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Com3701 Assignment One

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63 views13 pages

Com3701 Assignment One

Uploaded by

Shirma Maluleke
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Student Number:32671792 Assignment unique 2023

number:648470

M3701 MARKETING COMMUNICA

MPHO ROSEMARY NTSEKHE | 28 MARCH 2023


TABLE OF CONTENTS

Declaration Statement………………………………………………………………………2
INTRODUCTION............................................................................................................................................3

SOCIAL MEDIA CONTENT PLATFORMS FOR FINANCIAL INSTITUTIONS. .............3

Networking sites.........................................................................................................................................3

Professional networking sites..............................................................................................................3

Micro-blogging............................................................................................................................................4

Online messaging channels and mobile phone platforms.....................................................4

Social media search engines...............................................................................................................4

Social media marketing tools...............................................................................................................4

Twitter and microblogging.................................................................................................................4

Vlog..............................................................................................................................................................5

Blog..............................................................................................................................................................5

Video advertisement............................................................................................................................5

Games, contests, and incentives..................................................................................................5

Facebook Business / Celebrity Fan page.................................................................................6

MARKETING MANAGEMENT................................................................................................................6

What is marketing management.........................................................................................................6

Marketing plan.............................................................................................................................................6-7

Situation Analysis..................................................................................................................................8

Marketing Opportunities.....................................................................................................................8-9

Marketing objectives............................................................................................................................9

Strategies and action plans..............................................................................................................9

Financial control and budget............................................................................................................10-11

Control and review................................................................................................................................11

REFERENCES..............................................................................................................................................12

1|P A G E 1
Declaration Statement

DECLARATION OF OWN WORK


I,

Mpho Rosemary Ntsekhe

confirm that:

 this MODULE contains my own, original ideas and work


 those ideas, or work, that are not my own, have been cited through the prescribed
referencing system which I have familiarised myself with in Tutorial Letter
CMNALL/E/301
 I have not submitted the ideas or work contained in this MODULE for any other
tertiary education credit

 I have read the University’s Policy of Research Ethics


 I have read and understood the PLAGIARISM POWERPOINT FOR UNDER-
GRADUATE STUDIES (available under “Additional Sources” on myUnisa)
 I have familiarised myself with the library guides ON PLAGIARISM AND ETHICS
offered by Unisa’s library: https://libguides.unisa.ac.za/research-support/plagiarism
 I have read and understood Unisa’s Policy for Copyright Infringement and
Plagiarism, and I am aware that plagiarism is punishable in terms of the Copyright
Act 98 of 1978 and I have read the regulations of the University of South Africa in this
respect, available online:
https://www.unisa.ac.za/static/corporate_web/Content/Apply%20for%20admission/
Documents/Policy_copyright_infringement_plagiarism_16November2005.pdf

_32671792 ________________
STUDENT NUMBER
_____M R Ntsekhe_________ ___28/03/2023___
SIGNATURE DATE
_____M R Ntsekhe________ __28/03/2023___
WITNESS DATE

2|P A G E 2
INTRODUCTION

According to Kotler and Armstrong (2010:34), marketing communication includes


advertising, public relations, branding, packaging, direct marketing, online exposure,
printed materials, sponsorships and sales. Marketing has the task of creating one
coherent corporate brand image for all stakeholders through integrated messages
(Angelopulo GC, &Barker, R. 2013: 147). The use of social media in the financial
services industry has become non-negotiable since the pandemic shifted how
relationships with clients are maintained. When financial professionals are unable to
meet with clients in person, building relationships via social media is invaluable.

Within this essay there are four social media content platforms, namely, networking
sites, video sharing communities, micro-blogging, and professional networking sites
chosen for a financial institution. Aside from the social media content platforms, there
are also five social media marketing communication tools such as Twitter, vlogs,
video advertisement, blogs and competitions which may be used to increase the
institution's visibility in social media.

SOCIAL MEDIA CONTENT PLATFORMS FOR FINANCIAL INSTITUTIONS.

Networking sites

Sites like 'Facebook and Facebook messenger' can be used to strengthen


relationships with members participating in different online groups and topics of
interest. Direct messaging via Facebook communicates and nurtures customer
relationships. When done online this is known as social selling. Facebook can
help identify important financial moments in a clients' life and help prioritize their
needs. Since clients want to deal with trusted financial experts, using Facebook
will humanize the brand with videos created around financial service products.

Professional networking sites

Sites such as LinkedIn can be used to interconnect thousands of investors for


business opportunities and professional networking. Content will need to be tailored
so that the financial institution can target investors with the right content to provide
the right services.

