Table of Contents
Introduction
Corporate Décor received feedback that was very positive and informative. The marketing plan was rationale with a strong branding strategy and brand promise. The reviews stated the logo which was a past picture of an event planned by Corporate Décor and the slogan “Your Event is Our Business” was original. Being that the feedback was positive. Corporate Décor offered justification for its selections of target markets by finding primary targets such as: large corporations, non-profit organizations, and charities which offer Corporate Décor profits, continuous work, and name recognition.
Pricing and Distribution Strategy
Corporate Décor has many expenses such as advertising and publicity, sales promotions and personal functioning cost. While these are necessary expenditures associated with any company Corporate Décor understands that pricing and adding value to their services will help create the needed funding to help show Corporate Décor as a top leader in event planning. The pricing strategy for Corporate Décor is on several factors, such as competitor pricing, event size and budget.
Pricing Strategy
Corporate Décor target pricing strategy uses those prices of its competitors to set price ranges that create a margin of prices for Corporate Décor to use when prospective clients in every price range from those in need of a small budget to those with large spending accounts. Market skimming pricing is a pricing strategy that best fits Corporate Décor’s plans. The prices start high and reduce slowly with customers who have “a high current demand” but can reduce charging what competitors offer and can keep new competitors to the market which can give the appearance of excellence services or a product.
127 our experts are availableright now
Distribution Strategy
Corporate Décor has defined itself as a multi-channel business that offers customers several choices when they wish to buy an event package. Using multi-marketing channels to gain new clientele for Corporate Décor include using L.U.X.E. The program L.U.X.E. stands for (lavish unique xenial events) is an interactive program that provides customers with event theme selections, budgets and pictures that can help them create the events of their dreams. Corporate Décor’s L.U.X.E. program was created to put them above their competitors with this unique event planning program and reach large to medium businesses with extensive budgets. Another channel used by Corporate Décor is internet marketing. Internet marketing offers a new valuable connection with potential customers whose budgets are smaller and do not require what large business may need. If positioned properly this line can connect social media outlets and even invite even those whose budgets are extremely lower.
Corporate Décor does not distribute a physical product but distributes an idea, dream or wish to its clients. The strategy used by Corporate Décor to distribute these dreams or ideas is to use well established vendors that have skill in areas not offered by the company. These skills offered by vendors like florist, catering companies, venues and entertainers aids in creating the customers desires. Using wholesalers along with dealers/retailers can also help produce an event that helps keep a customer’s budget within it range.
Using vendors that offer discounts in conjunction with the size and scope of a function are used most often creating a business relationship with Corporate Decor. Having vendors that are willing to build such relationships often give discounts which can provide Corporate Décor with a continuous flow of potential customers. This strategy allows the company to distribute their services while using the products of other partnering companies.
Integrated Marketing Communications
For Corporate Décor to set up an integrated marketing communication plan will require building a team of unified thinkers who understand that collaborating marketing channels can be beneficial to Corporate Décor and its partners. It will require that the team understands that the products or services they supply can catapult Corporate Décor to the top in its league in the Memphis, TN area. When the strengths, weaknesses, opportunities and threats are detected the Corporate Décor team can begin to develop the integrated marketing process. The best way to construct an integrated marketing process is to get help from a marketing group. The marketing group can aid Corporate Décor build a dependable and cohesive customer-based content.
Message Strategy
Corporate Decors’ plan of action when it pertains to a message strategy focuses on making sure that consumers are aware of Corporate Décor’s brand. Creating a message that can attach feelings helps create a connection to the brand. When consumers show emotional attachments to a brand it fairs well for the business. One-way Corporate Décor can do this is by sharing ads that deliver the message of an event where the decorations are exemplary, the partygoers are smiling, and the lighting offers picturesque views.
Media Strategy
Corporate Décor’s developed media strategy consist of getting the customers attention and keeping it. This plays a key role in promotion campaigns because media strategy is designed to reach a specific customer-based targets attention and keep their loyalty. One factor that Corporate Décor is always considering is the budget. Corporate Décor first choice in creating a media strategy is to reach customers where they are familiar and with current up to date content. The company needs selective social media content that has information on the events that Corporate Décor organizes for its customers this will keep the channels open between the customers and the company. This will increase its web traffic and awareness of the brand. Using social media and email marketing can be used as a reminder to past and potential customers that Corporate Décor offers the best in event planning compared to its competitors. The differences in product or services compared to the Glass House Company who is ranked #1 and Corporate Décor’s whose ranking of # 2. Choosing social media as a preferred consumer connection offers multiple social media channels that may require a team to implement but opens Corporate Décor up to a new and less traditional market.
Public Relations, Sales Promotion, and Personal Selling Plan
The goal of public relations is to generate interest in a business and its services. The event planning business is a very public business. Keeping the good name of Corporate Décor current and first choice when an event planning company is needed in both a public relationship and how it promotes its sales.
