| What is Promotion's main aim | To make sure the Customers are Aware of the Product. Its used to Persuade Customers that the Product is better then the others, and why they want to buy it |
| Why do Businesses Promote? | -Inform Current and Potential Customers about the Products
-Explain the Benefits of the Product
-Persuade the Customer to get the Product
-Compete with others, and say why its Different or Better then it
-Growth in Sales to the Potential or Existing Customers
-To change or Improve an Image of a Businesses/Product
-Reminding them that the purchase was a Great Choice |
| Name some Methods of Promotion | Sales Promotion
-Point of Sale Display
-Price Reductions
-Loss Leaders
-Competitions
-Free Samples
-Coupons
-Free Gifts
-BOGOF
-Loyalty Points and so on...
Advertising
-Social Media
-Websites
-Print Media
TV and Radio |
| What factors Influence the Promotion Decisions | -Stage in the Product's Life Cycle; Different stages have different Promotion
-Nature of the Product; What do they need to know before Purchase
-Competition; What are the others doing? Are their any Trends?
-Marketing Objective and Budget; What does the Promotional Activity need to achieve? How much can it Spend
-Target Market; Where will i reach my Audience? |
| What is the Point of Sale? | The location in a Retail where a Transaction Takes Place |
| What are the Advantages of Sale Promotion | -Good at getting a Quick Boost of Sales
-Can get Customers to switch a Brand, or trailing a Product |
| What are the Dis-advantages of Sale Promotion | -This could be a Short Effect
-Customers may expect or want Further Promotions
-Can Damage the Brand Image |
| What are some of the Questions that could be Asked in a Business when choosing a Promotion? | -What does it cost; will it be a Profit?
-Does it make sense with the Image; Will it damage us long term?
-Will the Customers keep coming, or just during that Promotion |
| Evaluate Price Reductions | -Usually Short term Pricing Method
-Reduces the Price to attract new Customers
-Used when Sales have declined, or to sell off Old Stock |
| Evaluate Loss Leaders | -Typically a Short Term pricing Method
-Prices are set on purpose Below the Cost of Production
-Customers may buy it, and other Profitable Items [Supermarkets do this]
-Business will suffer however if that's the only product they will buy |
| Evaluate Free Samples | -When Customers try out a Product, without Purchasing it
-Customers may then Buy it, or not.
-If no, the Business may feel a loss in Profits, as your still Making the Product |
| What is Advertising? | -Method of Promotion that is Paid For
-This promotes/presents the Target Audience through the Appropriate Communication like: TV, Radio |
| Advantages of Advertising? | -Wide Coverage
-Control their Message
-Repetition can make the Message more Effective
-Can spread Building Brand Awareness and Loyalty |
| Dis-advantages of Advertising? | -Is Expensive
-Impersonal
-Only a One Way Communication
-Not Flexible
-Limited Ability to Close a Sale |
| Advantages of Social Media | -Is Cheap to set up
-Engages with the Customers
-Customers can Sign Up, Follow and Comment on the recent Activities and Promotions
-Can Specify who to Market
-Is used Lots of times. Good to Reach a Big Audience |
| Dis-advantages of Social Media | -Customers may not use Social Media
-Negative comments can go Viral |
| Advantages of Websites | -Simple Websites is cheap to Set up
-Can use Images to show Goods and Services. Can also use YouTube Clips
-Can provide the Latest Information and Updates to Customers
-Contact of Customers
-Can easily be Accessed via Search Engines |
| Dis-advantages of Websites | -Content will be reviewed and Updated
-Not all customers will be on the Internet |
| What has happened to the Print Media [Newspapers] | -The Printed Media has fallen [Advertising]
-Local Newspapers are generally cheap to Advertise. The Local Target Market can be Reached
-Is more Expensive on the National Newspapers, but could Inform a Nation Audience |
| What are Magazines? | -They aim at an Opportunity to go for a Target Market. [eg] A Cricket Based Business will use Cricket Magazines to Advertise |
| Advantages and Dis-advantages of Leaflets? | -Cheap to make
-Can target a Specific Market, in a Local Area [Cost Effective]
-Is ignored usually
-Can damage the Environment |
| Evaluate Television | -Important for a Large Business to gain a Large Audience
-Is a-lot of Money
-Can target Specific Customers [Programs] |
| Evaluate Radio | -Is Cheaper then TV
-More common on the Local Radio
-Is used mostly by Small Business, to get a Local Audience
-Can't see Imagery, which can affect the Business |
