Jasmine Coleman Final Project

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Southern New Hampshire University *

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MBA 645 OP

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Business

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Jun 4, 2024

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pptx

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41

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STRATEGIC BRAND IMPLICATION AND MANAGEMENT Jasmine Coleman MBA-645-Q3806 Optimizing Brands Southern New Hampshire University 9-1 Project Submission
WHAT IS BRAND EQUITY AND WHY IS IT IMPORTANT TO OUR ORGANIZATION? Brand equity can be defined as the level of sway a brand has when it comes to their consumers while having a brand that is identifiable and well thought of. Organizations can establish brand equity through positive customer experiences through enticing consumers to continue to purchase or use them over their competitors.
POSITIVE IMPLICATIONS Safety concerns addressed and communicated. Community and local government support for reopening. Employee support for reopening.
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NEGATIVE IMPLICATIONS Social media negative reactions. Employee negative concerns. Operational concerns for safety.
STRATEGIC COMMUNICATION PLAN Key Stakeholders: Customers Suppliers. Employees.
COMMUNICATION NEEDS FOR OUR CUSTOMERS Communication through emails, social media, and radio or television advertisements on updates of the park reopening. Our customers will need bi-weekly updates on promotions and incentives via emails and social media. Providing our customers with monthly safety updates, improvements, and expectations when the park reopens. Having a FAQ section through multiple communication channels i.e. social media and our website to address concerns and provide additional information.
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COMMUNICATION NEEDS FOR OUR SUPPLIERS. Suppliers will need biweekly updates on park reopening and timeline of events this can be done through email or zoom meetings Updates regarding training, safety procedures and protocols can be conducted biweekly through email or zoom meetings Suppliers will also need monthly communications pertaining to marketing promotions and campaigns which can be done through email.
COMMUNICATION NEEDS FOR OUR EMPLOYEES. Constant weekly email updates on when the park will be reopening. In person and virtual meetings monthly or as needed to address concerns or questions. Trainings on safety protocol and procedures. Employee portal for additional information and support with an FAQ section.
FUNCTIONAL DEPARTMENTAL ROLES AND RESPONSIBILITIES.
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FUNDAMENTAL DEPARTMENTS Sales - Create individual and group sales. The responsibility will be to understand what the existing and new customers are looking for when the park re-opens. Updating and improving safety measures such as preventative steps to avoid future incidents will be imperative when the park reopens. Implementing new improvements to the park such as attractions and rides will pique interest to our existing customers and attract new customers. Maintaining a balance between increasing our revenue to make up for the park closure without driving customers away through increased prices.
FUNDAMENTAL DEPARTMENTS Operations - Preservation of our guest and employee’s safety. The responsibility will be to enhance the park safety measures and procedures while maintaining a fun environment. We will need to ensure that the safety measures are working properly without impacting the customer experience. Implementation of various overlapping preventative measures to prevent further incidents from occurring. Implementing regular employee trainings and development opportunities.
FUNDAMENTAL DEPARTMENTS Marketing – The goal will be to attract, retain, and grow revenue from the park’s target audience. The responsibility will be to define and manage the brand to promote applicable safety measures and messaging. Manage social media posts and content effectively by providing safety tips and measures for further education and assurance Email marketing and advertisements. Conduct market research to further identify and define the market and the opportunities to capitalize on.
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LEGAL AND ETHICAL CONSIDERATIONS Pricing Tactics. False Advertisement. Selective Promotion. Stereotyping. Unethical data gathering.
PART TWO: CUSTOMIZABLE MARKETING PLAN
CONSUMER RESEARCH Consumer research involves finding data on consumer behaviors or preferences to establish a target market for products or services. Consumer research is an essential part for an organization to develop an exceptional marketing plan that can provide vital insight into how to target certain geographic audiences.
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TRADITIONAL MARKETING METHODS Television Ads. Billboard Ads. Print Ads.
TELEVISION ADS Television Ads will help in the acquisition of attracting new customers by creating brand awareness and interest in a product or service while reaching a wider audience. This has the potential to convey the benefits and features of a product or service which will create an emotional connection with viewers. Television Ads will help in the retention of our existing customers by reinforcing the brands image and messaging for the companies existing customers, this will also help to improve relationships through creating opportunities to offer exclusive deals and promotions to our existing customers while keeping them informed about new products, services, features and updates.
