LA 4 BUSINESS
Promotion: Refers to methods of communicating messages to the market with the intention of selling a firm’s products. The main aim is to obtain new customers and to retain existing ones.
Objectives of Promotion
Creating awareness or informing consumers of a new or improved product in the market.
Convincing or persuading consumers to purchase a firm’s products instead of competitors’ products.
Reminding consumers of the existence of a product in order to retain existing customers or gain new customers for a product.
Enhancing the brand image of the product as well as the corporate image of the business.
Above the line promotion (ATL): This is a paid form of communication that uses independent mass media to promote a firm’s products. Includes advertising through the television, radio, cinema, the Internet or newspaper, billboards,magazines.
Advertising: Plays a central role globally in passing on the information about a product to a particular target audience
Informative Advertising: The main focus here is to provide information about a product’s features, price, or other specifications to consumers.
Increases consumers’ awareness of a firm’s product so as to enable them to make rational decisions about what to buy
Persuasive advertising: It aims at convincing customers to buy one firm’s product instead of a competitor’s products. It also aims to persuade customers to think that they really need a product and should buy it.
Reassuring Advertising: The focusis on reminding the already existing customers that they made the right purchasing decisions when they chose to buy a firm’s products and that they should continue purchasing it.
BTL Promotional strategies
Below The Line Promotion: It refers to the use of non-mass media promotional activities. It is a form of communication where the business has direct control over its promotional activities. It does not depend on the use of independent media, and no commission has to be paid to external media agencies. The promotional strategies focus on consumers they know or on those who are interested in their products.
BRANDING (PRODUCT BRANDING, FAMILY BRANDING, OWN-LABEL BRANDING, COMPANY BRANDING, GLOBAL BRANDING)
SLOGANS (A concise messagedesigned to represent the essence of a business)
LOGOS
WORD OF MOUTH
Direct Marketing: This ensures that the product is aimed directly to consumers. Forms of direct marketing include: Direct Mail, Catalogues, and Personalized flyers.
Personal Selling: Involves the sale of a firm’s product through personal contact., and It makes use of sales representative and can be done face to face or over the telephone.
Public Relations: Promotional activities aimed at enhancing the image of the business and its products.
Sales Promotion: Short-term incentives provided by a business with the aim of increasing or boosting the sales.
The Promotional Mix:A successful promotional mix will involve a good balance of both ATL and BTL promotional methods.
Guerilla Marketing: Its defined as a marketing form which involves the use of “untraditional” activities that has an innovative and significant promotional effect.
Principles of Guerilla Marketing
Activity.- Seek different ways of doing promotional activities.
Presence.- Look for ways to make the business known to the market.
Energy.- Businesses need to note that every contact and every day is an opportunity to market their company. This is known as 360-degree marketing.
Networks.- Should look for new contacts and focus on building relationships.
Smart.- Try not to offend customers and also try to avoid controversy when promoting products.