Promotion refers to the methods used by a business to make customers aware of its product. It is crucial for increasing brand awareness, generating interest, and creating brand loyalty.
The 4 Ps and Promotional Tools
The 4 Ps of marketing are product, price, place, and promotion. Promotion covers the methods of communication that a marketer uses to provide information about its product.
- Advertising
- Sales Promotion
- Public Relations
- Direct Marketing
Elements of the Promotional Mix
A promotional plan specifies how much attention to pay to each element in the promotional mix, and what proportion of the budget should be allocated to each element. The aim of promotion is to increase brand awareness, create interest, generate sales or create brand loyalty. The promotional mix includes:
- Advertising
- Sales Promotion
- Personal Selling
- Public Relations
- Direct Marketing
Various Promotional Strategies
International Marketing
International marketing involves marketing across borders through exporting, licensing, franchising, joint ventures, and foreign direct investment.
Promotional Methods
Marketers use a variety of promotional methods:
- Contests
- Social media
- Mail order marketing
- Product samples
- Point-of-sale promotion
- Customer referrals
Optimal Promotion Mix
To create an effective promotion mix, you need to understand your target market. The optimal promotion mix depends on the target market’s characteristics.