Promotional Mixes Essay Example | Topics and Well Written Essays - 500 words

Promotional Mixes - Essay Example Being a new product, it will target an audience which will be the small and medium enterprises especially those managed by either women groups or the youths. The advertisement will all be about the potential of both the youth and women and will encourage them to open different accounts with the bank. The opening of accounts will be free of charge thus the bank will be emphasizing on offering clients with great services at no cost. One of the best options for the target market will be the opening of group accounts which will offer the benefit of no operating charges. If groups save a specified amount, groups can ask for loans depending on their savings. The loans come with low interest rates and payable depending on the amount to be borrowed and methods of payment will be better than that of normal loans (Lamb, Hair & McDaniel, 2011). The other method will be personal selling in that the bank representative resort to heading to where the small and medium enterprises are located to try and persuade the audience on the new product. This will involve calling meetings to be chaired by bank agents and try to face the group members in person thus Appling the push strategy thus creating consumer demand for the new product (Banasiewicz, 2009). Also the bank will apply the use of publicity involving the association with the general public regarding the use and benefits of the new banking product. This will be in form of press releases or press conferences, event sponsorship in that the bank may sponsor youth events such as soccer tournaments thus getting the opportunity to capture the attention of the general public .The other mix will be public relation involving the interaction between the bank and the business environment. This will enable the bank to get immediate feedback to questions and inquiries as far as the new product will be concerned. The bank will treat customer responses with utmost seriousness because they reflect