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level: Promotion [Marketing Mix]

Questions and Answers List

level questions: Promotion [Marketing Mix]

QuestionAnswer
What is Promotion's main aimTo 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 PromotionSales 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