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Nature and Importance of Promotion
Promotion is a form of communication with an additional element of persuasion to accept ideas, products, services and hence persuasive communication becomes the heart of promotion, the third element of marketing-mix.
Promotion is an important marketing strategy and is the sparkplug of the marketing-mix. Promotion helps people know that the right product at right price is available at the right place. In a competitive market, without promotion, practically no sale is effected. Promotion is the process of marketing communication to inform, persuade, remind and influence consumers in favour of a product or service.
(a) Promotion has following three specific purposes:
(i) It communicates marketing information to consumers, users and resellers.
(ii) It persuades and convinces the buyer and influences his/her behavior to take the desired action.
(iii) Promotional efforts act as powerful tools of competition, providing the cutting edge of its entire marketing programme.
(b) Definition and Importance:
Promotion is defined as the co-ordinated self-initiated efforts to establish channels of information and persuasion to facilitate or foster the sale of goods or services, or the acceptance of ideas. Thus promotion is persuasive communication to inform potential customers of the existence of products, to persuade and convince them that those products have want satisfying capabilities.
Promotion offers the communication of the benefits to consumers who buy a bundle of expectations to satisfy their economics, psycho-social wants and desires. Promotion is persuasive communication and also is a tool of competition. It is a form of non-price competition.
Promotion is responsible for awakening and stimulating consumer demand for a Product or Service. It can create and stimulate demand, capture demand from rivals and maintain demand even against stiff competition. While speaking in favour of promotion, it is taken, for granted that the product has the capacity to satisfy consumer expectations and can fill their wants and desires.
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| 1. What is the importance of promotion decisions in marketing management? |  |
Ans. Promotion decisions play a crucial role in marketing management as they help create awareness and generate demand for products or services. Effective promotion strategies can increase sales, enhance brand reputation, and ultimately contribute to the overall success of a business.
| 2. How do promotion decisions impact a company's marketing strategy? | |
Ans. Promotion decisions directly impact a company's marketing strategy by determining how the company communicates with its target audience. The choice of promotional channels, message, and timing can significantly influence the effectiveness of a marketing campaign and the overall success of the company's marketing efforts.
| 3. What factors should be considered when making promotion decisions? | |
Ans. When making promotion decisions, several factors should be considered. These include the target audience, budget, marketing objectives, competitive landscape, product or service features, and the company's overall marketing strategy. By carefully analyzing these factors, businesses can make informed decisions about how to promote their offerings effectively.
| 4. How can promotion decisions influence consumer behavior? | |
Ans. Promotion decisions can influence consumer behavior by creating awareness, providing information, and influencing perceptions about a product or service. Well-executed promotions can attract customers, encourage trial, and persuade consumers to make a purchase. They can also create a sense of urgency or exclusivity, driving consumers to take immediate action.
| 5. What are some common promotion strategies used in marketing management? | |
Ans. Some common promotion strategies used in marketing management include advertising, public relations, sales promotions, personal selling, and direct marketing. Each strategy has its own benefits and objectives, and businesses often use a combination of these strategies to effectively reach their target audience and achieve their marketing goals.
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