Promotions are not a “retail only” endeavor. Many promotional methods coincide with national advertising campaigns. This generates support and enhances the effectiveness of these campaigns. There are 3 common promotional methods Trade Allowances Trade allowances push products down the distribution channel by providing discounts or other reimbursements to retailers that promote certain items. For example, […]
Sales promotions operate within advertising campaigns to motivate customers to visit the store and/or buy the product. By encouraging customers to buy items at a specific time and place, the consumer buying process is accelerated. For example, when brand advertising is combined with sales promotions, consumers are informed about the product or service while prompted […]
Keep in mind that Public Relations play a vital role in any ad campaign. An effective PR effort generates credible publicity to support your advertising message, and is often used as a non-paid form of advertising since the public often regards the press as a more-credible source of information. To that end, PR campaigns often […]
Generally, there are 2 Pushing This involves encouraging distribution partners to stock more inventory (buy more product). For example, a paper clip manufacturer’s sales rep (personal sales) might offer Staples a Trade Discount. Staples might turn around and offer a sale on paper clips that month to generate more foot traffic. Pulling The same manufacturer […]
Having a great product at the right price in the right store at the right time means nothing if nobody knows it’s there. Communicating the features and benefits of the product and informing the target market where to find it falls to the promotion element of the marketing mix. Promotional messages should support the theme […]
The basic process for developing a price strategy involves 6 steps. Develop Pricing Objectives Objectives should be clear. Are we appealing to a small market segment who expect to pay premium dollar? Are we attempting to enter a new market and quickly generate more demand? Your objective should say so. Identify Target Market and Potential […]
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