Promotion

• promotion

  Activities that raise awareness and desire for a product
• 5 types of promotion activity:

  -advertising

  -sponsorship

  -product trials

  -special offers

  -branding
• Advertising

  The communication used to inform potential customers about products and persuade them to buy the products
• Forms of advertising:

  -newspapers

  -magazines

  -television

  -internet

  -billboards
• As businesses grow they can afford to pay for more expensive advertising that will reach a wider market
• Reaching a wider market will lead to an increase in the potential customer base and higher sales revenue
• Sponsorship

  A method of raising awareness of a business‘ brand name in return for financial support of events or individuals
• Some sponsorship examples include the Michael Jordon for Nike and Ronaldo for KFC
• Sometimes businesses need to come up with innovative ideas to increase sales rapidly such as the Share a Coke Campaign
• What is branding?

  -the creation of an identity

  -distinguishable from rivals

  -can enable higher prices

  -leads to brand loyalty

  -associated with quality

  -facilitates launch of new products