Assignment:
Weekly tasks or assignments (Individual or Group Projects) will be due by Monday, and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.
Using the bank scenario as a guide, discuss the following:
• Create advertising and public relations objectives that align to each one of the bank’s strategic goals. Be sure to use the specific, measurable, achievable, relevant, and time-bound (SMART) methodology.
• Demonstrate how each objective aligns directly to an organizational goal.
• Discuss the importance of using specific objectives to meet the organizational goals from measurement, accountability, and return on investment perspectives.
Please submit your assignment.
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.
Target Segment Identification and Selection
• Define demographics, psychographics, and market segmentation.
• Using the scenario as an example, identify and analyze (at a summary level) 2 potential target segments using demographics and psychographics that may meet the bank’s high-level strategic goals.
• Select 1 segment, and illustrate why this is the best segment to select based on a detailed discussion of needs, wants, and psychographics of that segment and how they align with achieving the bank’s long-term strategic goals.
100-1200 words
You have selected what you believe is an ideal market segment to pursue with your advertising and public relations strategy. You believe that targeting this segment will reach your specific marketing objectives, ultimately meeting the bank’s long-term strategic goals. The bank president wants to make sure that the new segment is the best one available by determining if they are relevantly different than the present customer base.
Using the bank scenario as a guide, discuss the following:
• Compare and contrast the similarities and differences regarding the needs, wants, and psychographics of your current and new market segment.
• Create and describe the key messages from a branding perspective that you wish to deliver to the new market segment that will provide the greatest impact.
• Explain why this message will appeal directly to the new market segment.
• Discuss whether digital or traditional approaches will provide the best promotional channels for your new target market, and explain why.
• Identify 2 communication channels that will reach your specific target segment, and explain why these are appropriate for your specific target segment.
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.
Performing a Situation Analysis
• Using relevant banking industry and scenario specifics, prepare a situation analysis that is comprised of a strengths, weaknesses, opportunities, threats (SWOT) analysis. Keep the SWOT analysis concise and focused on marketing strategy. Include 2 strengths, 2 weaknesses, 2 opportunities, and 2 threats.
• Analyze 2 banking trends that are relevant to the bank’s situation and the achievement of its long-term strategic marketing goals.
• Compose your analysis on the achievement of your previously established goals and your new target segment.
• Prioritize and discuss the 2 most important strengths and weaknesses regarding objective attainment in the banking scenario.