4 Marketing Mix And Strategy

Question 1

Branding and promotion

Answer 1

Both branding and promotion methods of communicating, explicitly or implicitly, information about a product or service to consumers. Promotion is the way a business makes its products known to its current and potential customers. It is one of the 4 Ps that form the marketing mix

Question 2

Promotion

Answer 2

Describes methods used by the business to communicate information and persuade consumers to purchase the product.
Communicating to customers about the product and persuading them to purchase it. The combination of methods used to promote the product is called the promotional mix.

Question 3

Main types of promotions:

Answer 3

• Advertising, through media such as television, newspapers and social media.
• Viral marketing, to advertise products to a large audience – consider the John Lewis department store YouTube video that had 1.25m hits for ‘Monty the penguin’
• Emotional marketing, to show how a product can enhance self-esteem and/or happiness – for example, Nike often uses sporting adverts to show the prowess of famous sports people, which plays to our emotions as we all aspire to be fit and healthy.
• Public relations (PR) and sponsorship, as a means of creating and maintaining a positive image of the business and/or product. One method used to do this is sponsorship, paying a celebrity or sports team to advertise products – for example, Liverpool football club is sponsored by subway, the sandwich chain.

Question 4

Types of branding

Answer 4

Branding is a process involved in creating a unique name and image for a product in the customers mind, mainly through advertising campaigns with a consistent theme. Branding is part of promotion.

Question 5

Main types of branding

Answer 5

• Product, where the item has a unique logo or packaging which customers are familiar with, such as the Adidas logo.
• Personal, where the product is associated with celebrities or sports personalities, who endow the product with the positive values they display in their public image.
• Corporate, where the business advertises a broad range of positive images about its self in the hope that the products will have the same virtues – for example, Apple’s corporate brand attempts to install innovation and creativity across all its products.

Question 6

Ways to build a brand

Answer 6

Through different methods of promotion. These methods create a unique selling point, which is something about the product that makes a difference from the other products in the market.
To enhance the brand and ensure it is constantly relevant to customers, and the business must ensure that promotion reflects current social trends and the way the product to meet customer expectations.
Social media can be used to try to build connections between the business and the consumer. The milkshake business Shakeaway, for example, pays a lot of attention to its Facebook page and blogs, encouraging customers to suggest new flavours and taking care to answer points and queries. Every company crazy fraction of the connection between a football club and its funds – Shakeaway once customers who love it’s milkshakes just as foxes fans ‘love’ you Leicester City.

Question 7

The benefits of strong branding

Answer 7

• Added value, enhancing the gap between production cost and selling price. Receive the product is better than rivals due to brand image, thus enhancing brand loyalty. Companies often respond to the customers’ loyalty by putting up the price.
• Being able to charge a premium price – due to strong brand image, customers are willing to pay a higher price for the product due to its enhanced quality.
• reduced elasticity of demand – the strength of the brand may make customers less sensitive to price increases