Public Relations Plan
Corporate Décor’s public relations plan consist of building its image by offering events that highlight the talent and ability the company offers. The plan involves producing great services for the client which include having a personal selling plan consisting of a personalized approach to meeting customer needs and understanding what is necessary from the company to ensure this occurs. Advertising for Corporate Décor will consist of delivering memorable messages and imaging of earlier events that distinguishes the company from other event companies in the Memphis, TN and surrounding areas.
Sales Promotion Plan
The sales promotion plan for Corporate Décor consist of tier pricing and discounts. When a corporation, business or a consumer uses Corporate Décor they have several options or packages they can choose from to create the event desired. Tier pricing is a way to inspire shoppers to buy larger packages from Corporate Décor by applying enticing discounts based on the size of the package the buyer purchases.
Personal Selling Plan
The personal selling strategy for Corporate Décor consist of inside sales reps made up of University of Memphis students who currently major in business, hospitality and the art and design fields. The students will be well versed on Corporate Décor and Pas De Deux Design the brand extension of Corporate Décor for non-corporate clients. These staffers will handle some social media communications, building buying power and telemarketing concerns when considered as lightweight work. This team of student volunteers will survey new consumers with intake questions, make appointments, and ask former clients for testimonials on their event and how Corporate Décor supported the event they held.
Online and Direct Marketing Plan
To connect to consumers Corporate Décor must seek out ways to attract them and show why these people may have an interest in Corporate Décor. In creating an audience or spectators online and direct marketing will be one effective tool used. The ability to share photos, ideas, events on FB live and other social outlets has transformed the way we live and the way we do business. Using social media as a central part of its marketing strategy will help Corporate Décor receive the results desired. But the key to successful social media is to not take it lightly but to treat it with care, respect, and attention. Direct marketing requires the same careful response and attention for it to be an effective marketing tool. Understanding the weight this style of marketing carries signifies that Corporate Décor understands these tools are informative and can be adapted to fit the need. Direct marketing for Corporate Décor needs to be event specific and determined by customer needs.
Corporate Décor direct marketing plan consist of working with “Marketing EDGE” a national nonprofit education organization working to educate, develop, grow and employ college students in the field of marketing. Professionals from leading national and global marketing organizations like Marketing EDGE believes, “through education, all of us become something more than we ever hoped to be.” Corporate Décor online development of direct marketing strategies use direct mail formats within small campaigns that were created to fulfil the needs of the company. The company can receive help from the use of innovative solutions like this that improve efficiencies, reduce costs, and increase revenue.
Building a creative FB page that offers customers news, information, and helps the company use interactive systems that offer continuous marketing content that keeps customers connected and involved. Corporate Décor has and advantage when using online marketing which allows them to see , how many visitors click on the company’s page or ad,” (Kotler & Keller, 2016) how long they stay, what they do there and what is searched after leaving the site. While growth in consumers’ “total time spent with media has slowed down, time with digital is still increasing” (eMarketer, 2019) with continued declines in time spent with TV and other media outlets. The table below shows the average time spent in the U.S. on digital mediums:
Social Responsibility Plan
What is Corporate Décor’s responsibility when it comes to its clients? The responsibility of any company is to make sure they offer a great product or service to their patrons. Marketing and sales should always offer the client options. Corporate Décor’s community responsibility is to be ethically sound. Consumers rely on businesses like Corporate Décor to have their best interest in mind when creating an event. Annually Corporate Décor host a Mixer that allows over 100 small businesses to network at a local conference titled, “Calling All Better Businesses” or CAAB. This mixer allows the businesses that take part to share product/services, new ideas, and new digital technology.
Conclusion
Corporate Décor is trying to achieve its goal to be the #1 event planning company in the Memphis, TN area. To do this the company will have to continue to strive and learn more about digital technology when it concerns gaining to gain the top spot. Creating a consumer base developed using online marketing can help the company reach their target. By giving attention to video, mobile, social, and how Corporate Décor reacts to this new knowledge can catapult them into being a truly successful business.
References
- Glossary of Terms. (n.d.). www. https://www.prsa.org/about/all-about-pr/glossary-of-terms
- Hyder, S. (2019, January 16). Why Integrated Marketing is the Future. Forbes.
- https://www.forbes.com/sites/shamahyder/2018/11/29/why-integrated-marketing-is-the future/#3069ab771736
- Kotler, P., & Keller, K. (2016). A Framework for Marketing Management. Boston: Pearson.
- Quad/Graphics. (10 C.E., February 2015). Quad/Graphics Reveals Innovative Direct Marketing Strategies at 2015 DMA Marketing Conference Business Wire (English).
- US Time Spent with Media 2019. (n.d.). eMarketer. https://www.emarketer.com/content/us-time-spent-with-media-2019
