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Branding and Promotion - Coggle Diagram
Branding and Promotion
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Advertising-communication between a business and its customers where images are placed in the media to encourage the purchase of products.
Marketing mix-the elements of a business's marketing that are designed to meet the needs of customers, the 4P's.
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Generic brands-products that only contain the name of the product category rather than the company or product name.
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Own-label,distributor or private brands-products that are manufactured for wholesalers or retailers by other businesses.
Promotion-an attempt to obtain and retain customers by drawing their attention to a firm or its products.
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Viral marketing-any strategy that encourages people to pass on messages to others about a product or business electronically.
Above-the-line promotion involves advertising and there are different types such as: informative advertising which increases consumer awareness of the product, persuasive advertising puts pressure on consumers to buy a product and reassuring advertising which is to reassure exiting customers.
Below-the-line promotion is anything except advertising such as: sales promotions, public relations, merchandising and packaging, direct selling or personal selling, exhibitions and trade fairs.
Benefits of strong branding:added value, ability to charge premium price and reduced price elasticity of demand.
Ways to build a brand: exploiting a USP, advertising, sponsorship and using social media.
Factors affecting choice of promotion: cost, market type, product type, stage in the product life cycle, competitors' promotions and legal factors.