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branding and promotion (personal selling (might involve a sales…
branding and promotion
promotion - the process of drawing attention to products by communicating with customers or potential customers
informative promotion - provide knowledge on products to help consumers with decision making. for example: advertisments
persuasive: put pressing on consumers to buy from them not a rival - however some consumers may find this annoying
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personal selling
might involve a sales representative visiting a potential customer. this is especially used in B2B (business to business marketing)
benefits: features of product - discussed, consumer questions can be answered. enables room for customization
drawbacks: annoying if the representatives were not invited. may put off consumers due to the high pressure placed
direct marketing
the process of communicating directly to the individual consumer through an appropriate form of communication (for example through letters or by telephone)
benefits: consumers can be carefully targeted, via mail shots and databases. this method is also cost-effective because you are not paying for expensive media advertisment
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advertising - the process of communicating with customers or potential customers through specific media (such as the television) methods of advertisement include: billboards, posters, radio advertisement etc.
cost per thousand - this is an indicator used to asses and compare the expense of different forms of advertising. it involves calculating the cost of the advert when shown to 1,000 viewers/readers
TV advertisment
advantages: huge audiences can be reached. use of products can be demonstrated. sound & movement can be used.
disadvantages: very expensive, message may be short-lived. some viewers avoid TV ads delay
internet advertisement
advantages: can be updated regularly. can be targeted. can be sent to mobile devices. for goods online there isn't a delay between seeing the ads and shopping meaning orders are faster
disadvantages: some ads such as pop-up ads are annoying and also there can be some technical issues that arise
public relations - gaining favorable publicity through the media e.g. using press releases. it can be a very cheap method of promotion
branding
is using a sign, symbol or logo to enable consumers of a business to identify the product from rivals. successful branding promotes the strengths and values of the business. there are certain events that occur that can damage the brand.
branding is a way to add value, therefore enabling higher prices to be charged, which can reduce PED to make price elasticity of demand less elastic or even inelastic. you can build a brand by creating a USP
sponsorship: this involves giving financial assistance to an individual event or organisation in order to gain publicity / favourable PR for the business offering the sponsorship
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emotional branding: creating a two-way connection as barriers are broken down and ultimately ads are more powerful as is the community behind the business