Vera Ndrecaj BA Hons.
Once a company has worked on the product and price elements, it is time to start a conversation with the consumer about the product. This includes raising awareness through different mediums to increase sales, as well as to create and foster brand Critical analysis of communication and promotion mix.
Information provided to the customer at this stage helps them in making purchase decisions regarding the product. Often, there is substantial cost associated with promotional activities. But since the result is often an increase in sales or customer loyalty, there is thought to be long term return on this investment.
There are many ends that a company may try to reach through a promotion including but not limited to an increase in sales, acceptance of new products, brand equity creation and brand positioning, addressing competitor actions and rebranding.
It is creating a channel for conversation with the targeted consumer base. The team tasked with these activities will begin by understanding the dynamics of the target audience and deciding which modes of promotion are likely to help meet targets.
Once the channel is decided, information from other elements of the mix is incorporated to ensure that the message sent corresponds to the actual product features, benefits and user experience.
None of the elements of the marketing mix work in isolation. The available information is filtered to include those areas which will be most relevant to the target audience. These expectations are developed into objectives which then shape the selection and execution of these activities.
Some possible objectives of promotion for any company may include: Building Awareness Often, a product or brand may need to create an identity within the market. For the most part, this applies to a new company, a new brand or a new product. But often it may also be needed in times of rebranding or building up a failing product.
The aim then is to select those promotional activities that help inform the customer about the company and the product. Creating Interest If the customer is already aware of the product or has been made aware through some activities, it becomes necessary to move them along to actual purchasing behavior.
The aim here is to identify a need that the product fulfills and make sure that the customer recognizes this need as something that is unfulfilled for them. Providing Information Sometimes, a company may just need to provide necessary information regarding the product, its benefits, features or usage to the consumer.
This may be the case if a new product is introduced into the market. Unique features or benefits may need to be explained.
In other cases, a new feature on an existing product may need to be highlighted.
In some cases, such as in instances where environmental impact or health scares may be in play, information about a change in business practices and company policy may need to be communicated.
Stimulate Demand A company may seek to enhance its sales through promotion. If sales have been lower than usual, then the aim may be to get them back up to target level by re-engaging old customers and encouraging new ones to try a product out.
In other instances, the aim may be to increase sales further at certain times of the year such as near a major holiday. Free demonstrations or special deals may be used to reach these ends. Differentiate product In situations where there are many competitors in the market, a company may seek to use promotional activities to differentiate its product in the market and make it stand out from the crowd.
The focus here remains on those features, functionalities or benefits that may not be offered by a competitor or may not be offered so well. Reinforce the Brand One basic aim of a promotional activity may be to further strengthen the brand and its place in the market.
This helps turn a first time purchases into a life time purchaser. This can also help create advocates for the product from within the customer base. And get regular tips and tricks on topics such as marketing, financing, strategy, and management, so you can start and grow your company more successful.
The activity is therefore created using messages, cues and information that they will respond to. Realistically, the major portion of any promotional budget is aimed at this specific targeted audience.
However, there may be important fringe groups who may have an influence over the intended target or stake in the product. Some of these fringe groups may include: The Actual Audience — These are the current customers of the product as well as former customers and any potential new customers.
The activity is created for these people specifically. Influencers — People or organizations that may have their own sphere of influence over the target audience make up this category. If a positive impact is made on these people, they may then use this influence to encourage sales.
The media, opinion leaders, Trade associations and special interest groups are some of these influencers. Distribution Channel Members — The product is handled and provided to the customer through this channel making them an important category of targets.In this Article, we look at the marketing Mix Revisited: Towards the 21st Century marketing, by Constantinides, and critically analyse it, and been aware of the current standings of the marketing mix Marketing mix as a theoretical foundation of understanding marketing, arouse in s.
The critical evaluation will be developed based on the events’ marketing communication strategy, its success and failure. As highlighted in the above report our marketing communication strategy was indistinct, we .
Promotion refers to "the marketing communication used to make the offer known to potential customers and persuade them to investigate it further". Promotion elements include "advertising, public relations, direct selling and sales promotions.
The aim of this report is to analysis and evaluation of communication and promotional mix in terms of marketing. First of all, the report will focus on communication and promotional mix and how the University of Derby, Buxton communicate with students.
Secondly, the author will define communication, promotional mix and marketing. In this component of r-bridal.com Inc.’s marketing mix, advertising is the main determinant of the organization’s marketing communication effectiveness. Amazon’s Prices and Pricing Strategies This component of the marketing mix focuses on the price levels .
MARKETING MIX Marketing Mix is the combination of four elements, called the 4P‟s (Price, Products, Place and Promotion), that all company has the choice of weather to add, subtract or to modify in a way to generate a desired marketing strategy.