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Transcript
The Promotion Strategy The Role of Promotion Strategy Promotion is communication intended to persuade, inform, or remind a target market about a business or its products. The promotion strategy coordinates all aspects of a product and institutional promotion. It involves planning, determining the right mix, and selecting specific activities. Drawing Up Promotional Plans Preopening Plan Establish a positive image. Let potential customers know you are opening for business. Bring in customers or have them contact your business. Interest customers in your new company and your products. Ongoing Plan Needed to help you maintain and build sales. Maintain the positive image you have established. Preselling is influencing potential customers to buy before contact is actually made. Plan may be seasonal, quarterly, monthly, or weekly. Promotional Plan Format A campaign is a series of related promotional activities with a similar theme. Your plan should have a brief description, specific media placement, submit dates, scheduled date of run or release, number of runs, copies, or items, costs, rationale and other pertinent notes. Selecting a Promotional Mix Is the combination of different promotional elements that a company uses to reach and influence potential customers. Advertising, sales promotion, publicity, and personal selling.*** General guidelines for allocating promotional efforts: Target Market Product Value Promotional Channels Time Frame Cost The Elements of the Promotional Mix Advertising – is the paid non-personal presentation of ideas, goods, or services. Newspapers Magazines Direct Mail Outdoor Advertising Directories Transit Advertising Other Print Media Television Radio Internet Publicity – is placement in the media of newsworthy items about a company or product. Write news releases. Write feature articles. Submit captioned photos. Call a press conference. Seek interviews. Sales Promotion Displays Premiums Rebates Samples Sweepstakes and Contests Personal Selling – consists of oral presentations given to one or more potential buyers. Budgeting for Promotion Cost Out Promotional Activities Obtain advertising rates directly from radio stations, newspapers, and other media sources. Compare Industry Averages Contact trade associations, business publications, the SBA, or business owners in the field. Make Final Adjustments Figures help you measure your estimates, if the difference between the two figures is large, you might to reexamine and adjust your plan. Carrying Out Your Plans Doing It Yourself How big is your promotional budget? If you budget is limited, you may have to design your adds and other promotional items. Use these basic media formats as a starting point: Print Radio Television Internet Getting Help Media – to encourage sales, they often help prepare the ads or commercials that you run with them. Manufacturers and Suppliers – cooperative advertising is an arrangement in which advertising costa are divided between two or more parties. Agencies – advertising agency is a company that acts as intermediary between a business and the media to communicate a message to the target market. Making Possible Promotion Changes Adjust Your Advertising Advertising is expensive. Do a consumer pretest, a procedure in which a panel of consumers evaluate an ad before it runs. Evaluate the market, source, motives, message, media, results, and budget after the ad has run. Generate Publicity Monitor community, school, athletic, and other events that might bring about positive exposure. Promote Sales Displays, premiums, sweepstakes, contests, rebates, and samples provide people with an incentive to buy. Revising the Promotion Strategy Conduct a formal review of your promotional strategy on a regular basis. Apply evaluation strategies to determine the effectiveness of your promotional campaign. Begin with your sales forecast for the upcoming period. Once you determine your mix, you can prepare a new promotional plan.