According to Manic (2017), Promotion Is how companies display their products and services; these methods include all the strategies necessary to reach customers, motivate them to buy, and keep them loyal to the brand.
Promotion plan
The promotion plan is developed to target two main components: the existing customers if the company has been in the market for a while. The second goal is potential customers that companies seek to attract to their products and obtain a market share for these products. Initially, customers, their needs, and consumption habits are identified, and strategies that fit these needs are built. After that, the effectiveness of these strategies and their impact on sales, profits, and brand recognition are measured (Ferrell, Hartline & Hochstein, 2021).
Promotion Strategies
There are several strategies. The first is direct marketing to specific individuals or institutions to inform them of current and future products. Then, Promotion will be achieved through short-term initiatives such as discounts, gifts, and loyalty programs. There is also perPromotion, face-to-face or over the phone, to form customer relationships. Also, public advertisements can be broadcast via multimedia, such as the Internet, television, radio, and magazines.
On the other hand, public relations, such as press releases and advocacy campaigns, enhance a company and its customers. Finally, there is sponsorship, such as the company paying a specific person or entity or financing an event in exchange for advertising and advertising for the company (Allender & Richards, 2012).
The Four Elements of Marketing
According to (Khan, the4), The four essential elements of the marketing process are product, price, placePromotionmotion.
Elements | Definition | Strategies | |
1 | Product | It includes everything manufactured and produced to sell and market to individuals and groups. | Strategies for the product or service aim to inform existing and potential customers about the product or service, who needs them, and the advantages over competitors. |
2 | Price | It is the amount set to make consumers willing to pay for a product or service. | The pricing strategy links the price to the product's value after considering the basic costs of getting the product out to the public. So, the price can be raised to make the product look luxurious, or it may be lowered to make it available to a larger audience. |
3 | Place | It is the distribution channels of the product and its location. | Placement strategies include placing the product in the appropriate market. For example, some luxury products are not recommended for low-cost consumer markets. This distinguishes them from other cheap products and gives them a luxurious look. |
4 | Promotion | Promotion convinces consumers that they need a product price suitable for its characteristics. | Promotion strategies include studying external factors such as the intersection between society and business, the manufacturing and production process, and general consumer buying patterns. On the other hand, the partial factors when targeting a specific audience are based on the audience's characteristics, such as demographics, income, and lifestyle. |
Conclusion
Promotion plays an essential role in the life cycle of any product or service, helping to create brand awareness and build loyalty. The promotion process is based on studying the three main marketing factors: the product or service, price, and place. Accordingly, the marketer can present his product or service fully aware of the correct method of promotion.
References
Allender, W. J., & Richards, T. J. (2012). Brand loyalty and price promotion strategies: an empirical analysis. Journal of Retailing, 88(3), 323-342.
Ferrell, O. C., Hartline, M., & Hochstein, B. W. (2021). Marketing strategy. Cengage Learning.
Khan, M. T. (2014). The concept of ‘marketing mix ’ and its elements. International journal of information, business and management, 6(2), 95-107.
Manic, M. (2017). The contemporary Romanian paradigm of marketing promotion. Bulletin of the Transilvania University of Brasov. Series V: Economic Sciences, 10(2), 29–34. Retrieved from EBSCO Multi-search.