Promotion is a critical component of the marketing mix, encompassing activities that communicate with consumers to inform and persuade them about products or services. It involves a structured process of developing a promotional strategy, choosing the right mix of promotional tools, and adapting to various marketing environments. The text explores different promotional marketing strategies, including personal selling, advertising, direct marketing, public relations, and sales promotions, and how they are influenced by factors such as product life cycle, competition, and budget.
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Promotion is a strategic communication endeavor that employs various methods and channels to connect with the intended audience
Developing a Promotional Strategy
Developing a promotional strategy involves a structured decision-making process that includes identifying the marketing challenge, setting specific objectives, designing the promotional mix, planning the promotion, and pre-testing the approach
Types of Promotional Strategies
Companies can choose from a variety of promotional marketing strategies, including personal selling, advertising, direct marketing, public relations, and sales promotions
Physical Promotion
Physical promotion includes in-store displays, print and broadcast media, and event sponsorships
Digital Promotion
Digital promotion encompasses online channels such as social media, email marketing, and search engine advertising
The marketing mix is a set of elements that a company uses to promote its products or services, including product, price, place, and promotion
Promotion is an essential element of the marketing mix as it helps increase brand awareness, foster customer loyalty, boost sales, and expand market share
Promotional strategies are shaped by factors such as the product life cycle, type of product, competitive dynamics, budget constraints, and external environment
00
The goal of ______ is to communicate with customers to ______, ______, and ______ them about a company's offerings.
promotion
inform
persuade
remind
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Identifying Marketing Challenge Components
Understand product/service, target market, budget, core message.
02
Purpose of Pre-testing Promotions
Assess consumer reactions, identify potential issues before launch.
