Advertising – A paid form of presentation of oneâ€™s products in front of the masses is called advertising. Advertising helps companies to attract customers through a pull strategy. Advertisements are created to grab the attention of consumers and influence their product choices.
Personal Selling – An old and traditional form of promotion is personal selling. It involves visiting customers personally and selling the products to them. The company representatives or salesmen play a major role in executing personal selling.
Sales Promotion – Sales promotion involves introducing short-term incentives to customers. Coupons, discounts, cash-back, etc., include a few of the schemes of sales promotion.
Public Relations – Public relations (PR) involve forming a connection with the public by creating a positive image of the company. Several PR campaigns are carried out by companies involving charity works, donations, etc. They try to create a positive buzz and news about the company.
Direct Marketing – Direct marketing involves the use of e-mails, SMS, etc. to reach customers informing them about new offerings and schemes. Here the company does not use any third party to reach customers. These messages are customized, and internet and data analysis have made it even more effective by reaching consumers who need such products.
Product and Promotion Mix Strategies
There are many ways in which the tools and elements of product and promotion are framed and planned to obtain the required outcome when it is executed. Some of the strategies are given as below.
Product mix strategies – Expansion strategy: Increasing the product line number or their depth can be a plan to make changes to the product mix.
Contraction strategy: To narrow down the product mix by removing products that are not performing well is another way of cutting costs.
Changing an existing product – Bringing improvements to a present product rather than introducing a new product is an easier way to promote. An upgraded product is better accepted than building trust for a completely new one.
Differentiation of product – Positioning oneself at a specific position in the market with the help of marketing tools can be the result of aiming to differentiate oneâ€™s product in the market.
Deepening of market depth – The market depth can be tried to deepen so that new forms of an existing product keep entering the market to break the notion of the products becoming old.
Expanding market for existing products – A company may decide to enter into a new market with the same product by improving marketing and suitable communication, making them feel the need for the product.
Trading up or trading down – A company may add higher-cost products to form a brand image calling it a trading-up strategy. Trading down means adding low-cost products to the existing line of products.
Promotion mix Strategies – Marketers use two very important promotion mix strategies to decide upon the promotion mix execution. These strategies are called – push strategies or pull strategies.
Push strategy: This strategy is applied when the products are sent to the customers by pushing their information through marketing channels. Direct selling, mall kiosks, etc. are known to be part of this strategy. This strategy involves a certain amount of persuasion to make a customer buy a product.
Pull strategy: According to the pull strategy, the demand for a product is increased by indirectly influencing the consumers and not directly asking them to buy the products. This strategy is more influential as consumers do not feel forced and decide on their own to go for a particular brand. Advertisements, banners, and word of mouth form part of the pull strategy. These tools make consumers visit the retail stores in search of the products.
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