3|P A G E 3
Micro-blogging.

Micro-blogging platforms such as Twitter, involve product and service promotion


regarding the company, and allows for a customer to client relationship. Platforms
such as this allow for "in the moment" information of what is currently trending
within the industry. (Angelopulo and Barker; 2013)

Online messaging channels and mobile phone platforms

Online messaging channels and mobile phone platforms provide digital customer
service with faster response times. 'WhatsApp', 'Twitter' and 'Messenger' can be
used as dedicated customer service accounts. 'Messenger pop-up' can also be
enabled on a client's 'Facebook Page', allowing instant responses to clients
where they already spend most of their time.

Social media search engines

Social media search engines will search blogs, comments, bookmarks, events,
news, videos etc (Angelopulo GC, & Barker, R. 2013: 350). Facebook and
Instagram allow for ads and posts targeting a person's location, age, gender,
education, career prospects and interests. Banks can fine-tune what they are saying
to their audience by using videos and photographs.

Social media marketing tools

Twitter and microblogging

Twitter is the social media marketing tool that can broadcast updates across the
web. By following tweeters in the financial industry or related fields, we should gain a
steady stream of followers in return. Mix up official tweets about new products and
news with fun, brand-building tweets, then retweet when a customer has something
nice to say and answer people's questions when possible. This shows immediately
how electronic word of mouth(MWOM) microblogging shared through Twitter and
similar services will affect the market.

4|P A G E 4
Vlog.

A vlog enables a personalised experience for clients as it allows them to see the
day-to-day operations of the business. Vlogging is a great way to form connections
with clients and creating a desire to invest with the business as it gives clients a
better look at the products as well as being introduced to new products. (3 Reasons
You Should Add Vlogging to Your Marketing Strategy, 2021)

Blog.

Blogging is straightforward and cost-effective which and enables businesses to


create fresh new content where the business may form conversational relationships
with new and existing clients. Blogging helps to drive traffic towards the business
website which helps to turn traffic into leads.(5 Powerful Benefits Of Blogging
ForYour Small Business | CBO, 2021)

Video advertisement.

Video advertisement as a marketing tool carries a potential to move clients through


multiple stages of the funnel more quickly. Video advertisements may appeal more
to those with short attention span and allows for sparking interest effectively in a
shorter amount of time and allowing user generated content to build brand
awareness. (Reed, 2021)

Games, contests, and incentives.

Attracting attention to the launch of a new product is one of the main reasons of
contest marketing. It offers the advantage of collecting information and answers from
consumers when they sign up and agree to participate. Contests enable the
business to engage with their clients and are a great way to build their client base.
Consumers are also empowered by contest marketing to do the marketing on behalf
of the business. (4 Reasons Why Contests Should Be Part Of Your Marketing
Strategy, 2021).

5|P A G E 5
Facebook Business / Celebrity Fan page

Setting up a page that is either for a celebrity or an organisation's brand within Facebook
will promote excellent exposure for a financial product or service

Facebook's casual, friendly environment allows for an active social media marketing
strategy. By creating a Facebook Business Fan Page that is visually comfortable
and appealing, people can relax and chat with friends and at the same time engage
with user-friendly financial content that is both tone light and friendly.

MARKETING MANAGEMENT

What is marketing management

Marketing management is a form of management process that involves continuous


planning, organising, leading and controlling of marketing activities within a
business/organisation.

A marketing plan and strategic marketing plan forms part of the marketing
management development process, this includes activities such as gathering of the
marketing data, developing a marketing mix strategy, a detailed marketing plan
and overall controlling of the marketing process.

Marketing plan generally accomplishes the following:

 Explain current/future situation


 State Anticipated outcomes
 Specify action to take and who responsible
 Identify resources needed
 Allows action to be monitored and evaluated

Marketing plan

A marketing plan is the advertising strategy that a business will implement to sell
its product or service. The marketing plan will help determine who the target
market is, how best to reach them, at what price point the product or service should
be sold, and how the company will measure its efforts.

6|P A G E 6
The Marketing plan for Cuppajoe’s New Gound Coffee Range will include the
following steps

7|P A G E 7
Situation Analysis

CuppaJoe’s has been in business for 10years, started off its coffee operation/berista
in Cape Town and has plans of branching out into the two major cities, namely
Johannesburg and Durban in the next year.

