Promotion

• Promotion refers to any method used by a business to make consumers aware of their product, encouraging them to buy it. The type of promotion method used depends on:

  • Type of product sold
  • Target market of the product
  • If the product is new or well established
  • The budget of the business

  Advertising - the communication of information about a product from the business to the consumer.
• Types of Advertising:

  • Informative Advertising - informing consumers about a new product/service or an event happening in the future
  • Reminder Advertising - reminding consumers about existing products in an effort to keep the brand name in their mind
  • Persuasive Advertising - persuading people to do something in order for them to purchase the product
  • Competitive Advertising - advertising a firm's product or service by comparing it to other firms/competitors product or service
  • Generic Advertising - promoting the product or service of an overall industry.