Promotion is an important element of the marketing mix as it plays a crucial role in generating customer awareness, interest and desire for a product/service
Promotion helps to build brand awareness and loyalty which can lead to repeat purchases and referrals
types of promotion - advertising, direct marketing, personal selling, sales promotion, public relations, sponsorship and digital communications
advertising- Promotion occurs through paid channels such as television, radio, print media-
It can reach large audiences and increase brand awareness
Can also be used to create a specific brand image or message
Can be expensive
Many customers tune out or ignore ads
DirectMarketing
Involves communicating directly with customers through email, text message, social media or post
Businesses can target specific audiences and personalise their message to individual customers
Can also be costly, especially if businesses do not have an established customer database or need to purchase leads
SalesPromotions Marketing techniques that encourage the purchase of a product or service by offering temporary incentives or discounts such as free samples, buy one get one free (bogof),
Can quickly boost sales or customer engagement
Can help to clear out stock or promote a new product
May reduce the sales of full-priced products
PersonalSelling
Occurs when a salesperson interacts with potential customers one-on-one
Allows businesses to build relationships with their customers and understand their specific needs
Can be expensive due to the cost of hiring and training sales staff
Sponsorship
This is an agreement in which a company provides financial or other support to an
Can support specific business objectives, such as entering new markets or reaching new customers
May be subject to negative publicity if the sponsored entity experiences a scandal or controversy
PublicRelations (PR)
The business seeks to build relationships with the public and manage their reputation
Public relations activities can include media relations, crisis management and community outreach
This can lead to increased customer loyalty and sales
PR can be time-consuming and is difficult to measure the direct impact of PR activities on the profits of a profits
Digital Communications
Refer to any form of marketing or communication that is delivered electronically, such as social media, search engine optimisation
Can provide real-time engagement and feedback from customers
May require significant investment in technology or data infrastructure
May be subject to data privacy regulations or security breaches
Branding is the process of creating a unique and identifiable name, design, symbol, or other feature that differentiates a product/service or company from its competitors
Branding is important to a business for a variety of reasons:
Branding establishes recognition and identity
Branding builds trust and credibility
Branding differentiates a business from its competitors
3 types of branding- product branding, own brand product and manufacture or corporate branding
Manufacturer/Corporate branding
This refers to the use of a company name or logo to promote all the products or services offered by the company
Creates a strong brand recognition and reputation for the company, which can increase customer loyalty and trust
Helps to build economies of scale by promoting multiple products under one brand, which can reduce marketing costs and increase profitability
If a company's reputation is damaged by a product it can have a negative impact on all the products offered under that brand
Product branding
This refers to the use of a unique name, design, or symbol to promote a specific product
Creates a distinct identity for the product which can help to differentiate it from competitors and increase brand loyalty
The cost of creating and promoting a new brand for each product can be expensive
Different products within the brand may have different levels of quality which can affect customer satisfaction
Own brand product
Own brand or private label branding refers to the use of a retailer's name to promote a specific product or service and is often used by supermarkets
It allows retailers to offer products at a lower cost than branded products which can help to increase sales and profitability
Own brand products may have a lower perceived quality than branded products which can affect customer loyalty and trust
Strong branding can add value to a product by creating a perception of quality, reliability, and trust
Customers may be willing to pay more for a product that is associated with a well-established brand
Strong branding can also reduce the price elasticity of demand for a product (customers are less sensitive to price changes). This is because customers who are loyal to a brand are more likely to continue purchasing the product even if the price increases
ways brands have been built- Unique selling points (USPs), Advertising, Sponsorship, Social Media
USPs are the features that make a product/service stand out from its competitors
Brands can build their reputation by emphasising these unique qualities
Advertising
Brands can create compelling ads that resonate with their target audience, raise brand awareness,
Sponsorship
Partnering with events, organisations, or individuals can help brands gain exposure and build their reputation
Social Media
With the right social media strategy, brands can build a loyal following and create a community around their brand
Businesses which respond quickly to changing social trends can better meet the needs of their customers
Viral marketing
Is a strategy where businesses use online platforms to promote their products by creating content at specific times, which can easily be shared and commented on
Social media
As social media platforms evolve, businesses must also adapt their social media strategies to keep up with the latest trends
Emotional branding is a strategy where companies build strong emotional connections with their customers by appealing to their values, beliefs, and emotions