The paper tells that Peter Alexander already possesses significant brand equity, however, it is important to note that it has restricted itself to a very niche market of people who value nightwear and shop online for it. To expand its market, Peter Alexander must reach out to people who in a greater number and through a more widespread channel. The core objectives of the promotional plan shall include Increasing Awareness: Expansion of the customer base shall be achieved through increasing awareness of the brand among people who have been unaware. Although the brand possesses a strong identity, it potentially lacks in volumes or eyeballs.
This specific objective shall aim to expand the brand awareness among people who are not yet used to fashionable sleepwear. Interest Creation: This objective of the plan Stems from the objective of creating awareness. By increasing awareness among people who are indifferent towards, or not exposed to fashionable sleepwear, the company can significantly increase its clientele and have new customers. This part of the plan is specifically challenging because a new customer will take much more time to convert interest to purchase, however, since a significant portion of the firm’ s business is through online purchases, the firm has very low fixed costs per unit sold and can afford some leverage in terms of time each customer spends before making a purchase.
Reinforcement: - While increasing awareness among people who are not aware of Peter Alexander shall be an important objective, the plan shall also seek to reinforce the brand to customers who are already loyal to the brand or who have used its product. It is important that, with a highly competitive market environment, customers are reminded of their preferences for Peter Alexander and continue to remain loyal and buy its products.
Increase Demand: - Another key underlying objective of the promotional plan shall be to increase demand for the product both online and on stores. The above three points contribute to this objective. Although the brand has a significant following, it can improve on the figures of sales and increase profits.
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