Definition Of Promotion: refers to raising customer awareness of a product or brand, generating sales, and creating brand loyalty. It is one of the four basic elements of the market mix, which includes the four P's: price, product, promotion, and place.
List users of promotion: companies, small businesses, campaigns, media, Describe the benefits of using promotion: The benefits of using promotion are: Spreading the word about a product or service, creates revenue for the business, increases the brand value, helps to compete with the competition, increases number of customers, increases customers knowledge of the product. Describe the costs associated with the use of promotion. Promotion may cost money but in the end the price is worth it. If companies did not promote their product or service, then no one would know about it. Promotion spreads information about your product while persuading people to buy. Costs could include commercials, large ads, and instore displays. Describe types of promotional objectives. Build awareness of a product: when promotion is used customers are remind or learn about the product. Also another objective is to create interest for the product. A good promotion should inform customers of the product and its benefits. If the promotion works then the brand should have an increased demand by the consumers. Discuss the relationship of promotion and marketing. Promotion falls into the marketing mix with price, place and, product. It is a main factor in marketing because it informs the customers of the product and increases sales. Describe legal considerations in promotion (e.g., truthfulness, misleading statements, unwanted promotions, promoting to children, etc.). In promotion it is important for a company to be honest in their ads. They can not stretch the truth, or make up lies. They have to be clear and concise. Describe ethical considerations in promotion (e.g., fear-based advertising, sexism, stereotyping, sales promotions, stealth marketing, etc.). Ethical considerations in marketing are important because companies have to be careful. Ads should not offended , scare or lie. If so there will be a huge backlash from the public, leading to a decreased revenue, and bruised reputation. |