Up until in recent years, the coffee business has been doing quite steadily, but there
has been a lot of competitors that cuppajoe needs to outdo in order to increase
sales and modern day online and social media presence. Cuppajoe now wants to
introduce a new, freshly flavoured ground coffee blend that’s uniquely their secrete
blend, that’s also available for online purchase and deliveries. Customers can order
directly from the website or our participating online shopping outlets such as
Takealot.com.

Marketing Opportunities

Currently the coffee is being bought only from one store in Cape Town, with our
location being on the main central business district and our target market being local
businesses, professionals and students who happen to be within the area and we
rely a lot on word-of-mouth for promotion/advertising.

We have come up with new coffee blends with unique flavours that will be
appealing to new customers and as a result of our own market research, we’ve
identified new ways of promoting our products and growing our brand as a
business. The following unexplored market growing activities, have been identified
in order to expose and grow our products/service offering:

 Pop-up/Coffee market stalls in different office parks and food markets and
events;
 Collaborating with cinema houses for more beverage options, offerings. Bearing
in mind that our competitors are some of the surrounding shops and restaurants, we
plan to invest in our new product range’s packaging designs and give out more
consumption suggestions that will be appealing to targeted clients. We will offer the
greatest tasting coffee in town, that’s made fast, easy and mostly tasty.
Considering that we are trying out a lot of new flavours for ground coffee like the

8|P A G E 8
fruity taste range, we will be taking a lot of feedback from our customers, so that we
are able to be at the top of our game and have an opportunity to always better our
craft and service offering.

Marketing objectives

Marketing manager; considers factual data obtained via situation analysis, interprets
meaning, goals are set according to organisation’s needs. Goals need to be attainable,
measurable, continuous, and achievable within period and responsibilities shared.
Generate assumptions, projections about future conditions/trends within various
landscapes (environ, political, social-econ). Financial objectives.

During this one-year period of rolling out the new coffee product ranges,
Cuppajoe hopes to achieve the following objectives:

 To be the best barista of our coffee ranges that are easily accessible to our
customers;
 To collaborate with other shopping outlet stores such as Woolworths, Engine
garages and Checkers stores to be our partnered distributors of our flavoured
ground coffee ranges;
 To have prominent online presence and plan to launch different online
buying platforms, other than that from our merchant stores;
 Start looking at distributing our coffee outside South Africa and set out to
being internationally competitive;
 Assigning a team to do our activation campaigns at different relevant events;
 We will work on a budget to do print and online advertisements on a few
identified publications and online spaces that will reach our target audiences.
 We will look at different trend analysis such as in store technology upgrades
and re-energising of staff;
 To retain and grow spend from existing customers, while attracting new ones;
 We will effectively communicate a vibrantly new coffee store brand,
offering the best to our identified target market without compromising on
the current value position.

9|P A G E 9
Strategies and action plans

Part of our strategic plan includes taking the following actions to grow our brand:

 To work with local businesses who fall within our target market, not only in
introducing the new product range, but to also offer them innovative ways
of ordering and delivery our product to them timeously.
 We will maximise the strengths of our business at a competitive price for
great customer reach.
 We will increase our quality, capacity and all in store resources in the next
6 to 12 months
 As we expand in the corporate/business district space, we will warm our way
into being accessible to all South African homes and then the world at large.
 We will work on a campaign that will have an influential local business
icon/celebrity to expose and grow the brand across all targeted spheres.

Financial control and budget

According to the expansion plan that we are putting in place, CuppaJoe’s budget will
be implemented as follows:

Control and review


The monitoring of our budget and all expenditures, will be checked from a
management level. Each store manager will initially act as a project manager
in making sure that the stores are:

 Located in the best part of town;


 We have a great market reach;
 That we source the best buildings that are also cost-effective;

 That all our branding and store maintenance are well taken care off; and
 That all store equipment, furniture and staff are all perfectly sourced.
In reviewing our marketing plan in a year’s time, we will look out for high volumes of
our product’s retail, how our point-of-sale will handle our store’s operational
processes, the effectiveness of our implemented marketing strategies, set goals,
objectives and monitoring of all rolled-out advertising campaigns.

We will take a close look on our service offerings and where we will require constant
improvements, as well as our online presence and perceptions from our then
clients.
10 | P A G E 10
All this information will assist us in making informed decisions as we branch out into
other parts of the world, while giving them an exquisite coffee taste of South African
flavoured ground coffee.

11 | P A G E 11
REFERENCES

Angelopulo, GC & Barker, R (eds). 2013. Integrated organisational


communication. Lansdowne: Juta

12 | P A G E 12

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