purpose is to provide you with a real-world example from a
seasoned professional in the business world.

Targeting the Museum Market

All Star Art Museum is a small for-profit art museum in the center of a small
beach town on the East shore. In existence for more than a decade, the
museum has enjoyed a profitable few years. The museum is credited with
exhibiting the work of local and well-known fabric artists year-round.

The museum has a formal communication media plan that uses best practices
to keep the museum’s brand in the hearts and minds of existing and future
visitors. The word-of-mouth opportunities through social media have been
quite successful, too.

The governing board and the new museum executive director recently
suggested that the museum work on a more formal marketing plan to boost
visits and revenue during the next few years. One suggestion has been to
implement a strong branding campaign that will help build museum visibility
both locally and regionally.

The only viable choice is to create an effective integrated marketing
communications plan, combining new and traditional media. Customer
demographics and psychographics are important to help determine who the
museum wants to reach. Currently, data shows that most of the visitors are
seniors, aged 55 and above. The museum wants to expand the market by
reaching new visitors in the Generation X and Millennial demographic
segments.

An effective print campaign has been successful in bringing notoriety to the
museum, reaching the senior demographic. The missing link seems to be with
the younger customer set. An examination of social and sharing media has
been brought to the museum marketing team’s attention. By focusing on
social and sharing media, the museum hopes to appeal to a younger
demographic.

Lessons From Experience: Targeting the Museum Market

2

It is important to take the following away from this scenario:

• Today’s competitive marketplace should be considered when creating
publicity campaigns to reach an organization’s desired customer
demographic.

• Although traditional media are an important component of any
branding campaign, the power of new media (including social and
sharing media) cannot be underestimated.

• When looking at the desired customer demographic, not only is the
branding message important, but the communication platform must be
considered when delivering the message to the target audience.