MGTA02H3 Lecture Notes - Out-Of-Home Advertising, Promotional Mix, Personal Selling
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MGTA02H3 Full Course Notes
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Document Summary
Promotion: any technique designed to sell a product part of communication mix: the total message a company send to consumers about its product. In free market systems: a business uses promotional methods to communicate information about itself and its products to consumers and industrial buyers purpose is to influence purchasing decisions. Buyers gain from this exchange (more attractive product), as does seller (sales and profit) Successful promotions provide communication about the product and create exchanges that satisfy consumer and firms needs. Promotion determines the success or failure of any business or product. Ultimate objective is to increase sales, however promotion is also used for various other things. Adding value: communicates values + benefits of the products to consumers. Controlling sales volume: by increasing promotional activities in slow periods, firms can achieve more stable sales volume throughout the year they can thus keep production and distribution systems running evenly. Promotional strategy: used to achieve promotional objectives.
