Promotion (marketing)
Promotion is one of the market mix elements. The specification of five promotional mix or promotional plan. These elements are personal selling, advertising, sales promotion, direct marketing, and publicity.[1] A promotional mix specifies how much attention to pay to each of the five subcategories, and how much money to budget for each. A promotional plan can have a wide range of objectives, including: sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or creation of a corporate image. Fundamentally, however there are three basic objectives of promotion. These are:[2]
- To present information to consumers as well as others.
- To increase demand.
- To differentiate a product.
There are different ways to promote a product in different areas of media. Promoters use internet advertisement, special events, endorsements, and newspapers to advertise their product. Many times with the purchase of a product there is an incentive like discounts, free items, or a contest. This is to increase the sales of a given product.
The term "promotion" is usually an "in" expression used internally by the marketing company, but not normally to the public or the market - phrases like "special offer" are more common. An example of a fully integrated, long-term, large-scale promotion are My Coke Rewards and Pepsi Stuff. The UK version of My Coke Rewards is Coke Zone.
See also
Notes
- ^ Rajagopal. (2007) Marketing Dynamics: Theory and Practice. New Delhi, India: New Age International. Retrieved April 5, 2010, from NJIT EBook Library: http://www.njit.eblib.com.libdb.njit.edu:8888/patron/FullRecord.aspx?p=437711
- ^ Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning.