promotion topic for imc

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Transcript of promotion topic for imc

1. GURSIMRAN SINGH 15115 RAMANDEEP SINGH NITISH SHAHI SUNIL KAKKAR MANI SINGH ANAND KULLAR 15119 AMITOZ SINGH 2. Promotion is one of the market mix elements or features, and a term used frequently in marketing. Promotion refers to raising customer awareness of a product or brand, generating sales, and creating brand loyalty. 3. Promotion cont. Promotion is also found in the specification of five promotional mix or promotional plan. These elements are personal selling, advertising, sales promotion, direct marketing, and publicity. 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, there are three basic objectives of promotion. These are: To present information to consumers as well as others. To increase demand. To differentiate a product 4. 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 (i.e., coupons), free items, or a contest. This method is used to increase the sales of a given product. 5. 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, and a large-scale promotion are My Coke Rewards and Pepsi Stuff. The UK version of My Coke Rewards is Coke Zone 6. Promotions are also held in physical environments at special events such as concerts, festivals, trade shows, and in the field such as in grocery or department stores. Interactions in the field (i.e., grocery and department stores), allow customers to purchase the brand or product immediately. The interactions among the brand and the customer are performed by brand ambassadors or promotional models [ that represent the products and brands in physical environments. 7. Brand ambassadors or promotional models are hired by marketing companies that are hired by the brand to represent the product and/or service. Person-to- person interaction, as opposed to media-to-person involvement, establishes connections that add another dimension to promotion. Building a community through promoting goods and services can lead to brand loyalty. 8. Social media Promotional activities to push a brand enabling social media channels to spread content making something viral such as the advertising by Coke using the release of a new bond film creating a huge amount of attention which then gets promoted across all social channels by people spreading the information due to excitement. Social media, as a modern marketing tool, offers opportunities to reach larger audiences in an interactive way. These interactions allow for conversation rather than simply educating the customer. Facebook, Twitter, LinkedIn, Google Plus, Tumbler and Instagram are rated as some of the most popular social networking sites 9. Promotion can be done by different media, namely print media which includes 1. Newspaper and magazines, 2. Electronic media which includes radio and television, 3. Digital media which includes internet, 4. social networking and social media sites and lastly outdoor media which includes banner ads, 5. OOH (out of home). Digital media is a modern way of brands interacting with consumers as it releases news, information and advertising from the technological limits of print and broadcast infrastructures. Mass communication has lead to modern marketing strategies to continue focusing on brand awareness, large distributions and heavy promotions. 10. IMPORTANCE OF PROMOTION 11. Importance of promotion Owners of small and medium-sized businesses need to be keenly aware of the importance of promotional and marketing strategies. Promotional and marketing strategies help your organization utilize the skills of your employees and stakeholders and can help you develop creative approaches to sales and customer service. 12. The Marketing Plan Promotional and marketing strategies are often first brainstormed and written as part of an organization's marketing plan. If your small business doesn't have a marketing plan, you should seriously consider developing one. Most marketing plans include the current or expected strategies you have for your products, the price points of those products, how you intend to distribute the products, and your advertising and marketing tools. A marketing plan is also important for developing a promotional strategy as it helps your business identify its target markets and to set measurable goals. It is vital to the success of the organization that you implement a marketing plan that aims for growth and positive change in the bottom line. 13. Understanding Your Clients Promotional and marketing strategies can also assist your business in understanding and connecting with clients and customers. If your marketing plan is loosely structured, you might not have much success at targeting products to the "right" demographics If you operate an ice cream business in a neighborhood where no other ice cream shops exist, it might be easier to attract clients than in a town where there are other ice cream options. In this case, understanding that your clients want sprinkles and waffle cones might help you sell more ice cream and keep your customers coming back for more. . 14. Developing Financial Goals Promotional and marketing strategies are also important for guiding your business into the development of financial goals. Financial goals are two-fold: They are related to your sales targets and also to your expenses budget. Sales targets are initially set as part of the marketing plan but might change over time according to changing market conditions, increases in product price, or increases or decreases in consumer demand. Monitoring expenses is also part of financial goal development. If your business tends to spend more than it brings in, you'll have a serious problem maintaining long-term business viability. However, if the business is able to closely monitor its outflows, only spending what it absolutely needs to, you'll be better equipped to increase the profit margins. 15. Strategic Planning Strategic planning is a concept that encompasses marketing, promotion, sales, and financial goals and is essentially about developing goals for your business. Having a strategic plan for your business means having plans in place to deal with both expected and unexpected situations. If you know that your mortgage will balloon by 5 percent next year, a strategic plan will outline how you'll increase sales or decrease expenses to meet this additional outflow. This means having a plan B for months when profits are down or expenses are unusually high. Sales and promotional strategies are important here because they allow you to ramp up marketing and to increase the bottom line without sacrificing efficiencies or service 16. TOOLS OF PROMOTION 17. Tools of promotion ADVERTISING SELLING SALES PROMOTION PUBLIC RELATIONS 18. What is advertising? Advertising is a form of communication designed to persuade potential customers to choose your product or service over that of a competitor Successful advertising involves making your products or services positively known by that section of the public most likely to purchase them. It should be a planned, consistent activity that keeps the name of your business and the benefits of your products or services uppermost in the mind of the consumer. 19. Why advertise? The objective of advertising is to increase your profit by increasing your sales. Advertising aims to: Make your business and product name familiar to the public Create goodwill and build a favourable image Educate and inform the public Offer specific products or services Attract customers to find out more about your product or service 20. The rules of advertising There are four rules to consider when planning any advertising activity ie: before you prepare and book any form of advertisi