1.3.2 Branding and promotion Flashcards
promotion
- one of marketing mix
- variety of methods
- communicate with customers and persuade to buy
-aim of promotion: customers = aware of existence and positioning of product
4 types of promotion
- advertising
- sales promotion
- publicity
- personal selling
elements = integrated in a cohesive consistent and logical manner
sales promotion
-short term incentives
-encourage buyers to purchase,
special offers/free samples competitions and price cuts
public relations
- communicate the media/parties = enhance the image its products = increase sales
- no money, unless a professional company is hired to carry out PR
- releasing stories to newspapers/other media
other methods of promotion
- sponsorship (common form of PR, business sponsor individual/event to raise its profile
- direct marketing (marketing activity that is aimed directly at customer, such as direct mail, door to door leaflets or email
- personal selling (based on face to face contact with customers)
advs and dis of methods of promotion
- advertising
adv: wide coverage, control of message, brand loyalty
dis: expensive, tv - public relations/publicity
adv: relatively cheap
dis: cant control way story is covered by media - direct marketing
adv: relatively cheap
dis may not get read - sales promotion & merchandising
adv: entertain and interest consumer
dis: short term effects and encourage brand switching - personal selling
adv: 2 way communications, answer customer questions
dis: expensive, only reach limited number of customers
advertising media and its adv and dis
- radio: Listened to,, social trends moving away
- cinema: difficult to avoid, chose to arrive later
- newspapers: target group,, not read as often as once
- magazines: not expensive/targeted, options(Stand out)
- billboard/poster: viewed lots,, minimal attention given
- internet: wide reach/cheap,, ad blockers prevent TM view
- transport: viewed, difficult to grab attention
- tv: wide reach, expensive
key features influencing promotional decisions and strategy:
- stage in product life cycle (different stage = method)
- nature of product (info customer need before buying)
- competitions (what method effective/what rivals doing)
- marketing obj/budget (afford, what need to achieve)
- target market (appropriate ways to reach segment)
branding
characteristic name or symbol that distinguishes one product from another supplier
6 brand types:
- product brand (specific product, fast moving consumer goods e.g. marmite)
- service brand (add perceived value to service, face to face or online) e.g Netflix or uber
- umbrella/family brand (assigned to more than 1 product, makes different product lines easily identifiable by consumer grouping under 1 brand name e.g Cadbury
- corporate/own label brand (promotion name go corporate entity instead of specific products or services e.g nestle/bbc
- own label (eg of corporate braining where retail outlets assign corporate branding to range of goods/service e.g Tesco finest
- global brand (easily recognised, operate worldwide, based on familiarity availability stability) e.g. IKEA, MCds
benefits of strong branding
- premium prices = added value
- loyalty
- reducing risk when diversifying
- awareness and sales
- ‘umbrella’ brand = launch new product successfully
- price elasticity of demand (price rise = still demand) (protect against competition = loyalty )
- ‘sell’ a brand, has value on balance sheet
4 ways to build a brand:
- advertising
- having a unique selling point
- sponsorship
- social media
advertising
-marketing tactic (radio) pay space = promote -making commercial reach = willing to pay & entice to buy -build a brand = exposure = portray in positive way saturated market = specific TM = new product = loyalty
- apart competition, branding (most efficient/accomplish goal)
- functional message/symbolism/values
- more consumer identify = more persuasive advertising = more likely to purchase
e.g. apple advertises new product
positive= people aware/want to buy eliminate competitor
negative= not all consumers may like their approach
sponsorship
- association of product with popular celeb/sports person can increase sales and profile of product
- (corporate) form of marketing where a company pays for the rights to be associated with a project/program
- builds a brand = builds customer loyalty/brand awareness attract specific target market
- good way to build a brand = raise awareness, loyalty
e.g nike sponsors sports players,
positive gives a role model and target market
negative if consumer doesn’t like sponsor may not buy
social media
- websites and applications designed to allow people to share content quickly efficiently and in real time
- build a brand by consistently engaging with target audience = boost brand awareness
- hashtags are popular topic alerts your brand has association with = photos and hashtags in popular events
- good way to build brand = way of communication adding building trust, provide value interact with customers having accountability e.g complaints
e.g. boohoo use social media to engage with younger audience endorsements
positive keeps consumers updated
negative not all consumers follow social media
