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4.5 The four Ps - product, price, promotion and place (Viral marketing…
4.5 The four Ps - product, price, promotion and place
The promotion mix
Definition
the combination of promotional techniques that a firm uses to communicate the benefits of its products to customers
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Viral marketing
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- Viral promotions can be in the form of video clips, interactive flash games, e-books & text messages.
Viral marketing is based on this form of communication. Marketing managers try to identify individuals with high social-networking potential called influencers & create viral messages that appeal to them & have a high chance of being passed on to many people who may be influenced by the influencers to buy the product
Guerilla marketing
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- is about taking the consumer by surprise, making a memorable impression & creating a social buzz via new media forms.
- As it is usually much cheaper than tradiional forms of mass advertising or promotion, it is said to be particularly relevant for new businesses or small businesses with limited promotion budgets.
Risks
- Being unconventional, guerilla marketing tactics might not be well received by conventional consumers.
- The devices used in 'guerilla' campaigns could result in misunderstandings with consumers who are not at all expectting the tricks that it usually entails.
- Also possible that a promotional event receives lesser attention than exected & develops no meaningful feedback from consumers & fails to achieve the desired brand awareness.
- However, thee event may be successful in getting the attention of a large audience, but the image created could be negative, then it is possible for the tactic to backfire.