ADVANTAGES AND DISADVANTAGES Advantages Effective way to send a message. Better at influencing consumers. TV reaches a larger audience. Attaches a personality to the business. Disadvantages Costly. No guarantee it will be viewed. Difficult to analyze and track results. Decline in TV Advertising.
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PRINT ADS Print Advertising can help in new customer acquisition by allowing us to target specific demographics, geographics regions or interest groups this will build trust and credibility within the organization. It will be essential to provide a physical and tangible marketing tool that will leave a lasting and memorable impression for our potential customers. Print Advertising can help in reinforce brand loyalty and improve relationships by personalizing how we deliver messages to our existing customers while ensuring they’re reminded of the brands services and products
ADVANTAGES AND DISADVANTAGES Advantages Tangible. Physical, sensory engagement. Credible and trustworthy. Targeted. Disadvantages Costly. Hard to measure effectiveness. Low response rates.
BILLBOARD ADS Billboard advertising creates brand awareness among potential customers who may not be aware of our products and services which will aid in the acquisition of new customers. This advertising method is cost effective and has the potential to reach specific audiences. Billboard advertising will provide a way to publicize new products and services including our new safety initiatives, creating an emotional connection with current customers providing the business the opportunity to retain existing customers.
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ADVANTAGES AND DISADVANTAGES Advantages Visibility. Brand awareness. Can appeal to all ages. Creative Flexibility. Disadvantages Limited audience targeting. Susceptible to weather and vandalism. Limited time for viewers to absorb messaging. Difficulty in tracking in ROI.
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DIGITAL MARKETING METHODS Search Engine Optimization. (SEO) Video Marketing. Social Media Marketing.
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SEARCH ENGINE OPTIMIZATION (SEO) How will SEO assist in acquiring and retaining customers? Increase in website traffic and visibility. Reduced market costs. Establishes trust and creditability. Improvement in customer experience. Creates consistency in brand messaging. SEO will be used to promote new products and services to our existing customers keeping them engaged and interested. Advantages and Disadvantages Advantages – Cost-effective, long-term growth in retention, and targeted audiences. Disadvantages- limited control, time consuming, and overly saturated with competitors.
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SOCIAL MEDIA MARKETING. How will social media marketing assist in acquiring and retaining customers? Increased visibility. Cost effective. Social media will provide a platform for us to create and share interactive content. (attracting new and retaining existing customers) Build relationships while creating a sense of community. More exposure to feedback. Advantages and Disadvantages. Advantages- Increased visibility, measurable results and targeted advertising. Disadvantages- negative feedback, constant change in algorithms, and time consuming.
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VIDEO MARKETING. How will video marketing assist in acquiring and retaining customers? Captures the attention of potential customers. Can demonstrate the benefits of your product and service. Can provide valuable information. Provides engaging and informative information. Allows you to showcase your brands personality while building relationships with new and existing customers. Advantages and Disadvantages. Advantages- Increased engagement and conversation, cost effective and provides a personalized customer experience. Disadvantages- may require technical skills, time consuming and has the potential to damage a brands image.
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TRADITIONAL AND DIGITAL MARKETING METHODS. Combining both traditional and digital marketing methods can help to optimize our brand. Both methods have their own individual strengths which allow our brand and business to effectively reach a wider audience and create a lasting impact. Utilizing a mixed marketing plan and strategy will help to ensure the park is able to successfully reach a multigenerational audience that will be impactful and effective in reaching our target audiences and growing our business.
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CRISIS MANAGEMENT STRATEGIES. Communication. Consistency. Proactive Approach. Engagement. Transparency.
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LEGAL AND ETHICAL CONCERNS. Liability. (Legal) Implementation Issues. (Ethical)
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MEASURING YOUR STRATEGIC MARKETING PLAN’S SUCCESS Part 3
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(S)pecific – Does this objective have the potential to overcome problems and unlock specific opportunities? (M)easurable- Can a quantitative or qualitative attribute be applied to create a metric. (A)ttainable- Will working towards this objective create positive change? (R)elevant- Does this objective align with the overall marketing strategy? (T)imebound- What is the timeline for working towards and achieving the goal? SMART MARKETING OBJECTIVES
