Marketing
Social Media Marketing
The use of social media by various companies to market their products affects individual awareness of the firm’s brand. As such, to create the presence of Olay merchandises in the market, Facebook will be used as the corporate’s marketing technique because social media allows its users to exchange and share information on the internet, which increases the need and desire to buy a commodity (Hajli, 2014). The technique not only promotes brand popularity but also offers respective values among its users, which has a positive effect on trust.
Resources Required to Implement the Technique
Website Development
| Direct Expense | Indirect Expense |
| Consultation fees for website development | Evaluation time of the website design by the marketing directors |
Creation of the Facebook page
| Direct Expenses | Indirect Expenses |
| Fees for social media managers | Assessment time of the marketing directors |
Marketing Campaign
| Direct costs | Indirect costs |
| Costs for advertisement to interact with clients, hence, creation of awareness of the firm’s Facebook page | Internet costs |
Ways of Measuring the Success of the Technique
The company will determine its level of engagement with the clients by checking the number of shares, comments, and replies on a given post. The metrics will help in understanding the degree of product awareness among the consumers.
Public Relations
The company will use public relations to promote its new product since the technique is effective in launching unknown commodities in the market since it tends to be more persuasive (Papasolomou, Thrassou, Vrontis & Sabova, 2014). Furthermore, the method help in building customer interest, influences the targeted market segment, and safeguards a product that is experiencing a public problem.
Resources Required to Implement the Technique
Media Campaign Creation
| Direct costs | Indirect costs |
| Costs of advertisement to interact with clients | Utility costs such as fuel |
Advertorials Development
| Direct costs | Indirect costs |
| Consultation fees for advert developers | Meeting and evaluation time for marketing managers and Executive Team to approve the adverts |
Website Development
| Direct costs | Indirect costs |
| Consultation costs for website design | Meeting and evaluation time for marketing managers and Executive Team to approve the website design |
Ways of Measuring the Success of the Technique
The company will track the number of press clippings that offer information about firm products, as a way of determining the success of public relations (Macnamara, 2014). Furthermore, the syndicate will measure the amount of traffic to its websites and referrals by other clients to determine the level of engagement.
Additional Marketing Techniques
The company will further involve the use of electronic techniques such as Twitter and YouTube to promote its products since the platforms allow the sharing of information among its users.
References
Hajli, M. N. (2014). A study of the impact of social media on consumers. International Journal of Market Research, 56(3), 387-404.
Macnamara, J. (2014). The development of international standards for measurement and evaluation of public relations and corporate communication: A review. Report for the Australian Centre for Public Communication, University of Technology Sydney, November. Retrieved November, 16, 2016.
Papasolomou, I., Thrassou, A., Vrontis, D., & Sabova, M. (2014). Marketing public relations: A consumer-focused strategic perspective. Journal of Customer Behaviour, 13(1), 5-24.