Posted in Marketing and Strategy Terms, Total Reads: 470
Promotion is one of the four marketing mix elements i.e. price, product, place and promotion, more commonly known as the 4 P’s of marketing. Promotion means to generate awareness about a product or brand thus, increasing sales and customer loyalty. Promotion includes various elements like, advertising, sales promotion, personal selling direct marketing, and publicity.
Marketers need to decide how much attention should be paid to each of these five categories, and how much budget should be allocated for each. A promotional plan have many objectives like increasing the sales, new product acceptance, creating brand equity, positioning the product, curbing competition or creating a corporate image. Fundamentally, there are three basic objectives of promotion. But majorly, promotions are used to present information to consumers increase the product demand and differentiate it from competitor products.
There are different ways to promote a product like internet ads, print media, television, special events, endorsements, newspapers or discounts and contests. These days, social media promotions on Facebook, Twitter, Pinterest, Google Plus, LinkedIn, Tumblr and Instagram are also being used by companies. For example- ‘Share a Coke’ campaign of Coca Cola, Buy 3 get 1 free options etc.