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Print Ads- SMART Objectives Specific- Increase print ad conversion rates by 20% Measurable- Track conversion rates based on past conversions amount. Attainable- We will be able to attain this SMART Objective as we know the process and can increase our numbers efficiently. Relevant- By increasing our print ad conversion rates we can gain more customers and our brand awareness attracting customers back to the park. Time bound- Increase conversion rates by 20% within the next year. SMART OBJECTIVES.
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Television Ads SMART Objectives Specific- increasing our television marketing campaign to target our specific audience can increase park visitation rates by 10%. Measurable- determine the number of Ads being played during peak hours for our immediate target audience. Attainable- Existing Television Ads that have already been successful in brand awareness through television ads. Relevant- Increase our brand awareness for our target audience through focusing on specific times and channels. Time-Bound- Campaign should run for 6 months SMART OBJECTIVES.
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Search Engine Optimization SMART Objectives Specific- To ensure and maintain our website is the first page on google search. Measurable- Track the traffic our website is receiving. Attainable-SEO will increase the amount of traffic we receive to our website by utilizing key words and phrases in the search functions on google. Relevant- Increasing our investment in SEO will lead to more conversions from our website while receiving the attention we need for our website and brand. Time-bound-Monitor for 3 months. SMART OBJECTIVES.
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Television Ads Increased Sales and Visitation. Increase in social media subscribers while increasing our followers. Importance of KPIs Is objective working Are the Ads bringing awareness to the park. Print Ads Conversion Rate. How are print ads contributing to ticket sales. Importance of KPIs How are we converting our print ads to customers. How are the print ads working to bring brand awareness. KPI’S
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SEO Increase traffic to the website. Track people being directed to our park website Conversion rates from sales through our website and increase in ticket sales. Purchasing tickets from our website and more customers visiting the park. Importance of KPIs Is there an increase in website traffic. Are we seeing an increase in ticket sales from the website and the park. KPI’S
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Monitoring results for Print Ads. Conversion Rate. Tracking tickets purchased. Track Analytics Monitoring results for TV Ads. Increase in sales. Number of customers purchasing tickets and visiting the park. Increase in Social Media traffic and number of customers following the park on social media. Monitoring results for SEO. What does our google search look like and are we first. Track key words and phrases along with website traffic Track the number of customers visiting our website and the number of tickets being purchased from the website. MONITORING RESULTS OF KPI’S.
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PDCA- stabilizing brand identity and reputation. Plan- Identify problems that have arisen or may arise in the future. Do- Test Solutions. Check-Study Results. Act-Implement Best Solutions. CONTINUOUS IMPROVEMENT PROCESS.
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Public Relations Communicate to the public about issues arising through social media. Make post that will address issues. Communicate to the public regarding how we’re working to resolve issues. Crisis Management Prepare the team on how to respond to individual complaints and concerns. Manage issues before they become bigger Provide solution-driven responses to issues and complaints. MARKETING STRATEGIES- NEGATIVE FEEDBACK.
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REFERENCES Marketing Evolution. (2022, July 19). What is Brand Equity? Definition and Importance | Marketing Evolution. Www.marketingevolution.com. https://www.marketingevolution.com/marketing-essentials/what-is-brand- equity-marketing-evolution#:~:text=Brand%20equity%20is%20the%20level YEC. (n.d.). Council Post: Brand Equity: Why It Matters And How To Build It. Forbes. Retrieved March 25, 2024, from https://www.forbes.com/sites/theyec/2021/07/12/brand-equity-why-it- matters-and-how-to-build-it/?sh=57ec1f1e10de Schwartz, J. (n.d.). Council Post: 5 Tips To Improve Your Brand Communication Strategy. Forbes. Retrieved March 25, 2024, from https://www.forbes.com/sites/forbesagencycouncil/2022/05/17/5-tips-to- improve-your-brand-communication-strategy/?sh=399d13c0430e
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REFERENCES Mailchimp. (2022). Traditional Marketing vs Digital Marketing – Which To Prioritize? Mailchimp. https://mailchimp.com/resources/traditional-marketing/#:~:text=Traditional %20marketing%20is%20any%20form Pascual, M. I. (2020, September 23). Advantages and disadvantages of TV Advertising. Impress Video. https://impressvideo.co.uk/vlog/pros-and-cons-of-tv-advertising/ Panel®, E. (n.d.). Council Post: 14 Ways To Build A Solid Crisis Management Strategy. Forbes. Retrieved April 9, 2024, from https://www.forbes.com/sites/forbescoachescouncil/2020/09/16/14-ways-to-build-a-solid- crisis-management-strategy/?sh=9dc8e495a89f Hayes, A. (2023). What Is Social Media Marketing? Investopedia. https://www.investopedia.com/terms/s/social-media-marketing-smm.asp
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