This paper will be looking at different approaches in the promotional mix and where they are used most effectively within RBC and their approach. The promotional mix is a combination of personal and nonpersonal communication activities that will help to establish and interact with customers. The main goal of the promotional mix is to inform, persuade and remind customers about product or service that they are trying to provides to customers. Even though RBC is a bank, they still have created an effective promotional mix over the 143 years of service
RBC has many products that is can offer customers not only banking, but insurance as well and they effectively promote them by implementing different promotional strategies. This can be seen through
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It enables an organization to influence an audience of interest by creating a positive image of themselves when it comes to people’s feelings attitudes and opinions of not only customers, but noncustomers as well. This can be potential shareholders, employees, suppliers, as well as political bodies about the organization. (Peter, Donnelly & Vandenbosch, 2008) Public relation campaigns attempt to create a positive image for a not only the company, but other times for its products as well. RBC has programs as seen in (Figure 6), that it sends through email or other forms of communication about the different kinds of public interest. Programs exist that allow individuals that have a positive impact on their community to write an essay, to attempt in getting a scholarship for the prospective students (figure 7). Other programs include RBC water project, sports, youth program, RBC emerging artist’s projects, diversity and inclusion, as well as aboriginal people programs. (Rbc.com, 2016) In 2014 alone they have committed over $105 million in donations and sponsorships worldwide to support different community activities as well as organizations as well. (Rbc.com, …show more content…
These alone show how much it has changed, but the core message is that they are always there for you no matter what your needs may be. It can also be seen with the animated advisor that they have named Arbie (Figure 1) and some of the carefully targeted corporate philanthropy that has given the brand a much more recognizable and more human face. (strategy, 2011)
Arbie was created due to research that was conducted by RBC in 2007. The research had shown that the company brand needed extra warmth, accessibility and advice-based propositions. It also brought forth a problem with people being able to link the brand properly. “People would see our advertisements and not be able to relate them back to a company,” explained Jim Little who was chief brand and communications officer during that time. He also mentioned that “We needed an icon that would raise our brand link but also inject some empathy.” (strategy, 2011) RBC offers a lot of flexibility where it attempts to create a plan that is personalised to you because every customer is unique and one strategy does not work for everyone. In the end, RBC has created a brand that anyone can go into and feel like their opinion matters and that they are secure when it comes
RBC first established its insurance platform in the early 1980s where it promoted creditor and basic travel insurance, as those were the few products that can be promoted by bank employees under Canada’s Bank Act. Through the acquisitions of various insurance companies, they eventually entered the life, health, property and casualty insurance markets; demonstrating significant growth in the industry and eventually being level in the playing field among other large insurance competitors (McLaren, Babin, & Schuster).
The marketing idea is tied in with accomplishing corporate objectives by meeting and surpassing client needs superior to the opposition. The best approach to do this is for organizations to consider what value they are proposing to offer to their clients and once this choice is made, choose how to impart this message to their clients/commercial center (Fahy and Jobber, 2012). It is viewed as that there are 3 principle components to the marketing communication mix: tools, media and messages (Baines and Fill, 2014). This essay focuses on the diagram and critique of the initial two of these, tools and media.
Having prior knowledge of a customers needs, habits, and questions before or during every interaction and transaction can boost customer satisfaction. (Zueschner, Raymond. (1997). Communicating Today. Boston: Allyn and Bacon.
However, despite their success, all the negative press and controversies has lead to Abercrombie coming under pressure from activist investors to shake up management, who this month said they want to see more dramatic changes at the company, saying the retailer needs a new strategy after four straight quarters of declining sales. Bloomberg News reported“As part of its turnaround effort, Abercrombie is repositioning its brands… aimed at shoppers with more money to spend, rather than teens. The Hollister brands… will use low prices and rapidly changing styles to recapture customers who’ve turned to chains like Forever 21.” (Bloomberg, 2014)
Corporate social responsibility (CSR) is the other approach of their marketing. For example, they designed a poster recently about the Centennial Park trees cutting to make way for Sydney's tram project. It has some advantages. Firstly, it gave a opportunity in which recognition would be improved in the people who pay attention to the incident. Moreover, for now, they just a small studio, CSR will not influence them a lot. But if they want to enlarge the studio scale, CSR can build a good image to the public and increase popularity.
Promotion and communicating: It’s important to have a good communication with your customers, especially over the phone, which is the first point of contact for online business. It is said that it’s a give a take, because listening to what your customers have to say can help the company increase their product quality and help provide exactly what consumers are demanding in
Initially the bank’s core banking system was product oriented, but the need of the hour was to develop a customer oriented system, because the challenge is to build customer loyalty, cross sell, and enhance repeat business.
Well, for starters, it means that whatever the organizations under the non-profit sector aim to accomplish, they will have to do so while adapting to the new social culture as a matter of maintaining their visibility and efforts to progress as an organization. Of course, there will be advantages and disadvantages with media’s influence and impact on the non-profit sector, but despite the challenges, in order to distinguish the authenticity of organizations, we as individual entities need to be educated in terms of how we can identify organizations that have become vulnerable to the idea that media has shaped them, in comparison to using media as a tool and, rather, shaping media.
It is always a debate on whether to give preferences to internal candidates before looking externally to fill positions. Today, many organizations tend to promote employees by internal recruiting and “external recruitment is used to fill the entry –level positions vacated by those being promoted” (Fallon & McConnell, 2007, p.138). In the Civil Services System, Fallon and McConnell (2007) state that vacancies and positions are posted internally before there are attempts to file them outside. However, there are pros and cons of hiring within.
Giving something back to the community is not only good public relations but good business. Our public relations programs also provide opportunities to develop positive relationships with schools, community groups, recreational centres, businesses and all types of special interest groups.
Promotion-mix is a set of promotional tools that are available to the company. The promotion Mix includes:
B Beautiful is thinking of doing a promotion to try and get more customers so the company will be more known. B Beautiful - nail bar, specialise in Jessica products. It is a medium sized shop located in the town centre Promotion Activity B Beautiful is thinking of doing a promotion to try and get more customers so the company will be more known.
When thinking of promotional and informational material, people often immediately think of advertisements for restaurants or press releases issued by Fortune 500 companies. One area of public relations and communications that I feel is severely overlooked is media from charity and non-profit organizations. These organizations are prime examples of how charities and non-profit organizations use media and communications to encourage donations, garner support for their cause and educate the public about life across the globe.
The main goal of PR is to affect individuals or groups to help organizations reach more successful by building relationships with them through organization’s activities. PR people’s functions and key tasks can be varied. In simple terms, the role of public relations in an organization is immense and wide scope and it can be divided into the following categories:
It 's no secret that traditional marketing practices have declined and consumers are now more skeptical than ever. Brands have had to find ways of connecting with potential customers in a more authentic way.