Discuss the concept of Promotional Strategy. Explain the planning framework of promotional strategy for a new brand of electric bike targeted at high school students.

 Promotional Strategy is a marketing tool used by companies to create brand awareness and persuade potential customers to buy their products or services. A promotional strategy can include various marketing communication methods such as advertising, sales promotion, public relations, direct marketing, and personal selling.

In this case, we will discuss the planning framework for a promotional strategy for a new brand of electric bike targeted at high school students.

Step 1: Define the Objectives The first step in planning a promotional strategy is to define the objectives. The objectives should be specific, measurable, achievable, relevant, and time-bound. For the new brand of electric bike targeted at high school students, the objectives could be:

1. To create brand awareness among high school students.

2. To increase the sales of the electric bike by 20% in the next six months.

3. To position the brand as a cool, stylish, and eco-friendly alternative to traditional bikes among high school students.

Step 2: Identify the Target Audience The next step is to identify the target audience. In this case, the target audience is high school students. It is essential to understand the behavior, preferences, and needs of the target audience to create an effective promotional strategy.

Step 3: Determine the Budget The promotional strategy's success largely depends on the budget allocated to it. The budget should be decided based on the objectives, target audience, and the company's financial resources. In this case, the budget should be sufficient to create brand awareness, generate leads, and increase sales.

Step 4: Select Promotional Tools The next step is to select the promotional tools that will be used to reach the target audience. In this case, the promotional tools could include:

1. Social media advertising: High school students are active users of social media platforms such as Instagram, Facebook, and TikTok. The company can use these platforms to create awareness about the new brand of electric bikes by running social media advertising campaigns.

2. Influencer marketing: Influencers are popular among high school students and have a significant impact on their purchasing decisions. The company can collaborate with influencers to promote the new brand of electric bikes.

3. Event marketing: The company can organize events at high schools to showcase the new brand of electric bikes. These events can be used to generate leads, create brand awareness, and educate students about the benefits of electric bikes.

4. Public relations: The company can leverage public relations to create buzz around the new brand of electric bikes. This can include getting media coverage in local newspapers and online publications.

Step 5: Develop a Promotional Message The next step is to develop a promotional message that resonates with the target audience. The message should highlight the benefits of the new brand of electric bikes, such as being eco-friendly, cost-effective, and stylish.

Step 6: Implement the Promotional Strategy Once the promotional strategy is developed, it is time to implement it. The implementation should be done in a phased manner, with each phase aimed at achieving specific objectives.

Step 7: Evaluate the Promotional Strategy The final step is to evaluate the promotional strategy's effectiveness in achieving the objectives. This can be done by analyzing sales data, lead generation data, social media engagement, and other relevant metrics. Based on the evaluation, the promotional strategy can be fine-tuned and optimized for better results.

In conclusion, a well-planned promotional strategy can help a new brand of electric bikes targeted at high school students achieve its objectives, generate leads, and increase sales. The key is to understand the target audience's behavior and preferences, develop a compelling promotional message, and select the right mix of promotional tools.

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