* Promotion overview
* Objectives of promotion
* Types of promotion
* Personal selling
* Sales promotion
* Institutional advertising
* Promotional strategy push/pull
PROMOTIONAL MIX OVERVIEW:-
It is not enough for a business to have good products sold at attractive prices. To generate sales and profits, the benefits of products have to be communicated to customers. In marketing, this is commonly known as “promotion”. Although promotion is not done only for these factors but for other such as to build brand loyalty, to reminds and reassure costumers, to launch a new product and maybe to defend market share by responding to competitors’ campaigns with their own advertising A business’ total marketing communications programme is called the “promotional mix” and consists of a blend of advertising, personal selling, sales promotion, public relations tool anddirect marketing.
It is very important for every product to be promoted, that is to say it needs to be drawn to the attention of the market place and it’s benefit be identified. The aim of an organization promotional strategy is to bring existing and potential customers to a state of relative awareness of the organization’s product and a not just that but also to a state of adoption.
OBJECTIVES OF PROMOTION:-
In the early days of promotional campaigns, when there was often a short supply of many items, most advertisements were designed to inform the public of a product's availability
Differentiating the Product
Marketers often develop a promotional strategy to differentiate their goods or services from those of competitors. To accomplish this, they attempt to occupy a "position" in the market that appeals to their target customers.
Increasing sales volume is the most common objective of a promotional strategy. Some strategies concentrate on primary demand, others on selective demand. Sometimes specific audiences are targeted.
Sales stabilization is another goal of promotional strategy. Sales contests are often held during slack periods. Such contests offer prizes (such as vacation trips, color televisions, and scholarships) to sales personnel who meet certain goals.
Accentuating the Product's Value
Some promotional strategies are based on factors, such as warranty programs and repair services, that add to the product's value.
TYPES OF PROMOTION:-
For many companies, personal selling—a promotional presentation made on aperson-to-person basis to a potential buyer—is the key to marketing effectiveness. Personal selling refers to personal communication with a an audience through paid personnel of an organization or its agents in such a way that the audience perceives the communicator’s organization as being the source of the message This is the process by which the seller sells to theconsumer face to face.Personal sellingis the most expensive form of promotion.
In case of our new product its being launched under Samsung and as such its personal selling needs are minimum. Still ways in which it can be done are :-
* Personally going and setting up an exclusive demonstration of the product to the people who are in the early adoption categories plus who have enough investment interests for a luxury product like the TV. * Secondly we can approach to the foreign companies so that the project gets a global exposure .
Advertising is the process of communication, persuasive information about a product to the markets by means of the written and spoken word. There are five principal media of advertising as follows; The press, commercial television, direct mail, commercial radio and outdoor
Objective of Advertising
A company’s objective for embarking on advertisement can therefore be on any of the following objectives enumerated below;
i. To introduce...